Cover
Cover - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Jul. 31, 2024 | Dec. 29, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2024 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 961,400,000 | ||
Entity Common Stock, Shares Outstanding (In shares) | 77,900,791 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated by reference into Part III. | ||
Entity Central Index Key | 0000055242 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --06-30 | ||
Amendment Flag | false | ||
Document Information [Line Items] | |||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Pittsburgh, Pennsylvania | ||
Auditor Firm ID | 238 | ||
Entity Public Float | $ 961,400,000 | ||
Entity Listings [Line Items] | |||
Document Financial Statement Error Correction [Flag] | false | ||
Capital Stock Par Value1.25 Per Share | |||
Cover [Abstract] | |||
Title of 12(b) Security | Capital Stock, par value $1.25 per share | ||
Trading Symbol | KMT | ||
Document Information [Line Items] | |||
Title of 12(b) Security | Capital Stock, par value $1.25 per share | ||
Entity Listings [Line Items] | |||
Trading Symbol | KMT | ||
Capital Stock Par Value1.25 Per Share | NEW YORK STOCK EXCHANGE, INC. | |||
Cover [Abstract] | |||
Security Exchange Name | NYSE | ||
Entity Listings [Line Items] | |||
Security Exchange Name | NYSE | ||
Preferred Stock Purchase Rights | |||
Cover [Abstract] | |||
Title of 12(b) Security | Preferred Stock Purchase Rights | ||
Document Information [Line Items] | |||
Title of 12(b) Security | Preferred Stock Purchase Rights | ||
Preferred Stock Purchase Rights | NEW YORK STOCK EXCHANGE, INC. | |||
Cover [Abstract] | |||
Security Exchange Name | NYSE | ||
Entity Listings [Line Items] | |||
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | |||
Sales | $ 2,046,899 | $ 2,078,184 | $ 2,012,456 |
Cost of goods sold | 1,419,806 | 1,431,745 | 1,364,479 |
Gross profit | 627,093 | 646,439 | 647,977 |
Operating expense | 433,161 | 437,292 | 419,093 |
Restructuring and other charges, net (Note 16) | 12,152 | 4,106 | (1,243) |
Gain on divestiture (Note 4) | 0 | 0 | (1,001) |
Amortization of intangibles | 11,557 | 12,624 | 12,988 |
Operating income | 170,223 | 192,417 | 218,140 |
Interest expense | 26,472 | 28,496 | 25,914 |
Other expense (income), net | (699) | 4,300 | (14,507) |
Income before income taxes | 144,450 | 159,621 | 206,733 |
Provision for income taxes (Note 13) | 30,809 | 36,255 | 56,532 |
Net income | 113,641 | 123,366 | 150,201 |
Less: Net income attributable to noncontrolling interests | 4,318 | 4,907 | 5,578 |
Net income attributable to Kennametal | $ 109,323 | $ 118,459 | $ 144,623 |
PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS | |||
Basic earnings per share | $ 1.38 | $ 1.47 | $ 1.74 |
Diluted earnings per share | $ 1.37 | $ 1.46 | $ 1.72 |
Basic weighted average shares outstanding | 79,390 | 80,803 | 83,252 |
Diluted weighted average shares outstanding | 79,965 | 81,402 | 83,944 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 113,641 | $ 123,366 | $ 150,201 |
Unrealized gain on derivatives designated and qualified as cash flow hedges | (26) | 0 | 0 |
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges | 725 | 770 | 770 |
Unrecognized net pension and other postretirement benefit plans (loss) gain | (10,100) | (10,402) | (4,163) |
Reclassification of net pension and other postretirement benefit plans loss | 4,227 | 3,373 | 8,929 |
Foreign currency translation adjustments | (14,164) | 6,815 | (91,185) |
Total other comprehensive (loss) income, net of tax | (20,788) | (984) | (87,189) |
Total comprehensive income | 92,853 | 122,382 | 63,012 |
Less: comprehensive income attributable to noncontrolling interests | (3,777) | (4,315) | (2,013) |
Comprehensive income attributable to Kennametal Shareholders | $ 89,076 | $ 118,067 | $ 60,999 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 127,971 | $ 106,021 |
Accounts receivable, less allowance for doubtful accounts of $8,759 and $9,422, respectively | 302,810 | 307,313 |
Inventories (Note 7) | 514,632 | 557,630 |
Other current assets | 57,179 | 55,825 |
Total current assets | 1,002,592 | 1,026,789 |
Property, plant and equipment: | ||
Land and buildings | 415,376 | 416,291 |
Machinery and equipment | 1,992,001 | 1,951,535 |
Less accumulated depreciation | (1,469,314) | (1,398,758) |
Property, plant and equipment, net | 938,063 | 969,068 |
Other assets: | ||
Goodwill (Note 8) | 271,567 | 269,551 |
Other intangible assets, less accumulated amortization of $173,346 and $160,699, respectively (Note 8) | 81,421 | 93,164 |
Operating lease right-of-use assets (Note 9) | 48,142 | 43,036 |
Deferred income taxes (Note 13) | 79,333 | 65,519 |
Long-term prepaid pension benefit (Note 14) | 70,016 | 70,567 |
Other | 12,624 | 9,540 |
Total other assets | 563,103 | 551,377 |
Total assets | 2,503,758 | 2,547,234 |
Current liabilities: | ||
Revolving and other lines of credit and notes payable (Note 12) | 1,377 | 689 |
Current operating lease liabilities (Note 9) | 12,766 | 11,379 |
Accounts payable | 191,541 | 203,341 |
Accrued income taxes | 13,152 | 25,143 |
Accrued vacation pay | 12,370 | 14,501 |
Accrued payroll | 40,643 | 41,134 |
Other current liabilities (Note 10) | 144,112 | 137,788 |
Total current liabilities | 415,961 | 433,975 |
Long-term debt, less current maturities (Note 11) | 595,980 | 595,172 |
Operating lease liabilities (Note 9) | 35,631 | 32,178 |
Deferred income taxes (Note 13) | 36,171 | 32,062 |
Accrued postretirement benefits (Note 14) | 6,334 | 6,800 |
Accrued pension benefits (Note 14) | 103,581 | 108,736 |
Accrued income taxes | 1,484 | 1,446 |
Other liabilities | 20,017 | 22,697 |
Total liabilities | 1,215,159 | 1,233,066 |
Commitments and contingencies (Note 20) | ||
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; 79,835 and 81,337 shares issued, respectively | 97,361 | 99,794 |
Additional paid-in capital | 416,620 | 465,406 |
Retained earnings | 1,170,482 | 1,124,590 |
Accumulated other comprehensive loss (Note 15) | (434,588) | (414,343) |
Total Kennametal Shareholders' Equity | 1,249,875 | 1,275,447 |
Noncontrolling interests | 38,724 | 38,721 |
Total equity | 1,288,599 | 1,314,168 |
Total liabilities and equity | $ 2,503,758 | $ 2,547,234 |
Consolidated Balance Sheets(Par
Consolidated Balance Sheets(Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 7,831 | $ 8,759 |
Accumulated amortization on other intangible assets | $ 184,352 | $ 173,346 |
Preferred stock, par value | $ 0 | |
Preferred stock, shares authorized | 5,000 | |
Preferred stock, shares issued | 0 | |
Capital stock, par value | $ 1.25 | |
Capital stock, shares authorized | 120,000 | |
Capital stock, shares issued | 77,889 | 79,835 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES | |||
Net income | $ 113,641 | $ 123,366 | $ 150,201 |
Adjustments to reconcile to cash from operations: | |||
Depreciation | 123,130 | 121,401 | 118,690 |
Amortization | 11,557 | 12,624 | 12,988 |
Stock-based compensation expense | 24,340 | 24,657 | 20,985 |
Restructuring and other charges, net (Note 16) | 12,152 | 4,106 | (753) |
Deferred Income Tax Expense (Benefit) | (8,017) | (9,219) | 11,292 |
Gain on divestiture (Note 4) | 0 | 0 | (1,001) |
Changes in certain assets and liabilities: | |||
Accounts receivable | (2,624) | (11,543) | (14,432) |
Inventories | 36,835 | 17,582 | (127,409) |
Accounts payable and accrued liabilities | (6,086) | (32,514) | 31,997 |
Accrued income taxes | (16,219) | 852 | 10,238 |
Accrued pension and postretirement benefits | (9,481) | (10,103) | (24,216) |
Other | (3,525) | 9,657 | (4,893) |
Net cash flow provided by operating activities | (277,108) | (257,945) | 181,444 |
INVESTING ACTIVITIES | |||
Payments to Acquire Productive Assets | 107,561 | 94,385 | 96,924 |
Disposals of property, plant and equipment | 5,425 | 5,029 | 924 |
Proceeds from divestiture (Note 4) | 0 | 0 | 1,001 |
Payments to Acquire Businesses, Net of Cash Acquired | (4,010) | 0 | 0 |
Other | (3,280) | 126 | 60 |
Net cash flow used for investing activities | (109,426) | (89,230) | (94,939) |
FINANCING ACTIVITIES | |||
Net (decrease) increase in notes payable | 714 | (1,270) | (6,067) |
Net (decrease) increase in revolving and other lines of credit | 0 | (19,000) | 19,000 |
Purchase of capital stock | (65,574) | (49,290) | (85,542) |
The effect of employee benefit and stock plans and dividend reinvestment | (9,982) | (6,042) | (6,909) |
Cash dividends paid to Shareholders | (63,431) | (64,524) | (66,565) |
Other | (3,474) | (2,982) | (4,652) |
Net cash flow used for financing activities | (141,747) | (143,108) | (150,735) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | (3,985) | (5,172) | (4,231) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 21,950 | 20,435 | (68,461) |
CASH AND CASH EQUIVALENTS | |||
Cash and cash equivalents, beginning of year | 106,021 | 85,586 | 154,047 |
Cash and cash equivalents, end of year | 106,021 | 85,586 | |
Cash and cash equivalents | 127,971 | 106,021 | 85,586 |
Other Noncash Income (Expense) | $ 1,405 | $ 7,079 | $ (2,243) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interests [Member] | Derivatives [Member] Reclassification out of Accumulated Other Comprehensive Income [Member] |
Beginning Balance, Shares at Jun. 30, 2021 | 83,614 | ||||||
Beginning Balance at Jun. 30, 2021 | $ 104,518 | $ 562,820 | $ 992,597 | $ (330,327) | $ 38,597 | ||
Dividend reinvestment, Shares | 6 | ||||||
Dividend reinvestment | $ 7 | 182 | |||||
Capital stock issued under employee benefit and stock plans, Shares | 444 | ||||||
Capital stock issued under employee benefit and stock plans | $ 554 | 13,334 | |||||
Purchase of capital stock, Shares | (2,727) | ||||||
Purchase of capital stock | $ (3,408) | (82,134) | |||||
Net income | $ 150,201 | 144,623 | 5,578 | ||||
Cash dividends paid to Shareholders | (66,565) | (1,940) | |||||
Unrecognized net pension and other postretirement benefit plans (loss) gain | (4,163) | (4,163) | |||||
Reclassification of net pension and other postretirement benefit plans loss | 8,929 | 8,929 | |||||
Foreign currency translation adjustments, net of tax | (91,185) | (87,620) | |||||
Other comprehensive (loss) income, net of tax | (87,189) | (83,624) | (3,565) | ||||
Ending Balance, Shares at Jun. 30, 2022 | 81,337 | ||||||
Ending Balance at Jun. 30, 2022 | 1,291,247 | $ 101,671 | 494,202 | 1,070,655 | (413,951) | 38,670 | |
Unrealized gain on derivatives designated and qualified as cash flow hedges | 0 | 0 | |||||
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges | 770 | 770 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 250 | $ 250 | |||||
Dividend reinvestment, Shares | 7 | ||||||
Dividend reinvestment | $ 9 | 178 | |||||
Capital stock issued under employee benefit and stock plans, Shares | 494 | ||||||
Capital stock issued under employee benefit and stock plans | $ 618 | 17,812 | |||||
Purchase of capital stock, Shares | (2,003) | ||||||
Purchase of capital stock | $ (2,504) | (46,786) | |||||
Net income | 123,366 | 118,459 | 4,907 | ||||
Cash dividends paid to Shareholders | (64,524) | (4,264) | |||||
Unrecognized net pension and other postretirement benefit plans (loss) gain | (10,402) | (10,402) | |||||
Reclassification of net pension and other postretirement benefit plans loss | 3,373 | 3,373 | |||||
Foreign currency translation adjustments, net of tax | 6,815 | 7,407 | |||||
Other comprehensive (loss) income, net of tax | (984) | (392) | (592) | ||||
Ending Balance, Shares at Jun. 30, 2023 | 79,835 | ||||||
Ending Balance at Jun. 30, 2023 | 1,314,168 | $ 99,794 | 465,406 | 1,124,590 | (414,343) | 38,721 | |
Unrealized gain on derivatives designated and qualified as cash flow hedges | 0 | 0 | |||||
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges | 770 | 770 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 250 | 250 | |||||
Dividend reinvestment, Shares | 7 | ||||||
Dividend reinvestment | $ 9 | 169 | |||||
Capital stock issued under employee benefit and stock plans, Shares | 649 | ||||||
Capital stock issued under employee benefit and stock plans | $ 810 | 13,367 | |||||
Purchase of capital stock, Shares | (2,602) | ||||||
Purchase of capital stock | $ (3,252) | (62,322) | |||||
Net income | $ 113,641 | 109,323 | 4,318 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.80 | ||||||
Cash dividends paid to Shareholders | (63,431) | (3,774) | |||||
Unrecognized net pension and other postretirement benefit plans (loss) gain | $ (10,100) | (10,100) | |||||
Reclassification of net pension and other postretirement benefit plans loss | 4,227 | 4,227 | |||||
Foreign currency translation adjustments, net of tax | (14,164) | (13,621) | |||||
Other comprehensive (loss) income, net of tax | (20,788) | (20,245) | (541) | ||||
Ending Balance, Shares at Jun. 30, 2024 | 77,889 | ||||||
Ending Balance at Jun. 30, 2024 | 1,288,599 | $ 97,361 | $ 416,620 | $ 1,170,482 | (434,588) | $ 38,724 | |
Unrealized gain on derivatives designated and qualified as cash flow hedges | (26) | (26) | |||||
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges | 725 | $ 725 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | $ 235 | $ 235 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW DISCLOSURES | SUPPLEMENTAL CASH FLOW DISCLOSURES Year ended June 30 (in thousands) 2024 2023 2022 Cash paid during the period for: Interest $ 26,382 $ 28,192 $ 25,277 Income taxes 48,518 43,730 36,105 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (4,497) (2,248) 9,800 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Disclosures | Year ended June 30 (in thousands) 2024 2023 2022 Cash paid during the period for: Interest $ 26,382 $ 28,192 $ 25,277 Income taxes 48,518 43,730 36,105 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (4,497) (2,248) 9,800 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest | $ 26,382 | $ 28,192 | $ 25,277 |
Income taxes | 48,518 | 43,730 | 36,105 |
Change In Accounts Payable Related To Purchases Of Property, Plant And Equipment | $ (4,497) | $ (2,248) | $ 9,800 |
Nature of operations
Nature of operations | 12 Months Ended |
Jun. 30, 2024 | |
Nature of operations [Abstract] | |
Nature of Operations [Text Block] | NATURE OF OPERATIONS With more than 85 years of materials expertise, the Company is a global industrial technology leader, helping customers across the Aerospace & Defense, Earthworks, Energy, General Engineering and Transportation end markets manufacture with precision and efficiency. This expertise includes the development and application of tungsten carbides, ceramics, super-hard materials and solutions used in metal cutting and extreme wear applications to keep customers up and running longer against conditions such as corrosion and high temperatures. Our standard and custom product offering spans metal cutting and wear applications including turning, milling, hole making, tooling systems and services, as well as specialized wear components and metallurgical powders. End users of the Company's metal cutting products include manufacturers engaged in a diverse array of industries including: the manufacturers of transportation vehicles and components, machine tools and light and heavy machinery; airframe and aerospace components; and energy-related components for the oil and gas industry, as well as power generation. The Company’s wear and metallurgical powders are used by producers and suppliers in equipment-intensive operations such as road construction, mining, quarrying, oil and gas exploration, refining, production and supply, and for aerospace and defense. Unless otherwise specified, any reference to a “year” is to a fiscal year ended June 30. When used in this Annual Report on Form 10-K, unless the context requires otherwise, the terms “we,” “our” and “us” refer to Kennametal Inc. and its subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of our significant accounting policies is presented below to assist in evaluating our consolidated financial statements. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include our accounts and those of our subsidiaries in which we have a controlling interest. All intercompany balances and transactions are eliminated. USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS In preparing our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), we make judgments and estimates about the amounts reflected in our consolidated financial statements. As part of our financial reporting process, our management collaborates to determine the necessary information on which to base our judgments and develop estimates used to prepare the consolidated financial statements. We use historical experience and available information to make these judgments and estimates. Actual amounts could differ from the estimates reflected in our consolidated financial statements. CASH AND CASH EQUIVALENTS Cash investments having original maturities of three months or less are considered cash equivalents. Cash equivalents principally consist of investments in money market funds and bank deposits at June 30, 2024. ACCOUNTS RECEIVABLE We market our products to a diverse customer base throughout the world. Trade credit is extended based upon periodically updated evaluations of each customer’s ability to satisfy its obligations. We record allowances for estimated losses resulting from the inability of our customers to make required payments. We assess the creditworthiness of our customers based on multiple sources of information and analyze additional factors such as our historical bad debt experience, industry concentrations of credit risk, current economic trends, changes in customer payment terms and forward-looking information. INVENTORIES We use the last-in, first-out (LIFO) method for determining the cost of a significant portion of our United States (U.S.) inventories, and they are stated at the lower of cost or market. The cost of the remainder of our inventories is measured using approximate costs determined on the first-in, first-out basis or using the average cost method, and are stated at the lower of cost or net realizable value. When market conditions indicate an excess of carrying costs over market value, a lower of cost or net realizable value provision or a lower of cost or market provision, as applicable, is recorded. Once inventory is determined to be excess or obsolete, a new cost basis is established that is not subsequently written back up in future periods. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are carried at cost. Major improvements are capitalized, while maintenance and repairs are expensed as incurred. Retirements and disposals are removed from cost and accumulated depreciation accounts, with the gain or loss reflected in operating income. Interest related to the construction of major facilities is capitalized as part of the construction costs and is depreciated over the facilities' estimated useful lives. Depreciation for financial reporting purposes is computed using the straight-line method over the following estimated useful lives: building and improvements over 15-40 years; machinery and equipment over 4-15 years; furniture and fixtures over 5-10 years and computer hardware and software over 3-5 years. LONG-LIVED ASSETS We evaluate the recoverability of property, plant and equipment, operating lease right-of-use (ROU) assets and intangible assets that are amortized, whenever events or changes in circumstances indicate the carrying amount of any such assets may not be fully recoverable. Changes in circumstances include technological advances, changes in our business model, capital structure, economic conditions or operating performance. Our evaluation is performed at the asset group level, based upon, among other things, our assumptions about the estimated future undiscounted cash flows these assets are expected to generate. When the sum of the undiscounted cash flows is less than the carrying value, we will recognize an impairment loss to the extent that carrying value exceeds fair value. We apply our best judgment when performing these evaluations to determine if a triggering event has occurred, the undiscounted cash flows used to assess recoverability and the fair value of the asset group. