Kennametal (KMT) 10-Q 3 Feb 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2020	Jan. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	1-5318
Entity Registrant Name	KENNAMETAL INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0900168
Entity Address, Address Line One	525 William Penn Place
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Pittsburgh,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15219
City Area Code	412
Local Phone Number	248-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		83,533,003
Entity Central Index Key	0000055242
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Capital Stock, par value $1.25 per share | New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	Capital Stock, par value $1.25 per share
Trading Symbol	KMT
Security Exchange Name	NYSE
Preferred Stock Purchase Rights | New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol Flag	true

Basis of Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATIONThe condensed consolidated financial statements and accompanying notes included in this Quarterly Report on Form 10-Q, which include our accounts and those of our majority-owned subsidiaries, should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2020 (the “2020 Annual Report”). The condensed consolidated balance sheet as of June 30, 2020 was derived from the audited balance sheet included in our 2020 Annual Report. The 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, 2020 and 2019 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 2021 is to the fiscal year ending June 30, 2021. When used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, the terms “the Company,” “we,” “our” and “us” refer to Kennametal Inc. and its subsidiaries.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Sales	$ 440,507	$ 505,080	$ 840,812	$ 1,023,168
Cost of goods sold	318,978	373,062	614,210	752,170
Gross profit	121,529	132,018	226,602	270,998
Operating expense	97,758	107,548	191,097	221,739
Restructuring and asset impairment charges (Note 6)	1,390	62,329	26,967	66,995
Loss on divestiture (Note 3)	0	6,517	0	6,517
Amortization of intangibles	3,347	3,262	6,681	7,008
Operating income (loss)	19,034	(47,638)	1,857	(31,261)
Interest expense	8,317	8,055	18,896	15,936
Other income, net	(3,857)	(4,211)	(7,875)	(6,891)
Income (loss) before income taxes	14,574	(51,482)	(9,164)	(40,306)
Benefit from income taxes	(5,676)	(45,253)	(8,554)	(41,487)
Net income (loss)	20,250	(6,229)	(610)	1,181
Less: Net income (loss) attributable to noncontrolling interests	862	(290)	1,677	653
Net income (loss) attributable to Kennametal	$ 19,388	$ (5,939)	$ (2,287)	$ 528
PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS
Basic earnings (loss) per share	$ 0.23	$ (0.07)	$ (0.03)	$ 0.01
Diluted earnings (loss) per share	0.23	(0.07)	(0.03)	0.01
Dividends per share	$ 0.20	$ 0.20	$ 0.40	$ 0.40
Basic weighted average shares outstanding	83,582	83,075	83,451	82,979
Diluted weighted average shares outstanding	84,197	83,075	83,451	83,618
Noncontrolling Interest [Member]
Net income (loss)	$ 862	$ (290)	$ 1,677	$ 653

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net income (loss)	$ 20,250	$ (6,229)	$ (610)	$ 1,181
Other comprehensive income (loss), net of tax [Abstract]
Unrealized gain on derivatives designated and qualified as cash flow hedges	3,291	461	4,501	856
Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges	479	(393)	940	(212)
Unrecognized net pension and other postretirement benefit loss	(4,211)	(3,056)	(7,521)	(449)
Reclassification of net pension and other postretirement benefit loss	2,614	1,990	5,179	3,950
Foreign currency translation adjustments	42,601	25,751	74,547	(9,674)
Total other comprehensive income (loss), net of tax	44,774	24,753	77,646	(5,529)
Total comprehensive income (loss)	65,024	18,524	77,036	(4,348)
Less: comprehensive income (loss) attributable to noncontrolling interests	2,218	247	4,312	(201)
Comprehensive income (loss) attributable to Kennametal Shareholders	$ 62,806	$ 18,277	$ 72,724	$ (4,147)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 103,188	$ 606,684
Accounts receivable, less allowance for doubtful accounts of $10,058 and $9,430, respectively	275,151	237,983
Inventories (Note 9)	497,224	522,447
Other current assets	73,123	73,698
Total current assets	948,686	1,440,812
Property, plant and equipment:
Land and buildings	372,061	360,256
Machinery and equipment	2,019,786	1,913,967
Less accumulated depreciation	(1,318,373)	(1,235,952)
Property, plant and equipment, net	1,073,474	1,038,271
Other assets:
Goodwill (Note 16)	281,447	270,580
Other intangible assets, less accumulated amortization of $147,297 and $137,386, respectively (Note 16)	127,661	132,568
Operating lease right-of-use assets	53,972	48,035
Deferred income taxes	46,622	46,782
Other	82,964	60,543
Total other assets	592,666	558,508
Total assets	2,614,826	3,037,591
Current liabilities:
Revolving and other lines of credit and notes payable (Note 10)	34,979	500,368
Current operating lease liabilities	15,023	13,246
Accounts payable	134,153	164,641
Accrued income taxes	6,290	27,938
Accrued expenses	46,850	47,610
Other current liabilities	165,346	144,277
Total current liabilities	402,641	898,080
Long-term debt, less current maturities (Note 10)	593,757	594,083
Operating lease liabilities	39,582	35,372
Deferred income taxes	22,162	21,796
Accrued pension and postretirement benefits	187,174	175,458
Accrued income taxes	10,046	9,584
Other liabilities	39,775	34,430
Total liabilities	1,295,137	1,768,803
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; 83,435 and 82,923 shares issued, respectively	104,330	103,654
Additional paid-in capital	547,754	538,575
Retained earnings	969,301	1,004,898
Accumulated other comprehensive loss	(342,231)	(417,242)
Total Kennametal Shareholders' Equity	1,279,154	1,229,885
Noncontrolling interests	40,535	38,903
Total equity	1,319,689	1,268,788
Total liabilities and equity	$ 2,614,826	$ 3,037,591
Common Stock, Par or Stated Value Per Share	$ 1.25	$ 1.25
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	5,000	5,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 10,058	$ 9,430
Accumulated amortization on other intangible assets	$ 147,297	$ 137,386
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	5,000	5,000
Capital stock, par value	$ 1.25	$ 1.25
Capital stock, shares authorized	120,000	120,000
Capital stock, shares issued	83,464	82,923
Preferred Stock, Shares Issued	0	0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net income (loss)	$ (610)	$ 1,181
Adjustments for non-cash items:
Depreciation	55,483	53,801
Amortization	6,681	7,008
Stock-based compensation expense	12,797	13,974
Restructuring and asset impairment charges (Note 6)	1,602	17,708
Deferred income taxes	(455)	(13,750)
Loss on divestiture (Note 3)	0	6,517
Other	4,549	350
Changes in certain assets and liabilities:
Accounts receivable	(22,538)	64,546
Inventories	46,711	34,329
Accounts payable and accrued liabilities	(9,631)	(28,548)
Accrued income taxes	(24,463)	(53,020)
Accrued pension and postretirement benefits	(13,435)	(12,101)
Other	10,661	(4,898)
Net cash flow provided by operating activities	67,352	87,097
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(68,616)	(147,532)
Disposals of property, plant and equipment	904	835
Proceeds from divestiture (Note 3)	0	23,950
Other	93	(922)
Net cash flow used for investing activities	(67,619)	(123,669)
FINANCING ACTIVITIES
Net increase in notes payable	2,738	1,927
Net decrease revolving and other lines of credit	(475,500)	0
Purchase of capital stock	(100)	(106)
The effect of employee benefit and stock plans and dividend reinvestment	(2,531)	(5,583)
Cash dividends paid to Shareholders	(33,310)	(33,143)
Other	(3,334)	(1,779)
Net cash flow used for financing activities	(512,037)	(38,684)
Effect of exchange rate changes on cash and cash equivalents	8,808	(1,549)
CASH AND CASH EQUIVALENTS
Net decrease in cash and cash equivalents	(503,496)	(76,805)
Cash and cash equivalents, beginning of period	606,684	182,015
Cash and cash equivalents, end of period	$ 103,188	$ 105,210

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	6 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Six Months Ended December 31, (in thousands) 2020 2019 Cash paid during the period for: Interest $ 19,335 $ 13,953 Income taxes 16,481 24,400 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (11,800) (2,700) Changes in notes payable related to purchases of property, plant and equipment 7,254 —

Supplemental Cash Flow (Tables)

Supplemental Cash Flow (Tables)	6 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	Six Months Ended December 31, (in thousands) 2020 2019 Cash paid during the period for: Interest $ 19,335 $ 13,953 Income taxes 16,481 24,400 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (11,800) (2,700) Changes in notes payable related to purchases of property, plant and equipment 7,254 —

Supplemental Cash Flow (Details

Supplemental Cash Flow (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Interest	$ 19,335	$ 13,953
Income taxes	16,481	24,400
Change in accounts payable related to property, plant, and equipment	(11,800)	$ (2,700)
Changes in notes payable related to purchases of property, plant and equipment	$ 7,254

Divestiture (Notes)

