Kennametal (KMT) 10-Q 2 Nov 21 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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)		83,645,026
Entity Central Index Key	0000055242
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	3 Months Ended
	Sep. 30, 2021
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 subsidiaries in which we have a controlling interest, 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, 2021 (the “2021 Annual Report”). The condensed consolidated balance sheet as of June 30, 2021 was derived from the audited balance sheet included in our 2021 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 three months ended September 30, 2021 and 2020 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 2022 is to the fiscal year ending June 30, 2022. 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
	Sep. 30, 2021	Sep. 30, 2020
Sales	$ 483,509	$ 400,305
Cost of goods sold	322,759	295,232
Gross profit	160,750	105,073
Operating expense	102,694	93,340
Restructuring and asset impairment charges (Note 5)	190	25,577
Amortization of intangibles	3,260	3,334
Operating income (loss)	54,606	(17,178)
Interest expense (Note 9)	6,321	10,578
Other income, net	(3,459)	(4,019)
Income (Loss) before income taxes	51,744	(23,737)
Provision for (benefit from) income taxes	13,992	(2,877)
Net income (loss)	37,752	(20,860)
Less: Net income (loss) attributable to noncontrolling interests	1,554	815
Net income attributable to Kennametal	$ 36,198	$ (21,675)
PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS
Basic earnings per share	$ 0.43	$ (0.26)
Diluted earnings per share	0.43	(0.26)
Dividends per share	$ 0.20	$ 0.20
Basic weighted average shares outstanding	83,880	83,318
Diluted weighted average shares outstanding	84,751	83,318
Noncontrolling Interest [Member]
Net income (loss)	$ 1,554	$ 815

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 25,203	$ 12,012
Net income (loss)	37,752	(20,860)
Other comprehensive income (loss), net of tax [Abstract]
Unrealized gain (loss) on derivatives designated and qualified as cash flow hedges	0	1,210
Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges	(192)	461
Unrecognized net pension and other postretirement benefit gain (loss)	1,904	(3,310)
Reclassification of net pension and other postretirement benefit loss	2,215	2,565
Foreign currency translation adjustments	(16,476)	31,946
Total other comprehensive (loss) income, net of tax	(12,549)	32,872
Less: comprehensive income (loss) attributable to noncontrolling interests	1,099	2,093
Comprehensive income (loss) attributable to Kennametal Shareholders	$ 24,104	$ 9,919

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 107,316	$ 154,047
Accounts receivable, less allowance for doubtful accounts of $9,688 and $9,734, respectively	279,726	302,945
Inventories (Note 8)	505,000	476,345
Other current assets	74,906	71,470
Total current assets	966,948	1,004,807
Property, plant and equipment:
Land and buildings	414,783	413,865
Machinery and equipment	1,945,347	1,959,176
Less accumulated depreciation	(1,323,700)	(1,317,906)
Property, plant and equipment, net	1,036,430	1,055,135
Other assets:
Goodwill (Note 16)	274,897	277,615
Other intangible assets, less accumulated amortization of $156,375 and $153,972, respectively (Note 16)	116,475	120,041
Operating lease right-of-use assets	48,986	50,341
Deferred income taxes	57,326	58,742
Other	106,506	99,080
Total other assets	604,190	605,819
Total assets	2,607,568	2,665,761
Current liabilities:
Revolving and other lines of credit and notes payable (Note 10)	368	8,365
Current operating lease liabilities	13,873	14,220
Accounts payable	177,077	177,659
Accrued income taxes	25,513	18,059
Accrued expenses	47,662	61,489
Other current liabilities	124,730	157,602
Total current liabilities	389,223	437,394
Long-term debt, less current maturities (Note 9)	592,510	592,108
Operating lease liabilities	35,776	36,800
Deferred income taxes	23,520	23,710
Accrued pension and postretirement benefits	166,398	171,067
Accrued income taxes	4,188	4,246
Other liabilities	31,306	32,231
Total liabilities	1,242,921	1,297,556
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; 83,622 and 83,614 shares issued, respectively	104,527	104,518
Additional paid-in capital	550,790	562,820
Retained earnings	1,012,055	992,597
Accumulated other comprehensive loss	(342,421)	(330,327)
Total Kennametal Shareholders' Equity	1,324,951	1,329,608
Noncontrolling interests	39,696	38,597
Total equity	1,364,647	1,368,205
Total liabilities and equity	$ 2,607,568	$ 2,665,761
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	Sep. 30, 2021	Jun. 30, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9,688	$ 9,734
Accumulated amortization	$ 156,375	$ 153,972
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	83,622	83,614
Preferred Stock, Shares Issued	0	0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES
Net income (loss)	$ 37,752	$ (20,860)
Adjustments for non-cash items:
Depreciation	29,124	27,560
Amortization	3,260	3,334
Stock-based compensation expense	7,202	6,991
Restructuring and asset impairment charges (Note 5)	28	1,184
Deferred income taxes	171	(410)
Other	(370)	879
Changes in certain assets and liabilities:
Accounts receivable	19,340	(6,737)
Inventories	(34,355)	23,291
Accounts payable and accrued liabilities	(43,677)	(8,211)
Accrued income taxes	5,835	(11,573)
Accrued pension and postretirement benefits	(7,156)	(6,854)
Other	(1,351)	1,028
Net cash flow provided by operating activities	15,803	9,622
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(17,844)	(39,345)
Disposals of property, plant and equipment	393	334
Other	37	48
Net cash flow used for investing activities	(17,414)	(38,963)
FINANCING ACTIVITIES
Net increase (decrease) in notes payable	(7,997)	1,252
Net (decrease) in revolving and other lines of credit	0	(461,500)
Purchase of capital stock	(12,909)	(50)
The effect of employee benefit and stock plans and dividend reinvestment	(6,317)	(4,732)
Cash dividends paid to Shareholders	(16,737)	(16,627)
Other	21	(1,703)
Net cash flow used for financing activities	(43,939)	(483,360)
Effect of exchange rate changes on cash and cash equivalents	(1,181)	4,307
CASH AND CASH EQUIVALENTS
Net decrease in cash and cash equivalents	(46,731)	(508,394)
Cash and cash equivalents, beginning of period	154,047	606,684
Cash and cash equivalents, end of period	$ 107,316	$ 98,290

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	3 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Three Months Ended September 30, (in thousands) 2021 2020 Cash paid during the period for: Interest $ 4,966 $ 11,509 Income taxes 7,986 9,635 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (800) (15,100) Changes in notes payable related to purchases of property, plant and equipment — 6,309

Supplemental Cash Flow (Tables)

