Kennametal (KMT) 10-Q 3 Nov 22 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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)		80,576,387
Entity Central Index Key	0000055242
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2023
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, 2022
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, 2022 (the “2022 Annual Report”). The condensed consolidated balance sheet as of June 30, 2022 was derived from the audited balance sheet included in our 2022 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, 2022 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 2023 is to the fiscal year ending June 30, 2023. 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, 2022	Sep. 30, 2021
Sales	$ 494,792	$ 483,509
Cost of goods sold	334,824	322,759
Gross profit	159,968	160,750
Operating expense	108,278	102,694
Restructuring and asset impairment charges (Note 5)	0	190
Amortization of intangibles	3,164	3,260
Operating income	48,526	54,606
Interest expense	6,638	6,321
Other expense (income), net	1,009	(3,459)
Income before income taxes	40,879	51,744
Provision for income taxes	11,242	13,992
Net income	29,637	37,752
Less: Net income attributable to noncontrolling interests	1,441	1,554
Net income attributable to Kennametal	$ 28,196	$ 36,198
PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS
Basic earnings per share	$ 0.35	$ 0.43
Diluted earnings per share	0.34	0.43
Dividends per share	$ 0.20	$ 0.20
Basic weighted average shares outstanding	81,544	83,880
Diluted weighted average shares outstanding	82,165	84,751
Noncontrolling Interest [Member]
Net income	$ 1,441	$ 1,554

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net income	$ 29,637	$ 37,752
Other comprehensive income (loss), net of tax [Abstract]
Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges	(192)	(192)
Unrecognized net pension and other postretirement benefit gain	3,324	1,904
Reclassification of net pension and other postretirement benefit loss	806	2,215
Foreign currency translation adjustments	(52,949)	(16,476)
Total other comprehensive loss, net of tax	(49,011)	(12,549)
Total comprehensive (loss) income	(19,374)	25,203
Less: comprehensive (loss) income attributable to noncontrolling interests	(324)	1,099
Comprehensive (loss) income attributable to Kennametal Shareholders	(19,050)	24,104
Accumulated Other Comprehensive (Loss) Income [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	63	63
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]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	$ 63	$ 63

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 64,568	$ 85,586	$ 107,316	$ 154,047
Accounts receivable, less allowance for doubtful accounts of $9,082 and $9,422, respectively	278,716	295,346
Inventories (Note 8)	591,470	570,836
Other current assets	76,732	72,940
Total current assets	1,011,486	1,024,708
Property, plant and equipment:
Land and buildings	409,533	410,039
Machinery and equipment	1,868,682	1,904,872
Less accumulated depreciation	(1,305,685)	(1,312,870)
Property, plant and equipment, net	972,530	1,002,041
Other assets:
Goodwill (Note 16)	257,949	264,230
Other intangible assets, less accumulated amortization of $161,057 and $160,699, respectively (Note 16)	101,573	105,725
Operating lease right-of-use assets	43,823	47,206
Deferred income taxes	52,895	54,602
Other	75,952	75,012
Total other assets	532,192	546,775
Total assets	2,516,208	2,573,524
Current liabilities:
Revolving and other lines of credit and notes payable (Note 10)	85,239	21,186
Current operating lease liabilities	11,872	12,387
Accounts payable	205,940	227,887
Accrued income taxes	38,637	29,476
Accrued expenses	40,826	56,310
Other current liabilities	114,974	138,403
Total current liabilities	497,488	485,649
Long-term debt, less current maturities (Note 9)	594,566	594,364
Operating lease liabilities	32,464	35,342
Deferred income taxes	31,174	32,185
Accrued pension and postretirement benefits	107,048	112,995
Accrued income taxes	322	6,369
Other liabilities	14,801	15,373
Total liabilities	1,277,863	1,282,277
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; 81,020 and 81,337 shares issued, respectively	101,095	101,671
Additional paid-in capital	478,930	494,202
Retained earnings	1,082,575	1,070,655
Accumulated other comprehensive loss	(461,197)	(413,951)	(342,421)	(330,327)
Total Kennametal Shareholders' Equity	1,201,403	1,252,577
Noncontrolling interests	36,942	38,670
Total equity	1,238,345	1,291,247	$ 1,364,647	$ 1,368,205
Total liabilities and equity	$ 2,516,208	$ 2,573,524
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, 2022	Jun. 30, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9,082	$ 9,422
Accumulated amortization on other intangible assets	$ 161,057	$ 160,699
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	81,020	81,337
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, 2022	Sep. 30, 2021
OPERATING ACTIVITIES
Net income (loss)	$ 29,637	$ 37,752
Adjustments to reconcile to cash from operations:
Depreciation	29,459	29,124
Amortization	3,164	3,260
Stock-based compensation expense	8,282	7,202
Restructuring and asset impairment charges (Note 5)	0	28
Deferred income taxes	64	171
Other	(2,406)	(370)
Changes in certain assets and liabilities:
Accounts receivable	5,303	19,340
Inventories	(38,499)	(34,355)
Accounts payable and accrued liabilities	(42,145)	(43,677)
Accrued income taxes	1,552	5,835
Accrued pension and postretirement benefits	(2,482)	(7,156)
Other	(2,677)	(1,351)
Net cash flow (used in) provided by operating activities	(10,748)	15,803
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(29,484)	(17,844)
Disposals of property, plant and equipment	202	393
Other	(12)	37
Net cash flow used in investing activities	(29,294)	(17,414)
FINANCING ACTIVITIES
Net increase (decrease) in notes payable	3,388	(7,997)
Net increase revolving and other lines of credit	60,900	0
Purchase of capital stock	(19,376)	(12,909)
The effect of employee benefit and stock plans and dividend reinvestment	(4,757)	(6,317)
Cash dividends paid to Shareholders	(16,273)	(16,737)
Other	(757)	21
Net cash flow provided by (used in) financing activities	23,125	(43,939)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	(4,101)	(1,181)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$ (21,018)	$ (46,731)