Divestiture (Notes)	6 Months Ended
	Dec. 31, 2020
Divestiture [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	DIVESTITURE During the three months ended December 31, 2019, we completed the sale of certain assets of the non-core specialty alloys and metals business within the Infrastructure segment located in New Castle, Pennsylvania to Advanced Metallurgical Group N.V. for an aggregate price of $24.0 million. The net book value of these assets at closing was $29.5 million, and the pre-tax loss on divestiture recognized during the three months ended December 31, 2019 was $6.5 million. Transaction proceeds were primarily used for capital expenditures related to our simplification/modernization efforts.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2020
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, 2020, the fair values of our financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 5,821 $ — $ 5,821 Total assets at fair value $ — $ 5,821 $ — $ 5,821 Liabilities: Derivatives (1) $ — $ 3 $ — $ 3 Total liabilities at fair value $ — $ 3 $ — $ 3 As of June 30, 2020, the fair values of our financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 36 $ — $ 36 Total assets at fair value $ — $ 36 $ — $ 36 Liabilities: Derivatives (1) $ — $ 2,139 $ — $ 2,139 Total liabilities at fair value $ — $ 2,139 $ — $ 2,139 (1) Currency and interest rate 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 Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Dec. 31, 2020
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, we do not hold any 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 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, 2020 Derivatives designated as hedging instruments Other current assets - range forward contracts $ 1,911 $ 4 Other assets - forward starting interest rate swap contracts 3,879 20 Other liabilities - forward starting interest rate swap contracts — (2,094) Total derivatives designated as hedging instruments 5,790 (2,070) Derivatives not designated as hedging instruments Other current assets - currency forward contracts 31 12 Other current liabilities - currency forward contracts (3) (45) Total derivatives not designated as hedging instruments 28 (33) Total derivatives $ 5,818 $ (2,103) 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) 2020 2019 2020 2019 Other income, net - currency forward contracts $ (2,127) $ (1) $ (1,409) $ 112 CASH FLOW HEDGES Currency forward contracts and 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. Unrealized gains and losses related to these contracts are recorded in accumulated other comprehensive loss and are recognized as a component of cost of goods sold and other income, net when the underlying sale of products or services is recognized into earnings. All contracts expired as of December 31, 2020, and the notional amount of the contracts translated into U.S. dollars at June 30, 2020 was $2.2 million. The time value component of the fair value of range forward contracts is excluded from the assessment of hedge effectiveness. During fiscal 2020, we entered into forward starting interest rate swap contracts to hedge a portion of the interest rate risk related to our anticipated refinancing of our Senior Unsecured Notes due in fiscal 2022. We recorded the fair value of these contracts as an asset or a liability, as applicable, in the balance sheet, with the offset to accumulated other comprehensive loss, net of tax. The notional amount of the contracts at December 31, 2020 and June 30, 2020 was $200.0 million. We recorded assets of $3.9 million as of December 31, 2020 and $2.1 million of liabilities as of June 30, 2020 related to these contracts. No portion of the gains or losses recognized in earnings was due to hedge ineffectiveness and no amounts were excluded from our effectiveness testing for the six months ended December 31, 2020 and 2019. NET INVESTMENT HEDGES As of December 31, 2020 and June 30, 2020, we had certain foreign currency-denominated intercompany loans payable with total aggregate principal amounts of €15.9 million designated as net investment hedges to hedge the foreign exchange exposure of our net investment in our Euro-based subsidiaries. The notional value of the contract, which has a maturity date of June 26, 2022 and includes principal and accrued interest, was €16.2 million, or $19.9 million, as of December 31, 2020. Losses of $0.8 million and $1.2 million were recorded as a component of foreign currency translation adjustments in other comprehensive income for the three months ended December 31, 2020 and 2019, respectively. Losses of $1.4 million and $0.1 million were recorded as a component of foreign currency translation adjustments in other comprehensive income (loss) for the six months ended December 31, 2020 and 2019, respectively.

Restructuring and Related Charg

Restructuring and Related Charges	6 Months Ended
	Dec. 31, 2020
Restructuring Charges [Abstract]
RESTRUCTURING AND RELATED CHARGES	RESTRUCTURING AND RELATED CHARGES FY20 Restructuring Actions In the June quarter of fiscal 2019, we implemented, and in fiscal 2020 substantially completed, the FY20 Restructuring Actions associated with our simplification/modernization initiative to reduce structural costs, improve operational efficiency and position us for long-term profitable growth. Total restructuring and related charges since inception of $54.8 million were recorded for this program through December 31, 2020, consisting of: $46.5 million in Metal Cutting and $8.3 million in Infrastructure. FY21 Restructuring Actions In the September quarter of fiscal 2020, we announced the initiation of restructuring actions in Germany associated with our simplification/modernization initiative, which are expected to reduce structural costs. Subsequently, we also announced the acceleration of our structural cost reduction plans including the closing of the Johnson City, Tennessee facility. Expected pre-tax charges for the FY21 Restructuring Actions are $90 million to $100 million. Total restructuring and related charges since inception of $74.7 million were recorded for this program through December 31, 2020, consisting of: $68.5 million in Metal Cutting and $6.2 million in Infrastructure. The majority of the remaining charges related to the FY21 Restructuring Actions are expected to be within the Metal Cutting segment. Restructuring and Related Charges Recorded We recorded restructuring and related charges of $4.2 million, of which $3.5 million was in Metal Cutting and $0.7 million was in Infrastructure, and $51.3 million for the three months ended December 31, 2020 and 2019, respectively. Of these amounts, restructuring charges totaled $1.8 million, of which $0.4 million is included in cost of goods sold, for the three months ended December 31, 2020 and $48.0 million, of which $0.3 million was included in cost of goods sold, for the three months ended December 31, 2019. Restructuring-related charges of $2.4 million and $3.3 million were recorded in cost of goods sold for the three months ended December 31, 2020 and 2019, respectively. We recorded restructuring and related charges of $32.9 million, of which $29.5 million was in Metal Cutting and $3.3 million was in Infrastructure, and $59.3 million for the six months ended December 31, 2020 and 2019, respectively. Of these amounts, restructuring charges totaled $27.4 million, of which $0.4 million is included in cost of goods sold, for the six months ended December 31, 2020 and $52.7 million, of which $0.3 million was included in cost of goods sold, for the six months ended December 31, 2019. Restructuring-related charges of $5.5 million and $6.6 million were recorded in cost of goods sold for the six months ended December 31, 2020 and 2019, respectively. As of December 31, 2020, $36.2 million and $16.9 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively, in our condensed consolidated balance sheet. As of June 30, 2020, $34.9 million and $12.5 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively. The amounts are as follows: (in thousands) June 30, 2020 Expense Asset Write-Down Translation Cash Expenditures December 31, 2020 Severance $ 47,303 $ 25,775 $ — $ 5,400 $ (25,382) $ 53,096 Facilities — 1,602 (1,602) — — — Other 63 — — 4 (67) — Total $ 47,366 $ 27,377 $ (1,602) $ 5,404 $ (25,449) $ 53,096

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock Options Changes in our stock options for the six months ended December 31, 2020 were as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic value (in thousands) Options outstanding, June 30, 2020 646,959 $ 33.60 Exercised (154,912) 20.95 Lapsed or forfeited (32,514) 42.70 Options outstanding, December 31, 2020 459,533 $ 37.22 3.0 $ 994 Options vested, December 31, 2020 459,533 $ 37.22 3.0 $ 994 Options exercisable, December 31, 2020 459,533 $ 37.22 3.0 $ 994 As of December 31, 2020 and June 30, 2020, there was no unrecognized compensation cost related to options outstanding, and all options were fully vested as of December 31, 2020 and 2019. The amount of cash received from the exercise of options during the six months ended December 31, 2020 and 2019 was $3.1 million and $0.7 million, respectively. The total intrinsic value of options exercised was $1.6 million and $0.3 million during the six months ended December 31, 2020 and 2019, 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, 2020 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, 2020 554,633 $ 34.26 1,039,695 $ 32.48 Granted 220,876 33.49 917,716 31.82 Vested (73,880) 47.45 (451,338) 34.08 Performance metric adjustments, net (100,000) 32.92 — — Forfeited (73,136) 33.14 (98,125) 31.37 Unvested, December 31, 2020 528,493 $ 32.50 1,407,948 $ 31.62 During the six months ended December 31, 2020 and 2019, compensation expense related to time vesting and performance vesting restricted stock units was $12.3 million and $13.4 million, respectively. Certain performance metrics related to fiscal 2020 were not met, resulting in an adjustment of 100,000 performance vesting stock units during the six months ended December 31, 2020. As of December 31, 2020, the total unrecognized compensation cost related to unvested time vesting and performance vesting restricted stock units was $34.0 million and is expected to be recognized over a weighted average period of 2.2 years.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFITS	The table below summarizes the components of net periodic pension income: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2020 2019 2020 2019 Service cost $ 419 $ 445 $ 836 $ 895 Interest cost 5,783 6,832 11,557 13,656 Expected return on plan assets (13,365) (13,496) (26,711) (26,952) Amortization of transition obligation 23 22 45 44 Amortization of prior service cost 8 13 17 25 Recognition of actuarial losses 3,386 2,585 6,758 5,180 Settlement gain — — — (122) Net periodic pension income $ (3,746) $ (3,599) $ (7,498) $ (7,274) 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) 2020 2019 2020 2019 Interest cost $ 76 $ 101 $ 153 $ 202 Amortization of prior service credit (69) (69) (138) (138) Recognition of actuarial loss 77 64 154 128 Net periodic other postretirement benefit cost $ 84 $ 96 $ 169 $ 192 The service cost component of net periodic pension income is reported as a component of cost of goods sold and operating expense. All other components of net periodic pension income and net periodic other postretirement benefit cost are reported as a component of other income, net.

