Kennametal (KMT) 10-Q 5 Feb 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2018	Jan. 31, 2019
Document Information [Line Items]
Entity Registrant Name	KENNAMETAL INC.
Entity Central Index Key	55,242
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		82,233,615

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Sales (Note 3)	$ 587,394	$ 571,345	$ 1,174,080	$ 1,113,799
Cost of goods sold	388,796	381,844	764,389	742,348
Gross profit	198,598	189,501	409,691	371,451
Operating expense	114,635	122,138	237,920	242,731
Restructuring and asset impairment charges (Note 7)	1,545	45	2,620	5,570
Amortization of intangibles	3,560	3,677	7,141	7,338
Operating income	78,858	63,641	162,010	115,812
Interest expense	8,104	7,231	16,201	14,379
Other income, net	(4,022)	(3,220)	(6,782)	(7,437)
Income before income taxes	74,776	59,630	152,591	108,870
Provision for income taxes	18,529	17,472	37,921	27,074
Net income	56,247	42,158	114,670	81,796
Less: Net income attributable to noncontrolling interests	1,549	557	3,274	1,011
Net income attributable to Kennametal	$ 54,698	$ 41,601	$ 111,396	$ 80,785
PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS
Basic earnings per share	$ 0.66	$ 0.51	$ 1.35	$ 0.99
Diluted earnings per share	0.66	0.50	1.34	0.98
Dividends per share	$ 0.20	$ 0.20	$ 0.40	$ 0.40
Basic weighted average shares outstanding	82,331	81,477	82,218	81,274
Diluted weighted average shares outstanding	83,310	82,778	83,233	82,446

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Net income	$ 56,247	$ 42,158	$ 114,670	$ 81,796
Other comprehensive (loss) income, net of tax [Abstract]
Unrealized gain (loss) on derivatives designated and qualified as cash flow hedges	170	(286)	(91)	(905)
Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges	262	1,007	857	1,403
Unrecognized net pension and other postretirement benefit gain (loss)	871	(625)	1,194	(2,590)
Reclassification of net pension and other postretirement benefit loss	1,298	1,569	2,606	3,348
Foreign currency translation adjustments	(3,400)	13,924	(19,605)	33,793
Total other comprehensive (loss) income, net of tax	(799)	15,589	(15,039)	35,049
Total comprehensive income	55,448	57,747	99,631	116,845
Less: comprehensive income attributable to noncontrolling interests	2,049	1,445	2,542	2,184
Comprehensive income attributable to Kennametal Shareholders	$ 53,399	$ 56,302	$ 97,089	$ 114,661

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Current assets:
Cash and cash equivalents	$ 96,276	$ 556,153
Accounts receivable, less allowance for doubtful accounts of $10,951 and $11,807, respectively	380,683	401,290
Inventories (Note 10)	578,566	525,466
Other current assets	63,509	63,257
Total current assets	1,119,034	1,546,166
Property, plant and equipment:
Land and buildings	349,857	351,953
Machinery and equipment	1,753,544	1,702,243
Less accumulated depreciation	(1,248,298)	(1,229,983)
Property, plant and equipment, net	855,103	824,213
Other assets:
Goodwill (Note 17)	300,003	301,802
Other intangible assets, less accumulated amortization of $151,364 and $145,334, respectively (Note 17)	168,486	176,468
Deferred income taxes	16,052	17,015
Other	72,430	60,073
Total other assets	556,971	555,358
Total assets	2,531,108	2,925,737
Current liabilities:
Current maturities of long-term debt (Note 11)	0	399,266
Notes payable to banks	3,371	934
Accounts payable	198,350	221,903
Accrued income taxes	28,621	18,603
Accrued expenses	57,780	95,239
Other current liabilities	123,931	150,586
Total current liabilities	412,053	886,531
Long-term debt, less current maturities (Note 11)	591,688	591,505
Deferred income taxes	28,563	26,991
Accrued pension and postretirement benefits	157,818	159,522
Accrued income taxes	8,374	6,249
Other liabilities	24,328	24,612
Total liabilities	1,222,824	1,695,410
Commitments and contingencies
Kennametal Shareholders' Equity:
Preferred stock, no par value; 5,000 shares authorized; none issued	0	0
Capital stock, $1.25 par value; 120,000 shares authorized; 82,160 and 81,646 shares issued, respectively	102,700	102,058
Additional paid-in capital	522,413	511,909
Retained earnings	979,259	900,683
Accumulated other comprehensive loss	(334,632)	(320,325)
Total Kennametal Shareholders' Equity	1,269,740	1,194,325
Noncontrolling interests	38,544	36,002
Total equity	1,308,284	1,230,327
Total liabilities and equity	$ 2,531,108	$ 2,925,737

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 10,951	$ 11,807
Accumulated amortization on other intangible assets	$ 151,364	$ 145,334
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Capital stock, par value	$ 1.25	$ 1.25
Capital stock, shares authorized	120,000	120,000
Capital stock, shares issued	82,160	81,646

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES
Net income	$ 114,670	$ 81,796
Adjustments for non-cash items:
Depreciation	47,807	46,061
Amortization	7,141	7,338
Stock-based compensation expense	13,435	11,995
Restructuring and asset impairment charges (Note 7)	(257)	3,172
Deferred income tax provision	1,512	7,241
Other	2,109	3,474
Changes in certain assets and liabilities:
Accounts receivable	14,026	(3,290)
Inventories	(59,190)	(9,080)
Accounts Payable and accrued liabilities (Note 4)	(82,828)	(92,320)
Accrued income taxes	7,995	3,966
Accrued pension and postretirement benefits	(9,760)	(13,824)
Other	4,841	(5,455)
Net cash flow provided by operating activities	61,501	41,074
INVESTING ACTIVITIES
Purchases of property, plant and equipment (Note 4)	(88,076)	(59,523)
Disposals of property, plant and equipment	2,490	846
Other	89	244
Net cash flow used for investing activities	(85,497)	(58,433)
FINANCING ACTIVITIES
Net increase in notes payable	2,473	643
Net decrease in short-term revolving and other lines of credit	(174)	0
Term debt repayments	(400,000)	(141)
Purchase of capital stock	(107)	(109)
The effect of employee benefit and stock plans and dividend reinvestment	(2,182)	15,020
Cash dividends paid to Shareholders	(32,820)	(32,456)
Other	151	(271)
Net cash flow used for financing activities	(432,659)	(17,314)
Effect of exchange rate changes on cash and cash equivalents	(3,222)	3,984
CASH AND CASH EQUIVALENTS
Net decrease in cash and cash equivalents	(459,877)	(30,689)
Cash and cash equivalents, beginning of period	556,153	190,629
Cash and cash equivalents, end of period	$ 96,276	$ 159,940

Basis of Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The condensed consolidated financial statements, which include our accounts and those of our majority-owned subsidiaries, should be read in conjunction with our 2018 Annual Report on Form 10-K. The condensed consolidated balance sheet as of June 30, 2018 was derived from the audited balance sheet included in our 2018 Annual Report on Form 10-K. These interim statements are unaudited; however, we believe that all adjustments necessary for a fair statement of the results of the interim periods were made and all adjustments are normal recurring adjustments. The results for the six months ended December 31, 2018 and 2017 are not necessarily indicative of the results to be expected for a full fiscal year. Unless otherwise specified, any reference to a “year” is to a fiscal year ended June 30. For example, a reference to 2019 is to the fiscal year ending June 30, 2019 . When used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, the terms “we,” “our” and “us” refer to Kennametal Inc. and its subsidiaries.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Dec. 31, 2018
Accounting Changes and Error Corrections [Abstract]
NEW ACCOUNTING STANDARDS	NEW ACCOUNTING STANDARDS Adopted In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," which requires an entity to recognize revenue in a manner that depicts the transfer of promised goods to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange. The standard also expands the disclosure requirements around contracts with customers. We adopted Topic 606 July 1, 2018 using the modified retrospective transition method applied to those contracts that were not completed as of that date. The adoption did not have a material impact on the condensed consolidated financial statements beyond the additional disclosure requirements. Refer to Notes 3 and 18 to the condensed consolidated financial statements for further details. In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)," which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice with respect to how these are classified in the statement of cash flows. We adopted this ASU July 1, 2018. Adoption of this guidance did not have a material effect on our condensed consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory," which clarifies that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. We adopted this ASU July 1, 2018. Adoption of this guidance did not have a material effect on our condensed consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. We adopted this ASU July 1, 2018, with the amendments applied on a retrospective basis. Refer to Note 9 to the condensed consolidated financial statements for further details. In May 2017, the FASB issued ASU No. 2017-09, "Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting," which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. We adopted this ASU July 1, 2018. Adoption of this guidance did not have a material effect on our condensed consolidated financial statements. Issued In February 2016, the FASB issued ASU No. 2016-02, "Leases: Topic 842," which replaces the existing guidance in ASC 840, Leases. The standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for substantially all leases. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This standard is effective for Kennametal beginning July 1, 2019. Currently, we are inventorying our leasing arrangements and gathering lease data in order to determine the impact this ASU will have on our consolidated financial statements.

Revenue Recognition Narrative

Revenue Recognition Narrative	6 Months Ended
	Dec. 31, 2018
Revenue Recognition [Abstract]
Revenue Recognition, Sales of Goods [Policy Text Block]	REVENUE RECOGNITION Revenue Accounting Description and Policy The Company's contracts with customers are comprised of purchase orders, and for larger customers, may also include long-term agreements. We account for a contract when it has approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. These contracts with customers typically relate to the manufacturing of products, which represent single performance obligations that are satisfied when control of the product passes to the customer. The Company considers the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession and customer acceptance when determining when control transfers to the customer. As a result, revenue is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms in the contract. The shipping terms vary across all businesses and depend on the product, customary local commercial terms and the type of transportation. Shipping and handling activities are accounted for as activities to fulfill a promise to transfer a product to a customer and as such, costs incurred are recorded when the related revenue is recognized. Payment for products is due within a limited time period after shipment or delivery, typically within 30 to 90 calendar days of the respective invoice dates. The Company does not generally offer extended payment terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. Amounts billed and due from our customers are classified as accounts receivable, less allowance for doubtful accounts on the condensed consolidated balance sheet. Certain contracts with customers, primarily distributor customers, have an element of variable consideration that is estimated when revenue is recognized under the contract. Variable consideration primarily includes volume incentive rebates, which are based on achieving a certain level of purchases and other performance criteria as established by our distributor programs. These rebates are estimated based on projected sales to the customer and accrued as a reduction of net sales as they are earned. The majority of our products are consumed by our customers or end users in the manufacture of their products. Historically, we have experienced very low levels of returned products and do not consider the effect of returned products to be material. See "Note 18. Segment Data" for disaggregation of revenue by geography and end market. Contract Balances The Company records a contract asset when it has a right to payment from a customer that is conditioned on events that have occurred other than the passage of time. The Company also records a contract liability when customers prepay but the Company has not yet satisfied its performance obligation. The Company did not have any material remaining performance obligations, contract assets or liabilities as of December 31, 2018 and June 30, 2018 . Practical Expedient The Company pays sales commissions related to certain contracts, which qualify as incremental costs of obtaining a contract. However, the Company applies the practical expedient that allows an entity to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would have been recognized is one year or less. These costs are recorded within operating expense in our condensed consolidated statement of income.