Supplemental Cash Flow (Tables)	3 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	Three Months Ended September 30, (in thousands) 2021 2020 Cash paid during the period for: Interest $ 4,966 $ 11,509 Income taxes 7,986 9,635 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (800) (15,100) Changes in notes payable related to purchases of property, plant and equipment — 6,309

Supplemental Cash Flow (Details

Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Interest	$ 4,966	$ 11,509
Income taxes	7,986	9,635
Change in accounts payable related to property, plant, and equipment	$ (800)	$ (15,100)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2021
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 September 30, 2021, 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) $ — $ 21 $ — $ 21 Total assets at fair value $ — $ 21 $ — $ 21 Liabilities: Derivatives (1) $ — $ 178 $ — $ 178 Total liabilities at fair value $ — $ 178 $ — $ 178 As of June 30, 2021, 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) $ — $ 87 $ — $ 87 Total liabilities at fair value $ — $ 87 $ — $ 87 (1) Currency derivatives are valued based on observable market spot and forward rates and are classified within Level 2 of the fair value hierarchy.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Sep. 30, 2021
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. There were no derivatives designated as hedging instruments as of September 30, 2021 and June 30, 2021. The fair value of derivatives not designated as hedging instruments in the condensed consolidated balance sheets are as follows: (in thousands) September 30, 2021 June 30, 2021 Derivatives not designated as hedging instruments Other current assets - currency forward contracts $ 21 $ 36 Other current liabilities - currency forward contracts (178) (87) Total derivatives not designated as hedging instruments (157) (51) Total derivatives $ (157) $ (51) 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. Losses related to derivatives not designated as hedging instruments have been recognized as follows: Three Months Ended September 30, (in thousands) 2021 2020 Other income, net - currency forward contracts $ 140 $ 719 NET INVESTMENT HEDGES As of September 30, 2021 and June 30, 2021, we had certain foreign currency-denominated intercompany loans payable with total aggregate principal amounts of €5.2 million designated as net investment hedges to hedge the foreign exchange exposure of our net investment in our Euro-based subsidiaries. A gain of $1.3 million and a loss of $0.6 million were recorded as a component of foreign currency translation adjustments in other comprehensive loss for the three months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, the foreign currency-denominated intercompany loans payable designated as net investment hedges consisted of: Instrument Notional (EUR in thousands) (2) Notional (USD in thousands) (2) Maturity Foreign currency-denominated intercompany loan payable €5,219 $6,049 June 26, 2022 (2) Includes principal and accrued interest.

Restructuring and Related Charg

Restructuring and Related Charges	3 Months Ended
	Sep. 30, 2021
Restructuring Charges [Abstract]
RESTRUCTURING AND RELATED CHARGES	RESTRUCTURING AND RELATED CHARGES 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 to reduce structural costs. Subsequently, we also announced the acceleration of our other structural cost reduction plans including the closure of the Johnson City, Tennessee facility. Expected pre-tax charges for the FY21 Restructuring Actions are approximately $90 million. Total restructuring and related charges since inception of $83.4 million were recorded for this program through September 30, 2021, consisting of: $75.7 million in Metal Cutting and $7.7 million in Infrastructure. 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 $1.2 million for the three months ended September 30, 2021, which consisted of charges of $1.2 million in Metal Cutting and an immaterial amount in Infrastructure. Of this amount, restructuring charges were $0.2 million and restructuring-related charges were $1.1 million (included in cost of goods sold) for the three months ended September 30, 2021. For the three months ended September 30, 2020, we recorded restructuring and related charges of $28.6 million which consisted of charges of $26.0 million in Metal Cutting and $2.6 million in Infrastructure. Of this amount, restructuring charges were $25.6 million and restructuring-related charges were $3.0 million (included in cost of goods sold) for the three months ended September 30, 2020. As of September 30, 2021, $15.8 million and $9.0 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, 2021, $19.9 million and $9.9 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively. The amounts are as follows: (in thousands) June 30, 2021 Expense, net Asset Write-Down Translation Cash Expenditures September 30, 2021 Severance $ 29,723 $ 131 $ — $ (558) $ (4,492) $ 24,804 Facilities — 28 (28) — — — Total $ 29,723 $ 159 $ (28) $ (558) $ (4,492) $ 24,804

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock Options Changes in our stock options for the three months ended September 30, 2021 were as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic Value (in thousands) Options outstanding, June 30, 2021 315,012 $ 37.83 Exercised — — Lapsed or forfeited (14,000) 38.95 Options outstanding, September 30, 2021 301,012 $ 37.78 2.5 $ 446 Options vested, September 30, 2021 301,012 $ 37.78 2.5 $ 446 Options exercisable, September 30, 2021 301,012 $ 37.78 2.5 $ 446 As of September 30, 2021 and June 30, 2021, there was no unrecognized compensation cost related to options outstanding, and all options were fully vested as of September 30, 2021 and 2020. There was no cash received for the exercise of options during the three months ended September 30, 2021 and September 20, 2020. The total intrinsic value of options exercised was immaterial during the three months ended September 30, 2021 and September 30, 2020, respectively. Restricted Stock Units – Performance Vesting and Time Vesting Changes in our performance vesting and time vesting restricted stock units for the three months ended September 30, 2021 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, 2021 500,477 $ 32.53 1,332,740 $ 31.72 Granted 192,792 36.72 485,228 36.70 Vested (36,455) 40.10 (456,948) 31.30 Performance metric adjustments, net (150,711) 31.18 — — Forfeited (11,541) 30.51 (21,785) 30.22 Unvested, September 30, 2021 494,562 $ 34.07 1,339,235 $ 33.69 During the three months ended September 30, 2021 and 2020, compensation expense related to time vesting and performance vesting restricted stock units was $7.0 million and $6.7 million, respectively. Certain performance metrics were not met, resulting in an adjustment of 150,711 performance vesting stock units during the three months ended September 30, 2021. As of September 30, 2021, the total unrecognized compensation cost related to unvested time vesting and performance vesting restricted stock units was $36.8 million and is expected to be recognized over a weighted average period of 2.3 years.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	3 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFITS	The table below summarizes the components of net periodic pension income: Three Months Ended September 30, (in thousands) 2021 2020 Service cost $ 286 $ 416 Interest cost 5,659 5,775 Expected return on plan assets (13,037) (13,346) Amortization of transition obligation 24 23 Amortization of prior service cost 3 8 Recognition of actuarial losses 2,970 3,372 Net periodic pension income $ (4,095) $ (3,752) The table below summarizes the components of net periodic other postretirement benefit cost: Three Months Ended September 30, (in thousands) 2021 2020 Interest cost $ 72 $ 76 Amortization of prior service credit (69) (69) Recognition of actuarial loss 74 77 Net periodic other postretirement benefit cost $ 77 $ 84 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	3 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES We used the last-in, first-out (LIFO) method of valuing inventories for 38 percent and 39 percent of total inventories at September 30, 2021 and June 30, 2021, 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) September 30, 2021 June 30, 2021 Finished goods $ 315,030 $ 302,524 Work in process and powder blends 170,825 173,671 Raw materials 91,580 72,551 Inventories at current cost 577,435 548,746 Less: LIFO valuation (72,435) (72,401) Total inventories $ 505,000 $ 476,345

Long-Term Debt

Long-Term Debt	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Fixed rate debt had a fair market value of $641.6 million and $644.2 million at September 30, 2021 and June 30, 2021, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of September 30, 2021 and June 30, 2021, respectively.