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess of cost over the fair value of the net assets of acquired companies. Goodwill is tested at least annually for impairment. We perform our annual impairment test during the June quarter in connection with our annual planning process unless there are impairment indicators that warrant a test prior to that quarter. As of June 30, 2024, only the Metal Cutting reporting unit has goodwill recorded. We can use a qualitative test, known as "Step 0," or a quantitative method to determine whether impairment has occurred. In 2024, we elected to implement Step 0 and were not required to conduct the quantitative analysis. In 2023 and 2022, we performed quantitative analyses using a combination of a discounted cash flow analysis and market multiples based upon historical and projected financial information. We apply our best judgment when assessing the reasonableness of the assumptions used to determine the fair value of the reporting unit. The majority of our intangible assets with definite lives are amortized on a straight-line basis, while certain customer-related intangible assets are amortized on an accelerated method. Identifiable assets with finite lives are reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable. PENSION AND OTHER POSTRETIREMENT BENEFITS We sponsor these types of benefit plans for certain employees and retirees. Accounting for the cost of these plans requires the estimation of the cost of the benefits to be provided well into the future and attributing that cost over either the expected work life of employees or over the average life of participants participating in these plans, depending on plan status and on participant population. This estimation requires our judgment about the discount rate used to determine these obligations, expected return on plan assets, rate of future compensation increases, withdrawal and mortality rates and participant retirement age. Differences between our estimates and actual results may significantly affect the cost of our obligations under these plans. In the valuation of our pension and other postretirement benefit liabilities, management utilizes various assumptions. Discount rates are derived by identifying a theoretical settlement portfolio of high quality corporate bonds sufficient to provide for a plan’s projected benefit payments. This rate can fluctuate based on changes in the corporate bond yields. The long-term rate of return on plan assets is estimated based on an evaluation of historical returns for each asset category held by the plans, coupled with the current and short-term mix of the investment portfolio. The historical returns are adjusted for expected future market and economic changes. This return will fluctuate based on actual market returns and other economic factors. Future compensation rates, withdrawal rates and participant retirement age are determined based on historical information. These assumptions are not expected to significantly change. Mortality rates are determined based on a review of published mortality tables. EARNINGS PER SHARE Basic earnings per share is computed using the weighted average number of shares outstanding during the period, while diluted earnings per share is calculated to reflect the potential dilution that would occur related to the issuance of capital stock under stock option grants, performance awards and restricted stock units. The difference between basic and diluted earnings per share relates solely to the effect of capital stock options, performance awards and restricted stock units. The following tables provide the computation of diluted shares outstanding: (in thousands) 2024 2023 2022 Weighted-average shares outstanding during period 79,390 80,803 83,252 Add: Unexercised stock options and unvested restricted stock units 575 599 692 Number of shares on which diluted earnings per share is calculated 79,965 81,402 83,944 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 396 642 260 REVENUE RECOGNITION The Company's contracts with customers are comprised of purchase orders, and for larger customers, may also include long-term agreements. We account for a contract when it has approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. These contracts with customers typically relate to the manufacturing of products, which represent single performance obligations that are satisfied when control of the product passes to the customer. The Company considers the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession and customer acceptance when determining when control transfers to the customer. As a result, revenue is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms in the contract. The shipping terms vary across all businesses and depend on the product, customary local commercial terms and the type of transportation. Shipping and handling activities are accounted for as activities to fulfill a promise to transfer a product to a customer and as such, costs incurred are recorded when the related revenue is recognized. Payment for products is due within a limited time period after shipment or delivery, typically within 30 to 90 calendar days of the respective invoice dates. The Company does not generally offer extended payment terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. Amounts billed and due from our customers are classified as accounts receivable, less allowance for doubtful accounts on the consolidated balance sheets. Certain contracts with customers, primarily distributor customers, have an element of variable consideration that is estimated when revenue is recognized under the contract. Variable consideration primarily includes volume incentive rebates, which are based on achieving a certain level of purchases and other performance criteria as established by our distributor programs. These rebates are estimated based on projected sales to the customer and accrued as a reduction of net sales as they are earned. The majority of our products are consumed by our customers or end users in the manufacture of their products. Historically, we have experienced very low levels of returned products and do not consider the effect of returned products to be material. We have recorded an estimated returned goods allowance to provide for any potential returns. We warrant that products sold are free from defects in material and workmanship under normal use and service when correctly installed, used and maintained. This warranty terminates 30 days after delivery of the product to the customer and does not apply to products that have been subjected to misuse, abuse, neglect or improper storage, handling or maintenance. Products may be returned to Kennametal only after inspection and approval by Kennametal and upon receipt by the customer of shipping instructions from Kennametal. We have included an estimated allowance for warranty returns in our returned goods allowance discussed above. The Company records a contract asset when it has a right to payment from a customer that is conditioned on events that have occurred other than the passage of time. The Company also records a contract liability when customers prepay but the Company has not yet satisfied its performance obligation. The Company did not have any material remaining performance obligations, contract assets or liabilities as of June 30, 2024 and 2023. The Company pays sales commissions related to certain contracts, which qualify as incremental costs of obtaining a contract. However, the Company applies the practical expedient that allows an entity to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would have been recognized is one year or less. These costs are recorded within operating expense in our consolidated statements of income. SHIPPING AND HANDLING FEES AND COSTS All fees billed to customers for shipping and handling are classified as a component of sales. All costs associated with shipping and handling are classified as a component of cost of goods sold. STOCK-BASED COMPENSATION We recognize stock-based compensation expense for all stock options, restricted stock awards and restricted stock units over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service (substantive vesting period). Forfeitures are recorded as incurred. We utilize the Black-Scholes valuation method to establish the fair value of all stock option awards. Time vesting stock units are valued at the market value of the stock on the grant date. Performance vesting stock units with a market condition are valued using a Monte Carlo model. Capital stock options are granted to eligible employees at fair market value at the date of grant. Capital stock options are exercisable under specified conditions for up to 10 years from the date of grant. The Kennametal Inc. Stock and Incentive Plan of 2010, as Amended and Restated on October 22, 2013, and further amended on January 27, 2015 (A/R 2010 Plan), by the Kennametal Inc. 2016 Stock and Incentive Plan, and on October 27, 2020 by the Kennametal Inc. 2020 Stock and Incentive Plan (2020 Plan) authorize the issuance of up to 9,500,000 shares of the Company’s capital stock plus any shares remaining unissued under the Kennametal Inc. Stock and Incentive Plan of 2002, as amended (2002 Plan). Under the provisions of the A/R 2010 Plan and 2020 Plan, participants may deliver stock, owned by the holder for at least six months, in payment of the option price and receive credit for the fair market value of the shares on the date of delivery. The fair market value of shares delivered during 2024, 2023 and 2022 was immaterial. In addition to stock option grants, the A/R 2010 Plan and the 2020 Plan permit the award of stock appreciation rights, performance share awards, performance unit awards, restricted stock awards, restricted unit awards and share awards to directors, officers and key employees. RESEARCH AND DEVELOPMENT COSTS Research and development costs of $44.2 million, $43.1 million and $42.1 million in 2024, 2023 and 2022, respectively, were expensed as incurred. These costs are included in operating expense in the consolidated statements of income. INCOME TAXES The Company’s provision for income taxes is calculated based on income and statutory tax rates in the various jurisdictions in which the Company operates and requires the use of management’s estimates and judgments. Management judgment is required in determining the Company’s worldwide provision for income taxes and recording the related assets and liabilities, including accruals for unrecognized tax benefits and assessing the need for valuation allowances on deferred tax assets. Deferred income taxes are recognized based on the future income tax effects (using enacted tax laws and rates) of differences in the carrying amounts of assets and liabilities for financial reporting and tax purposes. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50 percent) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, we consider all potential sources of taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations, and projections of future profitability within the carry forward period, including taxable income from tax planning strategies. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of the deferred tax asset based on existing projections of income. Upon changes in facts and circumstances, we may conclude that deferred tax assets for which no valuation allowance is currently recorded may not be realized, resulting in a charge to establish a valuation allowance. Existing valuation allowances are re-examined under the same standards of positive and negative evidence. If it is determined that it is more likely than not that a deferred tax asset will be realized, the appropriate amount of the valuation allowance, if any, is released. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES As part of our financial risk management program, we use certain derivative financial instruments. We do not enter into derivative transactions for speculative purposes and, therefore, hold no derivative instruments for trading purposes. We use derivative financial instruments to provide predictability to the effects of changes in foreign exchange rates on our consolidated results. Our objective in managing foreign exchange exposures with derivative instruments is to reduce volatility in cash flow, allowing us to focus more of our attention on business operations. We account for derivative instruments as a hedge of the related asset, liability, firm commitment or anticipated transaction, when the derivative is specifically designated as a hedge of such items. We measure hedge effectiveness by assessing the changes in the fair value or expected future cash flows of the hedged item. Certain currency forward contracts hedging significant cross-border intercompany loans are considered other derivatives and, therefore, do not qualify for hedge accounting. CASH FLOW HEDGES Range forward contracts (a transaction where both a put option is purchased and a call option is sold) are designated as cash flow hedges and hedge anticipated cash flows from cross-border intercompany sales of products and services. Gains and losses realized on these contracts are recorded in accumulated other comprehensive loss, and are recognized as a component of cost of goods sold when the underlying sale of products or services is recognized into earnings. NET INVESTMENT HEDGES We designate financial instruments as net investment hedges from time to time to hedge the foreign exchange exposure of our net investment in foreign currency-based subsidiaries. The remeasurements of these non-derivatives designated as net investment hedges are calculated each period with changes reported in foreign currency translation adjustment within accumulated other comprehensive loss. Such amounts will remain in accumulated other comprehensive loss unless we complete or substantially complete liquidation or disposal of our investment in the underlying foreign operations. CURRENCY TRANSLATION Assets and liabilities of international operations are translated into U.S. dollars using year-end exchange rates, while revenues and expenses are translated at average exchange rates throughout the year. The resulting net translation adjustments are recorded as a component of accumulated other comprehensive loss. The local currency is the functional currency of most of our locations. Losses of $4.1 million, $3.9 million and $2.5 million from currency transactions were included in other (income) expense, net in 2024, 2023 and 2022, respectively. |
Debt
Debt | 12 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Supplier Finance Program | NOTE 4 —SUPPLIER FINANCE PROGRAM We have a supplier finance program managed through two global financial institutions under which we agree to pay the financial institutions the stated amount of confirmed invoices from our participating suppliers on the invoice due date. We, or the global financial institutions, may terminate our agreements at any time upon 30 days written notice. We do not provide any forms of guarantees under these agreements. Supplier participation in the program is solely up to the supplier. We have no economic interest in a supplier’s decision to participate in the program, and their participation has no bearing on our payment terms or amounts due. The payment terms that we have with our suppliers under this program are considered commercially reasonable. As of June 30, 2024 and June 30, 2023, the obligations outstanding that the Company has confirmed as valid to the financial institutions under the program were $26.1 million and $20.7 million, respectively, and were recorded within trade accounts payable. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell 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 June 30, 2024, the fair values of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 91 $ — $ 91 Total assets at fair value $ — $ 91 $ — $ 91 Liabilities: Derivatives (1) $ — $ 89 $ — $ 89 Total liabilities at fair value $ — $ 89 $ — $ 89 As of June 30, 2023, the fair value of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 68 $ — $ 68 Total assets at fair value $ — $ 68 $ — $ 68 Liabilities: Derivatives (1) $ — $ 100 $ — $ 100 Total liabilities at fair value $ — $ 100 $ — $ 100 (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 | 12 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 6 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES As part of our financial risk management program, we use certain derivative financial instruments. See Note 2 for discussion on our derivative instruments and hedging activities policy. The fair value of derivatives designated and not designated as hedging instruments in the consolidated balance sheets are as follows: (in thousands) 2024 2023 Derivatives designated as hedging instruments Other current assets - range forward contracts $ 43 $ — Total derivatives designated as hedging instruments 43 — Derivatives not designated as hedging instruments Other current assets - currency forward contracts $ 48 $ 68 Other current liabilities - currency forward contracts (89) (100) Total derivatives not designated as hedging instruments (41) (32) Total derivatives $ 2 $ (32) 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 consolidated balance sheets, with the offset to other (income) expense, net. Losses (gains) related to derivatives not designated as hedging instruments have been recognized as follows: (in thousands) 2024 2023 2022 Other (income) expense, net - currency forward contracts $ 69 $ (435) $ 377 CASH FLOW HEDGES Range forward contracts (a transaction where both a put option is purchased and a call option is sold) are designated as cash flow hedges and hedge anticipated cash flows from cross-border intercompany sales of products and services. Gains and losses realized on these contracts are recorded in accumulated other comprehensive loss and are recognized as a component of cost of goods sold when the underlying sale of products or services is recognized into earnings. The notional amount of the contracts translated into U.S. dollars at June 30, 2024 was $6.4 million. There were no such contracts outstanding as of June 30, 2023. The time value component of the fair value of range forward contracts is excluded from the assessment of hedge effectiveness. The following represents losses, net of tax, related to cash flow hedges: (in thousands) 2024 2023 Unrealized loss recognized in other comprehensive income $ (26) $ — NET INVESTMENT HEDGES As of June 30, 2024, we had certain foreign currency-denominated intercompany loans payable with a total aggregate principal amount of ¥279.7 million, designated as net investment hedges to hedge the foreign exchange exposure of our net investment in our China-based subsidiaries. As of June 30, 2023, we had no foreign currency-denominated intercompany loans payable designated as net investment hedges. A loss of $0.2 million and a gain of $0.7 million were recorded as a component of foreign currency translation adjustments in other comprehensive loss as of June 30, 2024 and June 30, 2023, respectively. As of June 30, 2024, the foreign currency-denominated intercompany loans payable designated as net investment hedges consisted of: Instrument Notional (CNY in thousands) (2) Notional (USD in thousands) (2) Maturity Foreign currency-denominated intercompany loan payable ¥ 111,541 $ 15,356 November 2024 Foreign currency-denominated intercompany loan payable ¥ 109,962 $ 15,138 February 2025 Foreign currency-denominated intercompany loan payable ¥ 58,213 $ 8,014 April 2025 (2) Includes principal and accrued interest. |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following at June 30: (in thousands) 2024 2023 Finished goods $ 310,965 $ 328,094 Work in process and powder blends 216,203 233,346 Raw materials 77,050 81,552 Inventories at current cost 604,218 642,992 Less: LIFO valuation (89,586) (85,362) Total inventories $ 514,632 $ 557,630 We used the LIFO method of valuing inventories for approximately 33 percent of total inventories at June 30, 2024 and 2023. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure | As of June 30, 2024, $271.6 million of goodwill was allocated to the Metal Cutting reporting unit. We completed annual tests of goodwill impairment and recorded no impairments during 2024, 2023 or 2022 for our Metal Cutting reporting unit. We can use a qualitative test, known as "Step 0," or a quantitative method to determine whether impairment has occurred. In 2024, we elected to implement Step 0 and were not required to conduct the quantitative analysis. In 2023 and 2022, we performed quantitative analyses using a combination of a discounted cash flow analysis and market multiples based upon historical and projected financial information. In 2024, the Company completed a business combination for total consideration of approximately $6.5 million. Goodwill of approximately $3.8 million was recorded in the Metal Cutting segment as a result of the acquisition. A summary of the carrying amount of goodwill attributable to each segment, as well as the changes in such, 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 year ended June 30, 2023: Change in gross goodwill due to translation 5,321 — 5,321 Gross goodwill 447,212 633,211 1,080,423 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2023 $ 269,551 $ — $ 269,551 Activity for the year ended June 30, 2024: Acquisition 3,800 — 3,800 Change in gross goodwill due to translation (1,784) — (1,784) Gross goodwill 449,228 633,211 1,082,439 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2024 $ 271,567 $ — $ 271,567 During 2024, the Company determined that certain trademarks were no longer considered indefinite-lived and commenced amortization. The components of our other intangible assets were as follows: Estimated June 30, 2024 June 30, 2023 (in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Technology-based and other 4 to 20 $ 31,715 $ (24,476) $ 31,872 $ (23,838) Customer-related 10 to 21 179,529 (120,091) 179,889 (112,890) Unpatented technology 10 to 30 31,485 (27,130) 31,487 (25,177) Trademarks 5 to 20 23,044 (12,655) 12,426 (11,441) Trademarks Indefinite — — 10,836 — Total $ 265,773 $ (184,352) $ 266,510 $ (173,346) Amortization expense for intangible assets was $11.6 million, $12.6 million and $13.0 million for 2024, 2023 and 2022, respectively. Estimated amortization expense for 2025 through 2029 is $10.6 million, $10.3 million, $8.8 million, $7.8 million, and $7.7 million, respectively. |
Leases, Codification Topic 840