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	6 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Six Months Ended December 31, (in thousands) 2018 2017 Cash paid during the period for: Income taxes $ 28,414 $ 15,866 Interest 16,745 13,714 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (100 ) 14,200 During the current quarter, the Company revised its condensed consolidated statement of cash flow for the six months ended December 31, 2017 to correctly present the changes in accounts payable and accrued liabilities and in purchases of property, plant and equipment, resulting in a decrease of $25.7 million to previously reported net cash flow provided by operating activities and a corresponding decrease to previously reported net cash flow used for investing activities. Revisions of $22.7 million will be made in future filings to the condensed consolidated statements of cash flow for the nine months ended March 31, 2018 with similar effects on the condensed consolidated statements of cash flow. The supplemental disclosure of non-cash information for changes in accounts payable related to purchases of property, plant and equipment for the six months ended December 31, 2017 was also revised accordingly, at an increase of $14.2 million . The amount of that disclosure will be revised in future filings for the nine months ended March 31, 2018 to depict an increase of $11.2 million . The Company has evaluated the correction and determined it was not material to the previously issued interim financial statements. The correction had no effect on the previously issued annual financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three levels to prioritize the inputs used in valuations, as defined below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Inputs that are unobservable. As of December 31, 2018 , the fair values of the Company’s financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 513 $ — $ 513 Total assets at fair value $ — $ 513 $ — $ 513 Liabilities: Derivatives (1) $ — $ 49 $ — $ 49 Total liabilities at fair value $ — $ 49 $ — $ 49 As of June 30, 2018 , the fair values of the Company’s financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 1,665 $ — $ 1,665 Total assets at fair value $ — $ 1,665 $ — $ 1,665 Liabilities: Derivatives (1) $ — $ 207 $ — $ 207 Total liabilities at fair value $ — $ 207 $ — $ 207 (1) Currency derivatives are valued based on observable market spot and forward rates and are classified within Level 2 of the fair value hierarchy. There have been no changes in classification and transfers between levels in the fair value hierarchy in the current period.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES As part of our financial risk management program, we use certain derivative financial instruments. We do not enter into derivative transactions for speculative purposes and, therefore, hold no derivative instruments for trading purposes. We account for derivative instruments as a hedge of the related asset, liability, firm commitment or anticipated transaction, when the derivative is specifically designated and qualifies as a hedge of such items. Our objective in managing foreign exchange exposures with derivative instruments is to reduce volatility in cash flow. We measure hedge effectiveness by assessing the changes in the fair value or expected future cash flows of the hedged item. The ineffective portions are recorded in other income, net. The fair value of derivatives designated and not designated as hedging instruments in the condensed consolidated balance sheet are as follows: (in thousands) December 31, June 30, Derivatives designated as hedging instruments Other current assets - range forward contracts $ 513 $ 799 Other current liabilities - range forward contracts — (5 ) Other assets - range forward contracts — 27 Total derivatives designated as hedging instruments 513 821 Derivatives not designated as hedging instruments Other current assets - currency forward contracts — 839 Other current liabilities - currency forward contracts (49 ) (202 ) Total derivatives not designated as hedging instruments (49 ) 637 Total derivatives $ 464 $ 1,458 Certain currency forward contracts that hedge significant cross-border intercompany loans are considered as other derivatives and therefore do not qualify for hedge accounting. These contracts are recorded at fair value in the condensed consolidated balance sheet, with the offset to other income, net. (Gains) losses related to derivatives not designated as hedging instruments have been recognized as follows: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Other income, net - currency forward contracts $ (2 ) $ (92 ) $ 76 $ (208 ) CASH FLOW HEDGES Range forward contracts (a transaction where both a put option is purchased and a call option is sold) are designated as cash flow hedges and hedge anticipated cash flows from cross-border intercompany sales of products and services. Gains and losses realized on these contracts are recorded in accumulated other comprehensive loss and are recognized as a component of other income, net when the underlying sale of products or services is recognized into earnings. The notional amount of the contracts translated into U.S. dollars at December 31, 2018 and June 30, 2018 , was $43.5 million and $62.9 million , respectively. The time value component of the fair value of range forward contracts is excluded from the assessment of hedge effectiveness. Assuming the market rates remain constant with the rates at December 31, 2018 , we expect to recognize into earnings $0.3 million of income on outstanding derivatives in the next 12 months. The following represents gains and losses related to cash flow hedges: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Gaines (losses) recognized in other comprehensive (loss) income, net $ 170 $ (287 ) $ (91 ) $ (906 ) Losses reclassified from accumulated other comprehensive loss into other income, net $ 565 $ 870 $ 1,097 $ 1,262 No portion of the gains or losses recognized in earnings was due to ineffectiveness and no amounts were excluded from our effectiveness testing for the six months ended December 31, 2018 and 2017 . NET INVESTMENT HEDGES As of December 31, 2018 , we had certain foreign currency-denominated intercompany loans payable with total aggregate principal amounts of €71.0 million as net investment hedges to hedge the foreign exchange exposure of our net investment in Euro-based subsidiaries. We recorded a gain of $0.5 million and a loss of $0.5 million as a component of foreign currency translation adjustments in other comprehensive (loss) income for the three months ended December 31, 2018 and 2017 , respectively. We recorded a gain of $0.5 million and a loss of $1.9 million as a component of foreign currency translation adjustments in other comprehensive (loss) income for the six months ended December 31, 2018 and 2017 , respectively. As of December 31, 2018 , the foreign currency-denominated intercompany loans payable designated as net investment hedges consisted of: Instrument Notional (EUR in thousands) (2) Notional (USD in thousands) (2) Maturity Foreign currency-denominated intercompany loan payable € 40,125 $ 45,927 June 27, 2019 Foreign currency-denominated intercompany loan payable 27,728 31,738 June 26, 2022 Foreign currency-denominated intercompany loan payable 6,509 7,450 November 20, 2021 Foreign currency-denominated intercompany loan payable 2,024 2,316 October 11, 2019 (2) Includes principal and accrued interest.

Restructuring and Related Charg

Restructuring and Related Charges	6 Months Ended
	Dec. 31, 2018
Restructuring Charges [Abstract]
RESTRUCTURING AND RELATED CHARGES	RESTRUCTURING AND RELATED CHARGES In the June quarter of fiscal 2018, we implemented and substantially completed restructuring actions to simplify the Industrial segment's cost structure by directing resources to more profitable business and increasing sales force productivity. We supplemented this with the rationalization of small manufacturing facilities in the Infrastructure and Industrial segments, which we expect to complete in fiscal 2019. Total restructuring and related charges since inception of $13.9 million have been recorded for this program through December 31, 2018 . We recorded restructuring and related charges of $2.1 million and $1.5 million for the three months ended December 31, 2018 and 2017 , respectively. Of these amounts, restructuring charges totaled $1.5 million for the three months ended December 31, 2018 and were less than $0.1 million for the three months ended December 31, 2017 . Restructuring-related charges of $0.6 million and $1.3 million were recorded in cost of goods sold for the three months ended December 31, 2018 and 2017 , respectively. For the three months ended December 31, 2017 , restructuring-related charges of $0.2 million were recorded in operating expense. We recorded restructuring and related charges of $3.1 million and $8.4 million for the six months ended December 31, 2018 and 2017 , respectively. Of these amounts, restructuring charges totaled $2.6 million and $5.6 million , respectively. Restructuring-related charges of $0.5 million and $2.5 million were recorded in cost of goods sold for the six months ended December 31, 2018 and 2017 , respectively. For the six months ended December 31, 2017 , restructuring-related charges of $0.3 million were recorded in operating expense. As of December 31, 2018 , the total restructuring accrual is recorded in other current liabilities in our condensed consolidated balance sheet. As of June 30, 2018 , $17.5 million and $0.1 million of the restructuring accrual is recorded in other current liabilities and other liabilities, respectively. The amount attributable to each segment is as follows: (in thousands) June 30, 2018 Expense Asset Write-Down Translation Cash Expenditures December 31, 2018 Industrial Severance $ 7,967 $ 1,552 $ — $ (128 ) $ (3,568 ) $ 5,823 Facilities — (9 ) 9 — — — Other — 29 — (1 ) 10 38 Total Industrial $ 7,967 $ 1,572 $ 9 $ (129 ) $ (3,558 ) $ 5,861 Widia Severance $ 2,087 $ 113 $ — $ (9 ) $ (261 ) $ 1,930 Facilities — — — — — — Other 15 2 — — 1 18 Total Widia $ 2,102 $ 115 $ — $ (9 ) $ (260 ) $ 1,948 Infrastructure Severance $ 7,558 $ 1,159 $ — $ (96 ) $ (2,665 ) $ 5,956 Facilities — (248 ) 248 — — — Other 12 22 — — 7 41 Total Infrastructure $ 7,570 $ 933 $ 248 $ (96 ) $ (2,658 ) $ 5,997 Total $ 17,639 $ 2,620 $ 257 $ (234 ) $ (6,476 ) $ 13,806

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock Options Changes in our stock options for the six months ended December 31, 2018 were as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic value (in thousands) Options outstanding, June 30, 2018 989,992 $ 33.08 Exercised (136,405 ) 29.18 Lapsed or forfeited (7,000 ) 45.24 Options outstanding, December 31, 2018 846,587 $ 33.61 4.0 $ 3,018 Options vested and expected to vest, December 31, 2018 846,587 $ 33.61 4.0 $ 3,018 Options exercisable, December 31, 2018 841,920 $ 33.68 4.0 $ 2,960 Fair value of options vested during the six months ended December 31, 2018 and 2017 was $1.2 million and $1.7 million , respectively. The amount of cash received from the exercise of capital stock options during the six months ended December 31, 2018 and 2017 was $3.9 million and $19.1 million , respectively. The total intrinsic value of options exercised during the six months ended December 31, 2018 and 2017 was $1.8 million and $4.8 million , respectively. Restricted Stock Units – Performance Vesting and Time Vesting Changes in our performance vesting and time vesting restricted stock units for the six months ended December 31, 2018 were as follows: Performance Vesting Stock Units Performance Vesting Weighted Average Fair Value Time Vesting Stock Units Time Vesting Weighted Average Fair Value Unvested, June 30, 2018 409,297 $ 31.22 1,083,675 $ 30.47 Granted 161,066 40.10 536,910 38.92 Vested (36,394 ) 31.86 (461,851 ) 31.22 Performance metric adjustments, net 41,196 29.69 — — Forfeited (44,179 ) 31.04 (26,371 ) 32.27 Unvested, December 31, 2018 530,986 $ 33.77 1,132,363 $ 34.15 During the six months ended December 31, 2018 and 2017 , compensation expense related to time vesting and performance vesting restricted stock units was $12.8 million and $11.0 million , respectively. As of December 31, 2018 , the total unrecognized compensation cost related to unvested time vesting and performance vesting restricted stock units was $26.7 million and is expected to be recognized over a weighted average period of 2.3 years.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Dec. 31, 2018
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFITS	We sponsor several defined benefit pension plans. Additionally, we provide varying levels of postretirement health care and life insurance benefits to certain U.S. employees. The table below summarizes the components of net periodic pension income: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Service cost $ 407 $ 406 $ 818 $ 810 Interest cost 7,970 7,678 15,960 15,335 Expected return on plan assets (13,434 ) (14,132 ) (26,896 ) (28,221 ) Amortization of transition obligation 23 23 45 46 Amortization of prior service (credit) cost (5 ) (41 ) (10 ) 132 Recognition of actuarial losses 1,679 1,718 3,374 3,428 Net periodic pension income $ (3,360 ) $ (4,348 ) $ (6,709 ) $ (8,470 ) The table below summarizes the components of net periodic other postretirement benefit cost: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Interest cost $ 153 $ 157 $ 307 $ 314 Amortization of prior service credit (22 ) (6 ) (45 ) (11 ) Recognition of actuarial loss 62 70 124 140 Net periodic other postretirement benefit cost $ 193 $ 221 $ 386 $ 443 In accordance with ASU 2017-07, as described in Note 2, the service cost of $0.4 million and $0.8 million for the three and six months ended December 31, 2018 and 2017 was reported as a component of cost of goods sold and operating expense. The other components of net periodic pension income and net periodic other postretirement benefit cost totaling a net benefit of $3.6 million and $7.1 million for the three and six months ended December 31, 2018 were presented as a component of other income, net. For the three and six months ended December 31, 2017 , we reclassified a net benefit of $3.0 million and $6.1 million , respectively, from cost of goods sold to other income, net and a net benefit of $1.5 million and $2.8 million , respectively, from operating expense to other income, net.