Revolving and Other Lines of Cr

Revolving and Other Lines of Credit	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Short-term Debt	REVOLVING AND OTHER LINES OF CREDIT AND NOTES PAYABLE 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 that we use 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 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 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 such terms are defined in the Credit Agreement). Borrowings under the Credit Agreement are guaranteed by our significant domestic subsidiaries. As of September 30, 2021, we were in compliance with all covenants of the Credit Agreement and we had no borrowings outstanding and $700.0 million of additional availability. There were no borrowings outstanding as of June 30, 2021.

Environmental Matters

Environmental Matters	3 Months Ended
	Sep. 30, 2021
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 September 30, 2021, the balance of these accruals was $14.6 million, of which $2.5 million was current. At June 30, 2021, the balance was $14.7 million, of which $2.6 million was current. 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	3 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe effective income tax rates for the three months ended September 30, 2021 and 2020 were 27.0 percent (provision on income) and 12.1 percent (benefit on a loss), respectively. The year-over-year change is primarily due to the effects of higher pre-tax income in the current quarter. As of September 30, 2021, we have $25.9 million of U.S. net deferred tax assets. Within this amount is $57.0 million related to net operating loss, tax credit, and other carryforwards that can be used to offset future U.S. taxable income. Certain of these carryforwards will expire if they are not used within a specified timeframe. At this time, we consider it more likely than not that we will have sufficient U.S. taxable income in the future that will allow us to realize these net deferred tax assets. However, it is possible that some or all of these tax attributes could ultimately expire unused, especially if our end markets do not continue to recover from the COVID-19 global pandemic. Therefore, if we are unable to generate sufficient U.S. taxable income from our operations, a valuation allowance to reduce the U.S. net deferred tax assets may be required, which would materially increase income tax expense in the period in which the valuation allowance is recorded. Swiss tax reform Swiss tax reform legislation was effectively enacted during the December quarter of fiscal 2020 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 multi-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 December quarter of fiscal 2020. 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 anticipate finalization of the deferred tax asset during the current fiscal year.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Sep. 30, 2021
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 September 30, 2020, the effect of unexercised capital stock options, unvested performance awards and unvested restricted stock units was anti-dilutive as a results 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 September 30, 2021: Three Months Ended September 30, (in thousands) 2021 Weighted-average shares outstanding during period 83,880 Add: Unexercised stock options and unvested restricted stock units 871 Number of shares on which diluted earnings per share is calculated 84,751 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 482

Equity

Equity	3 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and 2020 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, 2021 $ 104,518 $ 562,820 $ 992,597 $ (330,327) $ 38,597 $ 1,368,205 Net income — — 36,198 — 1,554 37,752 Other comprehensive loss — — — (12,094) (455) (12,549) Dividend reinvestment 2 46 — — — 48 Capital stock issued under employee benefit and stock plans (3) 447 392 — — — 839 Purchase of capital stock (440) (12,468) — — — (12,908) Cash dividends ($0.20 per share) — — (16,740) — — (16,740) Total equity, September 30, 2021 $ 104,527 $ 550,790 $ 1,012,055 $ (342,421) $ 39,696 $ 1,364,647 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 — — (21,675) — 815 (20,860) Other comprehensive income — — — 31,594 1,278 32,872 Dividend reinvestment 2 49 — — — 51 Capital stock issued under employee benefit and stock plans (3) 410 1,799 — — — 2,209 Purchase of capital stock (2) (49) — — — (51) Cash dividends ($0.20 per share) — — (16,627) — — (16,627) Total equity, September 30, 2020 $ 104,064 $ 540,374 $ 966,596 $ (385,648) $ 40,996 $ 1,266,382 (3) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements. The amounts of comprehensive (loss) 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	3 Months Ended
	Sep. 30, 2021
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 three months ended September 30, 2021: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2021 $ (213,172) $ (122,428) $ 5,273 $ (330,327) Other comprehensive income (loss) before reclassifications 1,904 (16,021) — (14,117) Amounts reclassified from AOCL 2,215 — (192) 2,023 Net other comprehensive income (loss) 4,119 (16,021) (192) (12,094) AOCL, September 30, 2021 $ (209,053) $ (138,449) $ 5,081 $ (342,421) Attributable to noncontrolling interests: Balance, June 30, 2021 $ — $ (3,982) $ — $ (3,982) Other comprehensive loss before reclassifications — (455) — (455) Net other comprehensive loss — (455) — (455) AOCL, September 30, 2021 $ — $ (4,437) $ — $ (4,437) The components of, and changes in, AOCL were as follows, net of tax, for the three months ended September 30, 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 (3,310) 30,668 1,210 28,568 Amounts reclassified from AOCL 2,565 — 461 3,026 Net other comprehensive (loss) income (745) 30,668 1,671 31,594 AOCL, September 30, 2020 $ (233,379) $ (150,359) $ (1,910) $ (385,648) Attributable to noncontrolling interests: Balance, June 30, 2020 $ — $ (5,909) $ — $ (5,909) Other comprehensive income before reclassifications — 1,278 — 1,278 Net other comprehensive income — 1,278 — 1,278 AOCL, September 30, 2020 $ — $ (4,631) $ — $ (4,631) Reclassifications out of AOCL for the three months ended September 30, 2021 and 2020 consisted of the following: Three Months Ended September 30, (in thousands) 2021 2020 Affected line item in the Income Statement (Gains) and losses on cash flow hedges: Forward starting interest rate swaps $ (255) $ 635 Interest expense Currency exchange contracts — (24) Cost of goods sold and other income, net Total before tax (255) 611 Tax impact 63 (150) Provision for (benefit from) income taxes Net of tax $ (192) $ 461 Pension and other postretirement benefits: Amortization of transition obligations $ 24 $ 23 Other income, net Amortization of prior service credit (66) (61) Other income, net Recognition of actuarial losses 3,044 3,449 Other income, net Total before tax 3,002 3,411 Tax impact (787) (846) Provision for (benefit from) income taxes Net of tax $ 2,215 $ 2,565 The amount of income tax allocated to each component of other comprehensive (loss) income for the three months ended September 30, 2021 and 2020 were as follows: 2021 2020 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Unrealized gain on derivatives designated and qualified as cash flow hedges $ — $ — $ — $ 1,603 $ (393) $ 1,210 Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges (255) 63 (192) 611 (150) 461 Unrecognized net pension and other postretirement benefit gain (loss) 2,598 (694) 1,904 (4,382) 1,072 (3,310) Reclassification of net pension and other postretirement benefit loss 3,002 (787) 2,215 3,411 (846) 2,565 Foreign currency translation adjustments (16,457) (19) (16,476) 32,106 (160) 31,946 Other comprehensive (loss) income $ (11,112) $ (1,437) $ (12,549) $ 33,349 $ (477) $ 32,872