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	3 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Three Months Ended September 30, (in thousands) 2022 2021 Cash paid during the period for: Interest $ 5,143 $ 4,966 Income taxes 9,626 7,986 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (8,708) (800)

Supplemental Cash Flow

Supplemental Cash Flow	3 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	Three Months Ended September 30, (in thousands) 2022 2021 Cash paid during the period for: Interest $ 5,143 $ 4,966 Income taxes 9,626 7,986 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (8,708) (800)

Supplemental Cash Flow_2

Supplemental Cash Flow - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Interest	$ 5,143	$ 4,966
Income taxes	9,626	7,986
Change in accounts payable related to purchases of property, plant, and equipment	$ (8,708)	$ (800)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
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, 2022, 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) $ — $ 230 $ — $ 230 Total assets at fair value $ — $ 230 $ — $ 230 Liabilities: Derivatives (1) $ — $ 147 $ — $ 147 Total liabilities at fair value $ — $ 147 $ — $ 147 As of June 30, 2022, 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) $ — $ 176 $ — $ 176 Total assets at fair value $ — $ 176 $ — $ 176 Liabilities: Derivatives (1) $ — $ 574 $ — $ 574 Total liabilities at fair value $ — $ 574 $ — $ 574 (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, 2022
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, 2022 and June 30, 2022. The fair value of derivatives not designated as hedging instruments in the condensed consolidated balance sheets are as follows: (in thousands) September 30, 2022 June 30, 2022 Derivatives not designated as hedging instruments Other current assets - currency forward contracts $ 230 $ 176 Other current liabilities - currency forward contracts (147) (574) Total derivatives not designated as hedging instruments 83 (398) Total derivatives $ 83 $ (398) 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 expense (income), net. (Gains) losses related to derivatives not designated as hedging instruments have been recognized as follows: Three Months Ended September 30, (in thousands) 2022 2021 Other expense (income), net - currency forward contracts $ (306) $ 140 NET INVESTMENT HEDGES

Restructuring and Related Charg

Restructuring and Related Charges	3 Months Ended
	Sep. 30, 2022
Restructuring Charges [Abstract]
RESTRUCTURING AND RELATED CHARGES	RESTRUCTURING AND RELATED CHARGES We recorded no restructuring and related charges for the three months ended September 30, 2022. For the three months ended September 30, 2021, we recorded restructuring and related charges of $1.2 million, 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. As of September 30, 2022, $4.5 million and $1.5 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, 2022, $6.0 million and $1.9 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively. The amounts are as follows: (in thousands) June 30, 2022 Expense Asset Write-Down Translation Cash Expenditures September 30, 2022 Severance $ 7,919 $ — $ — $ (426) $ (1,486) $ 6,007 Total $ 7,919 $ — $ — $ (426) $ (1,486) $ 6,007

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 2022
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, 2022 were as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic value (in thousands) Options outstanding, June 30, 2022 271,843 $ 37.45 Exercised — — Lapsed or forfeited (31,163) 36.76 Options outstanding, September 30, 2022 240,680 $ 37.54 1.9 $ — Options vested, September 30, 2022 240,680 $ 37.54 1.9 $ — Options exercisable, September 30, 2022 240,680 $ 37.54 1.9 $ — As of September 30, 2022 and June 30, 2022, there was no unrecognized compensation cost related to options outstanding, and all options were fully vested as of September 30, 2022 and 2021. There was no cash received from the exercise of options during the three months ended September 30, 2022 and 2021. The total intrinsic value of options exercised was zero during the three months ended September 30, 2022 and immaterial during the three months ended September 30, 2021. 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, 2022 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, 2022 350,955 $ 33.44 1,213,896 $ 33.53 Granted 189,469 27.27 693,410 27.24 Vested — — (499,717) 32.10 Performance metric adjustments, net (52,111) 27.58 — — Forfeited — — (12,823) 32.14 Unvested, September 30, 2022 488,313 $ 31.67 1,394,766 $ 30.93 During the three months ended September 30, 2022 and 2021, compensation expense related to time vesting and performance vesting restricted stock units was $7.8 million and $7.0 million, respectively. Performance vesting stock units were adjusted by 52,111 units during the three months ended September 30, 2022 related to the fiscal 2022 performance year. As of September 30, 2022, the total unrecognized compensation cost related to unvested time vesting and performance vesting restricted stock units was $38.7 million and is expected to be recognized over a weighted average period of 2.1 years.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	3 Months Ended
	Sep. 30, 2022
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) 2022 2021 Service cost $ 238 $ 286 Interest cost 8,040 5,659 Expected return on plan assets (10,026) (13,037) Amortization of transition obligation 21 24 Amortization of prior service cost 2 3 Recognition of actuarial losses 1,105 2,970 Net periodic pension income $ (620) $ (4,095) The table below summarizes the components of net periodic other postretirement benefit cost: Three Months Ended September 30, (in thousands) 2022 2021 Interest cost $ 104 $ 72 Amortization of prior service credit (68) (69) Recognition of actuarial loss 48 74 Net periodic other postretirement benefit cost $ 84 $ 77 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 expense (income), net.