Inventories

Inventories	6 Months Ended
	Dec. 31, 2018
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES We used the last-in, first-out (LIFO) method of valuing inventories for 39 percent and 40 percent of total inventories at December 31, 2018 and June 30, 2018 , respectively. Since inventory valuations under the LIFO method are based on an annual determination of quantities and costs as of June 30 of each year, the interim LIFO valuations are based on our projections of expected year-end inventory levels and costs. Therefore, the interim financial results are subject to any final year-end LIFO inventory adjustments. Inventories consisted of the following: (in thousands) December 31, 2018 June 30, 2018 Finished goods $ 306,680 $ 279,240 Work in process and powder blends 256,271 232,973 Raw materials 99,145 96,859 Inventories at current cost 662,096 609,072 Less: LIFO valuation (83,530 ) (83,606 ) Total inventories $ 578,566 $ 525,466

Long-Term Debt

Long-Term Debt	6 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Our five-year, multi-currency, revolving credit facility, as amended and restated in June 2018 (Credit Agreement), provides for revolving credit loans of up to $700 million for working capital, capital expenditures and general corporate purposes. The Credit Agreement requires us to comply with various restrictive and affirmative covenants, including two financial covenants: a maximum leverage ratio and a minimum consolidated interest coverage ratio (as those terms are defined in the Credit Agreement). We were in compliance with all such covenants as of December 31, 2018 . We had no borrowings outstanding under the Credit Agreement as of December 31, 2018 and June 30, 2018 . Borrowings under the Credit Agreement are guaranteed by our significant domestic subsidiaries. The Credit Agreement matures in June 2023. Fixed rate debt had a fair market value of $597.5 million and $996.4 million at December 31, 2018 and June 30, 2018 , respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of December 31, 2018 and June 30, 2018 , respectively. On July 9, 2018, the Company completed the early redemption of its previously outstanding $400.0 million of 2.650 percent Senior Unsecured Notes due 2019.

Environmental Matters

Environmental Matters	6 Months Ended
	Dec. 31, 2018
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL MATTERS	ENVIRONMENTAL MATTERS The operation of our business has exposed us to certain liabilities and compliance costs related to environmental matters. We are involved in various environmental cleanup and remediation activities at certain of our locations. We establish and maintain reserves for certain potential environmental issues. At December 31, 2018 and June 30, 2018 , the balances of these reserves were $12.5 million and $12.6 million , respectively. These reserves represent anticipated costs associated with the remediation of these issues and are generally not discounted. The reserves we have established for environmental liabilities represent our best current estimate of the costs of addressing all identified environmental situations, based on our review of currently available evidence, and taking into consideration our prior experience in remediation and that of other companies, as well as public information released by the United States Environmental Protection Agency (USEPA), other governmental agencies and by the Potentially Responsible Party (PRP) groups in which we are participating. Although the reserves currently appear to be sufficient to cover these environmental liabilities, there are uncertainties associated with environmental liabilities, and we can give no assurance that our estimate of any environmental liability will not increase or decrease in the future. The reserved and unreserved liabilities for all environmental concerns could change substantially due to factors such as the nature and extent of contamination, changes in remedial requirements, technological changes, discovery of new information, the financial strength of other PRPs, the identification of new PRPs and the involvement of and direction taken by the government on these matters. Superfund Sites Among other environmental laws, we are subject to the Comprehensive Environmental Response Compensation and Liability Act of 1980 (CERCLA), under which we have been designated by the USEPA as a PRP with respect to environmental remedial costs at certain Superfund sites. We have evaluated our claims and liabilities associated with these Superfund sites based upon best currently available information. We believe our environmental accruals are adequate to cover our portion of the environmental remedial costs at the Superfund sites where we have been designated a PRP, to the extent these expenses are probable and reasonably estimable.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Tax Cuts and Jobs Act of 2017 (TCJA) The three primary items from TCJA that effect the Company for fiscal 2019 are the reduction in the statutory tax rate, the one-time tax that is imposed on our unremitted foreign earnings (Toll Tax) and the tax on global intangible low-taxed income (GILTI) which we elected to record as a period cost. The U.S. federal tax rate reduction was effective as of January 1, 2018. As a June 30 fiscal year-end taxpayer, our fiscal 2018 U.S. federal statutory tax rate was a blended rate of 28.1 percent . Our U.S. federal statutory tax rate is 21.0 percent in fiscal 2019. During the three months ended December 31, 2018 , we finalized our estimate of the Toll Tax charge based upon the U.S. Department of the Treasury regulations and other relevant guidance issued through December 31, 2018. The adjustment to the toll charge during the quarter resulted in an additional net benefit of $3.9 million , decreasing the total Toll Tax charge to $78.0 million . We do not expect to make a cash payment associated with the Toll Tax. In addition to the direct effects of TCJA, the provisions of TCJA caused the Company to re-evaluate its permanent reinvestment assertion in all jurisdictions, concluding that a portion of the unremitted earnings and profits of certain non-U.S. subsidiaries and affiliates will no longer be permanently reinvested. These changes in assertion required the recognition of a tax charge of $6.1 million primarily for foreign withholding and U.S. state income taxes. The remaining amount of unremitted earnings of non-U.S. subsidiaries continue to be indefinitely reinvested. With regard to the unremitted earnings which remain indefinitely reinvested, we have not, nor do we anticipate the need to, repatriate funds to the U.S. to satisfy domestic liquidity needs arising in the ordinary course of business, including liquidity needs associated with our domestic debt service requirements. At this time, the Company does not anticipate a material impact to the fiscal 2019 condensed consolidated financial statements from the base erosion anti-abuse tax or a deduction for foreign-derived intangible income. In accordance with the SEC Staff Accounting Bulletin 118, we have finalized our accounting for the impacts of the TCJA provisions enacted in fiscal 2018, including the remeasurement of deferred tax assets and liabilities at the reduced U.S. federal rate of 21.0 percent . Effective Tax Rates The effective income tax rates for the three months ended December 31, 2018 and 2017 were 24.8 percent and 29.3 percent , respectively. The current year rate reflects the lower U.S. federal statutory tax rate, the $6.1 million charge related to changes in the indefinite reinvestment assertion on certain foreign subsidiaries' undistributed earnings which are no longer considered permanently reinvested, GILTI and the $3.9 million benefit recorded to reflect the finalization of the amount of the Toll Tax. The prior year rate includes the tax effects associated with the release of a valuation allowance that was previously recorded against our net deferred tax assets in the U.S. and a charge related to an out of period adjustment. The effective income tax rates for the six months ended December 31, 2018 and 2017 were 24.9 percent . The current year rate reflects the lower U.S. federal statutory tax rate, the $6.1 million charge related to changes in the indefinite reinvestment assertion on certain foreign subsidiaries' undistributed earnings which are no longer considered permanently reinvested, GILTI and the $3.9 million benefit recorded to reflect the finalization of the amount of the Toll Tax. The prior year rate includes a benefit from the release of a valuation allowance that was previously recorded against our net deferred tax assets in the U.S. and a charge related to an out of period adjustment.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed using the weighted average number of shares outstanding during the period, while diluted earnings per share is calculated to reflect the potential dilution that would occur related to the issuance of capital stock under stock option grants, performance awards and restricted stock units. The difference between basic and diluted earnings per share relates solely to the effect of capital stock options, performance awards and restricted stock units. The following tables provide the computation of diluted shares outstanding for the three and six months ended December 31, 2018 and 2017 : Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Weighted-average shares outstanding during period 82,331 81,477 82,218 81,274 Add: Unexercised capital stock options, unvested performance awards and unvested restricted stock units 979 1,301 1,015 1,172 Number of shares on which diluted earnings per share is calculated 83,310 82,778 83,233 82,446 Unexercised capital stock options, performance awards and restricted stock units not included in the computation because the option exercise price was greater than the average market price 469 219 400 483