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS A summary of the carrying amount of goodwill attributable to each segment, as well as the changes in such carrying amounts, is as follows: (in thousands) Metal Cutting Infrastructure Total Gross goodwill $ 455,276 $ 633,211 $ 1,088,487 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2021 $ 277,615 $ — $ 277,615 Activity for the three months ended September 30, 2021: Change in gross goodwill due to translation (2,718) — (2,718) Gross goodwill 452,558 633,211 1,085,769 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of September 30, 2021 $ 274,897 $ — $ 274,897 The components of our other intangible assets were as follows: Estimated September 30, 2021 June 30, 2021 (in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Technology-based and other 4 to 20 $ 33,378 $ (24,349) $ 33,632 $ (24,413) Customer-related 10 to 21 182,773 (100,533) 183,338 (98,901) Unpatented technology 10 to 30 31,956 (21,194) 31,957 (20,575) Trademarks 5 to 20 13,209 (10,299) 13,268 (10,083) Trademarks Indefinite 11,534 — 11,818 — Total $ 272,850 $ (156,375) $ 274,013 $ (153,972)

Segment Data

Segment Data	3 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATA We 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 September 30, (in thousands) 2021 2020 Sales: Metal Cutting $ 298,430 $ 247,876 Infrastructure 185,079 152,429 Total sales $ 483,509 $ 400,305 Operating income (loss): Metal Cutting $ 29,164 $ (23,626) Infrastructure 26,036 7,268 Corporate (594) (820) Total operating income (loss) 54,606 (17,178) Interest expense 6,321 10,578 Other income, net (3,459) (4,019) Income (loss) before income taxes $ 51,744 $ (23,737) The following table presents Kennametal's revenue disaggregated by geography: Three Months Ended September 30, 2021 September 30, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 40% 58% 47% 39% 55% 45% EMEA 38 19 31 37 21 31 Asia Pacific 22 23 22 24 24 24 The following tables presents Kennametal's revenue disaggregated by end market: Three Months Ended September 30, 2021 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 56% 35% 48% Transportation 28 — 17 Aerospace 9 — 5 Energy 7 29 16 Earthworks — 36 14 Three Months Ended September 30, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 54% 34% 46% Transportation 29 — 18 Aerospace 9 — 5 Energy 8 25 15 Earthworks — 41 16

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Financial instruments at fair value on recurring basis	As of September 30, 2021, 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) $ — $ 21 $ — $ 21 Total assets at fair value $ — $ 21 $ — $ 21 Liabilities: Derivatives (1) $ — $ 178 $ — $ 178 Total liabilities at fair value $ — $ 178 $ — $ 178 As of June 30, 2021, 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) $ — $ 87 $ — $ 87 Total liabilities at fair value $ — $ 87 $ — $ 87 (1) Currency derivatives are valued based on observable market spot and forward rates and are classified within Level 2 of the fair value hierarchy.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivatives	The fair value of derivatives not designated as hedging instruments in the condensed consolidated balance sheets are as follows: (in thousands) September 30, 2021 June 30, 2021 Derivatives not designated as hedging instruments Other current assets - currency forward contracts $ 21 $ 36 Other current liabilities - currency forward contracts (178) (87) Total derivatives not designated as hedging instruments (157) (51) Total derivatives $ (157) $ (51)
(Gains) losses related to derivatives not designated as hedging instruments	Losses related to derivatives not designated as hedging instruments have been recognized as follows: Three Months Ended September 30, (in thousands) 2021 2020 Other income, net - currency forward contracts $ 140 $ 719
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location	As of September 30, 2021, the foreign currency-denominated intercompany loans payable designated as net investment hedges consisted of: Instrument Notional (EUR in thousands) (2) Notional (USD in thousands) (2) Maturity Foreign currency-denominated intercompany loan payable €5,219 $6,049 June 26, 2022 (2) Includes principal and accrued interest.

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Schedule of Restructuring Reserve by Type of Cost	As of September 30, 2021, $15.8 million and $9.0 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, 2021, $19.9 million and $9.9 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively. The amounts are as follows: (in thousands) June 30, 2021 Expense, net Asset Write-Down Translation Cash Expenditures September 30, 2021 Severance $ 29,723 $ 131 $ — $ (558) $ (4,492) $ 24,804 Facilities — 28 (28) — — — Total $ 29,723 $ 159 $ (28) $ (558) $ (4,492) $ 24,804

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Changes in stock options	Changes in our stock options for the three months ended September 30, 2021 were as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic Value (in thousands) Options outstanding, June 30, 2021 315,012 $ 37.83 Exercised — — Lapsed or forfeited (14,000) 38.95 Options outstanding, September 30, 2021 301,012 $ 37.78 2.5 $ 446 Options vested, September 30, 2021 301,012 $ 37.78 2.5 $ 446 Options exercisable, September 30, 2021 301,012 $ 37.78 2.5 $ 446
Changes in time vesting and performance vesting restricted stock units	Changes in our performance vesting and time vesting restricted stock units for the three months ended September 30, 2021 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, 2021 500,477 $ 32.53 1,332,740 $ 31.72 Granted 192,792 36.72 485,228 36.70 Vested (36,455) 40.10 (456,948) 31.30 Performance metric adjustments, net (150,711) 31.18 — — Forfeited (11,541) 30.51 (21,785) 30.22 Unvested, September 30, 2021 494,562 $ 34.07 1,339,235 $ 33.69