Inventories

Inventories	3 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES We used the last-in, first-out (LIFO) method of valuing inventories for 40 percent and 39 percent of total inventories at September 30, 2022 and June 30, 2022, 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, 2022 June 30, 2022 Finished goods $ 331,354 $ 316,936 Work in process and powder blends 243,394 231,214 Raw materials 101,293 107,024 Inventories at current cost 676,041 655,174 Less: LIFO valuation (84,571) (84,338) Total inventories $ 591,470 $ 570,836

Long-Term Debt

Long-Term Debt	3 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBTFixed rate debt had a fair market value of $505.3 million and $536.1 million at September 30, 2022 and June 30, 2022, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of September 30, 2022 and June 30, 2022, respectively.
Short-term Debt	10. REVOLVING AND OTHER LINES OF CREDIT AND NOTES PAYABLE During fiscal 2022, we entered into the Sixth Amended and Restated Credit Agreement dated as of June 14, 2022 (the Credit Agreement). The Credit Agreement is a five-year, multi-currency, revolving credit facility, which 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) Euro Interbank Offered Rate (EURIBOR), Sterling Overnight Index Average (SONIA), Tokyo Interbank Offered Rate (TIBOR), Secured Overnight Financing Rate (SOFR), and Canadian Dollar Offered Rate (CDOR) for any borrowings in euros, pounds sterling, yen, U.S. dollars and Canadian dollars, respectively, 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 2027. The Credit Agreement requires us to comply with various restrictive and affirmative covenants, including one financial covenant: 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 3.75 times trailing twelve months EBITDA, adjusted for certain non-cash expenses. As of September 30, 2022, we were in compliance with all the covenants of the Credit Agreement and we had $79.9 million of borrowings outstanding and $620.1 million of additional availability. We had $19.0 million of borrowings outstanding as of June 30, 2022.

Environmental Matters

Environmental Matters	3 Months Ended
	Sep. 30, 2022
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 sites associated with our current or former operations. We establish and maintain accruals for estimated liabilities associated with certain environmental matters. At September 30, 2022, the balance of such accruals was $12.3 million, of which $7.9 million was current. At June 30, 2022, the balance was $12.5 million, of which $7.9 million was current. These accruals are generally not discounted. We record a loss contingency when the available information indicates it is probable that we have incurred a liability and the amount of the loss is reasonably estimable. The likelihood of a loss with respect to a particular environmental matter is often difficult to predict, and determining a meaningful estimate of the loss or a range of loss may not be practicable based on information available. When a material loss contingency is probable but a reasonable estimate cannot be made, or when a material loss contingency is at least reasonably possible, disclosure is provided. The accruals we have established for estimated environmental liabilities represent our best current estimate of the probable and reasonably estimable costs of addressing 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. 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 or the courts on these matters. Among other environmental laws, we are subject to the Comprehensive Environmental Response Compensation and Liability Act of 1980 (CERCLA), under which we have been identified by the USEPA or other third party as a PRP with respect to environmental remedial costs at certain Superfund sites. We have evaluated our claims and estimated liability associated with these sites based upon the best information currently available to us. We believe our environmental accruals are adequate to cover our portion of the environmental remedial costs at the 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, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective income tax rates for the three months ended September 30, 2022 and 2021 were 27.5 percent and 27.0 percent, respectively. The year-over-year change is due primarily to geographical mix. 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 three months ended December 31, 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 within the next three months.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHAREBasic earnings per share is computed using the weighted average number of shares outstanding during the period, while diluted earnings per share is calculated to reflect the potential dilution that would occur related to the issuance of capital stock under stock option grants, performance awards and restricted stock units. The difference between basic and diluted earnings per share relates solely to the effect of capital stock options, performance awards and restricted stock units. The following table provides the computation of diluted shares outstanding for the three months ended September 30, 2022 and 2021: Three Months Ended September 30, (in thousands) 2022 2021 Weighted-average shares outstanding during the period 81,544 83,880 Add: Unexercised stock options and unvested restricted stock units 621 871 Number of shares on which diluted earnings per share is calculated 82,165 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 1,249 482

Equity

Equity	3 Months Ended
	Sep. 30, 2022
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, 2022 and 2021 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, 2022 $ 101,671 $ 494,202 $ 1,070,655 $ (413,951) $ 38,670 $ 1,291,247 Net income — — 28,196 — 1,441 29,637 Other comprehensive loss — — — (47,246) (1,765) (49,011) Dividend reinvestment 2 44 — — — 46 Capital stock issued under employee benefit and stock plans (3) 454 3,028 — — — 3,482 Purchase of capital stock (1,032) (18,344) — — — (19,376) Cash dividends ($0.20 per share) — — (16,276) — — (16,276) Cash dividends to non-controlling interests — — — — (1,404) (1,404) Total equity, September 30, 2022 $ 101,095 $ 478,930 $ 1,082,575 $ (461,197) $ 36,942 $ 1,238,345 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 (3) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Sep. 30, 2022
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, 2022: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2022 $ (208,406) $ (210,048) $ 4,503 $ (413,951) Other comprehensive income (loss) before reclassifications 3,324 (51,184) — (47,860) Amounts reclassified from AOCL 806 — (192) 614 Net other comprehensive income (loss) 4,130 (51,184) (192) (47,246) AOCL, September 30, 2022 $ (204,276) $ (261,232) $ 4,311 $ (461,197) Attributable to noncontrolling interests: Balance, June 30, 2022 $ — $ (7,547) $ — $ (7,547) Other comprehensive loss before reclassifications — (1,765) — (1,765) Net other comprehensive loss — (1,765) — (1,765) AOCL, September 30, 2022 $ — $ (9,312) $ — $ (9,312) The components of, and changes in, 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) Reclassifications out of AOCL for the three months ended September 30, 2022 and 2021 consisted of the following: Three Months Ended September 30, (in thousands) 2022 2021 Affected line item in the Income Statement Gains on cash flow hedges: Forward starting interest rate swaps $ (255) $ (255) Interest expense Total before tax (255) (255) Tax impact 63 63 Provision for income taxes Net of tax $ (192) $ (192) Pension and other postretirement benefits: Amortization of transition obligations $ 21 $ 24 Other income, net Amortization of prior service credit (66) (66) Other income, net Recognition of actuarial losses 1,153 3,044 Other income, net Total before tax 1,108 3,002 Tax impact (302) (787) Provision for income taxes Net of tax $ 806 $ 2,215 The amount of income tax allocated to each component of other comprehensive loss for the three months ended September 30, 2022 and 2021 were as follows: 2022 2021 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges $ (255) $ 63 $ (192) $ (255) $ 63 $ (192) Unrecognized net pension and other postretirement benefit plans gain 4,479 (1,155) 3,324 2,598 (694) 1,904 Reclassification of net pension and other postretirement benefit plans loss 1,108 (302) 806 3,002 (787) 2,215 Foreign currency translation adjustments (52,799) (150) (52,949) (16,457) (19) (16,476) Other comprehensive loss $ (47,467) $ (1,544) $ (49,011) $ (11,112) $ (1,437) $ (12,549)