Equity

Equity	6 Months Ended
	Dec. 31, 2018
Equity [Abstract]
EQUITY	EQUITY A summary of the changes in the carrying amounts of total equity, Kennametal Shareholders’ equity and equity attributable to noncontrolling interests as of December 31, 2018 and 2017 is as follows: Kennametal Shareholders’ Equity (in thousands) Capital Additional Retained Accumulated Non- Total equity Balance as of June 30, 2018 $ 102,058 $ 511,909 $ 900,683 $ (320,325 ) $ 36,002 $ 1,230,327 Net income — — 111,396 — 3,274 114,670 Other comprehensive loss — — — (14,307 ) (732 ) (15,039 ) Dividend reinvestment 3 104 — — — 107 Capital stock issued under employee benefit and stock plans (3) 642 10,504 — — — 11,146 Purchase of capital stock (3 ) (104 ) — — — (107 ) Cash dividends — — (32,820 ) — — (32,820 ) Balance as of December 31, 2018 $ 102,700 $ 522,413 $ 979,259 $ (334,632 ) $ 38,544 $ 1,308,284 Kennametal Shareholders’ Equity (in thousands) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non- controlling interests Total equity Balance as of June 30, 2017 $ 100,832 $ 474,547 $ 765,607 $ (323,692 ) $ 35,359 $ 1,052,653 Net income — — 80,785 — 1,011 81,796 Other comprehensive income — — — 33,876 1,173 35,049 Dividend reinvestment 3 106 — — — 109 Capital stock issued under employee benefit and stock plans (3) 1,065 25,841 — — — 26,906 Purchase of capital stock (3 ) (106 ) — — — (109 ) Cash dividends — — (32,456 ) — — (32,456 ) Balance as of December 31, 2017 $ 101,897 $ 500,388 $ 813,936 $ (289,816 ) $ 37,543 $ 1,163,948 (3) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements. The amounts of comprehensive income attributable to Kennametal Shareholders and noncontrolling interests are disclosed in the condensed consolidated statements of comprehensive income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	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, 2018 : (in thousands) Postretirement benefit plans Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2018 $ (187,755 ) $ (127,347 ) $ (5,223 ) $ (320,325 ) Other comprehensive income (loss) before reclassifications 1,194 (18,873 ) (91 ) (17,770 ) Amounts reclassified from AOCL 2,606 — 857 3,463 Net current period other comprehensive income (loss) 3,800 (18,873 ) 766 (14,307 ) AOCL, December 31, 2018 $ (183,955 ) $ (146,220 ) $ (4,457 ) $ (334,632 ) Attributable to noncontrolling interests: Balance, June 30, 2018 $ — $ (2,913 ) $ — $ (2,913 ) Other comprehensive loss before reclassifications — (732 ) — (732 ) Net current period other comprehensive loss — (732 ) — (732 ) AOCL, December 31, 2018 $ — $ (3,645 ) $ — $ (3,645 ) The components of, and changes in, AOCL were as follows, net of tax, for the six months ended December 31, 2017 : (in thousands) Postretirement benefit plans Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2017 $ (189,038 ) $ (126,606 ) $ (8,048 ) $ (323,692 ) Other comprehensive (loss) income before reclassifications (2,590 ) 32,620 (905 ) 29,125 Amounts reclassified from AOCL 3,348 — 1,403 4,751 Net current period other comprehensive income 758 32,620 498 33,876 AOCL, December 31, 2017 $ (188,280 ) $ (93,986 ) $ (7,550 ) $ (289,816 ) Attributable to noncontrolling interests: Balance, June 30, 2017 $ — $ (2,164 ) $ — $ (2,164 ) Other comprehensive income before reclassifications — 1,173 — 1,173 Net current period other comprehensive income — 1,173 — 1,173 AOCL, December 31, 2017 $ — $ (991 ) $ — $ (991 ) Reclassifications out of AOCL for the three and six months ended December 31, 2018 and 2017 consisted of the following: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Affected line item in the Income Statement Gains and losses on cash flow hedges: Forward starting interest rate swaps $ 588 $ 566 $ 1,176 $ 1,132 Interest expense Currency exchange contracts (241 ) 768 (41 ) 726 Other income, net Total before tax 347 1,334 1,135 1,858 Tax impact (85 ) (327 ) (278 ) (455 ) Provision for income taxes Net of tax $ 262 $ 1,007 $ 857 $ 1,403 Postretirement benefit plans: Amortization of transition obligations $ 23 $ 23 $ 45 $ 46 Other income, net Amortization of prior service (credit) cost (27 ) (47 ) (55 ) 121 Other income, net Recognition of actuarial losses 1,741 1,788 3,498 3,568 Other income, net Total before tax 1,737 1,764 3,488 3,735 Tax impact (439 ) (195 ) (882 ) (387 ) Provision for income taxes Net of tax $ 1,298 $ 1,569 $ 2,606 $ 3,348 The amount of income tax allocated to each component of other comprehensive (loss) income for the three months ended December 31, 2018 and 2017 were as follows: 2018 2017 (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 $ 225 $ (55 ) $ 170 $ (379 ) $ 93 $ (286 ) Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges 347 (85 ) 262 1,334 (327 ) 1,007 Unrecognized net pension and other postretirement benefit gain (loss) 1,134 (263 ) 871 (834 ) 209 (625 ) Reclassification of net pension and other postretirement benefit loss 1,737 (439 ) 1,298 1,764 (195 ) 1,569 Foreign currency translation adjustments (3,407 ) 7 (3,400 ) 13,996 (72 ) 13,924 Other comprehensive (loss) income $ 36 $ (835 ) $ (799 ) $ 15,881 $ (292 ) $ 15,589 The amount of income tax allocated to each component of other comprehensive (loss) income for the six months ended December 31, 2018 and 2017 were as follows: 2018 2017 (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 $ (121 ) $ 30 $ (91 ) $ (1,199 ) $ 294 $ (905 ) Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges 1,135 (278 ) 857 1,858 (455 ) 1,403 Unrecognized net pension and other postretirement benefit gain (loss) 1,551 (357 ) 1,194 (3,434 ) 844 (2,590 ) Reclassification of net pension and other postretirement benefit loss 3,488 (882 ) 2,606 3,735 (387 ) 3,348 Foreign currency translation adjustments (19,679 ) 74 (19,605 ) 34,058 (265 ) 33,793 Other comprehensive (loss) income $ (13,626 ) $ (1,413 ) $ (15,039 ) $ 35,018 $ 31 $ 35,049

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS A summary of the carrying amount of goodwill attributable to each segment, as well as the changes in such carrying amounts, is as follows: (in thousands) Industrial Widia Infrastructure Total Gross goodwill $ 411,458 $ 41,186 $ 633,211 $ 1,085,855 Accumulated impairment losses (137,204 ) (13,638 ) (633,211 ) (784,053 ) Balance as of June 30, 2018 $ 274,254 $ 27,548 $ — $ 301,802 Activity for the six months ended December 31, 2018: Change in gross goodwill due to translation (1,604 ) (195 ) — (1,799 ) Gross goodwill 409,854 40,991 633,211 1,084,056 Accumulated impairment losses (137,204 ) (13,638 ) (633,211 ) (784,053 ) Balance as of December 31, 2018 $ 272,650 $ 27,353 $ — $ 300,003 The components of our other intangible assets were as follows: Estimated Useful Life (in years) December 31, 2018 June 30, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Contract-based 3 to 15 $ 7,055 $ (7,043 ) $ 7,061 $ (7,036 ) Technology-based and other 4 to 20 46,333 (31,314 ) 46,666 (30,923 ) Customer-related 10 to 21 205,189 (89,701 ) 206,162 (85,301 ) Unpatented technology 10 to 30 31,697 (14,259 ) 31,854 (13,096 ) Trademarks 5 to 20 12,377 (9,047 ) 12,450 (8,978 ) Trademarks Indefinite 17,199 — 17,609 — Total $ 319,850 $ (151,364 ) $ 321,802 $ (145,334 )

Segment Data

Segment Data	6 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATA Our reportable operating segments have been determined in accordance with our internal management structure, which is organized based on operating activities, the manner in which we organize segments for making operating decisions and assessing performance and the availability of separate financial results. We do not allocate certain corporate expenses related to, among other things, executive retirement plans, our Board of Directors and strategic initiatives to our reportable operating segments. These costs are instead reported in Corporate. None of our three reportable operating segments represent the aggregation of two or more operating segments. In the Industrial segment, we focus on customers in the transportation, general engineering, aerospace and defense market sectors, delivering high performance metalworking tools for specified purposes. Our customers in these end markets use our products and services in the manufacture of engines, airframes, automobiles, trucks, ships and various other types of industrial equipment. The technology and customization services we provide vary by customer, application and industry. Industrial goes to market under the Kennametal ® brand through its direct sales force, a network of independent and national chain distributors, integrated supplier channels and via the Internet. Application engineers and technicians are critical to the sales process and directly assist our customers with specified product design, selection, application and support. The Widia segment offers a focused assortment of standard custom metal cutting solutions to general engineering, aerospace, energy and transportation customers. We serve our customers primarily through a network of value added resellers, integrated supplier channels and via the Internet. Widia markets its products under the WIDIA ® , WIDIA Hanita ® and WIDIA GTD ® brands. The Infrastructure segment generally serves customers that operate in the energy and earthworks market sectors that support primary industries such as oil and gas, power generation and chemicals; underground, surface and hard-rock mining; highway construction and road maintenance; and process industries such as food and feed. Our success is determined by our ability to gain an in-depth understanding of our customers’ engineering and development needs, to provide complete system solutions and high-performance capabilities to optimize and add value to their operations. Infrastructure markets its products primarily under the Kennametal ® brand and sells through a direct sales force as well as distributors. Our sales and operating income by segment are as follows: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Sales: Industrial $ 317,320 $ 312,448 $ 637,878 $ 609,912 Widia 48,954 47,744 97,626 92,987 Infrastructure 221,120 211,153 438,576 410,900 Total sales $ 587,394 $ 571,345 $ 1,174,080 $ 1,113,799 Operating income: Industrial $ 57,519 $ 40,504 $ 116,061 $ 72,543 Widia 1,728 474 3,822 154 Infrastructure 20,614 23,833 44,474 44,223 Corporate (1,003 ) (1,170 ) (2,347 ) (1,108 ) Total operating income 78,858 63,641 162,010 115,812 Interest expense 8,104 7,231 16,201 14,379 Other income, net (4,022 ) (3,220 ) (6,782 ) (7,437 ) Income from continuing operations before income taxes $ 74,776 $ 59,630 $ 152,591 $ 108,870 The following table presents Kennametal's revenue disaggregated by geography: Three Months Ended December 31, 2018 December 31, 2017 (in thousands) Industrial Widia Infrastructure Total Kennametal Industrial Widia Infrastructure Total Kennametal Americas 40% 45% 66% 50% 37% 46% 65% 48% EMEA 41 26 15 30 42 26 16 31 Asia Pacific 19 29 19 20 21 28 19 21 Six Months Ended December 31, 2018 December 31, 2017 (in thousands) Industrial Widia Infrastructure Total Kennametal Industrial Widia Infrastructure Total Kennametal Americas 40% 45% 66% 50% 38% 47% 64% 48% EMEA 40 25 15 29 41 25 16 31 Asia Pacific 20 30 19 21 21 28 20 21 The following tables presents Kennametal's revenue disaggregated by end market: Three Months Ended December 31, 2018 (in thousands) Industrial Widia Infrastructure Total Kennametal General engineering 44% 100% 32% 44% Transportation 34 — — 18 Aerospace and defense 13 — — 7 Energy 9 — 36 19 Earthworks — — 32 12 Three Months Ended December 31, 2017 (in thousands) Industrial Widia Infrastructure Total Kennametal General engineering 42% 100% 32% 43% Transportation 37 — — 20 Aerospace and defense 12 — — 6 Energy 9 — 32 17 Earthworks — — 36 14 Six Months Ended December 31, 2018 (in thousands) Industrial Widia Infrastructure Total Kennametal General engineering 44% 100% 32% 44% Transportation 34 — — 19 Aerospace and defense 13 — — 7 Energy 9 — 35 18 Earthworks — — 33 12 Six Months Ended December 31, 2017 (in thousands) Industrial Widia Infrastructure Total Kennametal General engineering 42% 100% 31% 43% Transportation 37 — — 20 Aerospace and defense 12 — — 6 Energy 9 — 32 17 Earthworks — — 37 14

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures (Tables)	6 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	Six Months Ended December 31, (in thousands) 2018 2017 Cash paid during the period for: Income taxes $ 28,414 $ 15,866 Interest 16,745 13,714 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (100 ) 14,200