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Sep. 30, 2021
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 September 30, (in thousands) 2021 2020 Service cost $ 286 $ 416 Interest cost 5,659 5,775 Expected return on plan assets (13,037) (13,346) Amortization of transition obligation 24 23 Amortization of prior service cost 3 8 Recognition of actuarial losses 2,970 3,372 Net periodic pension income $ (4,095) $ (3,752)
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 September 30, (in thousands) 2021 2020 Interest cost $ 72 $ 76 Amortization of prior service credit (69) (69) Recognition of actuarial loss 74 77 Net periodic other postretirement benefit cost $ 77 $ 84

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: (in thousands) September 30, 2021 June 30, 2021 Finished goods $ 315,030 $ 302,524 Work in process and powder blends 170,825 173,671 Raw materials 91,580 72,551 Inventories at current cost 577,435 548,746 Less: LIFO valuation (72,435) (72,401) Total inventories $ 505,000 $ 476,345

Earnings Per Share (Tables) (Ta

Earnings Per Share (Tables) (Tables)	3 Months Ended
	Sep. 30, 2021
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 September 30, 2021: Three Months Ended September 30, (in thousands) 2021 Weighted-average shares outstanding during period 83,880 Add: Unexercised stock options and unvested restricted stock units 871 Number of shares on which diluted earnings per share is calculated 84,751 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 482

Equity (Tables)

Equity (Tables)	3 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and 2020 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, 2021 $ 104,518 $ 562,820 $ 992,597 $ (330,327) $ 38,597 $ 1,368,205 Net income — — 36,198 — 1,554 37,752 Other comprehensive loss — — — (12,094) (455) (12,549) Dividend reinvestment 2 46 — — — 48 Capital stock issued under employee benefit and stock plans (3) 447 392 — — — 839 Purchase of capital stock (440) (12,468) — — — (12,908) Cash dividends ($0.20 per share) — — (16,740) — — (16,740) Total equity, September 30, 2021 $ 104,527 $ 550,790 $ 1,012,055 $ (342,421) $ 39,696 $ 1,364,647 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 — — (21,675) — 815 (20,860) Other comprehensive income — — — 31,594 1,278 32,872 Dividend reinvestment 2 49 — — — 51 Capital stock issued under employee benefit and stock plans (3) 410 1,799 — — — 2,209 Purchase of capital stock (2) (49) — — — (51) Cash dividends ($0.20 per share) — — (16,627) — — (16,627) Total equity, September 30, 2020 $ 104,064 $ 540,374 $ 966,596 $ (385,648) $ 40,996 $ 1,266,382 (3) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components of, and changes in accumulated other comprehensive loss	The components of, and changes in, accumulated other comprehensive loss (AOCL) were as follows, net of tax, for the three months ended September 30, 2021: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2021 $ (213,172) $ (122,428) $ 5,273 $ (330,327) Other comprehensive income (loss) before reclassifications 1,904 (16,021) — (14,117) Amounts reclassified from AOCL 2,215 — (192) 2,023 Net other comprehensive income (loss) 4,119 (16,021) (192) (12,094) AOCL, September 30, 2021 $ (209,053) $ (138,449) $ 5,081 $ (342,421) Attributable to noncontrolling interests: Balance, June 30, 2021 $ — $ (3,982) $ — $ (3,982) Other comprehensive loss before reclassifications — (455) — (455) Net other comprehensive loss — (455) — (455) AOCL, September 30, 2021 $ — $ (4,437) $ — $ (4,437) The components of, and changes in, AOCL were as follows, net of tax, for the three months ended September 30, 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 (3,310) 30,668 1,210 28,568 Amounts reclassified from AOCL 2,565 — 461 3,026 Net other comprehensive (loss) income (745) 30,668 1,671 31,594 AOCL, September 30, 2020 $ (233,379) $ (150,359) $ (1,910) $ (385,648) Attributable to noncontrolling interests: Balance, June 30, 2020 $ — $ (5,909) $ — $ (5,909) Other comprehensive income before reclassifications — 1,278 — 1,278 Net other comprehensive income — 1,278 — 1,278 AOCL, September 30, 2020 $ — $ (4,631) $ — $ (4,631)
Reclassification out of Accumulated Other Comprehensive Loss	Reclassifications out of AOCL for the three months ended September 30, 2021 and 2020 consisted of the following: Three Months Ended September 30, (in thousands) 2021 2020 Affected line item in the Income Statement (Gains) and losses on cash flow hedges: Forward starting interest rate swaps $ (255) $ 635 Interest expense Currency exchange contracts — (24) Cost of goods sold and other income, net Total before tax (255) 611 Tax impact 63 (150) Provision for (benefit from) income taxes Net of tax $ (192) $ 461 Pension and other postretirement benefits: Amortization of transition obligations $ 24 $ 23 Other income, net Amortization of prior service credit (66) (61) Other income, net Recognition of actuarial losses 3,044 3,449 Other income, net Total before tax 3,002 3,411 Tax impact (787) (846) Provision for (benefit from) income taxes Net of tax $ 2,215 $ 2,565
Income Tax Allocated to Each Component of Other Comprehensive Income [Table Text Block]	The amount of income tax allocated to each component of other comprehensive (loss) income for the three months ended September 30, 2021 and 2020 were as follows: 2021 2020 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Unrealized gain on derivatives designated and qualified as cash flow hedges $ — $ — $ — $ 1,603 $ (393) $ 1,210 Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges (255) 63 (192) 611 (150) 461 Unrecognized net pension and other postretirement benefit gain (loss) 2,598 (694) 1,904 (4,382) 1,072 (3,310) Reclassification of net pension and other postretirement benefit loss 3,002 (787) 2,215 3,411 (846) 2,565 Foreign currency translation adjustments (16,457) (19) (16,476) 32,106 (160) 31,946 Other comprehensive (loss) income $ (11,112) $ (1,437) $ (12,549) $ 33,349 $ (477) $ 32,872

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2021
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 $ 455,276 $ 633,211 $ 1,088,487 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2021 $ 277,615 $ — $ 277,615 Activity for the three months ended September 30, 2021: Change in gross goodwill due to translation (2,718) — (2,718) Gross goodwill 452,558 633,211 1,085,769 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of September 30, 2021 $ 274,897 $ — $ 274,897
The components of intangible assets	The components of our other intangible assets were as follows: Estimated September 30, 2021 June 30, 2021 (in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Technology-based and other 4 to 20 $ 33,378 $ (24,349) $ 33,632 $ (24,413) Customer-related 10 to 21 182,773 (100,533) 183,338 (98,901) Unpatented technology 10 to 30 31,956 (21,194) 31,957 (20,575) Trademarks 5 to 20 13,209 (10,299) 13,268 (10,083) Trademarks Indefinite 11,534 — 11,818 — Total $ 272,850 $ (156,375) $ 274,013 $ (153,972)