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Sep. 30, 2022
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 $ 441,891 $ 633,211 $ 1,075,102 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2022 $ 264,230 $ — $ 264,230 Activity for the three months ended September 30, 2022: Change in gross goodwill due to translation (6,281) — (6,281) Gross goodwill 435,610 633,211 1,068,821 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of September 30, 2022 $ 257,949 $ — $ 257,949 The components of our other intangible assets were as follows: Estimated September 30, 2022 June 30, 2022 (in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Technology-based and other 4 to 20 $ 30,907 $ (22,242) $ 31,592 $ (22,734) Customer-related 10 to 21 178,151 (104,948) 180,263 (104,698) Unpatented technology 10 to 30 31,564 (23,396) 31,807 (22,950) Trademarks 5 to 20 12,283 (10,471) 12,403 (10,317) Trademarks Indefinite 9,725 — 10,359 — Total $ 262,630 $ (161,057) $ 266,424 $ (160,699)

Segment Data

Segment Data	3 Months Ended
	Sep. 30, 2022
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. 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, such as 3D printing, 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 by segment are as follows: Three Months Ended September 30, (in thousands) 2022 2021 Sales: Metal Cutting $ 299,936 $ 298,430 Infrastructure 194,856 185,079 Total sales $ 494,792 $ 483,509 Operating income: Metal Cutting $ 28,605 $ 29,164 Infrastructure 20,787 26,036 Corporate (866) (594) Total operating income 48,526 54,606 Interest expense 6,638 6,321 Other expense (income), net 1,009 (3,459) Income before income taxes $ 40,879 $ 51,744 The following table presents Kennametal's revenue disaggregated by geography: Three Months Ended September 30, 2022 September 30, 2021 (in percentages) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 45% 62% 51% 40% 58% 47% EMEA 33 16 27 38 19 31 Asia Pacific 22 22 22 22 23 22 The following tables presents Kennametal's revenue disaggregated by end market: Three Months Ended September 30, 2022 (in percentages) Metal Cutting Infrastructure Total Kennametal General engineering 56% 32% 46% Transportation 27 — 16 Aerospace 10 — 6 Energy 7 32 17 Earthworks — 36 15 Three Months Ended September 30, 2021 (in percentages) Metal Cutting Infrastructure Total Kennametal General engineering 56% 35% 48% Transportation 28 — 17 Aerospace 9 — 5 Energy 7 29 16 Earthworks — 36 14

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Financial instruments at fair value on recurring basis	As of September 30, 2022, 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) $ — $ 230 $ — $ 230 Total assets at fair value $ — $ 230 $ — $ 230 Liabilities: Derivatives (1) $ — $ 147 $ — $ 147 Total liabilities at fair value $ — $ 147 $ — $ 147 As of June 30, 2022, 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) $ — $ 176 $ — $ 176 Total assets at fair value $ — $ 176 $ — $ 176 Liabilities: Derivatives (1) $ — $ 574 $ — $ 574 Total liabilities at fair value $ — $ 574 $ — $ 574 (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, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivatives	(in thousands) September 30, 2022 June 30, 2022 Derivatives not designated as hedging instruments Other current assets - currency forward contracts $ 230 $ 176 Other current liabilities - currency forward contracts (147) (574) Total derivatives not designated as hedging instruments 83 (398) Total derivatives $ 83 $ (398)
(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 September 30, (in thousands) 2022 2021 Other expense (income), net - currency forward contracts $ (306) $ 140

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Schedule of Restructuring Reserve by Type of Cost	As of September 30, 2022, $4.5 million and $1.5 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, 2022, $6.0 million and $1.9 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively. The amounts are as follows: (in thousands) June 30, 2022 Expense Asset Write-Down Translation Cash Expenditures September 30, 2022 Severance $ 7,919 $ — $ — $ (426) $ (1,486) $ 6,007 Total $ 7,919 $ — $ — $ (426) $ (1,486) $ 6,007

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Changes in stock options	Changes in our stock options for the three months ended September 30, 2022 were as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic value (in thousands) Options outstanding, June 30, 2022 271,843 $ 37.45 Exercised — — Lapsed or forfeited (31,163) 36.76 Options outstanding, September 30, 2022 240,680 $ 37.54 1.9 $ — Options vested, September 30, 2022 240,680 $ 37.54 1.9 $ — Options exercisable, September 30, 2022 240,680 $ 37.54 1.9 $ —
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, 2022 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, 2022 350,955 $ 33.44 1,213,896 $ 33.53 Granted 189,469 27.27 693,410 27.24 Vested — — (499,717) 32.10 Performance metric adjustments, net (52,111) 27.58 — — Forfeited — — (12,823) 32.14 Unvested, September 30, 2022 488,313 $ 31.67 1,394,766 $ 30.93