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Financial instruments at fair value on recurring basis	As of December 31, 2018 , the fair values of the Company’s financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 513 $ — $ 513 Total assets at fair value $ — $ 513 $ — $ 513 Liabilities: Derivatives (1) $ — $ 49 $ — $ 49 Total liabilities at fair value $ — $ 49 $ — $ 49 As of June 30, 2018 , the fair values of the Company’s financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 1,665 $ — $ 1,665 Total assets at fair value $ — $ 1,665 $ — $ 1,665 Liabilities: Derivatives (1) $ — $ 207 $ — $ 207 Total liabilities at fair value $ — $ 207 $ — $ 207 (1) Currency derivatives are valued based on observable market spot and forward rates and are classified within Level 2 of the fair value hierarchy.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivatives	The fair value of derivatives designated and not designated as hedging instruments in the condensed consolidated balance sheet are as follows: (in thousands) December 31, June 30, Derivatives designated as hedging instruments Other current assets - range forward contracts $ 513 $ 799 Other current liabilities - range forward contracts — (5 ) Other assets - range forward contracts — 27 Total derivatives designated as hedging instruments 513 821 Derivatives not designated as hedging instruments Other current assets - currency forward contracts — 839 Other current liabilities - currency forward contracts (49 ) (202 ) Total derivatives not designated as hedging instruments (49 ) 637 Total derivatives $ 464 $ 1,458
(Gains) losses related to derivatives not designated as hedging instruments	Gains) losses related to derivatives not designated as hedging instruments have been recognized as follows: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Other income, net - currency forward contracts $ (2 ) $ (92 ) $ 76 $ (208 )
Gains and losses related to cash flow hedges	The following represents gains and losses related to cash flow hedges: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Gaines (losses) recognized in other comprehensive (loss) income, net $ 170 $ (287 ) $ (91 ) $ (906 ) Losses reclassified from accumulated other comprehensive loss into other income, net $ 565 $ 870 $ 1,097 $ 1,262
Net investment hedges	As of December 31, 2018 , the foreign currency-denominated intercompany loans payable designated as net investment hedges consisted of: Instrument Notional (EUR in thousands) (2) Notional (USD in thousands) (2) Maturity Foreign currency-denominated intercompany loan payable € 40,125 $ 45,927 June 27, 2019 Foreign currency-denominated intercompany loan payable 27,728 31,738 June 26, 2022 Foreign currency-denominated intercompany loan payable 6,509 7,450 November 20, 2021 Foreign currency-denominated intercompany loan payable 2,024 2,316 October 11, 2019 (2) Includes principal and accrued interest.

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Schedule of Restructuring Reserve by Type of Cost	As of December 31, 2018 , the total restructuring accrual is recorded in other current liabilities in our condensed consolidated balance sheet. As of June 30, 2018 , $17.5 million and $0.1 million of the restructuring accrual is recorded in other current liabilities and other liabilities, respectively. The amount attributable to each segment is as follows: (in thousands) June 30, 2018 Expense Asset Write-Down Translation Cash Expenditures December 31, 2018 Industrial Severance $ 7,967 $ 1,552 $ — $ (128 ) $ (3,568 ) $ 5,823 Facilities — (9 ) 9 — — — Other — 29 — (1 ) 10 38 Total Industrial $ 7,967 $ 1,572 $ 9 $ (129 ) $ (3,558 ) $ 5,861 Widia Severance $ 2,087 $ 113 $ — $ (9 ) $ (261 ) $ 1,930 Facilities — — — — — — Other 15 2 — — 1 18 Total Widia $ 2,102 $ 115 $ — $ (9 ) $ (260 ) $ 1,948 Infrastructure Severance $ 7,558 $ 1,159 $ — $ (96 ) $ (2,665 ) $ 5,956 Facilities — (248 ) 248 — — — Other 12 22 — — 7 41 Total Infrastructure $ 7,570 $ 933 $ 248 $ (96 ) $ (2,658 ) $ 5,997 Total $ 17,639 $ 2,620 $ 257 $ (234 ) $ (6,476 ) $ 13,806

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Changes in stock options	Changes in our stock options for the six months ended December 31, 2018 were as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic value (in thousands) Options outstanding, June 30, 2018 989,992 $ 33.08 Exercised (136,405 ) 29.18 Lapsed or forfeited (7,000 ) 45.24 Options outstanding, December 31, 2018 846,587 $ 33.61 4.0 $ 3,018 Options vested and expected to vest, December 31, 2018 846,587 $ 33.61 4.0 $ 3,018 Options exercisable, December 31, 2018 841,920 $ 33.68 4.0 $ 2,960
Changes in time vesting and performance vesting restricted stock units	Changes in our performance vesting and time vesting restricted stock units for the six months ended December 31, 2018 were as follows: Performance Vesting Stock Units Performance Vesting Weighted Average Fair Value Time Vesting Stock Units Time Vesting Weighted Average Fair Value Unvested, June 30, 2018 409,297 $ 31.22 1,083,675 $ 30.47 Granted 161,066 40.10 536,910 38.92 Vested (36,394 ) 31.86 (461,851 ) 31.22 Performance metric adjustments, net 41,196 29.69 — — Forfeited (44,179 ) 31.04 (26,371 ) 32.27 Unvested, December 31, 2018 530,986 $ 33.77 1,132,363 $ 34.15

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Dec. 31, 2018
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension (income)	The table below summarizes the components of net periodic pension income: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Service cost $ 407 $ 406 $ 818 $ 810 Interest cost 7,970 7,678 15,960 15,335 Expected return on plan assets (13,434 ) (14,132 ) (26,896 ) (28,221 ) Amortization of transition obligation 23 23 45 46 Amortization of prior service (credit) cost (5 ) (41 ) (10 ) 132 Recognition of actuarial losses 1,679 1,718 3,374 3,428 Net periodic pension income $ (3,360 ) $ (4,348 ) $ (6,709 ) $ (8,470 )
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension (income)	The table below summarizes the components of net periodic other postretirement benefit cost: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Interest cost $ 153 $ 157 $ 307 $ 314 Amortization of prior service credit (22 ) (6 ) (45 ) (11 ) Recognition of actuarial loss 62 70 124 140 Net periodic other postretirement benefit cost $ 193 $ 221 $ 386 $ 443

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: (in thousands) December 31, 2018 June 30, 2018 Finished goods $ 306,680 $ 279,240 Work in process and powder blends 256,271 232,973 Raw materials 99,145 96,859 Inventories at current cost 662,096 609,072 Less: LIFO valuation (83,530 ) (83,606 ) Total inventories $ 578,566 $ 525,466

Equity (Tables)

Equity (Tables)	6 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Summary of the changes in the carrying amounts of total equity, Kennametal shareholders' equity and equity attributable to noncontrolling interests	A summary of the changes in the carrying amounts of total equity, Kennametal Shareholders’ equity and equity attributable to noncontrolling interests as of December 31, 2018 and 2017 is as follows: Kennametal Shareholders’ Equity (in thousands) Capital Additional Retained Accumulated Non- Total equity Balance as of June 30, 2018 $ 102,058 $ 511,909 $ 900,683 $ (320,325 ) $ 36,002 $ 1,230,327 Net income — — 111,396 — 3,274 114,670 Other comprehensive loss — — — (14,307 ) (732 ) (15,039 ) Dividend reinvestment 3 104 — — — 107 Capital stock issued under employee benefit and stock plans (3) 642 10,504 — — — 11,146 Purchase of capital stock (3 ) (104 ) — — — (107 ) Cash dividends — — (32,820 ) — — (32,820 ) Balance as of December 31, 2018 $ 102,700 $ 522,413 $ 979,259 $ (334,632 ) $ 38,544 $ 1,308,284 Kennametal Shareholders’ Equity (in thousands) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non- controlling interests Total equity Balance as of June 30, 2017 $ 100,832 $ 474,547 $ 765,607 $ (323,692 ) $ 35,359 $ 1,052,653 Net income — — 80,785 — 1,011 81,796 Other comprehensive income — — — 33,876 1,173 35,049 Dividend reinvestment 3 106 — — — 109 Capital stock issued under employee benefit and stock plans (3) 1,065 25,841 — — — 26,906 Purchase of capital stock (3 ) (106 ) — — — (109 ) Cash dividends — — (32,456 ) — — (32,456 ) Balance as of December 31, 2017 $ 101,897 $ 500,388 $ 813,936 $ (289,816 ) $ 37,543 $ 1,163,948 (3) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Dec. 31, 2018
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, 2018 : (in thousands) Postretirement benefit plans Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2018 $ (187,755 ) $ (127,347 ) $ (5,223 ) $ (320,325 ) Other comprehensive income (loss) before reclassifications 1,194 (18,873 ) (91 ) (17,770 ) Amounts reclassified from AOCL 2,606 — 857 3,463 Net current period other comprehensive income (loss) 3,800 (18,873 ) 766 (14,307 ) AOCL, December 31, 2018 $ (183,955 ) $ (146,220 ) $ (4,457 ) $ (334,632 ) Attributable to noncontrolling interests: Balance, June 30, 2018 $ — $ (2,913 ) $ — $ (2,913 ) Other comprehensive loss before reclassifications — (732 ) — (732 ) Net current period other comprehensive loss — (732 ) — (732 ) AOCL, December 31, 2018 $ — $ (3,645 ) $ — $ (3,645 ) The components of, and changes in, AOCL were as follows, net of tax, for the six months ended December 31, 2017 : (in thousands) Postretirement benefit plans Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2017 $ (189,038 ) $ (126,606 ) $ (8,048 ) $ (323,692 ) Other comprehensive (loss) income before reclassifications (2,590 ) 32,620 (905 ) 29,125 Amounts reclassified from AOCL 3,348 — 1,403 4,751 Net current period other comprehensive income 758 32,620 498 33,876 AOCL, December 31, 2017 $ (188,280 ) $ (93,986 ) $ (7,550 ) $ (289,816 ) Attributable to noncontrolling interests: Balance, June 30, 2017 $ — $ (2,164 ) $ — $ (2,164 ) Other comprehensive income before reclassifications — 1,173 — 1,173 Net current period other comprehensive income — 1,173 — 1,173 AOCL, December 31, 2017 $ — $ (991 ) $ — $ (991 )
Reclassification out of Accumulated Other Comprehensive Loss	Reclassifications out of AOCL for the three and six months ended December 31, 2018 and 2017 consisted of the following: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Affected line item in the Income Statement Gains and losses on cash flow hedges: Forward starting interest rate swaps $ 588 $ 566 $ 1,176 $ 1,132 Interest expense Currency exchange contracts (241 ) 768 (41 ) 726 Other income, net Total before tax 347 1,334 1,135 1,858 Tax impact (85 ) (327 ) (278 ) (455 ) Provision for income taxes Net of tax $ 262 $ 1,007 $ 857 $ 1,403 Postretirement benefit plans: Amortization of transition obligations $ 23 $ 23 $ 45 $ 46 Other income, net Amortization of prior service (credit) cost (27 ) (47 ) (55 ) 121 Other income, net Recognition of actuarial losses 1,741 1,788 3,498 3,568 Other income, net Total before tax 1,737 1,764 3,488 3,735 Tax impact (439 ) (195 ) (882 ) (387 ) Provision for income taxes Net of tax $ 1,298 $ 1,569 $ 2,606 $ 3,348
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, 2018 and 2017 were as follows: 2018 2017 (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 $ 225 $ (55 ) $ 170 $ (379 ) $ 93 $ (286 ) Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges 347 (85 ) 262 1,334 (327 ) 1,007 Unrecognized net pension and other postretirement benefit gain (loss) 1,134 (263 ) 871 (834 ) 209 (625 ) Reclassification of net pension and other postretirement benefit loss 1,737 (439 ) 1,298 1,764 (195 ) 1,569 Foreign currency translation adjustments (3,407 ) 7 (3,400 ) 13,996 (72 ) 13,924 Other comprehensive (loss) income $ 36 $ (835 ) $ (799 ) $ 15,881 $ (292 ) $ 15,589 The amount of income tax allocated to each component of other comprehensive (loss) income for the six months ended December 31, 2018 and 2017 were as follows: 2018 2017 (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 $ (121 ) $ 30 $ (91 ) $ (1,199 ) $ 294 $ (905 ) Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges 1,135 (278 ) 857 1,858 (455 ) 1,403 Unrecognized net pension and other postretirement benefit gain (loss) 1,551 (357 ) 1,194 (3,434 ) 844 (2,590 ) Reclassification of net pension and other postretirement benefit loss 3,488 (882 ) 2,606 3,735 (387 ) 3,348 Foreign currency translation adjustments (19,679 ) 74 (19,605 ) 34,058 (265 ) 33,793 Other comprehensive (loss) income $ (13,626 ) $ (1,413 ) $ (15,039 ) $ 35,018 $ 31 $ 35,049