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents Kennametal's revenue disaggregated by geography: Three Months Ended September 30, 2021 September 30, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 40% 58% 47% 39% 55% 45% EMEA 38 19 31 37 21 31 Asia Pacific 22 23 22 24 24 24 The following tables presents Kennametal's revenue disaggregated by end market: Three Months Ended September 30, 2021 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 56% 35% 48% Transportation 28 — 17 Aerospace 9 — 5 Energy 7 29 16 Earthworks — 36 14 Three Months Ended September 30, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 54% 34% 46% Transportation 29 — 18 Aerospace 9 — 5 Energy 8 25 15 Earthworks — 41 16
Sales and operating income (loss) by segment and segment assets	Our sales and operating income (loss) by segment are as follows: Three Months Ended September 30, (in thousands) 2021 2020 Sales: Metal Cutting $ 298,430 $ 247,876 Infrastructure 185,079 152,429 Total sales $ 483,509 $ 400,305 Operating income (loss): Metal Cutting $ 29,164 $ (23,626) Infrastructure 26,036 7,268 Corporate (594) (820) Total operating income (loss) 54,606 (17,178) Interest expense 6,321 10,578 Other income, net (3,459) (4,019) Income (loss) before income taxes $ 51,744 $ (23,737)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	$ 21	$ 36
Total assets at fair value	21	36
Derivatives Liabilities	178	87
Total liabilities at fair value	178	87
Fair Value, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	21	36
Total assets at fair value	21	36
Derivatives Liabilities	178	87
Total liabilities at fair value	$ 178	$ 87

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Fair Value of Derivatives Designated and Not Designated as Hedging Instruments (Details) € in Thousands, $ in Thousands	Sep. 30, 2021USD ($)	Sep. 30, 2021EUR (€)	Jun. 30, 2021USD ($)
Fair value of derivatives
Derivative, Fair Value, Net	$ (157)		$ (51)
Not Designated as Hedging Instrument [Member]
Fair value of derivatives
Derivative, Fair Value, Net	(157)		(51)
Currency Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Fair value of derivatives
Derivative assets designated as hedging instruments	21		36
Currency Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Fair value of derivatives
Derivative liabilities designated as hedging instruments	(178)		$ (87)
Net Investment Hedge Maturing on June 26, 2022 [Member]
Fair value of derivatives
Derivative, Notional Amount	$ 6,049	€ 5,219
Net Investment Hedging [Member]
Fair value of derivatives
Derivative, Amount of Hedged Item | €		5,200
Derivative, Amount of Hedged Item | €		€ 5,200

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
	Sep. 30, 2021	Sep. 30, 2020
Gains and losses related to cash flow hedges
Gains recognized in other comprehensive (loss) income, net	$ 0	$ 1,603
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	1,300	600
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	$ 140	$ 719

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Details Textual) € in Millions	Sep. 30, 2021EUR (€)
Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative, Amount of Hedged Item	€ 5.2

Restructuring and Related Cha_2

Restructuring and Related Charges - Restructuring Accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restructuring Reserve [Abstract]
Beginning Balance	$ 29,723
Restructuring Charges	159	$ 25,600
Asset Write-Down	(28)
Translation	(558)
Cash Expenditures	(4,492)
Ending Balance	24,804
Severance [Member]
Restructuring Reserve [Abstract]
Beginning Balance	29,723
Restructuring Charges	131
Asset Write-Down	0
Translation	(558)
Cash Expenditures	(4,492)
Ending Balance	24,804
Facilities [Member]
Restructuring Reserve [Abstract]
Beginning Balance	0
Restructuring Charges	28
Asset Write-Down	(28)
Translation	0
Cash Expenditures	0
Ending Balance	$ 0

Restructuring and Related Cha_3

Restructuring and Related Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 24,804		$ 29,723
Restructuring and Related Cost, Incurred Cost	1,200	$ 28,600
Restructuring Charges	159	25,600
Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost		2,600
Metal Cutting
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1,200	26,000
FY21 Restructuring Actions [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	83,400
FY21 Restructuring Actions [Member] | Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	90,000
FY21 Restructuring Actions [Member] | Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	7,700
FY21 Restructuring Actions [Member] | Metal Cutting
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	75,700
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Related Charges Recorded in Cost of Goods Sold or Operating Expense	1,100	$ 3,000
Other Current Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	15,800		19,900
Other Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 9,000		$ 9,900

Stock-Based Compensation - Chan

Stock-Based Compensation - Changes in Stock Options (Details)	3 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Changes in stock options
Options outstanding, June 30, 2021 | shares	315,012
Options, Exercised | shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | shares	(14,000)
Options outstanding, September 30, 2021 | shares	301,012
Options vested and expected to vest, September 30, 2021 | shares	301,012
Options exercisable, September 30, 2021 | shares	301,012
Weighted Average Exercise Price, Options outstanding, June 30, 2021 | $ / shares	$ 37.83
Weighted Average Exercise Price, Exercised | $ / shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ / shares	38.95
Weighted Average Exercise Price, Options outstanding, September 30, 2021 | $ / shares	37.78
Weighted Average Exercise Price, Option vested and expected to vest, September 30, 2021 | $ / shares	37.78
Weighted Average Exercise Price, Options exercisable, September 30, 2021 | $ / shares	$ 37.78
Weighted Average Remaining Life, Options outstanding, September 30, 2021	2 years 6 months
Weighted Average Remaining Life, Options vested and expected to vest, September 30, 2021	2 years 6 months
Weighted Average Remaining Life, Options exercisable, September 30, 2021	2 years 6 months
Aggregate Intrinsic value, Options outstanding, September 30, 2021 | $	$ 446,000
Aggregate Intrinsic Value, Options vested and expected to vest, September 30, 2021 | $	446,000
Aggregate Intrinsic Value, Options exercisable, September 30, 2021 | $	$ 446,000