Inventories

Inventories	6 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES We used the last-in, first-out (LIFO) method of valuing inventories for 40 percent and 43 percent of total inventories at December 31, 2020 and June 30, 2020, respectively. Inventory valuations under the LIFO method are based on an annual determination of quantities and costs as of June 30 of each year; therefore, the interim LIFO valuations are based on our projections of expected year-end inventory levels and costs and are subject to any final year-end LIFO inventory adjustments. Inventories consisted of the following: (in thousands) December 31, 2020 June 30, 2020 Finished goods $ 316,120 $ 318,071 Work in process and powder blends 180,032 190,041 Raw materials 64,915 75,589 Inventories at current cost 561,067 583,701 Less: LIFO valuation (63,843) (61,254) Total inventories $ 497,224 $ 522,447

Long-Term Debt

Long-Term Debt	6 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT AND REVOLVING AND OTHER LINES OF CREDIT During the three months ended September 30, 2020, we entered into the First Amendment (the Amendment) to the Fifth Amended and Restated Credit Agreement dated as of June 21, 2018, (as amended by the Amendment, the Credit Agreement). The Credit Agreement is a five-year, multi-currency, revolving credit facility and we use it to augment cash from operations and as an additional source of funds. The Credit Agreement provides for revolving credit loans of up to $700.0 million for working capital, capital expenditures and general corporate purposes. The Credit Agreement allows for borrowings in U.S. dollars, euros, Canadian dollars, pounds sterling and Japanese yen. Interest payable under the Credit Agreement is based upon the type of borrowing under the facility and may be (1) LIBOR plus an applicable margin, (2) the greater of the prime rate or the Federal Funds effective rate plus an applicable margin, or (3) fixed as negotiated by us. The Credit Agreement matures in June 2023. The Credit Agreement requires us to comply with various restrictive and affirmative covenants, including two financial covenants: (1) a maximum leverage ratio where debt, net of domestic cash in excess of $25 million and, as added by the Amendment, sixty percent of the unrestricted cash held outside of the United States, must be less than or equal to 3.5 times trailing twelve months EBITDA (temporarily increased by the Amendment to 4.25 times trailing twelve months EBITDA during the period from September 30, 2020 through and including December 31, 2021), adjusted for certain non-cash expenses and which may be further adjusted, at our discretion, to include up to $120 million (increased from $80 million pursuant to the Amendment) of cash restructuring charges through December 31, 2021; and (2) a minimum consolidated interest coverage ratio of EBITDA to interest of 3.5 times (as the aforementioned terms are defined in the Credit Agreement). Borrowings under the Credit Agreement are guaranteed by our significant domestic subsidiaries. As of December 31, 2020, we were in compliance with all covenants of the Credit Agreement and we had $24.5 million of borrowings outstanding and $675.5 million of additional availability. There were $500.0 million of borrowings outstanding as of June 30, 2020. The Company continues to assess the expected conditions in its primary end markets, including the effects of COVID-19 on the Company’s business, financial condition, operating results and cash flows. Because the extent and duration of the COVID-19 pandemic are uncertain, the effects of the pandemic could materially affect our availability to borrow under the Credit Agreement and our compliance with the maximum leverage ratio covenant of the Credit Agreement. To offset some of the uncertainty related to COVID-19, we obtained an Amendment to the Credit Agreement during the first quarter of fiscal 2021, as described above. We expect to access the capital markets to refinance the $300 million 3.875 percent Senior Unsecured Notes due February 2022 during the current fiscal year. In the event that a refinancing does not occur before the February 2022 maturity date, management believes that the Company will have the ability to repay the February 2022 Notes with projected cash on hand and availability under the Credit Agreement. However, the Company can provide no assurance of this due in part, but not limited to, the uncertainty surrounding the COVID-19 pandemic. If over the course of the next year, market conditions do not improve or further deteriorate, the Company may need to take one or a combination of the following additional actions to ensure the Company has adequate access to liquidity and remains in compliance with the maximum leverage ratio covenant of the Credit Agreement, both of which are within the Company’s control: implement additional short-term cost-control actions and undertake new restructuring programs. We have concluded that we will remain in compliance with the covenants of the Credit Agreement and, as a result, will have adequate access to liquidity to satisfy our obligations within one year after the date the financial statements are issued. Fixed rate debt had a fair market value of $643.5 million and $630.2 million at December 31, 2020 and June 30, 2020, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of December 31, 2020 and June 30, 2020, respectively.

Environmental Matters

Environmental Matters	6 Months Ended
	Dec. 31, 2020
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 accruals for certain potential environmental liabilities. At December 31, 2020, the balance of these accruals was $15.0 million, of which $2.6 million was current. At June 30, 2020, the balance was $15.6 million, of which $6.1 million was current. The balances as of December 31, and June 30, 2020 include the Company’s resolution of an environmental indemnity claim against the seller of a prior acquisition for which receivables are also recorded in other current and long-term assets. These accruals represent anticipated costs associated with potential remedial requirements and are generally not discounted. The accruals we have established for potential 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 our accruals currently appear to be sufficient to cover these potential 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 accrued 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, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe effective income tax rates for the three months ended December 31, 2020 and 2019 were 39.0 percent (benefit on income) and 87.9 percent (benefit on a loss), respectively. The year-over-year change is primarily due to the effects of changes in projected pretax income in both periods, lower projected pre-tax income in the current year and geographical mix. The prior year rate included a discrete $14.5 million benefit for the one-time effect of Swiss tax reform and the effects from the impairment of Widia goodwill. The effective income tax rates for the six months ended December 31, 2020 and 2019 were 93.3 percent (benefit on a loss) and 102.9 percent (benefit on a loss), respectively. The year-over-year change is primarily due to the effects of lower projected pre-tax income in the current period and geographical mix. The prior year rate included a discrete $14.5 million benefit for the one-time effect of Swiss tax reform and the effects from the impairment of Widia goodwill. Swiss tax reform Legislation was effectively enacted during the three months ended December 31, 2019 when the Canton of Schaffhausen approved the Federal Act on Tax Reform and AHV Financing on October 8, 2019 (Swiss tax reform). Significant changes from Swiss tax reform include the abolishment of certain favorable tax regimes and the creation of a ten-year transitional period at both the federal and cantonal levels. The transitional provisions of Swiss tax reform allow companies to utilize a combination of lower tax rates and tax basis adjustments to fair value, which are used for tax depreciation and amortization purposes resulting in deductions over the transitional period. To reflect the federal and cantonal transitional provisions, as they apply to us, we recorded a deferred tax asset of $14.5 million during the three months ended December 31, 2019. We consider the deferred tax asset from Swiss tax reform to be an estimate based on our current interpretation of the legislation, which is subject to change based on further legislative guidance, review with the Swiss federal and cantonal authorities and modifications to the underlying valuation. We expect such reviews with the relevant tax authorities will be finalized during the current fiscal year. There have been no material changes to the recorded deferred tax asset since inception.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Dec. 31, 2020
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. During the three months ended December 31, 2019 and the six months ended December 31, 2020, the effect of unexercised capital stock options, unvested performance awards and unvested restricted stock units was anti-dilutive as a result of a net loss in the period and therefore has been excluded from diluted shares outstanding as well as from the diluted earnings per share calculation. The following table provides the computation of diluted shares outstanding for the three months ended December 31, 2020 and the six months ended December 31, 2019: (in thousands) Three Months Ended December 31, 2020 Six Months Ended Weighted-average shares outstanding during period 83,582 82,979 Add: Unexercised stock options and unvested restricted stock units 615 639 Number of shares on which diluted earnings per share is calculated 84,197 83,618 Unexercised stock options with an exercise price greater than the average market price and restricted stock units not included in the computation because they were anti-dilutive 386 641