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
The carrying amount of goodwill	A summary of the carrying amount of goodwill attributable to each segment, as well as the changes in such carrying amounts, is as follows: (in thousands) Industrial Widia Infrastructure Total Gross goodwill $ 411,458 $ 41,186 $ 633,211 $ 1,085,855 Accumulated impairment losses (137,204 ) (13,638 ) (633,211 ) (784,053 ) Balance as of June 30, 2018 $ 274,254 $ 27,548 $ — $ 301,802 Activity for the six months ended December 31, 2018: Change in gross goodwill due to translation (1,604 ) (195 ) — (1,799 ) Gross goodwill 409,854 40,991 633,211 1,084,056 Accumulated impairment losses (137,204 ) (13,638 ) (633,211 ) (784,053 ) Balance as of December 31, 2018 $ 272,650 $ 27,353 $ — $ 300,003
The components of intangible assets	The components of our other intangible assets were as follows: Estimated Useful Life (in years) December 31, 2018 June 30, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Contract-based 3 to 15 $ 7,055 $ (7,043 ) $ 7,061 $ (7,036 ) Technology-based and other 4 to 20 46,333 (31,314 ) 46,666 (30,923 ) Customer-related 10 to 21 205,189 (89,701 ) 206,162 (85,301 ) Unpatented technology 10 to 30 31,697 (14,259 ) 31,854 (13,096 ) Trademarks 5 to 20 12,377 (9,047 ) 12,450 (8,978 ) Trademarks Indefinite 17,199 — 17,609 — Total $ 319,850 $ (151,364 ) $ 321,802 $ (145,334 )

Segment Data (Tables)

Segment Data (Tables)	6 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents Kennametal's revenue disaggregated by geography: Three Months Ended December 31, 2018 December 31, 2017 (in thousands) Industrial Widia Infrastructure Total Kennametal Industrial Widia Infrastructure Total Kennametal Americas 40% 45% 66% 50% 37% 46% 65% 48% EMEA 41 26 15 30 42 26 16 31 Asia Pacific 19 29 19 20 21 28 19 21 Six Months Ended December 31, 2018 December 31, 2017 (in thousands) Industrial Widia Infrastructure Total Kennametal Industrial Widia Infrastructure Total Kennametal Americas 40% 45% 66% 50% 38% 47% 64% 48% EMEA 40 25 15 29 41 25 16 31 Asia Pacific 20 30 19 21 21 28 20 21 The following tables presents Kennametal's revenue disaggregated by end market: Three Months Ended December 31, 2018 (in thousands) Industrial Widia Infrastructure Total Kennametal General engineering 44% 100% 32% 44% Transportation 34 — — 18 Aerospace and defense 13 — — 7 Energy 9 — 36 19 Earthworks — — 32 12 Three Months Ended December 31, 2017 (in thousands) Industrial Widia Infrastructure Total Kennametal General engineering 42% 100% 32% 43% Transportation 37 — — 20 Aerospace and defense 12 — — 6 Energy 9 — 32 17 Earthworks — — 36 14 Six Months Ended December 31, 2018 (in thousands) Industrial Widia Infrastructure Total Kennametal General engineering 44% 100% 32% 44% Transportation 34 — — 19 Aerospace and defense 13 — — 7 Energy 9 — 35 18 Earthworks — — 33 12 Six Months Ended December 31, 2017 (in thousands) Industrial Widia Infrastructure Total Kennametal General engineering 42% 100% 31% 43% Transportation 37 — — 20 Aerospace and defense 12 — — 6 Energy 9 — 32 17 Earthworks — — 37 14
Sales and operating income (loss) by segment and segment assets	Our sales and operating income by segment are as follows: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Sales: Industrial $ 317,320 $ 312,448 $ 637,878 $ 609,912 Widia 48,954 47,744 97,626 92,987 Infrastructure 221,120 211,153 438,576 410,900 Total sales $ 587,394 $ 571,345 $ 1,174,080 $ 1,113,799 Operating income: Industrial $ 57,519 $ 40,504 $ 116,061 $ 72,543 Widia 1,728 474 3,822 154 Infrastructure 20,614 23,833 44,474 44,223 Corporate (1,003 ) (1,170 ) (2,347 ) (1,108 ) Total operating income 78,858 63,641 162,010 115,812 Interest expense 8,104 7,231 16,201 14,379 Other income, net (4,022 ) (3,220 ) (6,782 ) (7,437 ) Income from continuing operations before income taxes $ 74,776 $ 59,630 $ 152,591 $ 108,870

Earnings Per Share (Tables) (Ta

Earnings Per Share (Tables) (Tables)	6 Months Ended
	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	The following tables provide the computation of diluted shares outstanding for the three and six months ended December 31, 2018 and 2017 : Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2018 2017 2018 2017 Weighted-average shares outstanding during period 82,331 81,477 82,218 81,274 Add: Unexercised capital stock options, unvested performance awards and unvested restricted stock units 979 1,301 1,015 1,172 Number of shares on which diluted earnings per share is calculated 83,310 82,778 83,233 82,446 Unexercised capital stock options, performance awards and restricted stock units not included in the computation because the option exercise price was greater than the average market price 469 219 400 483

Revenue Recognition Details (De

Revenue Recognition Details (Details)	3 Months Ended
	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Payment terms, minimum	30
Payment terms, maximum	90

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Increase/decrease to net operating cash flow and net investing cash flow due to revisions to AP and PP&E		$ (25,700)	$ (22,700)
Interest	$ 16,745	13,714
Income taxes	28,414	15,866
Change in accounts payable related to property, plant, and equipment	$ (100)	$ 14,200	$ 11,200

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	$ 513	$ 1,665
Total assets at fair value	513	1,665
Derivatives Liabilities	49	207
Total liabilities at fair value	49	207
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	513	1,665
Total assets at fair value	513	1,665
Derivatives Liabilities	49	207
Total liabilities at fair value	49	207
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities at fair value	$ 0	$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Fair Value of Derivatives Designated and Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Fair value of derivatives
Derivative, Fair Value, Net	$ 464	$ 1,458
Designated as Hedging Instrument [Member]
Fair value of derivatives
Derivative, Fair Value, Net	513	821
Not Designated as Hedging Instrument [Member]
Fair value of derivatives
Derivative, Fair Value, Net	(49)	637
Range Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Fair value of derivatives
Derivative assets designated as hedging instruments	513	799
Range Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Fair value of derivatives
Derivative liabilities designated as hedging instruments	0	(5)
Range Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member]
Fair value of derivatives
Derivative assets designated as hedging instruments	0	27
Currency Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Fair value of derivatives
Derivative assets designated as hedging instruments	0	839
Currency Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Fair value of derivatives
Derivative liabilities designated as hedging instruments	$ (49)	$ (202)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Gains and Losses Related to Derivatives Not Designated as Hedging Instruments and to Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Gains and losses related to cash flow hedges
Losses recognized in other comprehensive (loss) income, net	$ 225	$ (379)	$ (121)	$ (1,199)
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) Loss on Derivative Used in Net Investment Hedge, Net of Tax	(500)	500	(500)	1,900
Currency Forward Contracts [Member] | Other Expense Income Net [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, (Gain) Loss Recognized in Income, Net
Other income, net - currency forward contracts	(2)	(92)	76	(208)
Range Forward Contracts [Member] | Cash flow hedging [Member]
Gains and losses related to cash flow hedges
Losses recognized in other comprehensive (loss) income, net	170	(287)	(91)	(906)
Losses reclassified from accumulated other comprehensive loss into other income, net	$ 565	$ 870	$ 1,097	$ 1,262

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Details Textual) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)
Derivative Instruments and Hedging Activities (Textual) [Abstract]
Recognize income on outstanding derivatives in the next 12 months						$ 300
Gains or losses recognized in earnings due to ineffectiveness and excluded from effectiveness testing			$ 0
Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount						43,500	$ 62,900
Net Investment Hedging [Member]
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract]
Derivative, Amount of Hedged Item | €					€ 71,000
Net Investment Hedge Maturing on June 26, 2022 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount					27,728	31,738
Net Investment Hedge Maturing on June 27, 2019 [Member] [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount					40,125	45,927
Net Investment Hedge Maturing on November 20, 2021 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount					6,509	7,450
Net Investment Hedge Maturing on October 11, 2019 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount					€ 2,024	$ 2,316
Net Investment Hedging [Member]
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract]
(Gain) Loss on Derivative Used in Net Investment Hedge, Net of Tax	$ (500)	$ 500	$ (500)	$ 1,900

Restructuring and Related Cha_2

Restructuring and Related Charges - Restructuring Accrual (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Restructuring Reserve [Abstract]
Beginning Balance			$ 17,639
Restructuring Charges	$ 1,500	$ 100	2,620	$ 5,600
Asset Write-Down			257
Translation			(234)
Cash Expenditures			(6,476)
Ending Balance	13,806		13,806
Industrial [Member]
Restructuring Reserve [Abstract]
Beginning Balance			7,967
Restructuring Charges			1,572
Asset Write-Down			9
Translation			(129)
Cash Expenditures			(3,558)
Ending Balance	5,861		5,861
Industrial [Member] | Severance [Member]
Restructuring Reserve [Abstract]
Beginning Balance			7,967
Restructuring Charges			1,552
Asset Write-Down			0
Translation			(128)
Cash Expenditures			(3,568)
Ending Balance	5,823		5,823
Industrial [Member] | Facilities [Member]
Restructuring Reserve [Abstract]
Beginning Balance			0
Restructuring Charges			(9)
Asset Write-Down			9
Translation			0
Cash Expenditures			0
Ending Balance	0		0
Industrial [Member] | Other Restructuring [Member]
Restructuring Reserve [Abstract]
Beginning Balance			0
Restructuring Charges			29
Asset Write-Down			0
Translation			(1)
Cash Expenditures			10
Ending Balance	38		38
WIDIA [Member]
Restructuring Reserve [Abstract]
Beginning Balance			2,102
Restructuring Charges			115
Asset Write-Down			0
Translation			(9)
Cash Expenditures			(260)
Ending Balance	1,948		1,948
WIDIA [Member] | Severance [Member]
Restructuring Reserve [Abstract]
Beginning Balance			2,087
Restructuring Charges			113
Asset Write-Down			0
Translation			(9)
Cash Expenditures			(261)
Ending Balance	1,930		1,930
WIDIA [Member] | Facilities [Member]
Restructuring Reserve [Abstract]
Beginning Balance			0
Restructuring Charges			0
Asset Write-Down			0
Translation			0
Cash Expenditures			0
Ending Balance	0		0
WIDIA [Member] | Other Restructuring [Member]
Restructuring Reserve [Abstract]
Beginning Balance			15
Restructuring Charges			2
Asset Write-Down			0
Translation			0
Cash Expenditures			1
Ending Balance	18		18
Infrastructure [Member]
Restructuring Reserve [Abstract]
Beginning Balance			7,570
Restructuring Charges			933
Asset Write-Down			248
Translation			(96)
Cash Expenditures			(2,658)
Ending Balance	5,997		5,997
Infrastructure [Member] | Severance [Member]
Restructuring Reserve [Abstract]
Beginning Balance			7,558
Restructuring Charges			1,159
Asset Write-Down			0
Translation			(96)
Cash Expenditures			(2,665)
Ending Balance	5,956		5,956
Infrastructure [Member] | Facilities [Member]
Restructuring Reserve [Abstract]
Beginning Balance			0
Restructuring Charges			(248)
Asset Write-Down			248
Translation			0
Cash Expenditures			0
Ending Balance	0		0
Infrastructure [Member] | Other Restructuring [Member]
Restructuring Reserve [Abstract]
Beginning Balance			12
Restructuring Charges			22
Asset Write-Down			0
Translation			0
Cash Expenditures			7
Ending Balance	$ 41		$ 41