Leases, Codification Topic 840 | 12 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Lessee, Operating Leases | LEASES At the inception of our contracts, we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement. For leases that do not have a readily determinable implicit rate, we use a discount rate based on our incremental borrowing rate, which is determined considering factors such as the lease term, our credit rating and the economic environment of the location of the lease as of the commencement date. We account for non-lease components separately from lease components. These costs often relate to the payments for a proportionate share of real estate taxes, insurance, common area maintenance and other operating costs in addition to base rent. We also do not recognize ROU assets and liabilities for leases with an initial term of 12 months or less. Lease costs associated with leases of less than 12 months were $5.9 million, $7.0 million and $3.7 million for the years ended June 30, 2024, 2023 and 2022, respectively. As a lessee, we have various operating lease agreements primarily related to real estate, vehicles and office and plant equipment. Our real estate leases, which are comprised primarily of manufacturing, warehousing, office and administration facilities, represent a majority of our lease liability. Our lease payments are largely fixed. Any variable lease payments, including utilities, common area maintenance and repairs and maintenance, are expensed during the period incurred. Variable lease costs were immaterial for the years ended June 30, 2024, 2023 and 2022. A majority of our real estate leases include options to extend the lease and options to early terminate the lease. Leases with an early termination option generally involve a termination payment. We review all options to extend, terminate, or purchase the ROU assets at the inception of the lease and account for these options when they are reasonably certain of being exercised. Our lease agreements generally do not contain any material residual value guarantees or materially restrictive covenants. We do not have any material leases that have been signed but not commenced, and we did not have any material lease transactions with related parties. Operating lease expense is recognized on a straight-line basis over the lease term and is included in operating expense on our consolidated statements of income. Operating lease cost was $22.3 million, $22.0 million and $21.3 million in 2024, 2023 and 2022, respectively. The following table sets forth supplemental balance sheet information related to our operating leases: Year Ended June 30 2024 2023 2022 Weighted average remaining lease term 8.6 years 8.0 years 8.1 years Weighted average discount rate 4.3 % 3.8 % 3.2 % The following table sets forth supplemental cash flow information related to our operating leases: Year Ended June 30 2024 2023 2022 Operating cash outflows from operating leases $ 16,360 $ 15,040 $ 17,592 ROU assets obtained in exchange for new operating lease liabilities $ 17,640 $ 8,066 $ 15,430 The following table sets forth the maturities of our operating lease liabilities and reconciles the respective undiscounted payments to the operating lease liabilities in the consolidated balance sheet as of June 30, 2024: Year Ended June 30 (in thousands) 2025 $ 14,409 2026 11,065 2027 7,630 2028 4,906 2029 2,845 Thereafter 14,719 Total undiscounted operating lease payments $ 55,574 Less: discount to net present value 7,177 Total operating lease liabilities $ 48,397 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Jun. 30, 2024 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities [Text Block] | OTHER CURRENT LIABILITIES Other current liabilities consisted of the following at June 30: (in thousands) 2024 2023 Accrued employee benefits $ 34,542 $ 36,980 Payroll, state and local taxes 10,752 11,606 Accrued professional and legal fees 12,698 10,730 Accrued environmental 1,559 1,658 Accrued restructuring (Note 16) 8,415 9,379 Accrued interest 3,330 3,425 Other 72,816 64,010 Total other current liabilities $ 144,112 $ 137,788 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | NOTE 11 — LONG-TERM DEBT Long-term debt consisted of the following at June 30: (in thousands) 2024 2023 2.800% Senior Unsecured Notes due fiscal 2031, net of discount of $0.1 million for 2024 and $0.1 million for 2023 $ 299,878 $ 299,860 4.625% Senior Unsecured Notes due fiscal 2028, net of discount of $0.9 million for 2024 and $1.1 million for 2023 299,139 298,920 Total term debt 599,017 598,780 Less unamortized debt issuance costs (3,037) (3,608) Total long-term debt $ 595,980 $ 595,172 In February 2021, we issued $300.0 million of 2.800 percent Senior Unsecured Notes with a maturity date of March 1, 2031. Interest is paid semi-annually on March 1 and September 1 of each year. On June 7, 2018, we issued $300.0 million of 4.625 percent Senior Unsecured Notes with a maturity date of June 15, 2028. Interest on these notes is paid semi-annually on June 15 and December 15 of each year. Future principal maturities of long-term debt are $300.0 million in 2028 and $300.0 million in 2031. Fixed rate debt had a fair market value of $545.9 million and $527.4 million at June 30, 2024 and 2023, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of June 30, 2024 and 2023, respectively. |
Notes Payable and Lines of Cred
Notes Payable and Lines of Credit | 12 Months Ended |
Jun. 30, 2024 | |
Notes Payable and Lines of Credit [Abstract] | |
Notes Payable and Lines of Credit | NOTE 12 — 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 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 June 30, 2024, we were in compliance with all covenants of the Credit Agreement and we had no borrowings outstanding and $700.0 million of availability. There were no borrowings outstanding as of June 30, 2023. The weighted average interest rate on borrowings under the Credit Agreement was 6.3 percent for the year ended June 30, 2024. Borrowings on other lines of credit and notes payable were $1.4 million and $0.7 million at June 30, 2024 and 2023, respectively. The lines of credit represented short-term borrowings under credit lines with commercial banks in the various countries in which we operate. The availability of these credit lines, translated into U.S. dollars at June 30, 2024 exchange rates, totaled $56.2 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income (loss) before income taxes consisted of the following for the years ended June 30: (in thousands) 2024 2023 2022 Income (loss) before income taxes: United States $ (13,544) $ (14,702) $ 10,109 International 157,994 174,323 196,624 Total income before income taxes $ 144,450 $ 159,621 $ 206,733 Current income tax expense (benefit): Federal $ (4,003) $ 2,007 $ 1,115 State 1,045 546 106 International 41,784 42,921 44,019 Total current income tax expense 38,826 45,474 45,240 Deferred income tax expense (benefit): Federal $ (3,389) $ (3,394) $ 10,841 State (2,880) 683 (676) International (1,748) (6,508) 1,127 Total deferred income tax expense (benefit): (8,017) (9,219) 11,292 Provision for income taxes $ 30,809 $ 36,255 $ 56,532 Effective tax rate 21.3 % 22.7 % 27.3 % 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 considered the deferred tax asset from Swiss tax reform to be an estimate based on our current interpretation of the legislation, which was subject to change based on further legislative guidance, review with the Swiss federal and cantonal authorities, and modifications to the underlying valuation. During the December quarter of our fiscal 2023, we adjusted the calculation of the transitional provisions of Swiss tax reform after a review and receipt of a ruling from the Swiss federal and cantonal authorities and recorded a $2.2 million tax benefit to adjust the deferred tax asset and income tax liabilities related to fiscal years 2021 and 2022. The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision for income taxes was as follows for the years ended June 30: (in thousands) 2024 2023 2022 Income taxes at U.S. statutory rate $ 30,335 $ 33,520 $ 43,414 State income taxes, net of federal tax benefit (1,412) 971 (450) U.S. income taxes provided on international income 4,272 4,583 12,815 Combined tax effects of international income 10,163 5,761 2,747 Change in valuation allowance and other uncertain tax positions (3,398) (4,060) (614) U.S. research and development credit (4,026) (3,325) (2,814) Change in permanent reinvestment assertion — — 775 Combined effects of Swiss tax reform (7,801) (2,225) — Non-deductible executive compensation 2,389 667 1,395 Other 287 363 (736) Provision for income taxes $ 30,809 $ 36,255 $ 56,532 During 2024, we recorded a tax benefit of $7.8 million to record the effects of a tax rate increase enacted by the cantonal and municipal tax authorities where we operate in Switzerland. The impact of this item is included in the tax reconciliation table under the caption "Combined effects of Swiss tax reform." During 2024, we recorded a tax benefit of $6.2 million to reduce an accrual for an unrecognized tax benefit due to the lapse of the statute of limitation. The impact of this item is included in the tax reconciliation table under the caption "Change in valuation allowance and other uncertain tax positions." During 2024, we recorded a tax charge of $3.1 million to settle income tax litigation in Italy. The impact of this item is included in the tax reconciliation table under the caption "Change in valuation allowance and other uncertain tax positions." During 2023, we released a $2.9 million valuation allowance that was previously recorded against our net deferred tax assets in Brazil. The impact of this item is included in the tax reconciliation table under the caption “Change in valuation allowance and other uncertain tax positions.” During 2023, we recorded a tax benefit of $2.2 million to reflect the adjustment of our calculation of the transitional provisions of Swiss tax reform. The impact of this item is included in the tax reconciliation table under the caption "Combined effects of Swiss tax reform." The components of net deferred tax assets and liabilities were as follows at June 30: (in thousands) 2024 2023 Deferred tax assets: Net operating loss (NOL) carryforwards $ 20,340 $ 24,111 Inventory valuation and reserves 9,322 9,677 Accrued employee benefits 13,627 14,758 Operating lease liabilities 12,097 11,229 Other accrued liabilities 13,810 13,963 Capitalized research and development costs 35,637 25,187 Tax credits and other carryforwards 18,231 22,601 Intangible assets 11,095 5,209 Total 134,159 126,735 Valuation allowance 5,911 8,281 Total deferred tax assets $ 128,248 $ 118,454 Deferred tax liabilities: Tax depreciation in excess of book $ 58,723 $ 62,763 Operating lease right-of-use assets 12,038 11,084 Unremitted earnings not permanently reinvested 6,931 4,831 Pension benefits 2,633 1,808 Other 4,761 4,511 Total deferred tax liabilities $ 85,086 $ 84,997 Total net deferred tax assets (liabilities) $ 43,162 $ 33,457 Included in deferred tax assets at June 30, 2024 is $18.2 million associated with tax credits and other carryforward items in the U.S. and Europe. Of that amount, $17.4 million expires through 2044, and $0.8 million does not expire. Included in deferred tax assets at June 30, 2024 is $20.3 million associated with NOL carryforwards in U.S. state and foreign jurisdictions. Of that amount, $2.9 million expires through 2029, $0.8 million expires through 2034, $0.9 million expires through 2039, $3.4 million expires through 2044, and the remaining $12.3 million does not expire. The realization of these tax benefits is primarily dependent on future taxable income in these jurisdictions. A valuation allowance of $5.9 million has been placed against deferred tax assets primarily in U.S. state, Hong Kong and Bolivia jurisdictions, all of which would be allocated to income tax expense upon realization of the deferred tax assets. As the respective operations generate sufficient income, the valuation allowances will be partially or fully reversed at such time we believe it will be more likely than not that the deferred tax assets will be realized. In 2024, the valuation allowance related to these deferred tax assets decreased by $2.4 million. We consider the majority of the $1.6 billion unremitted earnings of our non-U.S. subsidiaries to be permanently reinvested. With regard to these unremitted earnings, we have not, nor do we anticipate the need to, repatriate funds to the U.S. to satisfy domestic liquidity needs arising in the ordinary course of business, including liquidity needs associated with our domestic debt service requirements. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested earnings is not practicable due to our legal entity structure and the complexity of U.S. and local tax laws. With regard to the small portion of unremitted earnings that are not indefinitely reinvested, we maintain a deferred tax liability for foreign withholding and U.S. state income taxes. The deferred tax liability associated with unremitted earnings of our non-U.S. subsidiaries not permanently reinvested is $6.9 million as of June 30, 2024. In 2012, we received an assessment from the Italian tax authority that denied certain tax deductions primarily related to our 2008 tax return. Attempts at negotiating a reasonable settlement with the tax authority were unsuccessful; and as a result, we decided to litigate the matter which was eventually settled during 2024. We continue to believe the assessment was baseless and that our 2008 tax return was compliant, in all material respects, with Italian income tax rules and regulations. Accordingly, no income tax liability had been recorded in connection with this assessment in any period. During fiscal 2023, the Italian government launched a tax amnesty program aimed at reducing the number of tax disputes pending before the Italian courts. Pursuant to program guidelines, payments made to successfully resolve a dispute had to be received by the Italian government no later than September 30, 2023. Due to the prolonged amount of time the case had been pending, and the inherent costs and risks of further litigating the matter, we decided to negotiate a settlement with the Italian tax authority that resulted in an income tax charge of $3.1 million during fiscal 2024. With this settlement, the matter is officially closed. A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalty) is as follows as of June 30: (in thousands) 2024 2023 2022 Balance at beginning of year $ 6,935 $ 7,598 $ 8,656 (Decreases)/Increases for tax positions of prior years — (658) 105 Increase for tax positions related to the current year 79 — — Decreases related to lapse of statute of limitations (5,686) (99) (779) Foreign currency translation (19) 94 (384) Balance at end of year $ 1,309 $ 6,935 $ 7,598 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate in 2024, 2023 and 2022 is $1.3 million, $6.9 million and $7.6 million, respectively. We believe that it is reasonably possible that the amount of unrecognized tax benefits will decrease by approximately $0.1 million within the next twelve months. Our policy is to recognize interest and penalties related to income taxes as a component of the provision for income taxes in the consolidated statements of income. We recognized a decrease of $0.9 million and $0.3 million in 2024 and 2023, respectively, and an increase of $0.1 million in 2022. As of June 30, 2024 and 2023, the amount of interest accrued was $0.1 million and $1.0 million, respectively. As of June 30, 2024 and 2023, the amount of penalty accrued was $0.1 million. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | PENSION AND OTHER POSTRETIREMENT BENEFITS Defined Benefit Pension Plans We have defined benefit pension plans that cover certain employees in the U.S., Germany, the UK, Switzerland, Canada, India and Israel. Pension benefits under defined benefit pension plans are based on years of service and, for certain plans, on average compensation for specified years preceding retirement. We fund pension costs in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, for U.S. plans and in accordance with local regulations or customs for non-U.S. plans. The accrued benefit for all participants in the Kennametal Inc. Retirement Income Plan was frozen as of December 31, 2016. The majority of our defined benefit pension plans are closed to future participation. We have an Executive Retirement Plan for certain executives and a Supplemental Executive Retirement Plan both of which are closed to future participation as of June 15, 2017 and July 26, 2006, respectively. We presently provide varying levels of postretirement health care and life insurance benefits to certain employees and retirees. By fiscal 2019, participants over the age of 65 were transitioned to a private exchange and some received a fixed Health Retirement Account (HRA) contribution to offset the cost of their coverage. Postretirement health and life benefits are closed to future participants as of December 31, 2016. We use a June 30 measurement date for all of our plans. During fiscal 2021, as part of the plan to wind-up the fully frozen, overfunded Canadian defined benefit pension plans, the Company purchased an upfront annuity for retirees. The Company expects to complete the wind-up of the Canadian plans by fiscal 2025. During 2023, the Company annuitized a portion of its UK defined benefit pension plans through the purchase of a full buy-in policy. The Company expects to progress to a buy-out and an eventual wind-up of this portion of the UK plans after completing customary procedures including obtaining relevant regulatory approvals, the timing of which is expected to occur over the next year. The funded status of our pension plans and amounts recognized in the consolidated balance sheets as of June 30 were as follows: (in thousands) 2024 2023 Change in benefit obligation: Benefit obligation, beginning of year $ 695,911 $ 741,009 Service cost 1,181 963 Interest cost 35,551 32,235 Participant contributions 434 486 Actuarial gains (4,575) (32,622) Benefits and expenses paid (54,130) (52,625) Currency translation adjustments (2,031) 7,372 Plan amendments (51) (50) Plan settlements (668) (1,260) Plan curtailments — (3) Other adjustments 5,432 406 Benefit obligation, end of year $ 677,054 $ 695,911 Change in plans' assets: Fair value of plans' assets, beginning of year $ 650,180 $ 695,965 Actual return on plans' assets 26,205 (4,063) Company contributions 10,104 7,842 Participant contributions 434 486 Plan settlements (668) (1,260) Benefits and expenses paid (54,130) (52,625) Currency translation adjustments (372) 3,842 Other adjustments 4,335 (7) Fair value of plans' assets, end of year $ 636,088 $ 650,180 Funded status of plans $ (40,966) $ (45,731) Amounts recognized in the balance sheets consist of: Long-term prepaid benefit $ 70,016 $ 70,567 Short-term accrued benefit obligation (7,401) (7,562) Accrued pension benefits (103,581) (108,736) Net amount recognized $ (40,966) $ (45,731) The pre-tax amounts related to our defined benefit pension plans recognized in accumulated other comprehensive loss were as follows at June 30: (in thousands) 2024 2023 Unrecognized net actuarial losses $ 291,650 $ 284,054 Unrecognized net prior service costs 1,728 1,772 Unrecognized transition obligations — 76 Total $ 293,378 $ 285,902 To the best of our knowledge and belief, the asset portfolios of our defined benefit pension plans do not contain our capital stock. Apart from the partial annuitization of the Canadian and UK plans as previously mentioned, we do not issue insurance contracts to cover future annual benefits of defined benefit pension plan participants. The accumulated benefit obligation for all defined benefit pension plans was $674.2 million and $695.3 million as of June 30, 2024 and 2023, respectively. Included in the above information are plans with accumulated benefit obligations exceeding the fair value of plan assets as of June 30 as follows: (in thousands) 2024 2023 Projected benefit obligation $ 118,111 $ 123,065 Accumulated benefit obligation 117,371 122,395 Fair value of plan assets 7,216 6,739 The components of net periodic pension income include the following as of June 30: (in thousands) 2024 2023 2022 Service cost $ 1,181 $ 963 $ 1,117 Interest cost 35,551 32,235 22,532 Expected return on plans' assets (44,592) (40,124) (51,928) Amortization of transition obligation 76 84 94 Amortization of prior service cost (4) 5 13 Curtailment — (1) (2) Settlement (4) 18 205 Recognition of actuarial losses 5,753 4,440 11,702 Other adjustments 14 431 277 Net periodic pension income $ (2,025) (1,950) (15,990) As of June 30, 2024, the projected benefit payments, including future service accruals for these plans for 2025 through 2029, are $57.6 million, $55.6 million, $55.9 million, $54.7 million and $54.2 million, respectively, and $254.3 million in 2030 through 2034. The amounts of accumulated other comprehensive loss expected to be recognized in net periodic pension cost during 2025 related to net actuarial losses are $8.4 million. The amount of accumulated other comprehensive income expected to be recognized in net periodic pension cost during 2025 related to transition obligations and prior service cost is immaterial. We expect to contribute approximately $10.0 million to our pension plans in 2025, which is primarily for international plans. Other Postretirement Benefit Plans The funded status of our other postretirement benefit plans and the related amounts recognized in the consolidated balance sheets were as follows: (in thousands) 2024 2023 Change in benefit obligation: Benefit obligation, beginning of year $ 7,891 $ 9,113 Interest cost 424 417 Actuarial losses 16 (442) Benefits paid (1,039) (1,067) Other 48 (130) Benefit obligation, end of year $ 7,340 $ 7,891 Funded status of plan $ (7,340) $ (7,891) Amounts recognized in the balance sheets consist of: Short-term accrued benefit obligation $ (1,006) $ (1,091) Accrued postretirement benefits (6,334) (6,800) Net amount recognized $ (7,340) $ (7,891) The pre-tax amounts related to our other postretirement benefit plans which were recognized in accumulated other comprehensive loss were as follows at June 30: (in thousands) 2024 2023 Unrecognized net actuarial losses $ 1,897 $ 2,023 Unrecognized net prior service credits (1,124) (1,378) Total $ 773 $ 645 The components of net periodic other postretirement benefit cost include the following for the years ended June 30: (in thousands) 2024 2023 2022 Interest cost $ 424 $ 417 $ 288 Amortization of prior service credit (254) (271) (276) Recognition of actuarial loss 142 192 297 Net