Equity

Equity	6 Months Ended
	Dec. 31, 2020
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 for the three months ending December 31, 2020 and 2019 is as follows: Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of September 30, 2020 $ 104,064 $ 540,374 $ 966,596 $ (385,648) $ 40,996 $ 1,266,382 Net income — — 19,388 — 862 20,250 Other comprehensive income — — — 43,417 1,357 44,774 Dividend reinvestment 2 48 — — — 50 Capital stock issued under employee benefit and stock plans (2) 266 7,691 — — — 7,957 Purchase of capital stock (2) (48) — — — (50) Cash dividends ($0.20 per share) — — (16,683) — — (16,683) Cash dividends to non-controlling interests — — — — (1,361) (1,361) Other — (311) — — (1,319) (1,630) Total equity, December 31, 2020 $ 104,330 $ 547,754 $ 969,301 $ (342,231) $ 40,535 $ 1,319,689 Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of September 30, 2019 $ 103,542 $ 530,695 $ 1,066,763 $ (402,434) $ 39,084 $ 1,337,650 Net loss — — (5,939) — (290) (6,229) Other comprehensive income — — — 24,215 538 24,753 Dividend reinvestment 2 50 — — — 52 Capital stock issued under employee benefit and stock plans (2) 76 5,827 — — — 5,903 Purchase of capital stock (2) (50) — — — (52) Additions to noncontrolling interest — — — — 1,527 1,527 Cash dividends ($0.20 per share) — — (16,577) — — (16,577) Total equity, December 31, 2019 $ 103,618 $ 536,522 $ 1,044,247 $ (378,219) $ 40,859 $ 1,347,027 (2) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements. A summary of the changes in the carrying amounts of total equity, Kennametal Shareholders’ equity and equity attributable to noncontrolling interests for the six months ending December 31, 2020 and 2019 is as follows: Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of June 30, 2020 $ 103,654 $ 538,575 $ 1,004,898 $ (417,242) $ 38,903 $ 1,268,788 Net (loss) income — — (2,287) — 1,677 (610) Other comprehensive income — — — 75,011 2,635 77,646 Dividend reinvestment 4 — 97 — — — 101 Capital stock issued under employee benefit and stock plans (2) 676 9,490 — — — 10,166 Purchase of capital stock (4) (97) — — — (101) Cash dividends ($0.40 per share) — — (33,310) — — (33,310) Cash dividends to non-controlling interests — — — — (1,361) (1,361) Other — (311) — — (1,319) (1,630) Total equity, December 31, 2020 $ 104,330 $ 547,754 $ 969,301 $ (342,231) $ 40,535 $ 1,319,689 Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of June 30, 2019 $ 103,026 $ 528,827 $ 1,076,862 $ (373,543) $ 39,532 $ 1,374,704 Net income — — 528 — 653 1,181 Other comprehensive loss — — — (4,676) (853) (5,529) Dividend reinvestment 4 102 — — — 106 Capital stock issued under employee benefit and stock plans (2) 592 7,695 — — — 8,287 Purchase of capital stock (4) (102) — — — (106) Additions to noncontrolling interest — — — — 1,527 1,527 Cash dividends ($0.40 per share) — — (33,143) — — (33,143) Total equity, December 31, 2019 $ 103,618 $ 536,522 $ 1,044,247 $ (378,219) $ 40,859 $ 1,347,027 (2) 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, 2020
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, 2020: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2020 $ (232,634) $ (181,027) $ (3,581) $ (417,242) Other comprehensive (loss) income before reclassifications (7,521) 71,912 4,501 68,892 Amounts reclassified from AOCL 5,179 — 940 6,119 Net current period other comprehensive (2,342) 71,912 5,441 75,011 AOCL, December 31, 2020 $ (234,976) $ (109,115) $ 1,860 $ (342,231) Attributable to noncontrolling interests: Balance, June 30, 2020 $ — $ (5,909) $ — $ (5,909) Other comprehensive income before — 2,635 — 2,635 Net current period other comprehensive — 2,635 — 2,635 AOCL, December 31, 2020 $ — $ (3,274) $ — $ (3,274) The components of, and changes in, AOCL were as follows, net of tax, for the six months ended December 31, 2019: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2019 $ (222,270) $ (147,595) $ (3,678) $ (373,543) Other comprehensive (loss) income before reclassifications (449) (8,821) 856 (8,414) Amounts reclassified from AOCL 3,950 — (212) 3,738 Net current period other comprehensive 3,501 (8,821) 644 (4,676) AOCL, December 31, 2019 $ (218,769) $ (156,416) $ (3,034) $ (378,219) Attributable to noncontrolling interests: Balance, June 30, 2019 $ — $ (3,450) $ — $ (3,450) Other comprehensive loss before — (853) — (853) Net current period other comprehensive loss — (853) — (853) AOCL, December 31, 2019 $ — $ (4,303) $ — $ (4,303) Reclassifications out of AOCL for the three and six months ended December 31, 2020 and 2019 consisted of the following: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2020 2019 2020 2019 Affected line item in the Income Statement Losses and (gains) on cash flow hedges: Forward starting interest rate swaps $ 635 $ 611 $ 1,269 $ 1,222 Interest expense Currency exchange contracts (1) (1,132) (24) (1,503) Cost of goods sold and other income, net Total before tax 634 (521) 1,245 (281) Tax impact (155) 128 (305) 69 Benefit from income taxes Net of tax $ 479 $ (393) $ 940 $ (212) Pension and other postretirement benefits: Amortization of transition obligations $ 23 $ 22 $ 45 $ 44 Other income, net Amortization of prior service credit (61) (56) (121) (113) Other income, net Recognition of actuarial losses 3,463 2,649 6,912 5,308 Other income, net Total before tax 3,425 2,615 6,836 5,239 Tax impact (811) (625) (1,657) (1,289) Benefit from income taxes Net of tax $ 2,614 $ 1,990 $ 5,179 $ 3,950 The amount of income tax allocated to each component of other comprehensive income (loss) for the three months ended December 31, 2020 and 2019 were as follows: 2020 2019 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Unrealized gain on derivatives designated and qualified as cash flow hedges $ 4,359 $ (1,068) $ 3,291 $ 611 $ (150) $ 461 Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges 634 (155) 479 (521) 128 (393) Unrecognized net pension and other postretirement benefit loss (5,272) 1,061 (4,211) (3,887) 831 (3,056) Reclassification of net pension and other postretirement benefit loss 3,425 (811) 2,614 2,615 (625) 1,990 Foreign currency translation adjustments 41,671 930 42,601 25,871 (120) 25,751 Other comprehensive income $ 44,817 $ (43) $ 44,774 $ 24,689 $ 64 $ 24,753 The amount of income tax allocated to each component of other comprehensive income (loss) for the six months ended December 31, 2020 and 2019 were as follows: 2020 2019 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Unrealized gain on derivatives designated and qualified as cash flow hedges $ 5,962 $ (1,461) $ 4,501 $ 1,134 $ (278) $ 856 Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges 1,245 (305) 940 (281) 69 (212) Unrecognized net pension and other postretirement benefit loss (9,654) 2,133 (7,521) (418) (31) (449) Reclassification of net pension and other postretirement benefit loss 6,836 (1,657) 5,179 5,239 (1,289) 3,950 Foreign currency translation adjustments 73,777 770 74,547 (9,707) 33 (9,674) Other comprehensive income (loss) $ 78,166 $ (520) $ 77,646 $ (4,033) $ (1,496) $ (5,529)

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS Fiscal 2020 Impairment Charge In the December quarter of fiscal 2020, the Company experienced deteriorating market conditions, primarily in general engineering and transportation applications in India and China, in addition to overall global weakness in the manufacturing sector. In view of these declining conditions and the significant detrimental effect on cash flows and actual and projected revenue and earnings compared with the prior annual impairment test, we determined that an impairment triggering event had occurred and performed an interim quantitative impairment test of our goodwill, indefinite-lived trademark intangible asset and other long-lived assets of our former Widia reporting unit. We evaluated the recoverability of goodwill for the reporting unit by comparing its carrying value with the fair values determined using a combination of a discounted cash flow analysis and market multiples based upon historical and projected financial information. As a result of this test, we recorded a non-cash pre-tax impairment charge during the three months ended December 31, 2019 of $14.6 million in the former Widia segment, which is now part of the Metal Cutting segment as of July 1, 2020, of which $13.1 million was for goodwill and $1.5 million was for an indefinite-lived trademark intangible asset. These impairment charges are recorded in restructuring and asset impairment charges in our condensed consolidated statements of income. Divestiture Impact on Other Intangible Assets During the three months ended December 31, 2019, we completed the sale of certain assets of the non-core specialty alloys and metals business within the Infrastructure segment, see Note 3. As a result of this transaction, other intangibles decreased by $12.5 million in our Infrastructure segment. This decrease was recorded in the loss on divestiture account in our condensed consolidated statements of income. 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) Metal Cutting Infrastructure Total Gross goodwill $ 448,241 $ 633,211 $ 1,081,452 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2020 $ 270,580 $ — $ 270,580 Activity for the six months ended December 31, 2020: Change in gross goodwill due to translation 10,867 — 10,867 Gross goodwill 459,108 633,211 1,092,319 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of December 31, 2020 $ 281,447 $ — $ 281,447 The components of our other intangible assets were as follows: Estimated December 31, 2020 June 30, 2020 (in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Technology-based and other 4 to 20 $ 33,881 $ (24,235) $ 32,713 $ (22,612) Customer-related 10 to 21 183,624 (94,174) 181,408 (88,112) Unpatented technology 10 to 30 31,906 (19,305) 31,586 (17,890) Trademarks 5 to 20 13,332 (9,583) 13,087 (8,772) Trademarks Indefinite 12,215 — 11,160 — Total $ 274,958 $ (147,297) $ 269,954 $ (137,386)

Segment Data

Segment Data	6 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATA Effective July 1, 2020, as a result of a change in commercial strategy, organizational structure, and the way performance is assessed and resources are allocated, the Industrial and Widia businesses were combined to form one Metal Cutting business. The Infrastructure business remained unchanged. Therefore, we currently operate in two reportable segments consisting of Metal Cutting and Infrastructure. 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 allocating resources, making operating decisions and assessing performance and the availability of separate financial results. We do not allocate certain corporate expenses related to executive retirement plans, our Board of Directors, strategic initiatives, and certain other costs and report them in Corporate, and our reportable operating segments do not represent the aggregation of two or more operating segments. METAL CUTTING The Metal Cutting segment develops and manufactures high performance tooling and metal cutting products and services and offers an assortment of standard and custom metal cutting solutions to diverse end markets, including aerospace, general engineering, energy and transportation. The products include milling, hole making, turning, threading and toolmaking systems used in the manufacture of airframes, aero engines, trucks and automobiles, ships and various types of industrial equipment. We leverage advanced manufacturing capabilities in combination with varying levels of customization to solve our customers’ toughest challenges and deliver improved productivity for a wide range of applications . Metal Cutting markets its products under the Kennametal ® , WIDIA ® , WIDIA Hanita ® and WIDIA GTD ® brands through its direct sales force, a network of independent and national 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. INFRASTRUCTURE Our Infrastructure segment produces engineered tungsten carbide and ceramic components, earth-cutting tools, and advanced metallurgical powders, primarily for the energy, earthworks and general engineering end markets. These wear-resistant products include compacts, nozzles, frac seats and custom components used in oil and gas and petrochemical industries; rod blanks and abrasive water jet nozzles for general industries; earth cutting tools and systems used in underground mining, trenching and foundation drilling and road milling; tungsten carbide powders for the oil and gas, aerospace and process industries; and ceramics used by the packaging industry for metallization of films and papers. We combine deep metallurgical and engineering expertise with advanced manufacturing capabilities to deliver solutions that drive improved productivity for our customers. Infrastructure markets its products primarily under the Kennametal ® brand and sells through a direct sales force as well as through distributors. Our sales and operating income (loss) by segment are as follows: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2020 2019 2020 2019 Sales: Metal Cutting $ 282,917 $ 323,579 $ 530,793 $ 647,664 Infrastructure 157,590 181,501 310,019 375,504 Total sales $ 440,507 $ 505,080 $ 840,812 $ 1,023,168 Operating income (loss): Metal Cutting $ 13,693 $ (35,177) $ (9,933) $ (15,870) Infrastructure 6,265 (11,570) 13,533 (14,260) Corporate (924) (891) (1,743) (1,131) Total operating income (loss) 19,034 (47,638) 1,857 (31,261) Interest expense 8,317 8,055 18,896 15,936 Other income, net (3,857) (4,211) (7,875) (6,891) Income (loss) from continuing operations before income taxes $ 14,574 $ (51,482) $ (9,164) $ (40,306) The following table presents Kennametal's revenue disaggregated by geography: Three Months Ended December 31, 2020 December 31, 2019 (in thousands) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 38% 56% 44% 42% 61% 48% EMEA 38 18 31 37 17 30 Asia Pacific 24 26 25 21 22 22 Six Months Ended December 31, 2020 December 31, 2019 (in thousands) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 38% 55% 44% 42% 62% 49% EMEA 38 20 31 37 18 30 Asia Pacific 24 25 25 21 20 21 The following tables presents Kennametal's revenue disaggregated by end market: Three Months Ended December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 53% 36% 47% Transportation 31 — 20 Aerospace 8 — 5 Energy 8 25 14 Earthworks — 39 14 Three Months Ended December 31, 2019 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 52% 34% 46% Transportation 28 — 18 Aerospace 12 — 8 Energy 8 29 15 Earthworks — 37 13 Six Months Ended December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 54% 35% 47% Transportation 30 — 19 Aerospace 8 — 5 Energy 8 25 14 Earthworks — 40 15 Six Months Ended December 31, 2019 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 52% 34% 45% Transportation 28 — 18 Aerospace 12 — 8 Energy 8 29 15 Earthworks — 37 14