Restructuring and Related Cha_3

Restructuring and Related Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 2,100	$ 1,500	$ 3,100	$ 8,400
Restructuring Charges	1,500	100	2,620	5,600
Restructuring Reserve, Current					$ 17,500
Restructuring Reserve, Noncurrent					$ 100
Industrial [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			1,572
Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			933
WIDIA [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			115
Simplification [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	13,900		13,900
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Related Charges Recorded in Cost of Goods Sold or Operating Expense	$ 600	1,300	500	2,500
Operating Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Related Charges Recorded in Cost of Goods Sold or Operating Expense		$ 200		$ 300
Other Restructuring [Member] | Industrial [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			29
Other Restructuring [Member] | Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			22
Other Restructuring [Member] | WIDIA [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			$ 2

Stock-Based Compensation - Chan

Stock-Based Compensation - Changes in Stock Options (Details)	6 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Changes in stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ / shares	$ 45.24
Options outstanding, June 30, 2018 | shares	989,992
Options, Exercised | shares	(136,405)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | shares	(7,000)
Options outstanding, December 31, 2018 | shares	846,587
Options vested and expected to vest, December 31, 2018 | shares	846,587
Options exercisable, December 31, 2018 | shares	841,920
Weighted Average Exercise Price, Options outstanding, June 30, 2018 | $ / shares	$ 33.08
Weighted Average Exercise Price, Exercised | $ / shares	29.18
Weighted Average Exercise Price, Options outstanding, December 31, 2018 | $ / shares	33.61
Weighted Average Exercise Price, Option vested and expected to vest, December 31, 2018 | $ / shares	33.61
Weighted Average Exercise Price, Options exercisable, December 31, 2018 | $ / shares	$ 33.68
Weighted Average Remaining Life, Options outstanding, December 31, 2018	4 years
Weighted Average Remaining Life, Options vested and expected to vest, December 31, 2018	4 years
Weighted Average Remaining Life, Options exercisable, December 31, 2018	4 years
Aggregate Intrinsic value, Options outstanding, December 31, 2018 | $	$ 3,018,000
Aggregate Intrinsic Value, Options vested and expected to vest, December 31, 2018 | $	3,018,000
Aggregate Intrinsic Value, Options exercisable, December 31, 2018 | $	$ 2,960,000

Stock-Based Compensation - Ch_2

Stock-Based Compensation - Changes in Restricted Stock Units (Details)	6 Months Ended
	Dec. 31, 2018$ / sharesshares
Restricted Stock Units - Performance Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, June 30, 2018, Shares | shares	409,297
Granted, Shares | shares	161,066
Vested, Shares | shares	(36,394)
Performance metric adjustments, net, Shares | shares	41,196
Forfeited, Shares | shares	(44,179)
Unvested restricted stock awards, December 31, 2018 | shares	530,986
Weighted Average Fair Value, Unvested restricted stock awards, June 30, 2018 | $ / shares	$ 31.22
Weighted Average Fair Value, Granted | $ / shares	40.10
Weighted Average Fair Value, Vested | $ / shares	31.86
Weighted Average Fair Value, Performance Metric Not Achieved | $ / shares	29.69
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares	31.04
Weighted Average Fair Value, Unvested restricted stock awards, December 31, 2018 | $ / shares	$ 33.77
Restricted Stock Units - Time Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, June 30, 2018, Shares | shares	1,083,675
Granted, Shares | shares	536,910
Vested, Shares | shares	(461,851)
Performance metric adjustments, net, Shares | shares	0
Forfeited, Shares | shares	(26,371)
Unvested restricted stock awards, December 31, 2018 | shares	1,132,363
Weighted Average Fair Value, Unvested restricted stock awards, June 30, 2018 | $ / shares	$ 30.47
Weighted Average Fair Value, Granted | $ / shares	38.92
Weighted Average Fair Value, Vested | $ / shares	31.22
Weighted Average Fair Value, Performance Metric Not Achieved | $ / shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares	32.27
Weighted Average Fair Value, Unvested restricted stock awards, December 31, 2018 | $ / shares	$ 34.15

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Stock-Based Compensation (Textual) [Abstract]
Cash received from the exercise of capital stock option	$ 3.9	$ 19.1
Stock Option [Member]
Stock-Based Compensation (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	1.2	1.7
Total Intrinsic value of options exercised	1.8	4.8
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Textual) [Abstract]
Compensation expense related to time vesting and performance vesting restricted stock units	12.8	$ 11
Unrecognized compensation cost	$ 26.7
Unrecognized compensation costs, weighted average period	2 years 3 months

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Components of Net Periodic Pension Income (Details) - Pension plans contribution [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Net periodic pension income
Service cost	$ 407	$ 406	$ 818	$ 810
Interest cost	7,970	7,678	15,960	15,335
Expected return on plan assets	(13,434)	(14,132)	(26,896)	(28,221)
Amortization of transition obligation	23	23	45	46
Amortization of prior service (credit) cost	(5)	(41)	(10)	132
Recognition of actuarial losses	1,679	1,718	3,374	3,428
Net periodic pension income	$ (3,360)	$ (4,348)	$ (6,709)	$ (8,470)

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Components of Net Periodic Other Postretirement Benefit Cost (Details) - Other postretirement benefit plans [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Net periodic other postretirement benefit costs
Interest cost	$ 153	$ 157	$ 307	$ 314
Amortization of prior service credit	(22)	(6)	(45)	(11)
Recognition of actuarial loss	62	70	124	140
Net periodic other postretirement benefit cost	$ 193	$ 221	$ 386	$ 443

Pension and Other Postretirem_5

Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	$ (3,600)		$ (7,100)
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	$ 407	$ 406	$ 818	$ 810
Cost of Goods, Total [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component		(3,000)		(6,100)
Operating Expense [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component		$ (1,500)		$ (2,800)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Inventories
Finished goods	$ 306,680	$ 279,240
Work in process and powder blends	256,271	232,973
Raw materials	99,145	96,859
Inventories at current cost	662,096	609,072
Less: LIFO valuation	(83,530)	(83,606)
Total inventories	$ 578,566	$ 525,466
Inventories (Textual) [Abstract]
Percentage of inventories valued by using LIFO method	39.00%	40.00%

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Millions	Nov. 07, 2012	Dec. 31, 2018	Jun. 30, 2018	Jun. 07, 2018
Long-Term Debt (Additional Textual) [Abstract]
Fixed rate at fair market value		$ 597.5	$ 996.4
2018 Credit Agreement [Member]
Long-Term Debt (Textual) [Abstract]
Borrowing outstanding under 2018 Credit Agreement		$ 0
Line of Credit Facility, Maximum Borrowing Capacity				$ 700
2.650% Senior Notes due 2019 [Member]
Long-Term Debt (Additional Textual) [Abstract]
Proceeds from Issuance of Senior Long-term Debt	$ 400
Debt Instrument, Interest Rate, Stated Percentage	2.65%

Environmental Matters (Details)

Environmental Matters (Details) - USD ($) $ in Millions	Dec. 31, 2018	Jun. 30, 2018
Environmental Remediation Obligations [Abstract]
Reserves for Environmental Costs	$ 12.5	$ 12.6

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Taxes - Additional Information [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					28.10%
Provisional tax expense (benefit) for the deemed repatriation of undistributed foreign earnings, Increase (decrease)	$ (3.9)
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount			$ 78
Change in Permanent Reinvestment Assertion	$ 6.1
Income Tax (Textual) [Abstract]
Effective tax rate	24.80%	29.30%	24.90%
Scenario, Forecast [Member]
Income Taxes - Additional Information [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%

Earnings Per Shares (Details)

Earnings Per Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	82,331	81,477	82,218	81,274
Earnings Per Share (Textual) [Abstract]
Increase in weighted average shares due to dilutive effect of unexercised capital stock options and unvested restricted stock units	979	1,301	1,015	1,172
Weighted Average Number of Shares Outstanding, Diluted	83,310	82,778	83,233	82,446
Unexercised capital stock options and restricted stock units excluded from computation of diluted EPS	469	219	400	483

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Beginning Balance			$ 1,230,327	$ 1,052,653
Net income	$ 56,247	$ 42,158	114,670	81,796
Other comprehensive income (loss)	(799)	15,589	(15,039)	35,049
Dividend reinvestment			107	109
Capital stock issued under employee benefit and stock plans			11,146	26,906
Purchase of capital stock			(107)	(109)
Cash dividends			(32,820)	(32,456)
Ending Balance	1,308,284	1,163,948	1,308,284	1,163,948
Capital stock [Member]
Beginning Balance			102,058	100,832
Dividend reinvestment			3	3
Capital stock issued under employee benefit and stock plans			642	1,065
Purchase of capital stock			(3)	(3)
Ending Balance	102,700	101,897	102,700	101,897
Additional paid-in capital [Member]
Beginning Balance			511,909	474,547
Dividend reinvestment			104	106
Capital stock issued under employee benefit and stock plans			10,504	25,841
Purchase of capital stock			(104)	(106)
Ending Balance	522,413	500,388	522,413	500,388
Retained earnings [Member]
Beginning Balance			900,683	765,607
Net income			111,396	80,785
Cash dividends			(32,820)	(32,456)
Ending Balance	979,259	813,936	979,259	813,936
Accumulated other comprehensive loss [Member]
Beginning Balance			(320,325)	(323,692)
Other comprehensive income (loss)			(14,307)	33,876
Ending Balance	(334,632)	(289,816)	(334,632)	(289,816)
Non-controlling interest [Member]
Beginning Balance			36,002	35,359
Net income			3,274	1,011
Other comprehensive income (loss)			(732)	1,173
Cash dividends			0	0
Ending Balance	$ 38,544	$ 37,543	$ 38,544	$ 37,543