periodic other postretirement benefit cost $ 312 $ 338 $ 309 As of June 30, 2024, the projected benefit payments, including future service accruals for our other postretirement benefit plans for 2025 through 2029, are $1.0 million, $1.0 million, $0.9 million, $0.8 million and $0.7 million, respectively, and $2.9 million in 2030 through 2034. The amounts of accumulated other comprehensive loss expected to be recognized in net periodic other postretirement benefits cost during 2025 related to net actuarial losses and related to prior service credit are costs of $0.1 million and income of $0.3 million, respectively. We expect to contribute $1.0 million to our other postretirement benefit plans in 2025. The service cost component of net periodic pension income of $1.2 million, $1.0 million and $1.1 million for 2024, 2023 and 2022, respectively, was reported as a component of cost of goods sold and operating expense. The other components of net periodic pension income and net periodic other postretirement benefit cost totaling a net benefit of $2.9 million, $2.6 million and $16.8 million for 2024, 2023 and 2022, respectively, were presented as a component of other (income) expense, net. Assumptions The significant actuarial assumptions used to determine the present value of net benefit obligations for our defined benefit pension plans and other postretirement benefit plans were as follows: 2024 2023 2022 Discount Rate: U.S. plans 5.7-5.8% 5.6-6.3% 4.3-5.0% International plans 1.3-7.2% 1.8-5.4% 2.0-5.0% Rates of future salary increases: U.S. plans (Executive Retirement Plan only) 4.0 % 4.0 % 4.0 % International plans 1.8-8.0% 1.8 % 1.5 % The significant assumptions used to determine the net periodic income for our pension and other postretirement benefit plans were as follows: 2024 2023 2022 Discount Rate: U.S. plans 5.6-6.3% 4.3-5.0% 1.2-3.0% International plans 1.8-7.3% 1.8-5.0% 0.3-3.2% Rates of future salary increases: U.S. plans (Executive Retirement Plan only) 4.0 % 4.0 % 4.0 % International plans 1.8-8.0% 1.5 % 1.5 % Rate of return on plans assets: U.S. plans 6.3 % 5.2 % 6.5 % International plans 1.8-7.3% 2.0-5.0% 0.3-5.0% The rates of return on plan assets are based on historical performance, as well as future expected returns by asset class considering macroeconomic conditions, current portfolio mix, long-term investment strategy and other available relevant information. The annual assumed rate of increase in the per capita cost of covered benefits (the health care cost trend rate) for our postretirement benefit plans was no longer applicable in 2024. The assumptions were as follows for 2023 and 2022: 2023 2022 Health care costs trend rate assumed for next year 7.0 % 6.3 % Rate to which the cost trend rate gradually declines 5.0 % 5.0 % Year that the rate reaches the rate at which it is assumed to remain 2031 2027 Plan Assets The primary objective of certain of our pension plans' investment policies is to ensure that sufficient assets are available to provide the benefit obligations at the time the obligations come due. The overall investment strategy for the defined benefit pension plans' assets combines considerations of preservation of principal and moderate risk-taking. The assumption of an acceptable level of risk is warranted in order to achieve satisfactory results consistent with the long-term objectives of the portfolio. Fixed income securities comprise a significant portion of the portfolio due to their plan-liability-matching characteristics and to address the plans' cash flow requirements. Additionally, diversification of investments within each asset class is utilized to further reduce the effect of losses in single investments. Investment management practices for U.S. defined benefit pension plans must comply with ERISA and all applicable regulations and rulings thereof. The use of derivative instruments is permitted where appropriate and necessary for achieving overall investment policy objectives. Currently, the use of derivative instruments is not significant when compared to the overall investment portfolio. The Company utilizes a liability driven investment strategy (LDI) for the assets of its U.S. defined benefit pension plans in order to reduce the volatility of the funded status of these plans and to meet the obligations at an acceptable cost over the long term. This LDI strategy entails modifying the asset allocation and duration of the assets of the plans to more closely match the liability profile of these plans. The asset reallocation involves increasing the fixed income allocation, reducing the equity component and adding alternative investments. Longer duration interest rate swaps have been utilized periodically in order to increase the overall duration of the asset portfolio to more closely match the liabilities. Our defined benefit pension plans’ asset allocations as of June 30, 2024 and 2023 and target allocations for 2025, by asset class, were as follows: 2024 2023 Target % Equity 13 % 16 % 13 % Fixed Income 83 80 82 Other 4 4 5 The following sections describe the valuation methodologies used to measure the fair value of the defined benefit pension plan assets, including an indication of the level in the fair value hierarchy in which each type of asset is generally classified (see Note 5 for the definition of fair value and a description of the fair value hierarchy). Corporate fixed income securities Investments in corporate fixed income securities consist of corporate debt and asset backed securities. These investments are classified as level two and are valued using independent observable market inputs such as the treasury curve, swap curve and yield curve. Common stock Common stocks are classified as level one and are valued at their quoted market price. Government securities Investments in government securities consist of fixed income securities such as U.S. government and agency obligations and foreign government bonds and asset and mortgage backed securities such as obligations issued by government sponsored organizations. These investments are classified as level two and are valued using independent observable market inputs such as the treasury curve, credit spreads and interest rates. Other fixed income securities Investments in other fixed income securities are classified as level two and valued based on observable market data. Other Other investments consist primarily of state and local obligations and short term investments including cash, corporate notes, and various short term debt instruments which can be redeemed within a nominal redemption notice period. These investments are primarily classified as level two and are valued using independent observable market inputs. The fair value methods described may not be reflective of future fair values. Additionally, while the Company believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurement at the reporting date. The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2024: (in thousands) Level 1 Level 2 Level 3 NAV (3) Total Common / collective trusts (3) : Blend funds $ — $ — $ — $ 50,802 $ 50,802 Mutual funds — — — 28,721 28,721 Corporate fixed income securities — 329,284 — — 329,284 Common stock 6,408 — — — 6,408 Government securities: U.S. government securities — 102,806 — — 102,806 Foreign government securities — 63,234 — — 63,234 Other fixed income securities — 30,756 — — 30,756 Other — 24,077 — — 24,077 Total investments $ 6,408 $ 550,157 $ — $ 79,523 $ 636,088 The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2023: (in thousands) Level 1 Level 2 Level 3 NAV (3) Total Common / collective trusts (3) : Blend funds $ — $ — $ — $ 50,612 $ 50,612 Mutual funds — — — 27,800 27,800 Corporate fixed income securities — 356,263 — — 356,263 Common stock 14,438 — — — 14,438 Government securities: U.S. government securities — 105,624 — — 105,624 Foreign government securities — 28,050 — — 28,050 Other fixed income securities — 55,404 — — 55,404 Other 717 11,272 — — 11,989 Total investments $ 15,155 $ 556,613 $ — $ 78,412 $ 650,180 (3) Investments in common / collective trusts invest primarily in publicly traded securities and are valued using net asset value (NAV) of units of a bank collective trust. Therefore, these amounts have not been classified in the fair value hierarchy and are presented in the tables to reconcile the fair value hierarchy to the total fair value of plan assets. Defined Contribution Plans We sponsor several defined contribution retirement plans. Costs for defined contribution plans were $16.3 million, $15.8 million and $14.2 million in 2024, 2023 and 2022, respectively. Certain U.S. employees are eligible to participate in the Kennametal Thrift Plus Plan (Thrift), which is a qualified defined contribution plan under section 401(k) of the Internal Revenue Code. Under the Thrift, eligible employees receive a full match of their contributions up to 6 percent of eligible compensation. All contributions, including the company match and discretionary, are made in cash and invested in accordance with participants’ investment elections. There are no minimum amounts that must be invested in company stock, and there are no restrictions on transferring amounts out of company stock to another investment choice, other than excessive trading rules applicable to such investments. Employee contributions and our matching and discretionary contributions vest immediately as of the participants' employment dates. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Jun. 30, 2024 | |
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 year ended June 30, 2024 (in thousands): Attributable to Kennametal: Pension and other postretirement benefits Currency translation adjustment Derivatives Total Balance, June 30, 2023 $ (215,435) $ (202,641) $ 3,733 $ (414,343) Other comprehensive loss before reclassifications (10,100) (13,623) (26) (23,749) Amounts reclassified from AOCL 4,227 — (725) 3,502 Net other comprehensive loss (5,873) (13,623) (750) (20,247) AOCL, June 30, 2024 $ (221,308) $ (216,264) $ 2,983 $ (434,589) Attributable to noncontrolling interests: Balance, June 30, 2023 $ — $ (8,139) $ — $ (8,139) Other comprehensive loss before reclassifications — (541) — (541) Net other comprehensive loss — (541) — (541) AOCL, June 30, 2024 $ — $ (8,680) $ — $ (8,680) The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2023 (in thousands): Attributable to Kennametal: Pension and other postretirement benefits Currency translation adjustment Derivatives Total Balance, June 30, 2022 $ (208,406) $ (210,048) $ 4,503 $ (413,951) Other comprehensive (loss) income before reclassifications (10,402) 7,407 — (2,995) Amounts reclassified from AOCL 3,373 — (770) 2,603 Net other comprehensive (loss) income (7,029) 7,407 (770) (392) AOCL, June 30, 2023 $ (215,435) $ (202,641) $ 3,733 $ (414,343) Attributable to noncontrolling interests: Balance, June 30, 2022 $ — $ (7,547) $ — $ (7,547) Other comprehensive loss before reclassifications — (592) — (592) Net other comprehensive loss — (592) — (592) AOCL, June 30, 2023 $ — $ (8,139) $ — $ (8,139) The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2022 (in thousands): Attributable to Kennametal: Pension and other postretirement benefits Currency translation adjustment Derivatives Total Balance, June 30, 2021 $ (213,172) $ (122,428) $ 5,273 $ (330,327) Other comprehensive loss before reclassifications (4,163) (87,620) — (91,783) Amounts reclassified from AOCL 8,929 — (770) 8,159 Net other comprehensive income (loss) 4,766 (87,620) (770) (83,624) AOCL, June 30, 2022 $ (208,406) $ (210,048) $ 4,503 $ (413,951) Attributable to noncontrolling interests: Balance, June 30, 2021 $ — $ (3,982) $ — $ (3,982) Other comprehensive loss before reclassifications — (3,565) — (3,565) Net other comprehensive loss — (3,565) — (3,565) AOCL, June 30, 2022 $ — $ (7,547) $ — $ (7,547) Reclassifications out of AOCL for the years ended June 30, 2024, 2023 and 2022 consisted of the following: Year Ended June 30, Details about AOCL components 2024 2023 2022 Affected line item in the Income Statement (Gains) and losses on cash flow hedges: Forward starting interest rate swaps $ (1,020) $ (1,020) $ (1,020) Interest expense Currency exchange contracts 60 — — Cost of goods sold Total before tax (960) (1,020) (1,020) Tax impact 235 250 250 Provision for income taxes Net of tax $ (725) $ (770) $ (770) Pension and other postretirement benefits: Amortization of transition obligations $ 76 $ 84 $ 94 Other expense (income), net Amortization of prior service credit (258) (266) (263) Other expense (income), net Recognition of actuarial losses 5,895 4,632 11,999 Other expense (income), net Total before tax 5,713 4,450 11,830 Tax impact (1,486) (1,077) (2,901) Provision for income taxes Net of tax $ 4,227 $ 3,373 $ 8,929 The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2024: (in thousands) Pre-tax Tax impact Net of tax Unrealized loss on derivatives designated and qualified as cash flow hedges $ (34) $ 8 $ (26) Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges (960) 235 (725) Unrecognized net pension and other postretirement benefit plans loss (13,328) 3,228 (10,100) Reclassification of net pension and other postretirement benefit plans loss 5,713 (1,486) 4,227 Foreign currency translation adjustments (14,215) 51 (14,164) Other comprehensive loss $ (22,824) $ 2,036 $ (20,788) The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2023: (in thousands) Pre-tax Tax impact Net of tax Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges $ (1,020) $ 250 $ (770) Unrecognized net pension and other postretirement benefit plans loss (13,972) 3,570 (10,402) Reclassification of net pension and other postretirement benefit plans loss 4,450 (1,077) 3,373 Foreign currency translation adjustments 6,959 (144) 6,815 Other comprehensive loss $ (3,583) $ 2,599 $ (984) The amount of income tax allocated to each component of other comprehensive income for the year ended June 30, 2022: (in thousands) Pre-tax Tax impact Net of tax Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges $ (1,020) $ 250 $ (770) Unrecognized net pension and other postretirement benefit plans loss (3,894) (269) (4,163) Reclassification of net pension and other postretirement benefit plans loss 11,830 (2,901) 8,929 Foreign currency translation adjustments (91,012) (173) (91,185) Other comprehensive loss $ (84,096) $ (3,093) $ (87,189) |
Restructuring and Related Charg
Restructuring and Related Charges and Asset Impairment Charges | 12 Months Ended |
Jun. 30, 2024 | |
Restructuring Charges [Abstract] | |
RESTRUCTURING AND RELATED CHARGES AND ASSET IMPAIRMENT CHARGES | RESTRUCTURING AND OTHER CHARGES, NET In the June quarter of fiscal 2023, we announced an initiative to streamline our cost structure while continuing to invest in our high-return commercial and operational excellence initiatives. Total restructuring and related charges for this program of $20.1 million, compared to a target of approximately $25 million, were recorded through June 30, 2024, consisting of $14.8 million in Metal Cutting and $5.3 million in Infrastructure. The majority of the remaining charges are expected to be recognized in fiscal 2025. Annual Restructuring Charges During 2024, we recorded restructuring and related charges of $12.4 million, which consisted of $8.5 million in Metal Cutting and $3.9 million in Infrastructure. These amounts are inclusive of a reversal of restructuring and related charges of $1.1 million related to prior actions, including $0.4 million in operating expense. Also included in restructuring and other charges, net during 2024 is a net benefit of $0.6 million primarily due to the sale of properties. During 2023, we recorded restructuring and related charges of $6.6 million, which consisted of $5.3 million in Metal Cutting and $1.3 million in Infrastructure. These amounts are inclusive of a reversal of restructuring and related charges of $0.8 million related to prior actions. Also included in restructuring and other charges, net during 2023 is a net benefit of $2.5 million primarily due to the sale of properties. During 2022, we recorded restructuring and related charges of $4.2 million which consisted of $3.6 million in Metal Cutting and $0.6 million in Infrastructure. Of this amount, a net benefit from the reversal of restructuring charges totaled $1.2 million and restructuring-related charges of $5.5 million were included in cost of goods sold. As of June 30, 2024, $8.4 million of the restructuring accrual is recorded in other current liabilities and $2.4 million is recorded in other liabilities in our consolidated balance sheet. As of June 30, 2023, $9.4 million of the restructuring accrual is recorded in other current liabilities and $0.5 million is recorded in other liabilities in our consolidated balance sheet. The amounts are as follows: (in thousands) June 30, 2023 Expense Asset Write-Down Translation Cash Expenditures June 30, 2024 Severance $ 9,885 $ 12,372 $ — $ 257 $ (11,715) $ 10,799 Total 9,885 12,372 — 257 (11,715) 10,799 (in thousands) June 30, 2022 Expense Asset Write-Down Translation Cash Expenditures June 30, 2023 Severance $ 7,919 $ 6,605 $ — $ 29 $ (4,668) $ 9,885 Total 7,919 6,605 — 29 (4,668) 9,885 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jun. 30, 2024 | |
Debt Instrument, Fair Value Disclosure [Abstract] | |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS The methods used to estimate the fair value of our financial instruments are as follows: Cash and Cash Equivalents, Revolving and Other Lines of Credit and Notes Payable The carrying amounts approximate their fair value because of the short maturity of the instruments. Long-Term Debt, Including Current Maturities Fixed rate debt had a fair market value of $545.9 million and $527.4 million at June 30, 2024 and 2023, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of June 30, 2024 and 2023, respectively. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of temporary cash investments and trade receivables. By policy, we make temporary cash investments with high credit quality financial institutions and limit the amount of exposure to any one financial institution. With respect to trade receivables, concentrations of credit risk are significantly reduced because we serve numerous customers in many industries and geographic areas. We are exposed to counterparty credit risk for nonperformance of derivatives and, in the unlikely event of nonperformance, to market risk for changes in interest and currency exchange rates, as well as settlement risk. We manage exposure to counterparty credit risk through credit standards, diversification of counterparties and procedures to monitor concentrations of credit risk. We do not anticipate nonperformance by any of the counterparties. As of June 30, 2024 and 2023, we had no significant concentrations of credit risk. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Stock Options Changes in our stock options for 2024 were as follows: Options Weighted Weighted Aggregate Options outstanding, June 30, 2023 217,614 $ 37.29 Exercised — — Lapsed and forfeited (52,304) 45.24 Options outstanding, June 30, 2024 165,310 $ 34.78 0.8 $ 37 Options vested and expected to vest, June 30, 2024 165,310 $ 34.78 0.8 $ 37 Options exercisable, June 30, 2024 165,310 $ 34.78 0.8 $ 37 As of June 30, 2024 and 2023, there was no unrecognized compensation cost related to options outstanding. All options were fully vested as of June 30, 2024 and 2023. Tax benefits relating to excess stock-based compensation deductions are presented in the consolidated statements of cash flows as operating cash inflows. Tax benefits resulting from stock-based compensation deductions were less than the amounts reported for financial reporting purposes by $1.5 million and $0.8 million in 2024 and 2023, respectively, and greater than the amounts reported for financial reporting purposes by $0.2 million in 2022. The amount of cash received from the exercise of capital stock options during 2024, 2023 and 2022 was zero, zero and $0.2 million, respectively. The related tax benefit was zero in 2024, 2023 and 2022. The total intrinsic value of options exercised in 2024, 2023 and 2022 was zero, zero and $0.1 million, respectively. Restricted Stock Units – Time Vesting and Performance Vesting Performance vesting restricted stock units are earned based on both annual and three-year performance targets. The performance vesting restricted stock units are subject to a service condition that requires the individual to be employed by the Company at the payment date after a three-year period, with the exception of retirement eligible grantees. Time vesting stock units are valued at the market value of the stock on the grant date. Performance vesting stock units with a market condition are valued using a Monte Carlo model. Changes in our performance vesting and time vesting restricted stock units for 2024 were as follows: Performance Performance Time Vesting Time Vesting Unvested, June 30, 2023 483,481 $ 31.68 1,207,442 $ 30.26 Granted 270,911 25.99 727,992 25.83 Vested (176,508) 33.49 (746,815) 30.56 Performance metric adjustments, net 37,378 38.45 — — Forfeited (62,801) 32.05 (66,050) 27.33 Unvested, June 30, 2024 552,461 $ 28.73 1,122,569 $ 27.36 During 2024, 2023 and 2022, compensation expense related to performance vesting and time vesting restricted stock units was $23.4 million, $23.3 million and $20.1 million, respectively. Performance vesting stock units were adjusted by 37,378 units during 2024 related to the fiscal 2023 performance year. As of June 30, 2024, the total unrecognized compensation cost related to unvested performance vesting and time vesting restricted stock units was $21.5 million and is expected to be recognized over a weighted average period of 1.6 years. |
Environmental Matters