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Financial instruments at fair value on recurring basis	As of December 31, 2020, the fair values of our financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 5,821 $ — $ 5,821 Total assets at fair value $ — $ 5,821 $ — $ 5,821 Liabilities: Derivatives (1) $ — $ 3 $ — $ 3 Total liabilities at fair value $ — $ 3 $ — $ 3 As of June 30, 2020, the fair values of our financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 36 $ — $ 36 Total assets at fair value $ — $ 36 $ — $ 36 Liabilities: Derivatives (1) $ — $ 2,139 $ — $ 2,139 Total liabilities at fair value $ — $ 2,139 $ — $ 2,139 (1) Currency and interest rate 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, 2020
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, 2020 Derivatives designated as hedging instruments Other current assets - range forward contracts $ 1,911 $ 4 Other assets - forward starting interest rate swap contracts 3,879 20 Other liabilities - forward starting interest rate swap contracts — (2,094) Total derivatives designated as hedging instruments 5,790 (2,070) Derivatives not designated as hedging instruments Other current assets - currency forward contracts 31 12 Other current liabilities - currency forward contracts (3) (45) Total derivatives not designated as hedging instruments 28 (33) Total derivatives $ 5,818 $ (2,103)
(Gains) losses related to derivatives not designated as hedging instruments	osses 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) 2020 2019 2020 2019 Other income, net - currency forward contracts $ (2,127) $ (1) $ (1,409) $ 112

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Schedule of Restructuring Reserve by Type of Cost	As of December 31, 2020, $36.2 million and $16.9 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively, in our condensed consolidated balance sheet. As of June 30, 2020, $34.9 million and $12.5 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively. The amounts are as follows: (in thousands) June 30, 2020 Expense Asset Write-Down Translation Cash Expenditures December 31, 2020 Severance $ 47,303 $ 25,775 $ — $ 5,400 $ (25,382) $ 53,096 Facilities — 1,602 (1,602) — — — Other 63 — — 4 (67) — Total $ 47,366 $ 27,377 $ (1,602) $ 5,404 $ (25,449) $ 53,096

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Changes in stock options	Changes in our stock options for the six months ended December 31, 2020 were as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic value (in thousands) Options outstanding, June 30, 2020 646,959 $ 33.60 Exercised (154,912) 20.95 Lapsed or forfeited (32,514) 42.70 Options outstanding, December 31, 2020 459,533 $ 37.22 3.0 $ 994 Options vested, December 31, 2020 459,533 $ 37.22 3.0 $ 994 Options exercisable, December 31, 2020 459,533 $ 37.22 3.0 $ 994
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, 2020 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, 2020 554,633 $ 34.26 1,039,695 $ 32.48 Granted 220,876 33.49 917,716 31.82 Vested (73,880) 47.45 (451,338) 34.08 Performance metric adjustments, net (100,000) 32.92 — — Forfeited (73,136) 33.14 (98,125) 31.37 Unvested, December 31, 2020 528,493 $ 32.50 1,407,948 $ 31.62

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Dec. 31, 2020
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) 2020 2019 2020 2019 Service cost $ 419 $ 445 $ 836 $ 895 Interest cost 5,783 6,832 11,557 13,656 Expected return on plan assets (13,365) (13,496) (26,711) (26,952) Amortization of transition obligation 23 22 45 44 Amortization of prior service cost 8 13 17 25 Recognition of actuarial losses 3,386 2,585 6,758 5,180 Settlement gain — — — (122) Net periodic pension income $ (3,746) $ (3,599) $ (7,498) $ (7,274)
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) 2020 2019 2020 2019 Interest cost $ 76 $ 101 $ 153 $ 202 Amortization of prior service credit (69) (69) (138) (138) Recognition of actuarial loss 77 64 154 128 Net periodic other postretirement benefit cost $ 84 $ 96 $ 169 $ 192

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: (in thousands) December 31, 2020 June 30, 2020 Finished goods $ 316,120 $ 318,071 Work in process and powder blends 180,032 190,041 Raw materials 64,915 75,589 Inventories at current cost 561,067 583,701 Less: LIFO valuation (63,843) (61,254) Total inventories $ 497,224 $ 522,447

Earnings Per Share (Tables) (Ta

Earnings Per Share (Tables) (Tables)	6 Months Ended
	Dec. 31, 2020
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 table provides the computation of diluted shares outstanding for the three months ended December 31, 2020 and the six months ended December 31, 2019: (in thousands) Three Months Ended December 31, 2020 Six Months Ended Weighted-average shares outstanding during period 83,582 82,979 Add: Unexercised stock options and unvested restricted stock units 615 639 Number of shares on which diluted earnings per share is calculated 84,197 83,618 Unexercised stock options with an exercise price greater than the average market price and restricted stock units not included in the computation because they were anti-dilutive 386 641

Equity (Tables)

Equity (Tables)	6 Months Ended
	Dec. 31, 2020
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 for the three months ending December 31, 2020 and 2019 is as follows: Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of September 30, 2020 $ 104,064 $ 540,374 $ 966,596 $ (385,648) $ 40,996 $ 1,266,382 Net income — — 19,388 — 862 20,250 Other comprehensive income — — — 43,417 1,357 44,774 Dividend reinvestment 2 48 — — — 50 Capital stock issued under employee benefit and stock plans (2) 266 7,691 — — — 7,957 Purchase of capital stock (2) (48) — — — (50) Cash dividends ($0.20 per share) — — (16,683) — — (16,683) Cash dividends to non-controlling interests — — — — (1,361) (1,361) Other — (311) — — (1,319) (1,630) Total equity, December 31, 2020 $ 104,330 $ 547,754 $ 969,301 $ (342,231) $ 40,535 $ 1,319,689 Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of September 30, 2019 $ 103,542 $ 530,695 $ 1,066,763 $ (402,434) $ 39,084 $ 1,337,650 Net loss — — (5,939) — (290) (6,229) Other comprehensive income — — — 24,215 538 24,753 Dividend reinvestment 2 50 — — — 52 Capital stock issued under employee benefit and stock plans (2) 76 5,827 — — — 5,903 Purchase of capital stock (2) (50) — — — (52) Additions to noncontrolling interest — — — — 1,527 1,527 Cash dividends ($0.20 per share) — — (16,577) — — (16,577) Total equity, December 31, 2019 $ 103,618 $ 536,522 $ 1,044,247 $ (378,219) $ 40,859 $ 1,347,027 (2) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements. A summary of the changes in the carrying amounts of total equity, Kennametal Shareholders’ equity and equity attributable to noncontrolling interests for the six months ending December 31, 2020 and 2019 is as follows: Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of June 30, 2020 $ 103,654 $ 538,575 $ 1,004,898 $ (417,242) $ 38,903 $ 1,268,788 Net (loss) income — — (2,287) — 1,677 (610) Other comprehensive income — — — 75,011 2,635 77,646 Dividend reinvestment 4 — 97 — — — 101 Capital stock issued under employee benefit and stock plans (2) 676 9,490 — — — 10,166 Purchase of capital stock (4) (97) — — — (101) Cash dividends ($0.40 per share) — — (33,310) — — (33,310) Cash dividends to non-controlling interests — — — — (1,361) (1,361) Other — (311) — — (1,319) (1,630) Total equity, December 31, 2020 $ 104,330 $ 547,754 $ 969,301 $ (342,231) $ 40,535 $ 1,319,689 Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of June 30, 2019 $ 103,026 $ 528,827 $ 1,076,862 $ (373,543) $ 39,532 $ 1,374,704 Net income — — 528 — 653 1,181 Other comprehensive loss — — — (4,676) (853) (5,529) Dividend reinvestment 4 102 — — — 106 Capital stock issued under employee benefit and stock plans (2) 592 7,695 — — — 8,287 Purchase of capital stock (4) (102) — — — (106) Additions to noncontrolling interest — — — — 1,527 1,527 Cash dividends ($0.40 per share) — — (33,143) — — (33,143) Total equity, December 31, 2019 $ 103,618 $ 536,522 $ 1,044,247 $ (378,219) $ 40,859 $ 1,347,027 (2) 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, 2020
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, 2020: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2020 $ (232,634) $ (181,027) $ (3,581) $ (417,242) Other comprehensive (loss) income before reclassifications (7,521) 71,912 4,501 68,892 Amounts reclassified from AOCL 5,179 — 940 6,119 Net current period other comprehensive (2,342) 71,912 5,441 75,011 AOCL, December 31, 2020 $ (234,976) $ (109,115) $ 1,860 $ (342,231) Attributable to noncontrolling interests: Balance, June 30, 2020 $ — $ (5,909) $ — $ (5,909) Other comprehensive income before — 2,635 — 2,635 Net current period other comprehensive — 2,635 — 2,635 AOCL, December 31, 2020 $ — $ (3,274) $ — $ (3,274) The components of, and changes in, AOCL were as follows, net of tax, for the six months ended December 31, 2019: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2019 $ (222,270) $ (147,595) $ (3,678) $ (373,543) Other comprehensive (loss) income before reclassifications (449) (8,821) 856 (8,414) Amounts reclassified from AOCL 3,950 — (212) 3,738 Net current period other comprehensive 3,501 (8,821) 644 (4,676) AOCL, December 31, 2019 $ (218,769) $ (156,416) $ (3,034) $ (378,219) Attributable to noncontrolling interests: Balance, June 30, 2019 $ — $ (3,450) $ — $ (3,450) Other comprehensive loss before — (853) — (853) Net current period other comprehensive loss — (853) — (853) AOCL, December 31, 2019 $ — $ (4,303) $ — $ (4,303)
Reclassification out of Accumulated Other Comprehensive Loss	Reclassifications out of AOCL for the three and six months ended December 31, 2020 and 2019 consisted of the following: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2020 2019 2020 2019 Affected line item in the Income Statement Losses and (gains) on cash flow hedges: Forward starting interest rate swaps $ 635 $ 611 $ 1,269 $ 1,222 Interest expense Currency exchange contracts (1) (1,132) (24) (1,503) Cost of goods sold and other income, net Total before tax 634 (521) 1,245 (281) Tax impact (155) 128 (305) 69 Benefit from income taxes Net of tax $ 479 $ (393) $ 940 $ (212) Pension and other postretirement benefits: Amortization of transition obligations $ 23 $ 22 $ 45 $ 44 Other income, net Amortization of prior service credit (61) (56) (121) (113) Other income, net Recognition of actuarial losses 3,463 2,649 6,912 5,308 Other income, net Total before tax 3,425 2,615 6,836 5,239 Tax impact (811) (625) (1,657) (1,289) Benefit from income taxes Net of tax $ 2,614 $ 1,990 $ 5,179 $ 3,950
Income Tax Allocated to Each Component of Other Comprehensive Income [Table Text Block]	The amount of income tax allocated to each component of other comprehensive income (loss) for the three months ended December 31, 2020 and 2019 were as follows: 2020 2019 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Unrealized gain on derivatives designated and qualified as cash flow hedges $ 4,359 $ (1,068) $ 3,291 $ 611 $ (150) $ 461 Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges 634 (155) 479 (521) 128 (393) Unrecognized net pension and other postretirement benefit loss (5,272) 1,061 (4,211) (3,887) 831 (3,056) Reclassification of net pension and other postretirement benefit loss 3,425 (811) 2,614 2,615 (625) 1,990 Foreign currency translation adjustments 41,671 930 42,601 25,871 (120) 25,751 Other comprehensive income $ 44,817 $ (43) $ 44,774 $ 24,689 $ 64 $ 24,753 The amount of income tax allocated to each component of other comprehensive income (loss) for the six months ended December 31, 2020 and 2019 were as follows: 2020 2019 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Unrealized gain on derivatives designated and qualified as cash flow hedges $ 5,962 $ (1,461) $ 4,501 $ 1,134 $ (278) $ 856 Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges 1,245 (305) 940 (281) 69 (212) Unrecognized net pension and other postretirement benefit loss (9,654) 2,133 (7,521) (418) (31) (449) Reclassification of net pension and other postretirement benefit loss 6,836 (1,657) 5,179 5,239 (1,289) 3,950 Foreign currency translation adjustments 73,777 770 74,547 (9,707) 33 (9,674) Other comprehensive income (loss) $ 78,166 $ (520) $ 77,646 $ (4,033) $ (1,496) $ (5,529)