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Sep. 30, 2022
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) 2022 2021 Service cost $ 238 $ 286 Interest cost 8,040 5,659 Expected return on plan assets (10,026) (13,037) Amortization of transition obligation 21 24 Amortization of prior service cost 2 3 Recognition of actuarial losses 1,105 2,970 Net periodic pension income $ (620) $ (4,095)
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) 2022 2021 Interest cost $ 104 $ 72 Amortization of prior service credit (68) (69) Recognition of actuarial loss 48 74 Net periodic other postretirement benefit cost $ 84 $ 77

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: (in thousands) September 30, 2022 June 30, 2022 Finished goods $ 331,354 $ 316,936 Work in process and powder blends 243,394 231,214 Raw materials 101,293 107,024 Inventories at current cost 676,041 655,174 Less: LIFO valuation (84,571) (84,338) Total inventories $ 591,470 $ 570,836

Earnings Per Share (Tables) (Ta

Earnings Per Share (Tables) (Tables)	3 Months Ended
	Sep. 30, 2022
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, 2022 and 2021: Three Months Ended September 30, (in thousands) 2022 2021 Weighted-average shares outstanding during the period 81,544 83,880 Add: Unexercised stock options and unvested restricted stock units 621 871 Number of shares on which diluted earnings per share is calculated 82,165 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 1,249 482

Equity (Tables)

Equity (Tables)	3 Months Ended
	Sep. 30, 2022
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, 2022 and 2021 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, 2022 $ 101,671 $ 494,202 $ 1,070,655 $ (413,951) $ 38,670 $ 1,291,247 Net income — — 28,196 — 1,441 29,637 Other comprehensive loss — — — (47,246) (1,765) (49,011) Dividend reinvestment 2 44 — — — 46 Capital stock issued under employee benefit and stock plans (3) 454 3,028 — — — 3,482 Purchase of capital stock (1,032) (18,344) — — — (19,376) Cash dividends ($0.20 per share) — — (16,276) — — (16,276) Cash dividends to non-controlling interests — — — — (1,404) (1,404) Total equity, September 30, 2022 $ 101,095 $ 478,930 $ 1,082,575 $ (461,197) $ 36,942 $ 1,238,345 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 (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, 2022
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, 2022: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2022 $ (208,406) $ (210,048) $ 4,503 $ (413,951) Other comprehensive income (loss) before reclassifications 3,324 (51,184) — (47,860) Amounts reclassified from AOCL 806 — (192) 614 Net other comprehensive income (loss) 4,130 (51,184) (192) (47,246) AOCL, September 30, 2022 $ (204,276) $ (261,232) $ 4,311 $ (461,197) Attributable to noncontrolling interests: Balance, June 30, 2022 $ — $ (7,547) $ — $ (7,547) Other comprehensive loss before reclassifications — (1,765) — (1,765) Net other comprehensive loss — (1,765) — (1,765) AOCL, September 30, 2022 $ — $ (9,312) $ — $ (9,312) The components of, and changes in, 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)
Reclassification out of Accumulated Other Comprehensive Loss	Reclassifications out of AOCL for the three months ended September 30, 2022 and 2021 consisted of the following: Three Months Ended September 30, (in thousands) 2022 2021 Affected line item in the Income Statement Gains on cash flow hedges: Forward starting interest rate swaps $ (255) $ (255) Interest expense Total before tax (255) (255) Tax impact 63 63 Provision for income taxes Net of tax $ (192) $ (192) Pension and other postretirement benefits: Amortization of transition obligations $ 21 $ 24 Other income, net Amortization of prior service credit (66) (66) Other income, net Recognition of actuarial losses 1,153 3,044 Other income, net Total before tax 1,108 3,002 Tax impact (302) (787) Provision for income taxes Net of tax $ 806 $ 2,215
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 for the three months ended September 30, 2022 and 2021 were as follows: 2022 2021 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges $ (255) $ 63 $ (192) $ (255) $ 63 $ (192) Unrecognized net pension and other postretirement benefit plans gain 4,479 (1,155) 3,324 2,598 (694) 1,904 Reclassification of net pension and other postretirement benefit plans loss 1,108 (302) 806 3,002 (787) 2,215 Foreign currency translation adjustments (52,799) (150) (52,949) (16,457) (19) (16,476) Other comprehensive loss $ (47,467) $ (1,544) $ (49,011) $ (11,112) $ (1,437) $ (12,549)

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2022
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 $ 441,891 $ 633,211 $ 1,075,102 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2022 $ 264,230 $ — $ 264,230 Activity for the three months ended September 30, 2022: Change in gross goodwill due to translation (6,281) — (6,281) Gross goodwill 435,610 633,211 1,068,821 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of September 30, 2022 $ 257,949 $ — $ 257,949
The components of intangible assets	The components of our other intangible assets were as follows: Estimated September 30, 2022 June 30, 2022 (in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Technology-based and other 4 to 20 $ 30,907 $ (22,242) $ 31,592 $ (22,734) Customer-related 10 to 21 178,151 (104,948) 180,263 (104,698) Unpatented technology 10 to 30 31,564 (23,396) 31,807 (22,950) Trademarks 5 to 20 12,283 (10,471) 12,403 (10,317) Trademarks Indefinite 9,725 — 10,359 — Total $ 262,630 $ (161,057) $ 266,424 $ (160,699)