Stock-Based Compensation - Ch_2

Stock-Based Compensation - Changes in Restricted Stock Units (Details)	3 Months Ended
	Sep. 30, 2021$ / sharesshares
Restricted Stock Units - Performance Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, June 30, 2021, Shares | shares	500,477
Granted, Shares | shares	192,792
Vested, Shares | shares	(36,455)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Performance Metric Adjustments, net | shares	(150,711)
Forfeited, Shares | shares	(11,541)
Unvested restricted stock awards, September 30, 2021 | shares	494,562
Weighted Average Fair Value, Unvested restricted stock awards, June 30, 2021 | $ / shares	$ 32.53
Weighted Average Fair Value, Granted | $ / shares	36.72
Weighted Average Fair Value, Vested | $ / shares	40.10
Share-based Compensation Arrangements by Share-based Payment Award, Options, Performance Metric Adjustments Share Increase (Decrease) In Period, Weighted Average Exercise Price | $ / shares	31.18
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares	30.51
Weighted Average Fair Value, Unvested restricted stock awards, September 30, 2021 | $ / shares	$ 34.07
Restricted Stock Units - Time Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, June 30, 2021, Shares | shares	1,332,740
Granted, Shares | shares	485,228
Vested, Shares | shares	(456,948)
Performance metric adjustments, net, Shares | shares	0
Forfeited, Shares | shares	(21,785)
Unvested restricted stock awards, September 30, 2021 | shares	1,339,235
Weighted Average Fair Value, Unvested restricted stock awards, June 30, 2021 | $ / shares	$ 31.72
Weighted Average Fair Value, Granted | $ / shares	36.70
Weighted Average Fair Value, Vested | $ / shares	31.30
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	30.22
Weighted Average Fair Value, Unvested restricted stock awards, September 30, 2021 | $ / shares	$ 33.69

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Stock-Based Compensation (Textual) [Abstract]
Cash received from the exercise of capital stock option		$ 0
Stock Option [Member]
Stock-Based Compensation (Textual) [Abstract]
Unrecognized compensation cost	$ 0
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Textual) [Abstract]
Compensation expense related to time vesting and performance vesting restricted stock units	7	$ 6.7
Unrecognized compensation cost	$ 36.8
Unrecognized compensation costs, weighted average period	2 years 3 months 18 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
	Sep. 30, 2021	Sep. 30, 2020
Net periodic pension income
Service cost	$ 286	$ 416
Interest cost	5,659	5,775
Expected return on plan assets	(13,037)	(13,346)
Amortization of transition obligation	24	23
Amortization of prior service cost (credit)	3	8
Recognition of actuarial losses	2,970	3,372
Net periodic pension income	$ (4,095)	$ (3,752)

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
	Sep. 30, 2021	Sep. 30, 2020
Net periodic other postretirement benefit costs
Interest cost	$ 72	$ 76
Amortization of prior service credit	(69)	(69)
Recognition of actuarial loss	74	77
Net periodic other postretirement benefit cost	$ 77	$ 84

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Inventories
Finished goods	$ 315,030	$ 302,524
Work in process and powder blends	170,825	173,671
Raw materials	91,580	72,551
Inventories at current cost	577,435	548,746
Less: LIFO valuation	(72,435)	(72,401)
Total inventories	$ 505,000	$ 476,345
Inventories (Textual) [Abstract]
Percentage of inventories valued by using LIFO method	38.00%	39.00%

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021	Jun. 07, 2018
Long-Term Debt (Additional Textual) [Abstract]
Fixed rate at fair market value	$ 641,600,000	$ 644,200,000
Debt Instrument [Line Items]
Long-term Debt and Lease Obligation	592,510,000	592,108,000
2018 Credit Agreement [Member]
Long-Term Debt (Textual) [Abstract]
Line of Credit Facility, Remaining Borrowing Capacity	700,000,000
Borrowing outstanding under 2018 Credit Agreement	0	$ 0
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, Maximum	3.5
Net Debt to EBITDA Ratio, domestic cash allowed to net debt, amount, minimum	$ 25,000,000

Revolving and Other Lines of _2

Revolving and Other Lines of Credit (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Line of Credit Facility [Line Items]
Notes Payable	$ 400	$ 8,400

Environmental Matters (Details)

Environmental Matters (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Environmental Remediation Obligations [Abstract]
Reserves for Environmental Costs	$ 14.6	$ 14.7
Accrued Environmental Loss Contingencies, Current	$ 2.5	$ 2.6

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Taxes - Additional Information [Line Items]
Discrete Benefit for Swiss Tax Reform		$ 14.5
Deferred Tax Assets, Net	$ 25.9
NOL, tax credit and other carryforward	$ 57
Income Tax (Textual) [Abstract]
Effective tax rate	27.00%	12.10%

Earnings Per Shares (Details)

Earnings Per Shares (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	83,880	83,318
Earnings Per Share (Textual) [Abstract]
Increase in weighted average shares due to dilutive effect of unexercised capital stock options and unvested restricted stock units	871
Weighted Average Number of Shares Outstanding, Diluted	84,751	83,318
Unexercised capital stock options and restricted stock units excluded from computation of diluted EPS	482

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Beginning Balance	$ 1,368,205	$ 1,268,788
Net income (loss)	37,752	(20,860)
Other comprehensive income (loss)	(12,549)	32,872
Dividend reinvestment	48	51
Capital stock issued under employee benefit and stock plans	839	2,209
Purchase of capital stock	(12,908)	(51)
Cash dividends	(16,740)	(16,627)
Ending Balance	1,364,647	1,266,382
Capital stock [Member]
Beginning Balance	104,518	103,654
Dividend reinvestment	2	2
Capital stock issued under employee benefit and stock plans	447	410
Purchase of capital stock	(440)	(2)
Ending Balance	104,527	104,064
Additional paid-in capital [Member]
Beginning Balance	562,820	538,575
Dividend reinvestment	46	49
Capital stock issued under employee benefit and stock plans	392	1,799
Purchase of capital stock	(12,468)	(49)
Ending Balance	550,790	540,374
Retained earnings [Member]
Beginning Balance	992,597	1,004,898
Net income (loss)	36,198	(21,675)
Cash dividends	(16,740)	(16,627)
Ending Balance	1,012,055	966,596
Accumulated other comprehensive loss [Member]
Beginning Balance	(330,327)	(417,242)
Other comprehensive income (loss)	(12,094)	31,594
Ending Balance	(342,421)	(385,648)
Non-controlling interest [Member]
Beginning Balance	38,597	38,903
Net income (loss)	1,554	815
Other comprehensive income (loss)	(455)	1,278
Ending Balance	$ 39,696	$ 40,996