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2020
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) Metal Cutting Infrastructure Total Gross goodwill $ 448,241 $ 633,211 $ 1,081,452 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2020 $ 270,580 $ — $ 270,580 Activity for the six months ended December 31, 2020: Change in gross goodwill due to translation 10,867 — 10,867 Gross goodwill 459,108 633,211 1,092,319 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of December 31, 2020 $ 281,447 $ — $ 281,447
The components of intangible assets	The components of our other intangible assets were as follows: Estimated December 31, 2020 June 30, 2020 (in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Technology-based and other 4 to 20 $ 33,881 $ (24,235) $ 32,713 $ (22,612) Customer-related 10 to 21 183,624 (94,174) 181,408 (88,112) Unpatented technology 10 to 30 31,906 (19,305) 31,586 (17,890) Trademarks 5 to 20 13,332 (9,583) 13,087 (8,772) Trademarks Indefinite 12,215 — 11,160 — Total $ 274,958 $ (147,297) $ 269,954 $ (137,386)

Segment Data (Tables)

Segment Data (Tables)	6 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents Kennametal's revenue disaggregated by geography: Three Months Ended December 31, 2020 December 31, 2019 (in thousands) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 38% 56% 44% 42% 61% 48% EMEA 38 18 31 37 17 30 Asia Pacific 24 26 25 21 22 22 Six Months Ended December 31, 2020 December 31, 2019 (in thousands) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 38% 55% 44% 42% 62% 49% EMEA 38 20 31 37 18 30 Asia Pacific 24 25 25 21 20 21 The following tables presents Kennametal's revenue disaggregated by end market: Three Months Ended December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 53% 36% 47% Transportation 31 — 20 Aerospace 8 — 5 Energy 8 25 14 Earthworks — 39 14 Three Months Ended December 31, 2019 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 52% 34% 46% Transportation 28 — 18 Aerospace 12 — 8 Energy 8 29 15 Earthworks — 37 13 Six Months Ended December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 54% 35% 47% Transportation 30 — 19 Aerospace 8 — 5 Energy 8 25 14 Earthworks — 40 15 Six Months Ended December 31, 2019 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 52% 34% 45% Transportation 28 — 18 Aerospace 12 — 8 Energy 8 29 15 Earthworks — 37 14
Sales and operating income (loss) by segment and segment assets	Our sales and operating income (loss) by segment are as follows: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2020 2019 2020 2019 Sales: Metal Cutting $ 282,917 $ 323,579 $ 530,793 $ 647,664 Infrastructure 157,590 181,501 310,019 375,504 Total sales $ 440,507 $ 505,080 $ 840,812 $ 1,023,168 Operating income (loss): Metal Cutting $ 13,693 $ (35,177) $ (9,933) $ (15,870) Infrastructure 6,265 (11,570) 13,533 (14,260) Corporate (924) (891) (1,743) (1,131) Total operating income (loss) 19,034 (47,638) 1,857 (31,261) Interest expense 8,317 8,055 18,896 15,936 Other income, net (3,857) (4,211) (7,875) (6,891) Income (loss) from continuing operations before income taxes $ 14,574 $ (51,482) $ (9,164) $ (40,306)

Divestiture (Details)

Divestiture (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Divestiture [Abstract]
Proceeds from divestiture (Note 3)			$ 0	$ 23,950
Disposition of Businesses, Net Book Value of Assets at Closing				29,500
Loss on divestiture (Note 3)	$ 0	$ 6,517	$ 0	$ 6,517

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	$ 5,821	$ 36
Total assets at fair value	5,821	36
Derivatives Liabilities	3	2,139
Total liabilities at fair value	3	2,139
Fair Value, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	5,821	36
Total assets at fair value	5,821	36
Derivatives Liabilities	3	2,139
Total liabilities at fair value	$ 3	$ 2,139

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, 2020	Jun. 30, 2020
Fair value of derivatives
Derivative, Fair Value, Net	$ 5,818	$ (2,103)
Designated as Hedging Instrument [Member]
Fair value of derivatives
Derivative, Fair Value, Net	5,790	(2,070)
Not Designated as Hedging Instrument [Member]
Fair value of derivatives
Derivative, Fair Value, Net	28	(33)
Range Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Fair value of derivatives
Derivative assets designated as hedging instruments	1,911	4
Forward Starting Interest Rate Swap Contracts [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member]
Fair value of derivatives
Derivative assets designated as hedging instruments	3,879	20
Forward Starting Interest Rate Swap Contracts [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member]
Fair value of derivatives
Derivative liabilities designated as hedging instruments	0	(2,094)
Currency Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Fair value of derivatives
Derivative assets designated as hedging instruments	31	12
Currency Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Fair value of derivatives
Derivative liabilities designated as hedging instruments	$ (3)	$ (45)

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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Gains and losses related to cash flow hedges
Gains recognized in other comprehensive (loss) income, net	$ 4,359	$ 611	$ 5,962	$ 1,134
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	(800)	(1,200)	(1,400)	(100)
Currency Forward Contracts [Member] | Other Nonoperating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, (Gain) Loss Recognized in Income, Net
Other income, net - currency forward contracts	$ (2,127)	$ (1)	$ (1,409)	$ 112

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Details Textual) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020EUR (€)	Jun. 30, 2020USD ($)
Derivative Instruments and Hedging Activities (Textual) [Abstract]
Gains or losses recognized in earnings due to ineffectiveness and excluded from effectiveness testing			$ 0
Range Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount						$ 2,200
Net Investment Hedge Maturing on June 26, 2022 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 19,900		19,900		€ 16,200
Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative, Amount of Hedged Item | €					€ 15,900
Forward Starting Interest Rate Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	200,000		200,000
Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	(800)	$ (1,200)	(1,400)	$ (100)
Designated as Hedging Instrument [Member] | Other Assets [Member] | Forward Starting Interest Rate Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	3,879		3,879			20
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Forward Starting Interest Rate Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 0		$ 0			$ 2,094

Restructuring and Related Cha_2

Restructuring and Related Charges - Restructuring Accrual (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Abstract]
Beginning Balance			$ 47,366
Restructuring Charges	$ 1,800	$ 48,000	27,377	$ 52,700
Asset Write-Down			(1,602)
Translation			5,404
Cash Expenditures			(25,449)
Ending Balance	53,096		53,096
Severance [Member]
Restructuring Reserve [Abstract]
Beginning Balance			47,303
Restructuring Charges			25,775
Asset Write-Down			0
Translation			5,400
Cash Expenditures			(25,382)
Ending Balance	53,096		53,096
Facilities [Member]
Restructuring Reserve [Abstract]
Beginning Balance			0
Restructuring Charges			1,602
Asset Write-Down			(1,602)
Translation			0
Cash Expenditures			0
Ending Balance	0		0
Other Restructuring [Member]
Restructuring Reserve [Abstract]
Beginning Balance			63
Restructuring Charges			0
Asset Write-Down			0
Translation			4
Cash Expenditures			(67)
Ending Balance	$ 0		$ 0