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents Kennametal's revenue disaggregated by geography: Three Months Ended September 30, 2022 September 30, 2021 (in percentages) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 45% 62% 51% 40% 58% 47% EMEA 33 16 27 38 19 31 Asia Pacific 22 22 22 22 23 22 The following tables presents Kennametal's revenue disaggregated by end market: Three Months Ended September 30, 2022 (in percentages) Metal Cutting Infrastructure Total Kennametal General engineering 56% 32% 46% Transportation 27 — 16 Aerospace 10 — 6 Energy 7 32 17 Earthworks — 36 15 Three Months Ended September 30, 2021 (in percentages) Metal Cutting Infrastructure Total Kennametal General engineering 56% 35% 48% Transportation 28 — 17 Aerospace 9 — 5 Energy 7 29 16 Earthworks — 36 14
Sales and operating income (loss) by segment and segment assets	Our sales and operating income by segment are as follows: Three Months Ended September 30, (in thousands) 2022 2021 Sales: Metal Cutting $ 299,936 $ 298,430 Infrastructure 194,856 185,079 Total sales $ 494,792 $ 483,509 Operating income: Metal Cutting $ 28,605 $ 29,164 Infrastructure 20,787 26,036 Corporate (866) (594) Total operating income 48,526 54,606 Interest expense 6,638 6,321 Other expense (income), net 1,009 (3,459) Income before income taxes $ 40,879 $ 51,744

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	$ 230	$ 176
Total assets at fair value	230	176
Derivatives Liabilities	147	574
Total liabilities at fair value	147	574
Fair Value, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	230	176
Total assets at fair value	230	176
Derivatives Liabilities	147	574
Total liabilities at fair value	$ 147	$ 574

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	Sep. 30, 2022	Jun. 30, 2022
Fair value of derivatives
Derivative, Fair Value, Net	$ 83	$ (398)
Not Designated as Hedging Instrument [Member]
Fair value of derivatives
Derivative, Fair Value, Net	83	(398)
Currency Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Fair value of derivatives
Derivative assets designated as hedging instruments	230	176
Currency Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Fair value of derivatives
Derivative liabilities designated as hedging instruments	$ (147)	$ (574)

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, 2022	Sep. 30, 2021
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	$ 1,700	$ 1,300
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	$ (306)	$ 140

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Details Textual) € in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 EUR (€)	Jun. 30, 2022 EUR (€)
Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative, Amount of Hedged Item | €			€ 0	€ 13
Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax | $	$ 1.7	$ 1.3

Restructuring and Related Cha_2

Restructuring and Related Charges - Restructuring Accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Restructuring Reserve [Abstract]
Beginning Balance	$ 7,919
Restructuring Charges	0	$ 200
Asset Write-Down	0
Translation	(426)
Cash Expenditures	(1,486)
Ending Balance	6,007
Severance [Member]
Restructuring Reserve [Abstract]
Beginning Balance	7,919
Restructuring Charges	0
Asset Write-Down	0
Translation	(426)
Cash Expenditures	(1,486)
Ending Balance	$ 6,007

Restructuring and Related Cha_3

Restructuring and Related Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 6,007		$ 7,919
Restructuring and Related Cost, Incurred Cost	0	$ 1,200
Restructuring Charges	0	200
Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost		0
Metal Cutting
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost		1,200
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Related Charges Recorded in Cost of Goods Sold or Operating Expense		$ 1,100
Other Current Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	4,500		6,000
Other Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 1,500		$ 1,900

Stock-Based Compensation - Chan

Stock-Based Compensation - Changes in Stock Options (Details)	3 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Changes in stock options
Options outstanding, June 30, 2022 | shares	271,843
Options, Exercised | shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | shares	(31,163)
Options outstanding, September 30, 2022 | shares	240,680
Options vested and expected to vest, September 30, 2022 | shares	240,680
Options exercisable, September 30, 2022 | shares	240,680
Weighted Average Exercise Price, Options outstanding, June 30, 2022 | $ / shares	$ 37.45
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	36.76
Weighted Average Exercise Price, Options outstanding, September 30, 2022 | $ / shares	37.54
Weighted Average Exercise Price, Option vested and expected to vest, September 30, 2022 | $ / shares	37.54
Weighted Average Exercise Price, Options exercisable, September 30, 2022 | $ / shares	$ 37.54
Weighted Average Remaining Life, Options outstanding, September 30, 2022	1 year 10 months 24 days
Weighted Average Remaining Life, Options vested and expected to vest, September 30, 2022	1 year 10 months 24 days
Weighted Average Remaining Life, Options exercisable, September 30, 2022	1 year 10 months 24 days
Aggregate Intrinsic value, Options outstanding, September 30, 2022 | $	$ 0
Aggregate Intrinsic Value, Options vested and expected to vest, September 30, 2022 | $	0
Aggregate Intrinsic Value, Options exercisable, September 30, 2022 | $	$ 0

Stock-Based Compensation - Ch_2

Stock-Based Compensation - Changes in Restricted Stock Units (Details)	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Restricted Stock Units - Performance Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, June 30, 2022, Shares | shares	350,955
Granted, Shares | shares	189,469
Vested, Shares | shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | shares	(52,111)
Forfeited, Shares | shares	0
Unvested restricted stock awards, September 30, 2022 | shares	488,313
Weighted Average Fair Value, Unvested restricted stock awards, June 30, 2022 | $ / shares	$ 33.44
Weighted Average Fair Value, Granted | $ / shares	27.27
Weighted Average Fair Value, Vested | $ / shares	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ / shares	27.58
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares	0
Weighted Average Fair Value, Unvested restricted stock awards, September 30, 2022 | $ / shares	$ 31.67
Restricted Stock Units - Time Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, June 30, 2022, Shares | shares	1,213,896
Granted, Shares | shares	693,410
Vested, Shares | shares	(499,717)
Performance metric adjustments, net, Shares | shares	0
Forfeited, Shares | shares	(12,823)
Unvested restricted stock awards, September 30, 2022 | shares	1,394,766
Weighted Average Fair Value, Unvested restricted stock awards, June 30, 2022 | $ / shares	$ 33.53
Weighted Average Fair Value, Granted | $ / shares	27.24
Weighted Average Fair Value, Vested | $ / shares	32.10
Weighted Average Fair Value, Performance Metric Not Achieved | $ / shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares	32.14
Weighted Average Fair Value, Unvested restricted stock awards, September 30, 2022 | $ / shares	$ 30.93