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of and Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			$ (320,325)	$ (323,692)
Other comprehensive income (loss) before reclassifications			(17,770)	29,125
Amounts reclassified from accumulated other comprehensive loss			3,463	4,751
Net current period other comprehensive income (loss)			(14,307)	33,876
Accumulated Other Comprehensive Loss, Net of Tax	$ (334,632)	$ (289,816)	(334,632)	(289,816)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(187,755)	(189,038)
Other comprehensive income (loss) before reclassifications			1,194	(2,590)
Amounts reclassified from accumulated other comprehensive loss			2,606	3,348
Net current period other comprehensive income (loss)			3,800	758
Accumulated Other Comprehensive Loss, Net of Tax	(183,955)	(188,280)	(183,955)	(188,280)
Accumulated Currency Translation Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(127,347)	(126,606)
Other comprehensive income (loss) before reclassifications			(18,873)	32,620
Amounts reclassified from accumulated other comprehensive loss			0	0
Net current period other comprehensive income (loss)			(18,873)	32,620
Accumulated Other Comprehensive Loss, Net of Tax	(146,220)	(93,986)	(146,220)	(93,986)
Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(5,223)	(8,048)
Other comprehensive income (loss) before reclassifications			(91)	(905)
Amounts reclassified from accumulated other comprehensive loss			857	1,403
Net current period other comprehensive income (loss)			766	498
Accumulated Other Comprehensive Loss, Net of Tax	(4,457)	(7,550)	(4,457)	(7,550)
Noncontrolling Interest [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(2,913)	(2,164)
Other comprehensive income (loss) before reclassifications			(732)	1,173
Net current period other comprehensive income (loss)			(732)	1,173
Accumulated Other Comprehensive Loss, Net of Tax	(3,645)	(991)	(3,645)	(991)
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(1,737)	(1,764)	(3,488)	(3,735)
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$ 347	$ 1,334	$ 1,135	$ 1,858

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Currency exchange contracts	$ 4,022	$ 3,220	$ 6,782	$ 7,437
Recognition of actuarial losses	1,737	1,764	3,488	3,735
Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges, tax	(85)	(327)	(278)	(455)
Provision for income taxes	18,529	17,472	37,921	27,074
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Total before tax	(347)	(1,334)	(1,135)	(1,858)
Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges, tax	(85)	(327)	(278)	(455)
Net of tax	262	1,007	857	1,403
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Amortization of transition obligations	23	23	45	46
Amortization of prior service (credit) cost	(27)	(47)	(55)	121
Recognition of actuarial losses	1,741	1,788	3,498	3,568
Total before tax	1,737	1,764	3,488	3,735
Provision for income taxes	(439)	(195)	(882)	(387)
Net of tax	(1,298)	(1,569)	(2,606)	(3,348)
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Forward Starting Interest Rate Swap Contracts [Member] | Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Forward starting interest rate swaps	588	566	1,176	1,132
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Currency Forward Contracts [Member] | Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Currency exchange contracts	$ (241)	$ 768	$ (41)	$ 726

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss Other Comprehensive Income - Income Tax Allocated to Each Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Other Comprehensive Income - Income Tax Allocated to Each Component [Abstract]
Unrealized loss on derivatives designated and qualified as cash flow hedges, before tax	$ 225	$ (379)	$ (121)	$ (1,199)
Unrealized loss on derivatives designated and qualified as cash flow hedges, tax	(55)	93	30	294
Unrealized gain (loss) on derivatives designated and qualified as cash flow hedges, net of tax	170	(286)	(91)	(905)
Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges, before tax	347	1,334	1,135	1,858
Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges, tax	(85)	(327)	(278)	(455)
Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges, net of tax	262	1,007	857	1,403
Unrecognized net pension and other postretirement benefit gain (loss), before tax	1,134	(834)	1,551	(3,434)
Unrecognized net pension and other postretirement benefit gain (loss), tax	(263)	209	(357)	844
Unrecognized net pension and other postretirement benefit gain (loss), net of tax	871	(625)	1,194	(2,590)
Reclassification of net pension and other postretirement benefit loss, before tax	1,737	1,764	3,488	3,735
Reclassification of net pension and other postretirement benefit loss, tax	(439)	(195)	(882)	(387)
Reclassification of net pension and other postretirement benefit loss	1,298	1,569	2,606	3,348
Foreign currency translation adjustment, before tax	(3,407)	13,996	(19,679)	34,058
Foreign currency translation adjustment, tax	7	(72)	74	(265)
Foreign currency translation adjustment, net of tax	(3,400)	13,924	(19,605)	33,793
Other comprehensive (loss) income, before tax	36	15,881	(13,626)	35,018
Other comprehensive (loss) income, tax	(835)	(292)	(1,413)	31
Other comprehensive (loss) income, net of tax	$ (799)	$ 15,589	$ (15,039)	$ 35,049

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Carrying Amount of Goodwill Attributable to Each Segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2018	Jun. 30, 2018
Goodwill [Roll Forward]
Goodwill	$ 1,084,056	$ 1,085,855
Accumulated impairment losses	(784,053)	(784,053)
Goodwill, Beginning Balance	301,802
Goodwill, Foreign Currency Translation Gain (Loss)	(1,799)
Goodwill, Ending Balance	300,003
Industrial [Member]
Goodwill [Roll Forward]
Goodwill	409,854	411,458
Accumulated impairment losses	(137,204)	(137,204)
Goodwill, Beginning Balance	274,254
Goodwill, Foreign Currency Translation Gain (Loss)	(1,604)
Goodwill, Ending Balance	272,650
Infrastructure [Member]
Goodwill [Roll Forward]
Goodwill	633,211	633,211
Accumulated impairment losses	(633,211)	(633,211)
Goodwill, Beginning Balance	0
Goodwill, Foreign Currency Translation Gain (Loss)	0
Goodwill, Ending Balance	0
WIDIA [Member]
Goodwill [Roll Forward]
Goodwill	40,991	41,186
Accumulated impairment losses	(13,638)	$ (13,638)
Goodwill, Beginning Balance	27,548
Goodwill, Foreign Currency Translation Gain (Loss)	(195)
Goodwill, Ending Balance	$ 27,353

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2018	Jun. 30, 2018
The components of intangible assets
Accumulated amortization	$ (151,364)	$ (145,334)
Intangible Assets, Gross (Excluding Goodwill)	319,850	321,802
Trademarks [Member]
The components of intangible assets
Gross carrying amount, Indefinite	17,199	17,609
Contract-based [Member]
The components of intangible assets
Gross carrying amount, finite	7,055	7,061
Accumulated amortization	(7,043)	(7,036)
Technology-based and other [Member]
The components of intangible assets
Gross carrying amount, finite	46,333	46,666
Accumulated amortization	(31,314)	(30,923)
Customer-related [Member]
The components of intangible assets
Gross carrying amount, finite	205,189	206,162
Accumulated amortization	(89,701)	(85,301)
Unpatented technology [Member]
The components of intangible assets
Gross carrying amount, finite	31,697	31,854
Accumulated amortization	(14,259)	(13,096)
Trademarks [Member]
The components of intangible assets
Gross carrying amount, finite	12,377	12,450
Accumulated amortization	$ (9,047)	$ (8,978)
Minimum [Member] | Contract-based [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	3 years
Minimum [Member] | Technology-based and other [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	4 years
Minimum [Member] | Customer-related [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	10 years
Minimum [Member] | Unpatented technology [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	10 years
Minimum [Member] | Trademarks [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	5 years
Maximum [Member] | Contract-based [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	15 years
Maximum [Member] | Technology-based and other [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	20 years
Maximum [Member] | Customer-related [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	21 years
Maximum [Member] | Unpatented technology [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	30 years
Maximum [Member] | Trademarks [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	20 years

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2018
Goodwill and Other Intangible Assets (Additional Textual) [Abstract]
Goodwill	$ 300,003		$ 300,003		$ 301,802
Amortization expense for intangible assets	3,560	$ 3,677	7,141	$ 7,338
Infrastructure [Member]
Goodwill and Other Intangible Assets (Additional Textual) [Abstract]
Goodwill	0		0		0
Industrial [Member]
Goodwill and Other Intangible Assets (Additional Textual) [Abstract]
Goodwill	272,650		272,650		274,254
WIDIA [Member]
Goodwill and Other Intangible Assets (Additional Textual) [Abstract]
Goodwill	$ 27,353		$ 27,353		$ 27,548

Segment Data - Sales and Operat

Segment Data - Sales and Operating Income (Loss) by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2018
Segment Reporting Information [Line Items]
Assets	$ 2,531,108		$ 2,531,108		$ 2,925,737
External sales:
Sales (Note 3)	587,394	$ 571,345	1,174,080	$ 1,113,799
Operating income (loss):
Total operating (income) loss	(78,858)	(63,641)	(162,010)	(115,812)
Interest expense	8,104	7,231	16,201	14,379
Other income, net	(4,022)	(3,220)	(6,782)	(7,437)
Income from continuing operations before income taxes	74,776	59,630	152,591	108,870
Industrial [Member]
External sales:
Sales (Note 3)	317,320	312,448	637,878	609,912
Operating income (loss):
Total operating (income) loss	(57,519)	(40,504)	(116,061)	(72,543)
Infrastructure [Member]
External sales:
Sales (Note 3)	221,120	211,153	438,576	410,900
Operating income (loss):
Total operating (income) loss	(20,614)	(23,833)	(44,474)	(44,223)
WIDIA [Member]
External sales:
Sales (Note 3)	48,954	47,744	97,626	92,987
Operating income (loss):
Total operating (income) loss	(1,728)	(474)	(3,822)	(154)
Corporate [Member]
Operating income (loss):
Total operating (income) loss	$ 1,003	$ 1,170	$ 2,347	$ 1,108

Segment Data Disaggregation of

Segment Data Disaggregation of Revenue (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	44.00%	43.00%	44.00%	43.00%
Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	18.00%	20.00%	19.00%	20.00%
Aerospace and defense [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	7.00%	6.00%	7.00%	6.00%
Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	19.00%	17.00%	18.00%	17.00%
Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	12.00%	14.00%	12.00%	14.00%
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	50.00%	48.00%	50.00%	48.00%
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	30.00%	31.00%	29.00%	31.00%
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	20.00%	21.00%	21.00%	21.00%
Infrastructure [Member] | General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	32.00%	32.00%	32.00%	31.00%
Infrastructure [Member] | Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	36.00%	32.00%	35.00%	32.00%
Infrastructure [Member] | Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	32.00%	36.00%	33.00%	37.00%
Infrastructure [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	66.00%	65.00%	66.00%	64.00%
Infrastructure [Member] | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	15.00%	16.00%	15.00%	16.00%
Infrastructure [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	19.00%	19.00%	19.00%	20.00%
WIDIA [Member] | General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	100.00%	100.00%	100.00%	100.00%
WIDIA [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	45.00%	46.00%	45.00%	47.00%
WIDIA [Member] | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	26.00%	26.00%	25.00%	25.00%
WIDIA [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	29.00%	28.00%	30.00%	28.00%
Industrial [Member] | General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	44.00%	42.00%	44.00%	42.00%
Industrial [Member] | Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	34.00%	37.00%	34.00%	37.00%
Industrial [Member] | Aerospace and defense [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	13.00%	12.00%	13.00%	12.00%
Industrial [Member] | Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	9.00%	9.00%	9.00%	9.00%
Industrial [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	40.00%	37.00%	40.00%	38.00%
Industrial [Member] | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	41.00%	42.00%	40.00%	41.00%
Industrial [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	19.00%	21.00%	20.00%	21.00%