Restructuring and Related Cha_3

Restructuring and Related Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 53,096		$ 53,096		$ 47,366
Restructuring and Related Cost, Incurred Cost	4,200	$ 51,300	32,900	$ 59,300
Restructuring Charges	1,800	48,000	27,377	52,700
Restructuring Charges Related to Inventory Disposals	400	300	400	300
Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	700		3,300
Metal Cutting
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,500		29,500
FY20 Restructuring Actions [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	54,800		54,800
FY20 Restructuring Actions [Member] | Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	8,300		8,300
FY20 Restructuring Actions [Member] | Metal Cutting
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	46,500		46,500
FY21 Restructuring Actions [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	74,700		74,700
FY21 Restructuring Actions [Member] | Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	90,000		90,000
FY21 Restructuring Actions [Member] | Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	100,000		100,000
FY21 Restructuring Actions [Member] | Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	6,200		6,200
FY21 Restructuring Actions [Member] | Metal Cutting
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	68,500		68,500
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Related Charges Recorded in Cost of Goods Sold or Operating Expense	2,400	$ 3,300	5,500	$ 6,600
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0		0		63
Restructuring Charges			0
Other Current Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	36,200		36,200		34,900
Other Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 16,900		$ 16,900		$ 12,500

Stock-Based Compensation - Chan

Stock-Based Compensation - Changes in Stock Options (Details)	6 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Changes in stock options
Options outstanding, June 30, 2020 | shares	646,959
Options, Exercised | shares	(154,912)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | shares	(32,514)
Options outstanding, December 31, 2020 | shares	459,533
Options vested and expected to vest, December 31, 2020 | shares	459,533
Options exercisable, December 31, 2020 | shares	459,533
Weighted Average Exercise Price, Options outstanding, June 30, 2020 | $ / shares	$ 33.60
Weighted Average Exercise Price, Exercised | $ / shares	20.95
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ / shares	42.70
Weighted Average Exercise Price, Options outstanding, December 31, 2020 | $ / shares	37.22
Weighted Average Exercise Price, Option vested and expected to vest, December 31, 2020 | $ / shares	37.22
Weighted Average Exercise Price, Options exercisable, December 31, 2020 | $ / shares	$ 37.22
Weighted Average Remaining Life, Options outstanding, December 31, 2020	3 years
Weighted Average Remaining Life, Options vested and expected to vest, December31, 2020	3 years
Weighted Average Remaining Life, Options exercisable, December31, 2020	3 years
Aggregate Intrinsic value, Options outstanding, December 31, 2020 | $	$ 994,000
Aggregate Intrinsic Value, Options vested and expected to vest, December 31, 2020 | $	994,000
Aggregate Intrinsic Value, Options exercisable, December31, 2020 | $	$ 994,000

Stock-Based Compensation - Ch_2

Stock-Based Compensation - Changes in Restricted Stock Units (Details)	6 Months Ended
	Dec. 31, 2020$ / sharesshares
Restricted Stock Units - Performance Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, June 30, 2020, Shares | shares	554,633
Granted, Shares | shares	220,876
Vested, Shares | shares	(73,880)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | shares	(100,000)
Forfeited, Shares | shares	(73,136)
Unvested restricted stock awards, December 31, 2020 | shares	528,493
Weighted Average Fair Value, Unvested restricted stock awards, June 30, 2020 | $ / shares	$ 34.26
Weighted Average Fair Value, Granted | $ / shares	33.49
Weighted Average Fair Value, Vested | $ / shares	47.45
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ / shares	32.92
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares	33.14
Weighted Average Fair Value, Unvested restricted stock awards, December 31, 2020 | $ / shares	$ 32.50
Restricted Stock Units - Time Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, June 30, 2020, Shares | shares	1,039,695
Granted, Shares | shares	917,716
Vested, Shares | shares	(451,338)
Performance metric adjustments, net, Shares | shares	0
Forfeited, Shares | shares	(98,125)
Unvested restricted stock awards, December 31, 2020 | shares	1,407,948
Weighted Average Fair Value, Unvested restricted stock awards, June 30, 2020 | $ / shares	$ 32.48
Weighted Average Fair Value, Granted | $ / shares	31.82
Weighted Average Fair Value, Vested | $ / shares	34.08
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	31.37
Weighted Average Fair Value, Unvested restricted stock awards, December 31, 2020 | $ / shares	$ 31.62

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stock-Based Compensation (Textual) [Abstract]
Cash received from the exercise of capital stock option	$ 3.1	$ 0.7
Stock Option [Member]
Stock-Based Compensation (Textual) [Abstract]
Unrecognized compensation cost	0
Total Intrinsic value of options exercised	1.6	0.3
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Textual) [Abstract]
Compensation expense related to time vesting and performance vesting restricted stock units	12.3	$ 13.4
Unrecognized compensation cost	$ 34
Unrecognized compensation costs, weighted average period	2 years 2 months 12 days

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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net periodic pension income
Service cost	$ 419	$ 445	$ 836	$ 895
Interest cost	5,783	6,832	11,557	13,656
Expected return on plan assets	(13,365)	(13,496)	(26,711)	(26,952)
Amortization of transition obligation	23	22	45	44
Amortization of prior service cost (credit)	8	13	17	25
Recognition of actuarial losses	3,386	2,585	6,758	5,180
Settlement gain	0	0	0	(122)
Net periodic pension income	$ (3,746)	$ (3,599)	$ (7,498)	$ (7,274)

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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net periodic other postretirement benefit costs
Interest cost	$ 76	$ 101	$ 153	$ 202
Amortization of prior service credit	(69)	(69)	(138)	(138)
Recognition of actuarial loss	77	64	154	128
Net periodic other postretirement benefit cost	$ 84	$ 96	$ 169	$ 192

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Inventories
Finished goods	$ 316,120	$ 318,071
Work in process and powder blends	180,032	190,041
Raw materials	64,915	75,589
Inventories at current cost	561,067	583,701
Less: LIFO valuation	(63,843)	(61,254)
Total inventories	$ 497,224	$ 522,447
Inventories (Textual) [Abstract]
Percentage of inventories valued by using LIFO method	40.00%	43.00%

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Feb. 14, 2012	Dec. 31, 2020	Jun. 30, 2020	Jun. 07, 2018
Long-Term Debt (Additional Textual) [Abstract]
Fixed rate at fair market value		$ 643,500,000	$ 630,200,000
ThreePointEightSevenFivePercentSeniorUnsecuredNotesDueInTwoThousandAndTwentyTwo [Member]
Long-Term Debt (Additional Textual) [Abstract]
Proceeds from Issuance of Senior Long-term Debt	$ 300,000,000
Debt Instrument, Interest Rate, Stated Percentage		3.875%
2018 Credit Agreement [Member]
Long-Term Debt (Textual) [Abstract]
Line of Credit Facility, Remaining Borrowing Capacity		$ 675,500,000
Borrowing outstanding under 2018 Credit Agreement		24,500,000	$ 500,000,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 700,000,000
Line of Credit [Member]
Long-Term Debt (Textual) [Abstract]
Amended Net Debt to EBITDA Ratio, allowable adjustment for cash restructuring charges, amount		120,000,000
Amended Net Debt to EBITDA Ratio, Maximum		4.25
Consolidated Interest Coverage Ratio, Minimum		3.5
Net Debt to EBITDA Ratio, allowable adjustment for cash restructuring charges, amount		80,000,000
Net Debt to EBITDA Ratio, Maximum		3.5
Net Debt to EBITDA Ratio, domestic cash allowed to net debt, amount, minimum		$ 25,000,000

Environmental Matters (Details)

Environmental Matters (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jun. 30, 2020
Environmental Remediation Obligations [Abstract]
Reserves for Environmental Costs	$ 15	$ 15.6
Accrued Environmental Loss Contingencies, Current	$ 2.6	$ 6.1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Taxes - Additional Information [Line Items]
Discrete Benefit for Swiss Tax Reform				$ 14.5
Income Tax (Textual) [Abstract]
Effective tax rate	(39.00%)	87.90%	93.30%	102.90%

Earnings Per Shares (Details)

Earnings Per Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	83,582	83,075	83,451	82,979
Earnings Per Share (Textual) [Abstract]
Increase in weighted average shares due to dilutive effect of unexercised capital stock options and unvested restricted stock units	615			639
Weighted Average Number of Shares Outstanding, Diluted	84,197	83,075	83,451	83,618
Unexercised capital stock options and restricted stock units excluded from computation of diluted EPS	386			641

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019
Beginning Balance	$ 1,266,382	$ 1,337,650		$ 1,268,788	$ 1,374,704
Net income (loss)	20,250	(6,229)	$ 1,181	(610)	1,181
Other comprehensive income (loss)	44,774	24,753		77,646	(5,529)
Dividend reinvestment	50	52		101	106
Capital stock issued under employee benefit and stock plans	7,957	5,903		10,166	8,287
Purchase of capital stock	(50)	(52)		(101)	(106)
Additions to noncontrolling interest		1,527			1,527
Cash dividends	(16,683)	(16,577)		(33,310)	(33,143)
Other	(1,630)			(1,630)
Ending Balance	1,319,689	1,347,027		1,319,689	1,347,027
Capital stock [Member]
Beginning Balance	104,064	103,542		103,654	103,026
Dividend reinvestment	2	2		4	4
Capital stock issued under employee benefit and stock plans	266	76		676	592
Purchase of capital stock	(2)	(2)		(4)	(4)
Ending Balance	104,330	103,618		104,330	103,618
Additional paid-in capital [Member]
Beginning Balance	540,374	530,695		538,575	528,827
Dividend reinvestment	48	50		97	102
Capital stock issued under employee benefit and stock plans	7,691	5,827		9,490	7,695
Purchase of capital stock	(48)	(50)		(97)	(102)
Other	(311)			(311)
Ending Balance	547,754	536,522		547,754	536,522
Retained earnings [Member]
Beginning Balance	966,596	1,066,763		1,004,898	1,076,862
Net income (loss)	19,388	(5,939)		(2,287)	528
Cash dividends	(16,683)	(16,577)		(33,310)	(33,143)
Ending Balance	969,301	1,044,247		969,301	1,044,247
Accumulated other comprehensive loss [Member]
Beginning Balance	(385,648)	(402,434)		(417,242)	(373,543)
Other comprehensive income (loss)	43,417	24,215		75,011	(4,676)
Ending Balance	(342,231)	(378,219)		(342,231)	(378,219)
Non-controlling interest [Member]
Beginning Balance	40,996	39,084		38,903	39,532
Net income (loss)	862	(290)		1,677	653
Other comprehensive income (loss)	1,357	538		2,635	(853)
Additions to noncontrolling interest		1,527			1,527
Cash dividends	(1,361)			(1,361)
Other	(1,319)			(1,319)
Ending Balance	$ 40,535	$ 40,859		$ 40,535	$ 40,859