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
	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax	$ (330,327)	$ (417,242)
Other comprehensive (loss) income before reclassifications	(14,117)	28,568
Amounts reclassified from accumulated other comprehensive loss	2,023	3,026
Net current period other comprehensive (loss) income	(12,094)	31,594
Accumulated Other Comprehensive Loss, Net of Tax	(342,421)	(385,648)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax	(213,172)	(232,634)
Other comprehensive (loss) income before reclassifications	1,904	(3,310)
Amounts reclassified from accumulated other comprehensive loss	2,215	2,565
Net current period other comprehensive (loss) income	4,119	(745)
Accumulated Other Comprehensive Loss, Net of Tax	(209,053)	(233,379)
Accumulated Currency Translation Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax	(122,428)	(181,027)
Other comprehensive (loss) income before reclassifications	(16,021)	30,668
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current period other comprehensive (loss) income	(16,021)	30,668
Accumulated Other Comprehensive Loss, Net of Tax	(138,449)	(150,359)
Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax	5,273	(3,581)
Other comprehensive (loss) income before reclassifications	0	1,210
Amounts reclassified from accumulated other comprehensive loss	(192)	461
Net current period other comprehensive (loss) income	(192)	1,671
Accumulated Other Comprehensive Loss, Net of Tax	5,081	(1,910)
Noncontrolling Interest [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax	(3,982)	(5,909)
Other comprehensive (loss) income before reclassifications	(455)	1,278
Net current period other comprehensive (loss) income	(455)	1,278
Accumulated Other Comprehensive Loss, Net of Tax	(4,437)	(4,631)
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	(3,002)	(3,411)
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	$ 255	$ (611)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Currency exchange contracts	$ 3,459	$ 4,019
Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges, tax	63	(150)
Recognition of actuarial losses	3,002	3,411
Provision for (benefit from) income taxes	13,992	(2,877)
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	63	(150)
Total before tax	(255)	611
Net of tax	(192)	461
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	24	23
Amortization of prior service credit	(66)	(61)
Recognition of actuarial losses	3,044	3,449
Total before tax	3,002	3,411
Provision for (benefit from) income taxes	(787)	(846)
Net of tax	(2,215)	(2,565)
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	(255)	635
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	$ 0	$ (24)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss Other Comprehensive Income - Income Tax Allocated to Each Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Other Comprehensive Income - Income Tax Allocated to Each Component [Abstract]
Unrealized gain on derivatives designated and qualified as cash flow hedges, before tax	$ 0	$ 1,603
Unrealized gain on derivatives designated and qualified as cash flow hedges, tax	0	(393)
Unrealized gain on derivatives designated and qualified as cash flow hedges, net of tax	0	1,210
Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges, before tax	(255)	611
Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges, tax	63	(150)
Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges, net of tax	(192)	461
Unrecognized net pension and other postretirement benefit (loss) gain, before tax	2,598	(4,382)
Unrecognized net pension and other postretirement benefit (loss) gain, tax	(694)	1,072
Unrecognized net pension and other postretirement benefit (loss) gain, net of tax	1,904	(3,310)
Reclassification of net pension and other postretirement benefit loss, before tax	3,002	3,411
Reclassification of net pension and other postretirement benefit loss, tax	(787)	(846)
Reclassification of net pension and other postretirement benefit loss	2,215	2,565
Foreign currency translation adjustments, before tax	(16,457)	32,106
Foreign currency translation adjustments, tax	(19)	(160)
Foreign currency translation adjustments, net of tax	(16,476)	31,946
Other comprehensive income (loss), before tax	(11,112)	33,349
Other comprehensive income (loss), tax	(1,437)	(477)
Other comprehensive income (loss), net of tax	$ (12,549)	$ 32,872

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Carrying Amount of Goodwill Attributable to Each Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Goodwill [Roll Forward]
Gross goodwill	$ 1,085,769	$ 1,088,487
Accumulated impairment losses	(810,872)	(810,872)
Goodwill, Beginning Balance	277,615
Change in gross goodwill due to translation	(2,718)
Goodwill, Ending Balance	274,897
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	452,558	455,276
Accumulated impairment losses	(177,661)	$ (177,661)
Goodwill, Beginning Balance	277,615
Change in gross goodwill due to translation	(2,718)
Goodwill, Ending Balance	$ 274,897

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
The components of intangible assets
Accumulated amortization	$ (156,375)	$ (153,972)
Intangible Assets, Gross (Excluding Goodwill)	272,850	274,013
Trademarks [Member]
The components of intangible assets
Gross carrying amount, Indefinite	11,534	11,818
Technology-based and other [Member]
The components of intangible assets
Gross carrying amount, finite	33,378	33,632
Accumulated amortization	(24,349)	(24,413)
Customer-related [Member]
The components of intangible assets
Gross carrying amount, finite	182,773	183,338
Accumulated amortization	(100,533)	(98,901)
Unpatented technology [Member]
The components of intangible assets
Gross carrying amount, finite	31,956	31,957
Accumulated amortization	(21,194)	(20,575)
Trademarks [Member]
The components of intangible assets
Gross carrying amount, finite	13,209	13,268
Accumulated amortization	$ (10,299)	$ (10,083)
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

Segment Data - Sales and Operat

Segment Data - Sales and Operating (Loss) Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Segment Reporting Information [Line Items]
Assets	$ 2,607,568		$ 2,665,761
External sales:
Sales	483,509	$ 400,305
Operating income (loss):
Total operating income (loss)	54,606	(17,178)
Interest expense (Note 9)	6,321	10,578
Other income, net	(3,459)	(4,019)
Income (Loss) before income taxes	51,744	(23,737)
Infrastructure [Member]
External sales:
Sales	185,079	152,429
Operating income (loss):
Total operating income (loss)	(26,036)	(7,268)
Corporate [Member]
Operating income (loss):
Total operating income (loss)	594	820
Metal Cutting
External sales:
Sales	298,430	247,876
Operating income (loss):
Total operating income (loss)	$ (29,164)	$ 23,626

Segment Data Disaggregation of

Segment Data Disaggregation of Revenue (Details)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	48.00%	46.00%
Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	17.00%	18.00%
Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	5.00%	5.00%
Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	16.00%	15.00%
Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	14.00%	16.00%
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	47.00%	45.00%
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	31.00%	31.00%
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	22.00%	24.00%
Infrastructure [Member] | General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	35.00%	34.00%
Infrastructure [Member] | Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	29.00%	25.00%
Infrastructure [Member] | Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	36.00%	41.00%
Infrastructure [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	58.00%	55.00%
Infrastructure [Member] | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	19.00%	21.00%
Infrastructure [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	23.00%	24.00%
Metal Cutting | General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	56.00%	54.00%
Metal Cutting | Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	28.00%	29.00%
Metal Cutting | Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	9.00%	9.00%
Metal Cutting | Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	7.00%	8.00%
Metal Cutting | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	40.00%	39.00%
Metal Cutting | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	38.00%	37.00%
Metal Cutting | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	22.00%	24.00%