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Stock Option [Member]
Stock-Based Compensation (Textual) [Abstract]
Unrecognized compensation cost	$ 0
Total Intrinsic value of options exercised	0	$ 0
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Textual) [Abstract]
Compensation expense related to time vesting and performance vesting restricted stock units	7.8	$ 7
Unrecognized compensation cost	$ 38.7
Unrecognized compensation costs, weighted average period	2 years 1 month 6 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, 2022	Sep. 30, 2021
Net periodic pension income
Service cost	$ 238	$ 286
Interest cost	8,040	5,659
Expected return on plan assets	(10,026)	(13,037)
Amortization of transition obligation	21	24
Amortization of prior service cost (credit)	2	3
Recognition of actuarial losses	1,105	2,970
Net periodic pension income	$ (620)	$ (4,095)

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, 2022	Sep. 30, 2021
Net periodic other postretirement benefit costs
Interest cost	$ 104	$ 72
Amortization of prior service credit	(68)	(69)
Recognition of actuarial loss	48	74
Net periodic other postretirement benefit cost	$ 84	$ 77

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Inventories
Finished goods	$ 331,354	$ 316,936
Work in process and powder blends	243,394	231,214
Raw materials	101,293	107,024
Inventories at current cost	676,041	655,174
Less: LIFO valuation	(84,571)	(84,338)
Total inventories	$ 591,470	$ 570,836
Inventories (Textual) [Abstract]
Percentage of inventories valued by using LIFO method	40%	39%

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Jun. 07, 2018
Long-Term Debt (Additional Textual) [Abstract]
Fixed rate at fair market value	$ 505,300,000	$ 536,100,000
Notes Payable	5,300,000	2,200,000
2018 Credit Agreement [Member]
Long-Term Debt (Textual) [Abstract]
Line of Credit Facility, Remaining Borrowing Capacity	620,100,000
Borrowing outstanding under 2018 Credit Agreement	79,900,000	$ 19,000,000
Line of Credit Facility, Maximum Borrowing Capacity			$ 700,000,000
Line of Credit [Member]
Long-Term Debt (Textual) [Abstract]
Net Debt to EBITDA Ratio, Maximum	3.75
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	Sep. 30, 2022	Jun. 30, 2022
Environmental Remediation Obligations [Abstract]
Reserves for Environmental Costs	$ 12.3	$ 12.5
Accrued Environmental Loss Contingencies, Current	$ 7.9	$ 7.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Taxes - Additional Information [Line Items]
Discrete Benefit for Swiss Tax Reform		$ 14.5
Income Tax (Textual) [Abstract]
Effective tax rate	27.50%	27%

Earnings Per Shares (Details)

Earnings Per Shares (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	81,544	83,880
Earnings Per Share (Textual) [Abstract]
Increase in weighted average shares due to dilutive effect of unexercised capital stock options and unvested restricted stock units	621	871
Weighted Average Number of Shares Outstanding, Diluted	82,165	84,751
Unexercised capital stock options and restricted stock units excluded from computation of diluted EPS	1,249	482

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Beginning Balance	$ 1,291,247	$ 1,368,205
Net income (loss)	29,637	37,752
Other comprehensive income (loss)	(49,011)	(12,549)
Dividend reinvestment	46	48
Capital stock issued under employee benefit and stock plans	3,482	839
Purchase of capital stock	(19,376)	(12,908)
Cash dividends	(16,276)	(16,740)
Ending Balance	1,238,345	1,364,647
Capital stock [Member]
Beginning Balance	101,671	104,518
Dividend reinvestment	2	2
Capital stock issued under employee benefit and stock plans	454	447
Purchase of capital stock	(1,032)	(440)
Ending Balance	101,095	104,527
Additional paid-in capital [Member]
Beginning Balance	494,202	562,820
Dividend reinvestment	44	46
Capital stock issued under employee benefit and stock plans	3,028	392
Purchase of capital stock	(18,344)	(12,468)
Ending Balance	478,930	550,790
Retained earnings [Member]
Beginning Balance	1,070,655	992,597
Net income (loss)	28,196	36,198
Cash dividends	(16,276)	(16,740)
Ending Balance	1,082,575	1,012,055
Accumulated other comprehensive loss [Member]
Beginning Balance	(413,951)	(330,327)
Other comprehensive income (loss)	(47,246)	(12,094)
Ending Balance	(461,197)	(342,421)
Non-controlling interest [Member]
Beginning Balance	38,670	38,597
Net income (loss)	1,441	1,554
Other comprehensive income (loss)	(1,765)	(455)
Cash dividends	(1,404)
Ending Balance	$ 36,942	$ 39,696