Environmental Matters | 12 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024, the balance of such accruals was $11.0 million, of which $1.6 million was current. At June 30, 2023, the balance was $12.0 million, of which $1.7 million was current, respectively. 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES Legal Matters Various lawsuits arising during the normal course of business are pending against us. In our opinion, the ultimate liability, if any, resulting from these matters will have no significant effect on our consolidated financial position or results of operations. During 2023, we recorded a litigation settlement of $3 million related to legacy operations within other (income) expense, net. Lease Commitments We lease a wide variety of facilities, primarily for warehousing, production and offices, as well as vehicles and equipment that are considered operating leases. Refer to Note 9 for more information. Purchase Commitments We have purchase commitments for materials, supplies and machinery and equipment as part of the ordinary conduct of business. Some of these commitments extend beyond one year and are based on minimum purchase requirements. We believe these commitments are not at prices in excess of current market. Other Contractual Obligations We do not have material financial guarantees or other contractual commitments that are reasonably likely to adversely affect our liquidity. Related Party Transactions |
Segment Data
Segment Data | 12 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | SEGMENT DATA The Company manages and reports its business in the following two segments: Metal Cutting and Infrastructure. The Company's reportable operating segments have been determined in accordance with the Company's internal management structure, which is organized based on operating activities, the manner in which we organize segments for making operating decisions and assessing performance and the availability of separate financial results. We do not allocate certain corporate expenses related to executive retirement plans, the Company’s Board of Directors and strategic initiatives, as well as certain other costs and report them in Corporate. Our reportable operating segments do not represent the aggregation of two or more operating segments. Sales to a single customer did not aggregate to more than five percent of total sales in 2024, 2023 and 2022. 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 & Defense, 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 Aerospace & Defense, 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; high temperature critical wear components, tungsten penetrators and armor solutions for aerospace and defense; 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. Segment data is summarized as follows: (in thousands) 2024 2023 2022 Sales: Metal Cutting $ 1,280,781 $ 1,269,765 $ 1,227,273 Infrastructure 766,118 808,419 785,183 Total sales $ 2,046,899 $ 2,078,184 $ 2,012,456 Operating income: Metal Cutting $ 132,573 $ 135,763 $ 121,386 Infrastructure 39,857 59,757 98,871 Corporate (2,207) (3,103) (2,117) Total operating income $ 170,223 $ 192,417 $ 218,140 Interest expense $ 26,472 $ 28,496 $ 25,914 Other (income) expense, net (699) 4,300 (14,507) Income before income taxes $ 144,450 $ 159,621 $ 206,733 Depreciation and amortization: Metal Cutting $ 90,917 $ 90,880 $ 87,986 Infrastructure 43,770 43,144 43,691 Corporate — 1 1 Total depreciation and amortization $ 134,687 $ 134,025 $ 131,678 Segment assets (4) : Metal Cutting $ 1,416,884 $ 1,460,757 $ 1,469,835 Infrastructure 690,374 734,944 768,226 Corporate 396,500 351,533 335,463 Total assets $ 2,503,758 $ 2,547,234 $ 2,573,524 Capital expenditures: Metal Cutting $ 71,148 $ 58,384 $ 64,055 Infrastructure 36,413 36,001 32,869 Total capital expenditures $ 107,561 $ 94,385 $ 96,924 (4) Metal Cutting and Infrastructure segment assets are principally accounts receivable, less allowance for doubtful accounts; inventories; property, plant and equipment, net; goodwill; other intangible assets, net of accumulated amortization; and operating lease ROU assets. Corporate assets are principally cash and cash equivalents, other current assets, long-term prepaid pension benefit, deferred income taxes and other assets. Geographic information for sales, based on country where the sale originated, and long-lived assets is as follows: (in thousands) 2024 2023 2022 Sales: United States $ 824,275 $ 848,713 $ 797,768 Germany 278,824 270,936 262,764 China 199,069 220,193 234,997 India 115,397 112,819 108,695 Canada 102,666 103,323 94,956 Italy 68,575 68,249 67,930 France 55,670 51,178 47,218 South Africa 42,609 42,775 42,402 Mexico 44,408 42,367 35,099 Brazil 30,224 32,946 26,147 Spain 32,262 31,064 29,756 United Kingdom 32,013 29,943 30,686 Other (5) 220,907 223,678 234,038 Total sales $ 2,046,899 $ 2,078,184 $ 2,012,456 Total long-lived assets: United States $ 516,659 $ 552,770 $ 585,003 Germany 219,633 204,551 195,325 China 77,759 81,731 92,315 India 41,886 44,748 45,146 Israel 22,018 24,662 26,864 Canada 18,927 18,934 18,478 Other (5) 41,181 41,672 38,910 Total long-lived assets (6) $ 938,063 $ 969,068 $ 1,002,041 (5) Other does not contain any country that individually exceeds 2 percent of total sales or total long-lived assets, respectively. (6) Total long-lived assets as of June 30, 2024, 2023 and 2022 include property, plant, and equipment, net. The following table presents Kennametal's revenue disaggregated by segment by geography: Metal Cutting Infrastructure Total Kennametal 2024 2023 2022 2024 2023 2022 2024 2023 2022 Americas 45 % 44 % 41 % 58 % 60 % 59 % 49 % 50 % 48 % EMEA 37 36 37 20 18 18 31 29 30 Asia Pacific 18 20 22 22 22 23 20 21 22 The following table presents Kennametal's revenue disaggregated by segment by end market: Metal Cutting Infrastructure Total Kennametal 2024 2023 2022 2024 2023 2022 2024 2023 2022 General Engineering 54 % 55 % 55 % 34 % 34 % 34 % 46 % 47 % 47 % Transportation 27 27 27 — — — 17 16 17 Aerospace & Defense 12 11 10 8 6 7 11 9 9 Energy 7 7 8 22 24 22 13 14 13 Earthworks — — — 36 36 37 13 14 14 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Jun. 30, 2024 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Charges to Recoveries Other Deductions Balance at 2024 Allowance for doubtful accounts $ 8,759 $ 574 $ 93 $ (25) (1) $ (1,570) (2) $ 7,831 Deferred tax asset valuation allowance 8,281 — (1,501) 1 (1) (870) (3) 5,911 2023 Allowance for doubtful accounts $ 9,422 $ 495 $ (516) $ (122) (1) $ (520) (2) $ 8,759 Deferred tax asset valuation allowance 14,385 — (3,760) (75) (1) (2,269) (3) 8,281 2022 Allowance for doubtful accounts $ 9,734 $ 1,242 $ 163 $ (321) (1) $ (1,396) (2) $ 9,422 Deferred tax asset valuation allowance 21,263 371 (4,459) 42 (1) (2,832) 14,385 (1) Represents foreign currency translation adjustment. (2) Represents uncollected accounts charged against the allowance. (3) Represents primarily changes in tax rates and forfeited net operating loss deduction. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | |||
Net income attributable to Kennametal | $ 109,323 | $ 118,459 | $ 144,623 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Jun. 30, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION |
Use of Estimates in the Preparation of Financial Statements | USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS Cash investments having original maturities of three months or less are considered cash equivalents. Cash equivalents principally consist of investments in money market funds and bank deposits at June 30, 2024. |
Accounts Receivable | ACCOUNTS RECEIVABLE |
Inventory | INVENTORIES |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are carried at cost. Major improvements are capitalized, while maintenance and repairs are expensed as incurred. Retirements and disposals are removed from cost and accumulated depreciation accounts, with the gain or loss reflected in operating income. Interest related to the construction of major facilities is capitalized as part of the construction costs and is depreciated over the facilities' estimated useful lives. Depreciation for financial reporting purposes is computed using the straight-line method over the following estimated useful lives: building and improvements over 15-40 years; machinery and equipment over 4-15 years; furniture and fixtures over 5-10 years and computer hardware and software over 3-5 years. |
Long Lived Assets | LONG-LIVED ASSETS We evaluate the recoverability of property, plant and equipment, operating lease right-of-use (ROU) assets and intangible assets that are amortized, whenever events or changes in circumstances indicate the carrying amount of any such assets may not be fully recoverable. Changes in circumstances include technological advances, changes in our business model, capital structure, economic conditions or operating performance. Our evaluation is performed at the asset group level, based upon, among other things, our assumptions about the estimated future undiscounted cash flows these assets are expected to generate. When the sum of the undiscounted cash flows is less than the carrying value, we will recognize an impairment loss to the extent that carrying value exceeds fair value. We apply our best judgment when performing these evaluations to determine if a triggering event has occurred, the undiscounted cash flows used to assess recoverability and the fair value of the asset group. |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess of cost over the fair value of the net assets of acquired companies. Goodwill is tested at least annually for impairment. We perform our annual impairment test during the June quarter in connection with our annual planning process unless there are impairment indicators that warrant a test prior to that quarter. As of June 30, 2024, only the Metal Cutting reporting unit has goodwill recorded. We can use a qualitative test, known as "Step 0," or a quantitative method to determine whether impairment has occurred. In 2024, we elected to implement Step 0 and were not required to conduct the quantitative analysis. In 2023 and 2022, we performed quantitative analyses using a combination of a discounted cash flow analysis and market multiples based upon historical and projected financial information. We apply our best judgment when assessing the reasonableness of the assumptions used to determine the fair value of the reporting unit. The majority of our intangible assets with definite lives are amortized on a straight-line basis, while certain customer-related intangible assets are amortized on an accelerated method. Identifiable assets with finite lives are reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable. |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS We sponsor these types of benefit plans for certain employees and retirees. Accounting for the cost of these plans requires the estimation of the cost of the benefits to be provided well into the future and attributing that cost over either the expected work life of employees or over the average life of participants participating in these plans, depending on plan status and on participant population. This estimation requires our judgment about the discount rate used to determine these obligations, expected return on plan assets, rate of future compensation increases, withdrawal and mortality rates and participant retirement age. Differences between our estimates and actual results may significantly affect the cost of our obligations under these plans. In the valuation of our pension and other postretirement benefit liabilities, management utilizes various assumptions. Discount rates are derived by identifying a theoretical settlement portfolio of high quality corporate bonds sufficient to provide for a plan’s projected benefit payments. This rate can fluctuate based on changes in the corporate bond yields. The long-term rate of return on plan assets is estimated based on an evaluation of historical returns for each asset category held by the plans, coupled with the current and short-term mix of the investment portfolio. The historical returns are adjusted for expected future market and economic changes. This return will fluctuate based on actual market returns and other economic factors. Future compensation rates, withdrawal rates and participant retirement age are determined based on historical information. These assumptions are not expected to significantly change. Mortality rates are determined based on a review of published mortality tables. |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share is computed using the weighted average number of shares outstanding during the period, while diluted earnings per share is calculated to reflect the potential dilution that would occur related to the issuance of capital stock under stock option grants, performance awards and restricted stock units. The difference between basic and diluted earnings per share relates solely to the effect of capital stock options, performance awards and restricted stock units. The following tables provide the computation of diluted shares outstanding: (in thousands) 2024 2023 2022 Weighted-average shares outstanding during period 79,390 80,803 83,252 Add: Unexercised stock options and unvested restricted stock units 575 599 692 Number of shares on which diluted earnings per share is calculated 79,965 81,402 83,944 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 396 642 260 |
Revenue Recognition | REVENUE RECOGNITION The Company's contracts with customers are comprised of purchase orders, and for larger customers, may also include long-term agreements. We account for a contract when it has approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. These contracts with customers typically relate to the manufacturing of products, which represent single performance obligations that are satisfied when control of the product passes to the customer. The Company considers the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession and customer acceptance when determining when control transfers to the customer. As a result, revenue is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms in the contract. The shipping terms vary across all businesses and depend on the product, customary local commercial terms and the type of transportation. Shipping and handling activities are accounted for as activities to fulfill a promise to transfer a product to a customer and as such, costs incurred are recorded when the related revenue is recognized. Payment for products is due within a limited time period after shipment or delivery, typically within 30 to 90 calendar days of the respective invoice dates. The Company does not generally offer extended payment terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. Amounts billed and due from our customers are classified as accounts receivable, less allowance for doubtful accounts on the consolidated balance sheets. Certain contracts with customers, primarily distributor customers, have an element of variable consideration that is estimated when revenue is recognized under the contract. Variable consideration primarily includes volume incentive rebates, which are based on achieving a certain level of purchases and other performance criteria as established by our distributor programs. These rebates are estimated based on projected sales to the customer and accrued as a reduction of net sales as they are earned. The majority of our products are consumed by our customers or end users in the manufacture of their products. Historically, we have experienced very low levels of returned products and do not consider the effect of returned products to be material. We have recorded an estimated returned goods allowance to provide for any potential returns. We warrant that products sold are free from defects in material and workmanship under normal use and service when correctly installed, used and maintained. This warranty terminates 30 days after delivery of the product to the customer and does not apply to products that have been subjected to misuse, abuse, neglect or improper storage, handling or maintenance. Products may be returned to Kennametal only after inspection and approval by Kennametal and upon receipt by the customer of shipping instructions from Kennametal. We have included an estimated allowance for warranty returns in our returned goods allowance discussed above. The Company records a contract asset when it has a right to payment from a customer that is conditioned on events that have occurred other than the passage of time. The Company also records a contract liability when customers prepay but the Company has not yet satisfied its performance obligation. The Company did not have any material remaining performance obligations, contract assets or liabilities as of June 30, 2024 and 2023. The Company pays sales commissions related to certain contracts, which qualify as incremental costs of obtaining a contract. However, the Company applies the practical expedient that allows an entity to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would have been recognized is one year or less. These costs are recorded within operating expense in our consolidated statements of income. SHIPPING AND HANDLING FEES AND COSTS All fees billed to customers for shipping and handling are classified as a component of sales. All costs associated with shipping and handling are classified as a component of cost of goods sold. |
Stock-Based Compensation | STOCK-BASED COMPENSATION We recognize stock-based compensation expense for all stock options, restricted stock awards and restricted stock units over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service (substantive vesting period). Forfeitures are recorded as incurred. We utilize the Black-Scholes valuation method to establish the fair value of all stock option awards. Time vesting stock units are valued at the market value of the stock on the grant date. Performance vesting stock units with a market condition are valued using a Monte Carlo model. Capital stock options are granted to eligible employees at fair market value at the date of grant. Capital stock options are exercisable under specified conditions for up to 10 years from the date of grant. The Kennametal Inc. Stock and Incentive Plan of 2010, as Amended and Restated on October 22, 2013, and further amended on January 27, 2015 (A/R 2010 Plan), by the Kennametal Inc. 2016 Stock and Incentive Plan, and on October 27, 2020 by the Kennametal Inc. 2020 Stock and Incentive Plan (2020 Plan) authorize the issuance of up to 9,500,000 shares of the Company’s capital stock plus any shares remaining unissued under the Kennametal Inc. Stock and Incentive Plan of 2002, as amended (2002 Plan). Under the provisions of the A/R 2010 Plan and 2020 Plan, participants may deliver stock, owned by the holder for at least six months, in payment of the option price and receive credit for the fair market value of the shares on the date of delivery. The fair market value of shares delivered during 2024, 2023 and 2022 was immaterial. In addition to stock option grants, the A/R 2010 Plan and the 2020 Plan permit the award of stock appreciation rights, performance share awards, performance unit awards, restricted stock awards, restricted unit awards and share awards to directors, officers and key employees. |
Research and Development Costs | RESEARCH AND DEVELOPMENT COSTS Research and development costs of $44.2 million, $43.1 million and $42.1 million in 2024, 2023 and 2022, respectively, were expensed as incurred. These costs are included in operating expense in the consolidated statements of income. |
Income Taxes | INCOME TAXES The Company’s provision for income taxes is calculated based on income and statutory tax rates in the various jurisdictions in which the Company operates and requires the use of management’s estimates and judgments. Management judgment is required in determining the Company’s worldwide provision for income taxes and recording the related assets and liabilities, including accruals for unrecognized tax benefits and assessing the need for valuation allowances on deferred tax assets. Deferred income taxes are recognized based on the future income tax effects (using enacted tax laws and rates) of differences in the carrying amounts of assets and liabilities for financial reporting and tax purposes. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50 percent) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, we consider all potential sources of taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations, and projections of future profitability within the carry forward period, including taxable income from tax planning strategies. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of the deferred tax asset based on existing projections of income. Upon changes in facts and circumstances, we may conclude that deferred tax assets for which no valuation allowance is currently recorded may not be realized, resulting in a charge to establish a valuation allowance. Existing valuation allowances are re-examined under the same standards of positive and negative evidence. If it is determined that it is more likely than not that a deferred tax asset will be realized, the appropriate amount of the valuation allowance, if any, is released. |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES As part of our financial risk management program, we use certain derivative financial instruments. We do not enter into derivative transactions for speculative purposes and, therefore, hold no derivative instruments for trading purposes. We use derivative financial instruments to provide predictability to the effects of changes in foreign exchange rates on our consolidated results. Our objective in managing foreign exchange exposures with derivative instruments is to reduce volatility in cash flow, allowing us to focus more of our attention on business operations. We account for derivative instruments as a hedge of the related asset, liability, firm commitment or anticipated transaction, when the derivative is specifically designated as a hedge of such items. We measure hedge effectiveness by assessing the changes in the fair value or expected future cash flows of the hedged item. Certain currency forward contracts hedging significant cross-border intercompany loans are considered other derivatives and, therefore, do not qualify for hedge accounting. CASH FLOW HEDGES Range forward contracts (a transaction where both a put option is purchased and a call option is sold) are designated as cash flow hedges and hedge anticipated cash flows from cross-border intercompany sales of products and services. Gains and losses realized on these contracts are recorded in accumulated other comprehensive loss, and are recognized as a component of cost of goods sold when the underlying sale of products or services is recognized into earnings. |