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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			$ (417,242)	$ (373,543)
Other comprehensive (loss) income before reclassifications			68,892	(8,414)
Amounts reclassified from accumulated other comprehensive loss			6,119	3,738
Net current period other comprehensive (loss) income			75,011	(4,676)
Accumulated Other Comprehensive Loss, Net of Tax	$ (342,231)	$ (378,219)	(342,231)	(378,219)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(232,634)	(222,270)
Other comprehensive (loss) income before reclassifications			(7,521)	(449)
Amounts reclassified from accumulated other comprehensive loss			5,179	3,950
Net current period other comprehensive (loss) income			(2,342)	3,501
Accumulated Other Comprehensive Loss, Net of Tax	(234,976)	(218,769)	(234,976)	(218,769)
Accumulated Currency Translation Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(181,027)	(147,595)
Other comprehensive (loss) income before reclassifications			71,912	(8,821)
Amounts reclassified from accumulated other comprehensive loss			0	0
Net current period other comprehensive (loss) income			71,912	(8,821)
Accumulated Other Comprehensive Loss, Net of Tax	(109,115)	(156,416)	(109,115)	(156,416)
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			(3,581)	(3,678)
Other comprehensive (loss) income before reclassifications			4,501	856
Amounts reclassified from accumulated other comprehensive loss			940	(212)
Net current period other comprehensive (loss) income			5,441	644
Accumulated Other Comprehensive Loss, Net of Tax	1,860	(3,034)	1,860	(3,034)
Noncontrolling Interest [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(5,909)	(3,450)
Other comprehensive (loss) income before reclassifications			2,635	(853)
Net current period other comprehensive (loss) income			2,635	(853)
Accumulated Other Comprehensive Loss, Net of Tax	(3,274)	(4,303)	(3,274)	(4,303)
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	(3,425)	(2,615)	(6,836)	(5,239)
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	$ (634)	$ 521	$ (1,245)	$ 281

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Currency exchange contracts	$ 3,857	$ 4,211	$ 7,875	$ 6,891
Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges, tax	(155)	128	(305)	69
Recognition of actuarial losses	3,425	2,615	6,836	5,239
Benefit from income taxes	(5,676)	(45,253)	(8,554)	(41,487)
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]
Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges, tax	(155)	128	(305)	69
Total before tax	634	(521)	1,245	(281)
Net of tax	479	(393)	940	(212)
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	22	45	44
Amortization of prior service credit	(61)	(56)	(121)	(113)
Recognition of actuarial losses	3,463	2,649	6,912	5,308
Total before tax	3,425	2,615	6,836	5,239
Benefit from income taxes	(811)	(625)	(1,657)	(1,289)
Net of tax	(2,614)	(1,990)	(5,179)	(3,950)
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	635	611	1,269	1,222
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	$ (1)	$ (1,132)	$ (24)	$ (1,503)

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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Other Comprehensive Income - Income Tax Allocated to Each Component [Abstract]
Unrealized gain on derivatives designated and qualified as cash flow hedges, before tax	$ 4,359	$ 611	$ 5,962	$ 1,134
Unrealized gain on derivatives designated and qualified as cash flow hedges, tax	(1,068)	(150)	(1,461)	(278)
Unrealized gain on derivatives designated and qualified as cash flow hedges, net of tax	3,291	461	4,501	856
Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges, before tax	634	(521)	1,245	(281)
Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges, tax	(155)	128	(305)	69
Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges, net of tax	479	(393)	940	(212)
Unrecognized net pension and other postretirement benefit (loss) gain, before tax	(5,272)	(3,887)	(9,654)	(418)
Unrecognized net pension and other postretirement benefit (loss) gain, tax	1,061	831	2,133	(31)
Unrecognized net pension and other postretirement benefit (loss) gain, net of tax	(4,211)	(3,056)	(7,521)	(449)
Reclassification of net pension and other postretirement benefit loss, before tax	3,425	2,615	6,836	5,239
Reclassification of net pension and other postretirement benefit loss, tax	(811)	(625)	(1,657)	(1,289)
Reclassification of net pension and other postretirement benefit loss	2,614	1,990	5,179	3,950
Foreign currency translation adjustments, before tax	41,671	25,871	73,777	(9,707)
Foreign currency translation adjustments, tax	930	(120)	770	33
Foreign currency translation adjustments, net of tax	42,601	25,751	74,547	(9,674)
Other comprehensive income (loss), before tax	44,817	24,689	78,166	(4,033)
Other comprehensive income (loss), tax	(43)	64	(520)	(1,496)
Other comprehensive income (loss), net of tax	$ 44,774	$ 24,753	$ 77,646	$ (5,529)

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, 2020	Dec. 31, 2019	Jun. 30, 2020
Goodwill [Line Items]
Goodwill and Intangible Asset Impairment		$ 14,600
Goodwill [Roll Forward]
Gross goodwill	$ 1,092,319		$ 1,081,452
Accumulated impairment losses	(810,872)		(810,872)
Goodwill, Beginning Balance	270,580
Change in gross goodwill due to translation	10,867
Goodwill, Ending Balance	281,447
Infrastructure [Member]
Goodwill [Roll Forward]
Gross goodwill	633,211		633,211
Accumulated impairment losses	(633,211)		(633,211)
Goodwill, Beginning Balance	0
Change in gross goodwill due to translation	0
Goodwill, Ending Balance	0
Metal Cutting
Goodwill [Roll Forward]
Gross goodwill	459,108		448,241
Accumulated impairment losses	(177,661)		$ (177,661)
Goodwill, Beginning Balance	270,580
Change in gross goodwill due to translation	10,867
Goodwill, Ending Balance	$ 281,447
WIDIA [Member]
Goodwill [Roll Forward]
Impairment charges		13,100
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 1,500

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Finite-Lived and Indefinite-lived Intangible Assets [Line Items]
Other Intangible Assets, Written off Related to Sale of Business Unit		$ 12,500
The components of intangible assets
Accumulated amortization	$ (147,297)		$ (137,386)
Intangible Assets, Gross (Excluding Goodwill)	274,958		269,954
Trademarks [Member]
The components of intangible assets
Gross carrying amount, Indefinite	12,215		11,160
Technology-based and other [Member]
The components of intangible assets
Gross carrying amount, finite	33,881		32,713
Accumulated amortization	(24,235)		(22,612)
Customer-related [Member]
The components of intangible assets
Gross carrying amount, finite	183,624		181,408
Accumulated amortization	(94,174)		(88,112)
Unpatented technology [Member]
The components of intangible assets
Gross carrying amount, finite	31,906		31,586
Accumulated amortization	(19,305)		(17,890)
Trademarks [Member]
The components of intangible assets
Gross carrying amount, finite	13,332		13,087
Accumulated amortization	$ (9,583)		$ (8,772)
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] | 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
WIDIA [Member]
Finite-Lived and Indefinite-lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 1,500

Segment Data - Sales and Operat

Segment Data - Sales and Operating (Loss) Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Segment Reporting Information [Line Items]
Assets	$ 2,614,826		$ 2,614,826		$ 3,037,591
External sales:
Sales	440,507	$ 505,080	840,812	$ 1,023,168
Operating income (loss):
Total operating income (loss)	19,034	(47,638)	1,857	(31,261)
Interest expense	8,317	8,055	18,896	15,936
Other income, net	(3,857)	(4,211)	(7,875)	(6,891)
Income (loss) from continuing operations before income taxes	14,574	(51,482)	(9,164)	(40,306)
Infrastructure [Member]
External sales:
Sales	157,590	181,501	310,019	375,504
Operating income (loss):
Total operating income (loss)	(6,265)	11,570	(13,533)	14,260
Corporate [Member]
Operating income (loss):
Total operating income (loss)	924	891	1,743	1,131
Metal Cutting
External sales:
Sales	282,917	323,579	530,793	647,664
Operating income (loss):
Total operating income (loss)	$ (13,693)	$ 35,177	$ 9,933	$ 15,870

Segment Data Disaggregation of

Segment Data Disaggregation of Revenue (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	47.00%	46.00%	47.00%	45.00%
Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	20.00%	18.00%	19.00%	18.00%
Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	5.00%	8.00%	5.00%	8.00%
Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	14.00%	15.00%	14.00%	15.00%
Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	14.00%	13.00%	15.00%	14.00%
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	44.00%	48.00%	44.00%	49.00%
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	31.00%	30.00%	31.00%	30.00%
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	25.00%	22.00%	25.00%	21.00%
Infrastructure [Member] | General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	36.00%	34.00%	35.00%	34.00%
Infrastructure [Member] | Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	25.00%	29.00%	25.00%	29.00%
Infrastructure [Member] | Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	39.00%	37.00%	40.00%	37.00%
Infrastructure [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	56.00%	61.00%	55.00%	62.00%
Infrastructure [Member] | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	18.00%	17.00%	20.00%	18.00%
Infrastructure [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	26.00%	22.00%	25.00%	20.00%
Metal Cutting | General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	53.00%	52.00%	54.00%	52.00%
Metal Cutting | Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	31.00%	28.00%	30.00%	28.00%
Metal Cutting | Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	8.00%	12.00%	8.00%	12.00%
Metal Cutting | Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	8.00%	8.00%	8.00%	8.00%
Metal Cutting | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	38.00%	42.00%	38.00%	42.00%
Metal Cutting | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	38.00%	37.00%	38.00%	37.00%
Metal Cutting | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	24.00%	21.00%	24.00%	21.00%