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, 2022	Sep. 30, 2021
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax	$ (413,951)	$ (330,327)
Other comprehensive (loss) income before reclassifications	(47,860)	(14,117)
Amounts reclassified from accumulated other comprehensive loss	614	2,023
Net current period other comprehensive (loss) income	(47,246)	(12,094)
Accumulated Other Comprehensive Loss, Net of Tax	(461,197)	(342,421)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax	(208,406)	(213,172)
Other comprehensive (loss) income before reclassifications	3,324	1,904
Amounts reclassified from accumulated other comprehensive loss	806	2,215
Net current period other comprehensive (loss) income	4,130	4,119
Accumulated Other Comprehensive Loss, Net of Tax	(204,276)	(209,053)
Accumulated Currency Translation Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax	(210,048)	(122,428)
Other comprehensive (loss) income before reclassifications	(51,184)	(16,021)
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current period other comprehensive (loss) income	(51,184)	(16,021)
Accumulated Other Comprehensive Loss, Net of Tax	(261,232)	(138,449)
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	4,503	5,273
Other comprehensive (loss) income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	(192)	(192)
Net current period other comprehensive (loss) income	(192)	(192)
Accumulated Other Comprehensive Loss, Net of Tax	4,311	5,081
Noncontrolling Interest [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax	(7,547)	(3,982)
Other comprehensive (loss) income before reclassifications	(1,765)	(455)
Net current period other comprehensive (loss) income	(1,765)	(455)
Accumulated Other Comprehensive Loss, Net of Tax	(9,312)	(4,437)
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(1,108)	(3,002)
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	$ 255

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Currency exchange contracts	$ (1,009)	$ 3,459
Recognition of actuarial losses	1,108	3,002
Provision for income taxes	11,242	13,992
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Total before tax	(255)	(255)
Net of tax	(192)	(192)
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	21	24
Amortization of prior service credit	(66)	(66)
Recognition of actuarial losses	1,153	3,044
Total before tax	1,108	3,002
Provision for income taxes	(302)	(787)
Net of tax	(806)	(2,215)
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)	$ (255)

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, 2022	Sep. 30, 2021
Other Comprehensive Income - Income Tax Allocated to Each Component [Abstract]
Unrecognized net pension and other postretirement benefit (loss) gain, before tax	$ 4,479	$ 2,598
Unrecognized net pension and other postretirement benefit (loss) gain, tax	(1,155)	(694)
Unrecognized net pension and other postretirement benefit (loss) gain, net of tax	3,324	1,904
Reclassification of net pension and other postretirement benefit loss, before tax	1,108	3,002
Reclassification of net pension and other postretirement benefit loss, tax	(302)	(787)
Reclassification of net pension and other postretirement benefit loss	806	2,215
Foreign currency translation adjustments, before tax	(52,799)	(16,457)
Foreign currency translation adjustments, tax	(150)	(19)
Foreign currency translation adjustments, net of tax	(52,949)	(16,476)
Other comprehensive income (loss), before tax	(47,467)	(11,112)
Other comprehensive income (loss), tax	(1,544)	(1,437)
Other comprehensive income (loss), net of tax	(49,011)	(12,549)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	63	63
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(255)	(255)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	$ 192	$ 192

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, 2022	Jun. 30, 2022
Goodwill [Roll Forward]
Gross goodwill	$ 1,068,821	$ 1,075,102
Accumulated impairment losses	(810,872)	(810,872)
Goodwill, Beginning Balance	264,230
Change in gross goodwill due to translation	(6,281)
Goodwill, Ending Balance	257,949
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	435,610	441,891
Accumulated impairment losses	(177,661)	$ (177,661)
Goodwill, Beginning Balance	264,230
Change in gross goodwill due to translation	(6,281)
Goodwill, Ending Balance	$ 257,949

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
The components of intangible assets
Accumulated amortization	$ (161,057)	$ (160,699)
Intangible Assets, Gross (Excluding Goodwill)	262,630	266,424
Trademarks [Member]
The components of intangible assets
Gross carrying amount, Indefinite	9,725	10,359
Technology-based and other [Member]
The components of intangible assets
Gross carrying amount, finite	30,907	31,592
Accumulated amortization	(22,242)	(22,734)
Customer-related [Member]
The components of intangible assets
Gross carrying amount, finite	178,151	180,263
Accumulated amortization	(104,948)	(104,698)
Unpatented technology [Member]
The components of intangible assets
Gross carrying amount, finite	31,564	31,807
Accumulated amortization	(23,396)	(22,950)
Trademarks [Member]
The components of intangible assets
Gross carrying amount, finite	12,283	12,403
Accumulated amortization	$ (10,471)	$ (10,317)
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, 2022	Sep. 30, 2021	Jun. 30, 2022
Segment Reporting Information [Line Items]
Assets	$ 2,516,208		$ 2,573,524
External sales:
Sales	494,792	$ 483,509
Operating (income) loss:
Total operating income	48,526	54,606
Interest expense	6,638	6,321
Other expense (income), net	1,009	(3,459)
Income before income taxes	40,879	51,744
Infrastructure [Member]
External sales:
Sales	194,856	185,079
Operating (income) loss:
Total operating income	(20,787)	(26,036)
Corporate [Member]
Operating (income) loss:
Total operating income	866	594
Metal Cutting
External sales:
Sales	299,936	298,430
Operating (income) loss:
Total operating income	$ (28,605)	$ (29,164)

Segment Data Disaggregation of

Segment Data Disaggregation of Revenue (Details)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	46%	48%
Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	16%	17%
Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	6%	5%
Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	17%	16%
Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	15%	14%
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	51%	47%
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	27%	31%
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	22%	22%
Infrastructure [Member] | General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	32%	35%
Infrastructure [Member] | Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	32%	29%
Infrastructure [Member] | Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	36%	36%
Infrastructure [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	62%	58%
Infrastructure [Member] | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	16%	19%
Infrastructure [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	22%	23%
Metal Cutting | General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	56%	56%
Metal Cutting | Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	27%	28%
Metal Cutting | Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	10%	9%
Metal Cutting | Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	7%	7%
Metal Cutting | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	45%	40%
Metal Cutting | EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	33%	38%
Metal Cutting | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	22%	22%