Net Investment Hedges [Policy Text Block] | NET INVESTMENT HEDGES We designate financial instruments as net investment hedges from time to time to hedge the foreign exchange exposure of our net investment in foreign currency-based subsidiaries. The remeasurements of these non-derivatives designated as net investment hedges are calculated each period with changes reported in foreign currency translation adjustment within accumulated other comprehensive loss. Such amounts will remain in accumulated other comprehensive loss unless we complete or substantially complete liquidation or disposal of our investment in the underlying foreign operations. |
Currency Translation | CURRENCY TRANSLATION Assets and liabilities of international operations are translated into U.S. dollars using year-end exchange rates, while revenues and expenses are translated at average exchange rates throughout the year. The resulting net translation adjustments are recorded as a component of accumulated other comprehensive loss. The local currency is the functional currency of most of our locations. Losses of $4.1 million, $3.9 million and $2.5 million from currency transactions were included in other (income) expense, net in 2024, 2023 and 2022, respectively. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following tables provide the computation of diluted shares outstanding: (in thousands) 2024 2023 2022 Weighted-average shares outstanding during period 79,390 80,803 83,252 Add: Unexercised stock options and unvested restricted stock units 575 599 692 Number of shares on which diluted earnings per share is calculated 79,965 81,402 83,944 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 396 642 260 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Financial instruments at fair value on recurring basis | As of June 30, 2024, the fair values of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 91 $ — $ 91 Total assets at fair value $ — $ 91 $ — $ 91 Liabilities: Derivatives (1) $ — $ 89 $ — $ 89 Total liabilities at fair value $ — $ 89 $ — $ 89 As of June 30, 2023, the fair value of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 68 $ — $ 68 Total assets at fair value $ — $ 68 $ — $ 68 Liabilities: Derivatives (1) $ — $ 100 $ — $ 100 Total liabilities at fair value $ — $ 100 $ — $ 100 (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) | 12 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of derivatives designated and not designated as hedging instruments | The fair value of derivatives designated and not designated as hedging instruments in the consolidated balance sheets are as follows: (in thousands) 2024 2023 Derivatives designated as hedging instruments Other current assets - range forward contracts $ 43 $ — Total derivatives designated as hedging instruments 43 — Derivatives not designated as hedging instruments Other current assets - currency forward contracts $ 48 $ 68 Other current liabilities - currency forward contracts (89) (100) Total derivatives not designated as hedging instruments (41) (32) Total derivatives $ 2 $ (32) |
Losses (gains) related to derivatives not designated as hedging instruments | related to derivatives not designated as hedging instruments have been recognized as follows: (in thousands) 2024 2023 2022 Other (income) expense, net - currency forward contracts $ 69 $ (435) $ 377 |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location | As of June 30, 2024, the foreign currency-denominated intercompany loans payable designated as net investment hedges consisted of: Instrument Notional (CNY in thousands) (2) Notional (USD in thousands) (2) Maturity Foreign currency-denominated intercompany loan payable ¥ 111,541 $ 15,356 November 2024 Foreign currency-denominated intercompany loan payable ¥ 109,962 $ 15,138 February 2025 Foreign currency-denominated intercompany loan payable ¥ 58,213 $ 8,014 April 2025 (2) Includes principal and accrued interest. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following at June 30: (in thousands) 2024 2023 Finished goods $ 310,965 $ 328,094 Work in process and powder blends 216,203 233,346 Raw materials 77,050 81,552 Inventories at current cost 604,218 642,992 Less: LIFO valuation (89,586) (85,362) Total inventories $ 514,632 $ 557,630 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | A summary of the carrying amount of goodwill attributable to each segment, as well as the changes in such, 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 year ended June 30, 2023: Change in gross goodwill due to translation 5,321 — 5,321 Gross goodwill 447,212 633,211 1,080,423 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2023 $ 269,551 $ — $ 269,551 Activity for the year ended June 30, 2024: Acquisition 3,800 — 3,800 Change in gross goodwill due to translation (1,784) — (1,784) Gross goodwill 449,228 633,211 1,082,439 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2024 $ 271,567 $ — $ 271,567 |
Components of Other Intangible Assets [Table Text Block] | The components of our other intangible assets were as follows: Estimated June 30, 2024 June 30, 2023 (in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Technology-based and other 4 to 20 $ 31,715 $ (24,476) $ 31,872 $ (23,838) Customer-related 10 to 21 179,529 (120,091) 179,889 (112,890) Unpatented technology 10 to 30 31,485 (27,130) 31,487 (25,177) Trademarks 5 to 20 23,044 (12,655) 12,426 (11,441) Trademarks Indefinite — — 10,836 — Total $ 265,773 $ (184,352) $ 266,510 $ (173,346) |
Leases, Codification Topic 840
Leases, Codification Topic 840 (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following table sets forth the maturities of our operating lease liabilities and reconciles the respective undiscounted payments to the operating lease liabilities in the consolidated balance sheet as of June 30, 2024: Year Ended June 30 (in thousands) 2025 $ 14,409 2026 11,065 2027 7,630 2028 4,906 2029 2,845 Thereafter 14,719 Total undiscounted operating lease payments $ 55,574 Less: discount to net present value 7,177 Total operating lease liabilities $ 48,397 |
Operating leases, supplemental cash flow information | The following table sets forth supplemental cash flow information related to our operating leases: Year Ended June 30 2024 2023 2022 Operating cash outflows from operating leases $ 16,360 $ 15,040 $ 17,592 ROU assets obtained in exchange for new operating lease liabilities $ 17,640 $ 8,066 $ 15,430 |
Operating leases, supplemental balance sheet information | The following table sets forth supplemental balance sheet information related to our operating leases: Year Ended June 30 2024 2023 2022 Weighted average remaining lease term 8.6 years 8.0 years 8.1 years Weighted average discount rate 4.3 % 3.8 % 3.2 % |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities [Text Block] | Other current liabilities consisted of the following at June 30: (in thousands) 2024 2023 Accrued employee benefits $ 34,542 $ 36,980 Payroll, state and local taxes 10,752 11,606 Accrued professional and legal fees 12,698 10,730 Accrued environmental 1,559 1,658 Accrued restructuring (Note 16) 8,415 9,379 Accrued interest 3,330 3,425 Other 72,816 64,010 Total other current liabilities $ 144,112 $ 137,788 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Long-term debt consisted of the following at June 30: (in thousands) 2024 2023 2.800% Senior Unsecured Notes due fiscal 2031, net of discount of $0.1 million for 2024 and $0.1 million for 2023 $ 299,878 $ 299,860 4.625% Senior Unsecured Notes due fiscal 2028, net of discount of $0.9 million for 2024 and $1.1 million for 2023 299,139 298,920 Total term debt 599,017 598,780 Less unamortized debt issuance costs (3,037) (3,608) Total long-term debt $ 595,980 $ 595,172 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income Before Income Taxes | Income (loss) before income taxes consisted of the following for the years ended June 30: (in thousands) 2024 2023 2022 Income (loss) before income taxes: United States $ (13,544) $ (14,702) $ 10,109 International 157,994 174,323 196,624 Total income before income taxes $ 144,450 $ 159,621 $ 206,733 Current income tax expense (benefit): Federal $ (4,003) $ 2,007 $ 1,115 State 1,045 546 106 International 41,784 42,921 44,019 Total current income tax expense 38,826 45,474 45,240 Deferred income tax expense (benefit): Federal $ (3,389) $ (3,394) $ 10,841 State (2,880) 683 (676) International (1,748) (6,508) 1,127 Total deferred income tax expense (benefit): (8,017) (9,219) 11,292 Provision for income taxes $ 30,809 $ 36,255 $ 56,532 Effective tax rate 21.3 % 22.7 % 27.3 % | |
Reconciliation of Income Taxes and the Provision for Income Taxes | The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision for income taxes was as follows for the years ended June 30: (in thousands) 2024 2023 2022 Income taxes at U.S. statutory rate $ 30,335 $ 33,520 $ 43,414 State income taxes, net of federal tax benefit (1,412) 971 (450) U.S. income taxes provided on international income 4,272 4,583 12,815 Combined tax effects of international income 10,163 5,761 2,747 Change in valuation allowance and other uncertain tax positions (3,398) (4,060) (614) U.S. research and development credit (4,026) (3,325) (2,814) Change in permanent reinvestment assertion — — 775 Combined effects of Swiss tax reform (7,801) (2,225) — Non-deductible executive compensation 2,389 667 1,395 Other 287 363 (736) Provision for income taxes $ 30,809 $ 36,255 $ 56,532 | |
Components of Net Deferred Tax Liabilities and Assets | The components of net deferred tax assets and liabilities were as follows at June 30: (in thousands) 2024 2023 Deferred tax assets: Net operating loss (NOL) carryforwards $ 20,340 $ 24,111 Inventory valuation and reserves 9,322 9,677 Accrued employee benefits 13,627 14,758 Operating lease liabilities 12,097 11,229 Other accrued liabilities 13,810 13,963 Capitalized research and development costs 35,637 25,187 Tax credits and other carryforwards 18,231 22,601 Intangible assets 11,095 5,209 Total 134,159 126,735 Valuation allowance 5,911 8,281 Total deferred tax assets $ 128,248 $ 118,454 Deferred tax liabilities: Tax depreciation in excess of book $ 58,723 $ 62,763 Operating lease right-of-use assets 12,038 11,084 Unremitted earnings not permanently reinvested 6,931 4,831 Pension benefits 2,633 1,808 Other 4,761 4,511 Total deferred tax liabilities $ 85,086 $ 84,997 Total net deferred tax assets (liabilities) $ 43,162 $ 33,457 | |
Reconciliation of Unrecognized Tax Benefits Excluding Interest | A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalty) is as follows as of June 30: (in thousands) 2024 2023 2022 Balance at beginning of year $ 6,935 $ 7,598 $ 8,656 (Decreases)/Increases for tax positions of prior years — (658) 105 Increase for tax positions related to the current year 79 — — Decreases related to lapse of statute of limitations (5,686) (99) (779) Foreign currency translation (19) 94 (384) Balance at end of year $ 1,309 $ 6,935 $ 7,598 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Funded Status of Pension Plans and Amount recognized in the Consolidated Balance Sheet | The funded status of our pension plans and amounts recognized in the consolidated balance sheets as of June 30 were as follows: (in thousands) 2024 2023 Change in benefit obligation: Benefit obligation, beginning of year $ 695,911 $ 741,009 Service cost 1,181 963 Interest cost 35,551 32,235 Participant contributions 434 486 Actuarial gains (4,575) (32,622) Benefits and expenses paid (54,130) (52,625) Currency translation adjustments (2,031) 7,372 Plan amendments (51) (50) Plan settlements (668) (1,260) Plan curtailments — (3) Other adjustments 5,432 406 Benefit obligation, end of year $ 677,054 $ 695,911 Change in plans' assets: Fair value of plans' assets, beginning of year $ 650,180 $ 695,965 Actual return on plans' assets 26,205 (4,063) Company contributions 10,104 7,842 Participant contributions 434 486 Plan settlements (668) (1,260) Benefits and expenses paid (54,130) (52,625) Currency translation adjustments (372) 3,842 Other adjustments 4,335 (7) Fair value of plans' assets, end of year $ 636,088 $ 650,180 Funded status of plans $ (40,966) $ (45,731) Amounts recognized in the balance sheets consist of: Long-term prepaid benefit $ 70,016 $ 70,567 Short-term accrued benefit obligation (7,401) (7,562) Accrued pension benefits (103,581) (108,736) Net amount recognized $ (40,966) $ (45,731) |
Defined Benefit Pension Plans Recognized in Accumulated Other Comprehensive (Loss) Income | The pre-tax amounts related to our defined benefit pension plans recognized in accumulated other comprehensive loss were as follows at June 30: (in thousands) 2024 2023 Unrecognized net actuarial losses $ 291,650 $ 284,054 Unrecognized net prior service costs 1,728 1,772 Unrecognized transition obligations — 76 Total $ 293,378 $ 285,902 The pre-tax amounts related to our other postretirement benefit plans which were recognized in accumulated other comprehensive loss were as follows at June 30: (in thousands) 2024 2023 Unrecognized net actuarial losses $ 1,897 $ 2,023 Unrecognized net prior service credits (1,124) (1,378) Total $ 773 $ 645 |
Accumulated Benefit Obligations Exceeding Plan Assets Fair Value | Included in the above information are plans with accumulated benefit obligations exceeding the fair value of plan assets as of June 30 as follows: (in thousands) 2024 2023 Projected benefit obligation $ 118,111 $ 123,065 Accumulated benefit obligation 117,371 122,395 Fair value of plan assets 7,216 6,739 |
Net Periodic Pension (Income) Cost | The components of net periodic pension income include the following as of June 30: (in thousands) 2024 2023 2022 Service cost $ 1,181 $ 963 $ 1,117 Interest cost 35,551 32,235 22,532 Expected return on plans' assets (44,592) (40,124) (51,928) Amortization of transition obligation 76 84 94 Amortization of prior service cost (4) 5 13 Curtailment — (1) (2) Settlement (4) 18 205 Recognition of actuarial losses 5,753 4,440 11,702 Other adjustments 14 431 277 Net periodic pension income $ (2,025) (1,950) (15,990) |
Funded Status of Other Postretirement Benefit Plans and Amount Recognized in the Consolidated Balance Sheet | The funded status of our other postretirement benefit plans and the related amounts recognized in the consolidated balance sheets were as follows: (in thousands) 2024 2023 Change in benefit obligation: Benefit obligation, beginning of year $ 7,891 $ 9,113 Interest cost 424 417 Actuarial losses 16 (442) Benefits paid (1,039) (1,067) Other 48 (130) Benefit obligation, end of year $ 7,340 $ 7,891 Funded status of plan $ (7,340) $ (7,891) Amounts recognized in the balance sheets consist of: Short-term accrued benefit obligation $ (1,006) $ (1,091) Accrued postretirement benefits (6,334) (6,800) Net amount recognized $ (7,340) $ (7,891) |
Net Periodic Other Postretirement Costs (Benefit) | The components of net periodic other postretirement benefit cost include the following for the years ended June 30: (in thousands) 2024 2023 2022 Interest cost $ 424 $ 417 $ 288 Amortization of prior service credit (254) (271) (276) Recognition of actuarial loss 142 192 297 Net periodic other postretirement benefit cost $ 312 $ 338 $ 309 |
Significant Actuarial Assumptions Used to Determine the Present Value of Net Benefit Obligations | The significant actuarial assumptions used to determine the present value of net benefit obligations for our defined benefit pension plans and other postretirement benefit plans were as follows: 2024 2023 2022 Discount Rate: U.S. plans 5.7-5.8% 5.6-6.3% 4.3-5.0% International plans 1.3-7.2% 1.8-5.4% 2.0-5.0% Rates of future salary increases: U.S. plans (Executive Retirement Plan only) 4.0 % 4.0 % 4.0 % International plans 1.8-8.0% 1.8 % 1.5 % The significant assumptions used to determine the net periodic income for our pension and other postretirement benefit plans were as follows: 2024 2023 2022 Discount Rate: U.S. plans 5.6-6.3% 4.3-5.0% 1.2-3.0% International plans 1.8-7.3% 1.8-5.0% 0.3-3.2% Rates of future salary increases: U.S. plans (Executive Retirement Plan only) 4.0 % 4.0 % 4.0 % International plans 1.8-8.0% 1.5 % 1.5 % Rate of return on plans assets: U.S. plans 6.3 % 5.2 % 6.5 % International plans 1.8-7.3% 2.0-5.0% 0.3-5.0% |
Annual Assumed Rate of Increase in Per Capita Cost of Covered Benefits for Postretirement Benefit Plans | The annual assumed rate of increase in the per capita cost of covered benefits (the health care cost trend rate) for our postretirement benefit plans was no longer applicable in 2024. The assumptions were as follows for 2023 and 2022: 2023 2022 Health care costs trend rate assumed for next year 7.0 % 6.3 % Rate to which the cost trend rate gradually declines 5.0 % 5.0 % Year that the rate reaches the rate at which it is assumed to remain 2031 2027 |
Asset Allocations and Target Allocations by Asset Class | Our defined benefit pension plans’ asset allocations as of June 30, 2024 and 2023 and target allocations for 2025, by asset class, were as follows: 2024 2023 Target % Equity 13 % 16 % 13 % Fixed Income 83 80 82 Other 4 4 5 The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2024: (in thousands) Level 1 Level 2 Level 3 NAV (3) Total Common / collective trusts (3) : Blend funds $ — $ — $ — $ 50,802 $ 50,802 Mutual funds — — — 28,721 28,721 Corporate fixed income securities — 329,284 — — 329,284 Common stock 6,408 — — — 6,408 Government securities: U.S. government securities — 102,806 — — 102,806 Foreign government securities — 63,234 — — 63,234 Other fixed income securities — 30,756 — — 30,756 Other — 24,077 — — 24,077 Total investments $ 6,408 $ 550,157 $ — $ 79,523 $ 636,088 The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2023: (in thousands) Level 1 Level 2 Level 3 NAV (3) Total Common / collective trusts (3) : Blend funds $ — $ — $ — $ 50,612 $ 50,612 Mutual funds — — — 27,800 27,800 Corporate fixed income securities — 356,263 — — 356,263 Common stock 14,438 — — — 14,438 Government securities: U.S. government securities — 105,624 — — 105,624 Foreign government securities — 28,050 — — 28,050 Other fixed income securities — 55,404 — — 55,404 Other 717 11,272 — — 11,989 Total investments $ 15,155 $ 556,613 $ — $ 78,412 $ 650,180 (3) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Accumulated Other Comprehensive I(Loss) Income [Table Text Block] | The components of and changes in accumulated other comprehensive loss (AOCL) were as follows, net of tax, for the year ended June 30, 2024 (in thousands): Attributable to Kennametal: Pension and other postretirement benefits Currency translation adjustment Derivatives Total Balance, June 30, 2023 $ (215,435) $ (202,641) $ 3,733 $ (414,343) Other comprehensive loss before reclassifications (10,100) (13,623) (26) (23,749) Amounts reclassified from AOCL 4,227 — (725) 3,502 Net other comprehensive loss (5,873) (13,623) (750) (20,247) AOCL, June 30, 2024 $ (221,308) $ (216,264) $ 2,983 $ (434,589) Attributable to noncontrolling interests: Balance, June 30, 2023 $ — $ (8,139) $ — $ (8,139) Other comprehensive loss before reclassifications — (541) — (541) Net other comprehensive loss — (541) — (541) AOCL, June 30, 2024 $ — $ (8,680) $ — $ (8,680) The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2023 (in thousands): Attributable to Kennametal: Pension and other postretirement benefits Currency translation adjustment Derivatives Total Balance, June 30, 2022 $ (208,406) $ (210,048) $ 4,503 $ (413,951) Other comprehensive (loss) income before reclassifications (10,402) 7,407 — (2,995) Amounts reclassified from AOCL 3,373 — (770) 2,603 Net other comprehensive (loss) income (7,029) 7,407 (770) (392) AOCL, June 30, 2023 $ (215,435) $ (202,641) $ 3,733 $ (414,343) Attributable to noncontrolling interests: Balance, June 30, 2022 $ — $ (7,547) $ — $ (7,547) Other comprehensive loss before reclassifications — (592) — (592) Net other comprehensive loss — (592) — (592) AOCL, June 30, 2023 $ — $ (8,139) $ — $ (8,139) The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2022 (in thousands): Attributable to Kennametal: Pension and other postretirement benefits Currency translation adjustment Derivatives Total Balance, June 30, 2021 $ (213,172) $ (122,428) $ 5,273 $ (330,327) Other comprehensive loss before reclassifications (4,163) (87,620) — (91,783) Amounts reclassified from AOCL 8,929 — (770) 8,159 Net other comprehensive income (loss) 4,766 (87,620) (770) (83,624) AOCL, June 30, 2022 $ (208,406) $ (210,048) $ 4,503 $ (413,951) Attributable to noncontrolling interests: Balance, June 30, 2021 $ — $ (3,982) $ — $ (3,982) Other comprehensive loss before reclassifications — (3,565) — (3,565) Net other comprehensive loss — (3,565) — (3,565) AOCL, June 30, 2022 $ — $ (7,547) $ — $ (7,547) |
Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCL for the years ended June 30, 2024, 2023 and 2022 consisted of the following: Year Ended June 30, Details about AOCL components 2024 2023 2022 Affected line item in the Income Statement (Gains) and losses on cash flow hedges: Forward starting interest rate swaps $ (1,020) $ (1,020) $ (1,020) Interest expense Currency exchange contracts 60 — — Cost of goods sold Total before tax (960) (1,020) (1,020) Tax impact 235 250 250 Provision for income taxes Net of tax $ (725) $ (770) $ (770) Pension and other postretirement benefits: Amortization of transition obligations $ 76 $ 84 $ 94 Other expense (income), net Amortization of prior service credit (258) (266) (263) Other expense (income), net Recognition of actuarial losses 5,895 4,632 11,999 Other expense (income), net Total before tax 5,713 4,450 11,830 Tax impact (1,486) (1,077) (2,901) Provision for income taxes Net of tax $ 4,227 $ 3,373 $ 8,929 |
Amount of Income Tax (Expense) Benefit Allocated to Each Component of Other Comprehensive Income (Loss) [Table Text Block] | The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2024: (in thousands) Pre-tax Tax impact Net of tax Unrealized loss on derivatives designated and qualified as cash flow hedges $ (34) $ 8 $ (26) Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges (960) 235 (725) Unrecognized net pension and other postretirement benefit plans loss (13,328) 3,228 (10,100) Reclassification of net pension and other postretirement benefit plans loss 5,713 (1,486) 4,227 Foreign currency translation adjustments (14,215) 51 (14,164) Other comprehensive loss $ (22,824) $ 2,036 $ (20,788) The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2023: (in thousands) Pre-tax Tax impact Net of tax Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges $ (1,020) $ 250 $ (770) Unrecognized net pension and other postretirement benefit plans loss (13,972) 3,570 (10,402) Reclassification of net pension and other postretirement benefit plans loss 4,450 (1,077) 3,373 Foreign currency translation adjustments 6,959 (144) 6,815 Other comprehensive loss $ (3,583) $ 2,599 $ (984) The amount of income tax allocated to each component of other comprehensive income for the year ended June 30, 2022: (in thousands) Pre-tax Tax impact Net of tax Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges $ (1,020) $ 250 $ (770) Unrecognized net pension and other postretirement benefit plans loss (3,894) (269) (4,163) Reclassification of net pension and other postretirement benefit plans loss 11,830 (2,901) 8,929 Foreign currency translation adjustments (91,012) (173) (91,185) Other comprehensive loss $ (84,096) $ (3,093) $ (87,189) |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | As of June 30, 2024, $8.4 million of the restructuring accrual is recorded in other current liabilities and $2.4 million is recorded in other liabilities in our consolidated balance sheet. As of June 30, 2023, $9.4 million of the restructuring accrual is recorded in other current liabilities and $0.5 million is recorded in other liabilities in our consolidated balance sheet. The amounts are as follows: (in thousands) June 30, 2023 Expense Asset Write-Down Translation Cash Expenditures June 30, 2024 Severance $ 9,885 $ 12,372 $ — $ 257 $ (11,715) $ 10,799 Total 9,885 12,372 — 257 (11,715) 10,799 (in thousands) June 30, 2022 Expense Asset Write-Down Translation Cash Expenditures June 30, 2023 Severance $ 7,919 $ 6,605 $ — $ 29 $ (4,668) $ 9,885 Total 7,919 6,605 — 29 (4,668) 9,885 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Changes in stock options | Changes in our stock options for 2024 were as follows: Options Weighted Weighted Aggregate Options outstanding, June 30, 2023 217,614 $ 37.29 Exercised — — Lapsed and forfeited (52,304) 45.24 Options outstanding, June 30, 2024 165,310 $ 34.78 0.8 $ 37 Options vested and expected to vest, June 30, 2024 165,310 $ 34.78 0.8 $ 37 Options exercisable, June 30, 2024 165,310 $ 34.78 0.8 $ 37 | |
Changes in time vesting and performance vesting restricted stock units | Changes in our performance vesting and time vesting restricted stock units for 2024 were as follows: Performance Performance Time Vesting Time Vesting Unvested, June 30, 2023 483,481 $ 31.68 1,207,442 $ 30.26 Granted 270,911 25.99 727,992 25.83 Vested (176,508) 33.49 (746,815) 30.56 Performance metric adjustments, net 37,378 38.45 — — Forfeited (62,801) 32.05 (66,050) 27.33 Unvested, June 30, 2024 552,461 $ 28.73 1,122,569 $ 27.36 |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents Kennametal's revenue disaggregated by segment by geography: Metal Cutting Infrastructure Total Kennametal 2024 2023 2022 2024 2023 2022 2024 2023 2022 Americas 45 % 44 % 41 % 58 % 60 % 59 % 49 % 50 % 48 % EMEA 37 36 37 20 18 18 31 29 30 Asia Pacific 18 20 22 22 22 23 20 21 22 The following table presents Kennametal's revenue disaggregated by segment by end market: Metal Cutting Infrastructure Total Kennametal 2024 2023 2022 2024 2023 2022 2024 2023 2022 General Engineering 54 % 55 % 55 % 34 % 34 % 34 % 46 % 47 % 47 % Transportation 27 27 27 — — — 17 16 17 Aerospace & Defense 12 11 10 8 6 7 11 9 9 Energy 7 7 8 22 24 22 13 14 13 Earthworks — — — 36 36 37 13 14 14 |
Segment Data | Segment data is summarized as follows: (in thousands) 2024 2023 2022 Sales: Metal Cutting $ 1,280,781 $ 1,269,765 $ 1,227,273 Infrastructure 766,118 808,419 785,183 Total sales $ 2,046,899 $ 2,078,184 $ 2,012,456 Operating income: Metal Cutting $ 132,573 $ 135,763 $ 121,386 Infrastructure 39,857 59,757 98,871 Corporate (2,207) (3,103) (2,117) Total operating income $ 170,223 $ 192,417 $ 218,140 Interest expense $ 26,472 $ 28,496 $ 25,914 Other (income) expense, net (699) 4,300 (14,507) Income before income taxes $ 144,450 $ 159,621 $ 206,733 Depreciation and amortization: Metal Cutting $ 90,917 $ 90,880 $ 87,986 Infrastructure 43,770 43,144 43,691 Corporate — 1 1 Total depreciation and amortization $ 134,687 $ 134,025 $ 131,678 Segment assets (4) : Metal Cutting $ 1,416,884 $ 1,460,757 $ 1,469,835 Infrastructure 690,374 734,944 768,226 Corporate 396,500 351,533 335,463 Total assets $ 2,503,758 $ 2,547,234 $ 2,573,524 Capital expenditures: Metal Cutting $ 71,148 $ 58,384 $ 64,055 Infrastructure 36,413 36,001 32,869 Total capital expenditures $ 107,561 $ 94,385 $ 96,924 (4) |
Geographic Information for Sales [Table Text Block] | Geographic information for sales, based on country where the sale originated, and long-lived assets is as follows: (in thousands) 2024 2023 2022 Sales: United States $ 824,275 $ 848,713 $ 797,768 Germany 278,824 270,936 262,764 China 199,069 220,193 234,997 India 115,397 112,819 108,695 Canada 102,666 103,323 94,956 Italy 68,575 68,249 67,930 France 55,670 51,178 47,218 South Africa 42,609 42,775 42,402 Mexico 44,408 42,367 35,099 Brazil 30,224 32,946 26,147 Spain 32,262 31,064 29,756 United Kingdom 32,013 29,943 30,686 Other (5) 220,907 223,678 234,038 Total sales $ 2,046,899 $ 2,078,184 $ 2,012,456 Total long-lived assets: United States $ 516,659 $ 552,770 $ 585,003 Germany 219,633 204,551 195,325 China 77,759 81,731 92,315 India 41,886 44,748 45,146 Israel 22,018 24,662 26,864 Canada 18,927 18,934 18,478 Other (5) 41,181 41,672 38,910 Total long-lived assets (6) $ 938,063 $ 969,068 $ 1,002,041 (5) Other does not contain any country that individually exceeds 2 percent of total sales or total long-lived assets, respectively. (6) Total long-lived assets as of June 30, 2024, 2023 and 2022 include property, plant, and equipment, net. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2022 | |
Goodwill, Gross | $ 1,080,423 | $ 1,082,439 | $ 1,075,102 |
Goodwill, Accumulated Impairment Loss | 810,872 | 810,872 | 810,872 |
Goodwill | 269,551 | 271,567 | 264,230 |
Goodwill, Period Increase (Decrease) | 5,321 | ||
Metal Cutting [Member] | |||
Goodwill, Gross | 447,212 | 449,228 | 441,891 |
Goodwill, Accumulated Impairment Loss | (177,661) | (177,661) | (177,661) |
Goodwill | 269,551 | 271,567 | 264,230 |
Goodwill, Period Increase (Decrease) | 5,321 | ||
Infrastructure [Member] | |||
Goodwill, Gross | 633,211 | 633,211 | 633,211 |
Goodwill, Accumulated Impairment Loss | (633,211) | (633,211) | (633,211) |
Goodwill | 0 | $ 0 | $ 0 |
Goodwill, Period Increase (Decrease) | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 USD ($) Segment shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 shares | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Payment terms, minimum | 30 | ||
Weighted Average Number of Shares Outstanding, Basic | shares | 79,390 | 80,803 | 83,252 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | shares | 575 | 599 | 692 |
Weighted Average Number of Shares Outstanding, Diluted | shares | 79,965 | 81,402 | 83,944 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (184,352) | $ (173,346) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 396 | 642 | 260 |
Payment terms, maximum | 90 | ||
Termination of Warranty | Segment | 30 | ||
Technology-Based and other [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 31,715 | $ 31,872 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (24,476) | (23,838) | |
Customer-related [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 179,529 | 179,889 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (120,091) | (112,890) | |
Unpatented Technology [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 31,485 | 31,487 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (27,130) | (25,177) | |
Trademarks [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 23,044 | 12,426 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (12,655) | (11,441) | |
Trademarks [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 0 | $ 10,836 | |
Minimum [Member] | Technology-Based and other [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Minimum [Member] | Customer-related [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Minimum [Member] | Unpatented Technology [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Minimum [Member] | Trademarks [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Maximum [Member] | Technology-Based and other [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Maximum [Member] | Customer-related [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 21 years | ||
Maximum [Member] | Unpatented Technology [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 30 years | ||
Maximum [Member] | Trademarks [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 184,352 | $ 173,346 |
Technology-Based and other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 31,715 | 31,872 |
Finite-Lived Intangible Assets, Accumulated Amortization | 24,476 | 23,838 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 179,529 | 179,889 |
Finite-Lived Intangible Assets, Accumulated Amortization | 120,091 | 112,890 |
Unpatented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 31,485 | 31,487 |
Finite-Lived Intangible Assets, Accumulated Amortization | 27,130 | 25,177 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 23,044 | 12,426 |
Finite-Lived Intangible Assets, Accumulated Amortization | 12,655 | 11,441 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 0 | $ 10,836 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies - Stock-Based Compensation (Details) - shares | 12 Months Ended | |
Jun. 30, 2024 | Oct. 26, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercisable Period for Capital Stock Options | 10 years | |
Amended and Restated Two Thousand Ten Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 9,500,000 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies - Property, Plant and Equipment (Details) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 USD ($) Segment shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | |
Property, Plant and Equipment [Line Items] | |||
Amortization | $ 11,557 | $ 12,624 | $ 12,988 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 10,600 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 10,300 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 8,800 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7,800 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 7,700 | ||
Increase in weighted average shares due to dilutive effect of unexercised capital stock options, unvested restricted stock awards and unvested restricted stock units | shares | 575 | 599 | 692 |
Unexercised capital stock options, restricted stock units and restricted stock awards excluded from computation of diluted EPS | shares | 396 | 642 | 260 |
Termination of Warranty | Segment | 30 | ||
Research and Development Expense | $ 44,200 | $ 43,100 | $ 42,100 |
Currency Transaction Gain (Loss), before Tax | $ (4,100) | $ (3,900) | $ (2,500) |
Minimum [Member] | Building and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 4 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Minimum [Member] | ComputerHardwareAndSoftware [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | Building and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Maximum [Member] | ComputerHardwareAndSoftware [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years |
Summary of Signficant Accountin
Summary of Signficant Accounting Policies (Details Textual 1) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 575 | 599 | 692 |
Goodwill | $ 271,567 | $ 269,551 | $ 264,230 |
Finite-Lived Intangible Assets, Accumulated Amortization | 184,352 | 173,346 | |
Intangible Assets, Gross (Excluding Goodwill) | $ 265,773 | $ 266,510 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 396 | 642 | 260 |
Technology-Based and other [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 31,715 | $ 31,872 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 24,476 | 23,838 | |
Technology-Based and other [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Technology-Based and other [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Customer-related [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 179,529 | 179,889 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 120,091 | 112,890 | |
Customer-related [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 21 years | ||
Customer-related [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Unpatented Technology [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 31,485 | 31,487 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 27,130 | 25,177 | |
Unpatented Technology [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 30 years | ||
Unpatented Technology [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Trademarks [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 23,044 | 12,426 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 12,655 | 11,441 | |
Trademarks [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Trademarks [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Trademarks [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 0 | 10,836 | |
Infrastructure [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 0 | 0 | $ 0 |
Metal Cutting [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 271,567 | $ 269,551 | $ 264,230 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Details Textual 2) | Jun. 30, 2024 |
Trademarks [Member] | Minimum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Trademarks [Member] | Maximum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Technology-Based and other [Member] | Minimum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 4 years |
Technology-Based and other [Member] | Maximum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Unpatented Technology [Member] | Minimum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Unpatented Technology [Member] | Maximum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 30 years |
Summary Of Significant Accou_10
Summary Of Significant Accounting Policies New Accounting Standards (Details) | 12 Months Ended |
Jun. 30, 2024 Segment | |
Termination of Warranty | 30 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Jun. 30, 2023 |
Supplier Finance Program [Line Items] | ||
Supplier Finance Program, Obligation | $ 26.1 | $ 20.7 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | $ 91 | $ 68 |
Total assets at fair value | 91 | 68 |
Derivatives | 89 | 100 |
Total liabilities at fair value | 89 | 100 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 91 | 68 |
Total assets at fair value | 91 | 68 |
Derivatives | 89 | 100 |
Total liabilities at fair value | 89 | 100 |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | $ 0 | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Value of Derivatives Designated and Note Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Fair value of derivatives | ||
Total derivatives | $ 2 | $ (32) |
Derivative Asset | 91 | 68 |
Derivative, Notional Amount | 6,400 | |
Not Designated as Hedging Instrument [Member] | ||
Fair value of derivatives | ||
Total derivatives | (41) | (32) |
Designated as Hedging Instrument [Member] | ||
Fair value of derivatives | ||
Total derivatives | 43 | 0 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Fair value of derivatives | ||
Derivative assets designated as hedging instruments | 48 | 68 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Fair value of derivatives | ||
Derivative liabilities designated as hedging instruments | (89) | (100) |
Range Forward Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Fair value of derivatives | ||
Derivative Asset | $ 43 | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Losses (gains) related to Derivatives Not Designated as Hedging Instruments and to Cash Flow Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Investment Hedging [Member] | |||
(Gains) losses related to cash flow hedges | |||
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | $ 200 | $ 700 | |
Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Amount of Hedged Item | 279,700 | 0 | |
Foreign Exchange Forward [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 | $ 69 | $ (435) | $ 377 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Narrative 1 (Details) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 CNY (¥) | |
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract] | |||
Derivative, Notional Amount | $ 6,400,000 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (26,000) | ||
Net Investment Hedging [Member] | |||
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract] | |||
Derivative, Amount of Hedged Item | 279,700,000 | $ 0 | |
Net Investment Hedge Maturing November of 2024 | |||
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract] | |||
Notional amount of the contracts translated into U.S. dollars | 15,356,000,000 | ¥ 111,541,000 | |
Net Investment Hedge Maturing February of 2025 | |||
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract] | |||
Notional amount of the contracts translated into U.S. dollars | 15,138,000,000 | 109,962,000 | |
Net Investment Hedge Maturing April of 2025 | |||
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract] | |||
Notional amount of the contracts translated into U.S. dollars | 8,014,000,000 | ¥ 58,213,000 | |
Cash Flow Hedging [Member] | Range Forward Contracts [Member] | |||
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (0.026) | 0 | |
Net Investment Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | $ 200,000 | $ 700,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Inventories | ||
Finished goods | $ 310,965 | $ 328,094 |
Work in process and powder blends | 216,203 | 233,346 |
Raw materials | 77,050 | 81,552 |
Inventories at current cost | 604,218 | 642,992 |
Less: LIFO valuation | (89,586) | (85,362) |
Total inventories | $ 514,632 | $ 557,630 |
Inventories (Textual) [Abstract] | ||
Percentage of inventories valued by using LIFO method | 33% |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill [Line Items] | |||
Goodwill, Gross | $ 1,082,439 | $ 1,080,423 | $ 1,075,102 |
Goodwill, Accumulated Impairment Loss | (810,872) | (810,872) | (810,872) |
Goodwill | 271,567 | 269,551 | 264,230 |
Business Combination, Price of Acquisition, Expected | 3,800 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (1,784) | ||
Goodwill, Period Increase (Decrease) | 5,321 | ||
Metal Cutting [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 449,228 | 447,212 | 441,891 |
Goodwill, Accumulated Impairment Loss | 177,661 | 177,661 | 177,661 |
Goodwill | 271,567 | 269,551 | 264,230 |
Business Combination, Price of Acquisition, Expected | 3,800 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (1,784) | ||
Goodwill, Period Increase (Decrease) | 5,321 | ||
Infrastructure [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 633,211 | 633,211 | 633,211 |
Goodwill, Accumulated Impairment Loss | 633,211 | 633,211 | 633,211 |
Goodwill | $ 0 | 0 | $ 0 |
Goodwill, Period Increase (Decrease) | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 184,352 | $ 173,346 | |
Intangible Assets, Gross (Excluding Goodwill) | 265,773 | 266,510 | |
Goodwill | 271,567 | 269,551 | $ 264,230 |
Metal Cutting [Member] | |||
Goodwill | 271,567 | 269,551 | $ 264,230 |
Technology-Based and other [Member] | |||
Finite-Lived Intangible Assets, Gross | 31,715 | 31,872 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 24,476 | 23,838 | |
Technology-Based and other [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Technology-Based and other [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Gross | $ 179,529 | 179,889 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 120,091 | 112,890 | |
Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 21 years | ||
Unpatented Technology [Member] | |||
Finite-Lived Intangible Assets, Gross | $ 31,485 | 31,487 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 27,130 | 25,177 | |
Unpatented Technology [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Unpatented Technology [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 30 years | ||
Trademarks [Member] | |||
Finite-Lived Intangible Assets, Gross | $ 23,044 | 12,426 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 12,655 | 11,441 | |
Trademarks [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Trademarks [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Trademarks [Member] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 0 | $ 10,836 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Other Intangible Assets [Abstract] | ||||
Amortization of intangibles | $ 11,557 | $ 12,624 | $ 12,988 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 10,600 | 10,600 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 10,300 | 10,300 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 8,800 | 8,800 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7,800 | 7,800 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 7,700 | $ 7,700 | ||
Business Combination, Reason for Business Combination | 3.8 million | 6.5 million |
Leases, Codification Topic 84_2
Leases, Codification Topic 840 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | |||
Short-term Lease, Cost | $ 5,900 | $ 7,000 | $ 3,700 |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 7 months 6 days | 8 years | 8 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.30% | 3.80% | 3.20% |
Operating Lease, Payments | $ 16,360 | $ 15,040 | $ 17,592 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 17,640 | 8,066 | 15,430 |
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | 14,409 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two | 11,065 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three | 7,630 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four | 4,906 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five | 2,845 | ||
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five | 14,719 | ||
Lessee, Operating Lease, Liability, to be Paid | 55,574 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 7,177 | ||
Operating Lease, Liability | 48,397 | ||
Operating Leased Assets [Line Items] | |||
Operating Lease, Cost | $ 22,300 | $ 22,000 | $ 21,300 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Other Liabilities, Current [Abstract] | ||
Accrued employee benefits, current | $ 34,542 | $ 36,980 |
Restructuring reserve, current | 8,415 | 9,379 |
Accrued Payroll Taxes, Current | 10,752 | 11,606 |
Accrued legal and professional fees, current | 12,698 | 10,730 |
Accrued interest, current | 3,330 | 3,425 |
Other | 72,816 | 64,010 |
Total Other Current Liabilities | 144,112 | 137,788 |
Accrued Environmental Loss Contingencies, Current | $ 1,559 | $ 1,658 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Long-term Debt Current and Noncurrent | ||
Long-term Debt, Including Current Maturities | $ 599,017 | $ 598,780 |
Debt Issuance Costs, Net | (3,037) | (3,608) |
Long-term Debt, Current Maturities [Abstract] | ||
Long-term Debt, Less Current Maturities | 595,980 | 595,172 |
Debt Instrument, Unamortized Discount | 100 | |
2.650% Senior Notes due 2020 [Member] | ||
Long-term Debt Current and Noncurrent | ||
Long-term Debt | 299,878 | 299,860 |
4.625% Senior Unsecured Notes Due in 2028 | ||
Long-term Debt Current and Noncurrent | ||
Long-term Debt | 299,139 | 298,920 |
Long-term Debt, Current Maturities [Abstract] | ||
Debt Instrument, Unamortized Discount | 900 | $ 1,100 |
Two Point Eight Percent Senior Unsecured Notes Due In Two Thousand And Thirty One | ||
Long-term Debt, Current Maturities [Abstract] | ||
Debt Instrument, Unamortized Discount | $ 100 |
Long -Term Debt - Narrative (De
Long -Term Debt - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 23, 2021 | Jun. 07, 2018 | Jun. 30, 2024 | Jun. 30, 2023 | |
Long-Term Debt (Textual) [Abstract] | ||||
Debt Instrument, Unamortized Discount | $ 100 | |||
Long Term Debt (Additional Textual) [Abstract] | ||||
Long-term Debt, Fair Value | $ 545,900 | 527,400 | ||
4.625% Senior Unsecured Notes Due in 2028 | ||||
Long-Term Debt (Textual) [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |||
Debt Instrument, Unamortized Discount | 900 | 1,100 | ||
Long Term Debt (Additional Textual) [Abstract] | ||||
Proceeds from Issuance of Senior Long-term Debt | $ 300,000 | |||
Two Point Eight Percent Senior Unsecured Notes Due In Two Thousand And Thirty One | ||||
Long-Term Debt (Textual) [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | |||
Debt Instrument, Unamortized Discount | 100 | |||
Long Term Debt (Additional Textual) [Abstract] | ||||
Proceeds from Issuance of Senior Long-term Debt | $ 300,000 | |||
Twenty Eighteen Credit Agreement [Member] [Domain] | ||||
Long-Term Debt (Textual) [Abstract] | ||||
Maximum Borrowing Capacity under the 2018 Credit Agreement | $ 700,000 | |||
Borrowing outstanding under 2018 Credit Agreement | $ 0 | $ 0 | ||
Term of Long Term Debt | 5 years |
Notes Payable and Lines of Cr_2
Notes Payable and Lines of Credit (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 07, 2018 | |
Notes Payable and Lines of Credit (Textual) [Abstract] | |||
Notes Payable | $ 1,377,000 | $ 689,000 | |
Other Notes Payable | $ 1,400,000 | 700,000 | |
Line of Credit | |||
Notes Payable and Lines of Credit (Textual) [Abstract] | |||
Debt, Weighted Average Interest Rate | 6.30% | ||
Net Debt to EBITDA Ratio, domestic cash allowed to net debt, amount, minimum | $ 25,000,000 | ||
Net Debt to EBITDA Ratio, Maximum | 3.75 | ||
Notes Payable to Banks [Member] | |||
Notes Payable and Lines of Credit (Textual) [Abstract] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 56,200,000 | ||
Line of Credit Facility Unused | 700,000,000 | ||
Twenty Eighteen Credit Agreement [Member] [Domain] | |||
Notes Payable and Lines of Credit (Textual) [Abstract] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 700,000,000 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 | |
Term of Long Term Debt | 5 years |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income (Loss) Before Income Taxes | |||
United States | $ (13,544) | $ (14,702) | $ 10,109 |
International | 157,994 | 174,323 | 196,624 |
Income before income taxes | 144,450 | 159,621 | 206,733 |
Current Income Taxes | |||
Federal | (4,003) | 2,007 | 1,115 |
State | 1,045 | 546 | 106 |
International | 41,784 | 42,921 | 44,019 |
Total Current Income Taxes | 38,826 | 45,474 | 45,240 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | (3,389) | (3,394) | 10,841 |
State | (2,880) | 683 | (676) |
International | (1,748) | (6,508) | 1,127 |
Deferred Income Taxes and Tax Credits | (8,017) | (9,219) | 11,292 |
Provision for income taxes | $ 30,809 | $ 36,255 | $ 56,532 |
Effective tax rate | 21.30% | 22.70% | 27.30% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Income Taxes at U.S Statutory Rate | $ 30,335 | $ 33,520 | $ 43,414 | |
State Income Taxes, Net of Federal Tax Benefits | (1,412) | 971 | (450) | |
US Income Tax Provided On International Income | 4,272 | 4,583 | 12,815 | |
Combined Tax Effects of International Income | 10,163 | 5,761 | 2,747 | |
Change in valuation allowance and other uncertain tax positions | (3,398) | (4,060) | (614) | |
Research and Development Credit | (4,026) | (3,325) | (2,814) | |
Change In Permanent Reinvestment Assertion | 0 | 0 | 775 | |
Other | 287 | 363 | (736) | |
Provision for income taxes | 30,809 | 36,255 | 56,532 | |
Discrete Benefit for Swiss Tax Reform | (7,801) | (2,225) | 0 | $ 14,500 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (2,389) | (667) | $ (1,395) | |
Derivative Asset | $ 91 | $ 68 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Deferred Tax Assets | ||
Net Operating Loss Carryforwards | $ 20,340 | $ 24,111 |
Inventory Valuation and Reserves | 9,322 | 9,677 |
Accrued Employee Benefits | 13,627 | 14,758 |
Other Accrued Liabilities | 13,810 | 13,963 |
Research and Development Arrangement, Contract to Perform for Others, Costs Incurred, Gross | 35,637 | 25,187 |
Tax Credit and Other Carryforwards | 18,231 | 22,601 |
Total | 134,159 | 126,735 |
Valuation Allowance | 5,911 | 8,281 |
Total Deferred Tax Assets | 128,248 | 118,454 |
Deferred Tax Liabilities | ||
Tax Depreciation in Excess of Book | 58,723 | 62,763 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 6,931 | 4,831 |
Deferred Tax Liabilities, Pension Benefits | 2,633 | 1,808 |
Deferred Tax Liabilities, Other | 4,761 | 4,511 |
Total Deferred Tax Liabilities | 85,086 | 84,997 |
Total Net Deferred Tax Liabilities | 43,162 | 33,457 |
Deferred Tax Assets, Goodwill and Intangible Assets | 11,095 | 5,209 |
Deferred Tax Asset, Tax Deferred Expense, Operating lease liabilities | 12,097 | 11,229 |
Deferred Tax Liabilities, Operating lease right-of-use assets | $ 12,038 | $ 11,084 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 6,935 | $ 7,598 | $ 8,656 |
Increases for tax positions of prior years | 0 | (658) | (105) |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 79 | 0 | 0 |
Decreases related to lapse of statute of limitations | (5,686) | (99) | (779) |
Decrease Resulting from Foreign Currency Translation | (19) | (384) | |
Increase Resulting from Foreign Currency Translation | 94 | ||
Balance at end of year | $ 1,309 | $ 6,935 | $ 7,598 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax (Textual) [Abstract] | ||||
Valuation Allowance Adjustment | $ (3,398) | $ (4,060) | $ (614) | |
Change In Permanent Reinvestment Assertion | 0 | 0 | 775 | |
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions | 20,340 | 24,111 | ||
Valuation Allowance | (5,911) | (8,281) | ||
Change in Valuation Allowance, Current Year | 2,400 | |||
Deferred Tax Assets, Tax Credit Carryforwards | 18,231 | 22,601 | ||
Unremitted Earnings of Non-U.S. Subsidiaries and Affiliates | 1,600,000 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,300 | 6,900 | 7,600 | |
Increase (reduction) in Interest | 900 | 100 | 300 | |
Interest Accrued | 100 | 1,000 | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 6,931 | 4,831 | ||
Discrete Benefit for Swiss Tax Reform | (7,801) | (2,225) | 0 | $ 14,500 |
Total Net Deferred Tax Liabilities | (43,162) | (33,457) | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 100 | |||
US Income Tax Provided On International Income | 4,272 | 4,583 | 12,815 | |
Unrecognized Tax Benefits | 1,309 | 6,935 | 7,598 | $ 8,656 |
Litigation Settlement, Expense | 3,100 | 3,000 | ||
Discrete Benefit for Swiss Tax Reform 2023 | 2,200 | |||
Discrete Benefit for Swiss Tax Reform 23 | 2,200 | |||
Discrete Benefit for Swiss Tax Reform 2024 | $ 7,800 | |||
Valuation Allowance, Deferred Tax Asset, Explanation of Change | 6.2 million | |||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 100 | |||
Income Taxes at U.S Statutory Rate | 30,335 | 33,520 | $ 43,414 | |
ITALY | ||||
Income Tax (Textual) [Abstract] | ||||
Penalties Accrued | 0 | |||
Expiring Year Fifteen Through Twenty [Member] | ||||
Income Tax (Textual) [Abstract] | ||||
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions | 3,400 | |||
Expiring Year Ten Through Fifteen [Member] | ||||
Income Tax (Textual) [Abstract] | ||||
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions | 900 | |||
Expiring Year Five Through Ten [Member] | ||||
Income Tax (Textual) [Abstract] | ||||
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions | 800 | |||
Expiring Through Year Five [Member] | ||||
Income Tax (Textual) [Abstract] | ||||
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions | 2,900 | |||
Does not expire [Member] | ||||
Income Tax (Textual) [Abstract] | ||||
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions | 12,300 | |||
Does not expire [Member] | ||||
Income Tax (Textual) [Abstract] | ||||
Deferred Tax Assets, Tax Credit Carryforwards | 800 | |||
Expiring Through Year Five [Member] | ||||
Income Tax (Textual) [Abstract] | ||||
Deferred Tax Assets, Tax Credit Carryforwards | $ 17,400 | |||
Release of Brazil valuation allowance | ||||
Income Tax (Textual) [Abstract] | ||||
Valuation Allowance Adjustment | $ 2,900 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Funded Status of Pension Plans and Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Change in Plan Assets | |||
Fair Value of Plans' Assets, Beginning of Year | $ 650,180 | ||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Other Adjustments | 4,335 | $ (7) | |
Fair Value of Plans' Assets, End of Year | 636,088 | 650,180 | |
Amounts Recognized in Balance Sheet | |||
Long-term prepaid pension benefit (Note 14) | 70,016 | 70,567 | |
Pension plans contribution [Member] | |||
Change in Benefit Obligation | |||
Benefit Obligation, Beginning of Year | 695,911 | 741,009 | |
Service Cost | 1,181 | 963 | $ 1,117 |
Interest Cost | 35,551 | 32,235 | 22,532 |
Participant Contributions | 434 | 486 | |
Actuarial Losses | (4,575) | (32,622) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 54,130 | 52,625 | |
Benefits and expenses paid | (54,130) | (52,625) | |
Currency Translation Adjustment | (2,031) | 7,372 | |
Plan Amendments | (51) | (50) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | (668) | (1,260) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | (3) | |
Benefit Obligation, End of Year | 677,054 | 695,911 | 741,009 |
Change in Plan Assets | |||
Fair Value of Plans' Assets, Beginning of Year | 650,180 | 695,965 | |
Actual Return on Plans' Assets | 26,205 | (4,063) | |
Company Contributions | 10,104 | 7,842 | |
Currency translation adjustments | (372) | 3,842 | |
Fair Value of Plans' Assets, End of Year | 636,088 | 650,180 | $ 695,965 |
Funded Status of Plans | (40,966) | (45,731) | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 434 | 486 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 668 | 1,260 | |
Amounts Recognized in Balance Sheet | |||
Long-term prepaid pension benefit (Note 14) | 70,016 | 70,567 | |
Short-term Accrued Benefit Obligation | (7,401) | (7,562) | |
Accrued Pension Benefits | (103,581) | (108,736) | |
Net Amount Recognized | (40,966) | (45,731) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | $ 5,432 | $ 406 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Amounts Related to Defined Pension Plans Recognized in Accumulated Other Comprehensive (Loss) Income (Details) - Pension plans contribution [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | ||
Unrecognized Net Actuarial Losses | $ 291,650 | $ 284,054 |
Unrecognized Net Prior Service Costs | 1,728 | 1,772 |
Unrecognized Transition Obligations | 0 | 76 |
Total | $ 293,378 | $ 285,902 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits - Plans with Accumulated Benefit Obligations Exceeding the Fair Value of Plan Assets (Details) - Pension plans contribution [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Project Benefit Obligation | $ 118,111 | $ 123,065 |
Accumulated Benefit Obligation | 117,371 | 122,395 |
Fair Value of Plan Assets | $ 7,216 | $ 6,739 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits - Components of Net Periodic Pension (Income) Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net periodic pension income | |||
Special termination benefit charge | $ 431 | $ 277 | |
Pension plans contribution [Member] | |||
Net periodic pension income | |||
Service cost | $ 1,181 | 963 | 1,117 |
Interest cost | 35,551 | 32,235 | 22,532 |
Expected Return on Plans' Assets | (44,592) | (40,124) | (51,928) |
Amortization of transition obligation | 76 | 84 | 94 |
Amortization of prior service cost | (4) | 5 | 13 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | (1) | (2) |
Special termination benefit charge | 14 | ||
Settlement Loss | (4) | 18 | 205 |
Recognition of actuarial losses | 5,753 | 4,440 | 11,702 |
Net Periodic Benefit (Income) Cost | $ (2,025) | $ (1,950) | $ (15,990) |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits - Funded Status of Other Postretirement Benefit Plans and Amounts Recognized in the Consolidated Balance Sheets (Details) - Other Postretirement Benefit Plan, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Change in Benefit Obligation | |||
Benefit Obligation, Beginning of Year | $ 7,891 | $ 9,113 | |
Interest Cost | 424 | 417 | $ 288 |
Actuarial Losses | 16 | (442) | |
Benefits and expenses paid | (1,039) | (1,067) | |
Plan Amendments | 48 | (130) | |
Benefit Obligation, End of Year | 7,340 | 7,891 | $ 9,113 |
Funded Status of Plans | (7,340) | (7,891) | |
Amounts Recognized in Balance Sheet | |||
Short-term Accrued Benefit Obligation | (1,006) | (1,091) | |
Accrued Postretirement Benefits | (6,334) | (6,800) | |
Net Amount Recognized | $ (7,340) | $ (7,891) |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits - Amounts Related to Other Postretirement Benefit Plans Recognized in Accumulated Other Comprehensive (Loss) Income (Details) - Other postretirement benefit plans [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||
Unrecognized Net Actuarial Losses | $ 1,897 | $ 2,023 |
Unrecognized Net Prior Service Credits | (1,124) | (1,378) |
Total | $ 773 | $ 645 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits - Components of Net Periodic Other Postretirement Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net periodic other postretirement benefit costs | |||
Special termination benefit charge | $ 431 | $ 277 | |
Other postretirement benefit plans [Member] | |||
Net periodic other postretirement benefit costs | |||
Interest cost | $ 424 | 417 | 288 |
Amortization of prior service credit | (254) | (271) | (276) |
Recognition of actuarial loss | 142 | 192 | 297 |
Net Periodic Benefit (Income) Cost | 312 | 338 | 309 |
Pension Plan [Member] | |||
Net periodic other postretirement benefit costs | |||
Service cost | 1,181 | 963 | 1,117 |
Interest cost | 35,551 | 32,235 | 22,532 |
Amortization of prior service credit | (4) | 5 | 13 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | (1) | (2) |
Recognition of actuarial loss | 5,753 | 4,440 | 11,702 |
Special termination benefit charge | 14 | ||
Net Periodic Benefit (Income) Cost | $ (2,025) | $ (1,950) | $ (15,990) |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits (Details 7) | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
U.S. Plans [Member] | |||
Rates of Future Salary Increases [Abstract] | |||
Rate of Future Salary Increase | 4% | 4% | 4% |
International Plans [Member] | |||
Rates of Future Salary Increases [Abstract] | |||
Rate of Future Salary Increase | 300% | 1.80% | 1.50% |
Minimum [Member] | U.S. Plans [Member] | |||
Discount Rate | |||
Discount Rate | 5.70% | 5.60% | 4.30% |
Minimum [Member] | International Plans [Member] | |||
Discount Rate | |||
Discount Rate | 1.30% | 1.80% | 2% |
Rates of Future Salary Increases [Abstract] | |||
Rate of Future Salary Increase | 1.80% | ||
Maximum [Member] | U.S. Plans [Member] | |||
Discount Rate | |||
Discount Rate | 5.80% | 6.30% | 5% |
Maximum [Member] | International Plans [Member] | |||
Discount Rate | |||
Discount Rate | 7.20% | 5.40% | 5% |
Rates of Future Salary Increases [Abstract] | |||
Rate of Future Salary Increase | 8% |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits (Details 8) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Rates of Future Salary Increases [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.50% | ||
International Plans [Member] | |||
Rates of Future Salary Increases [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.50% | ||
International Plans [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.80% | 1.80% | 0.30% |
Rates of Future Salary Increases [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.80% | ||
Rate of Return on Plans Assets [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 1.80% | 2% | 0.30% |
International Plans [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 7.30% | 5% | 3.20% |
Rates of Future Salary Increases [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 8% | ||
Rate of Return on Plans Assets [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.30% | 5% | 5% |
U.S. Plans [Member] | |||
Rates of Future Salary Increases [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4% | 4% | 4% |
Rate of Return on Plans Assets [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.30% | 5.20% | 6.50% |
U.S. Plans [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.60% | 4.30% | 1.20% |
U.S. Plans [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 6.30% | 5% | 3% |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits - Significant Assumptions to Determine the Present Value of Net Benefit Obligations and the Net Periodic Costs (Benefits) (Details) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.50% | ||
Annual assumed rate of increase in per capita cost of covered benefits for postretirement benefit plans | |||
Health Care Cost Trend Rate Assumed for Next Year | 7% | 6.30% | |
Rate to which the Cost Trend Rate Gradually Declines | 5% | 5% | |
Year that the Rate Reaches the Rate at which it is assumed to Remain | 2031 | 2027 | |
U.S. Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4% | 4% | 4% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.30% | 5.20% | 6.50% |
International Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.50% | ||
Minimum [Member] | U.S. Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.60% | 4.30% | 1.20% |
Minimum [Member] | International Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.80% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.80% | 1.80% | 0.30% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 1.80% | 2% | 0.30% |
Maximum [Member] | U.S. Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 6.30% | 5% | 3% |
Maximum [Member] | International Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 8% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 7.30% | 5% | 3.20% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.30% | 5% | 5% |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits - Allocation of Plan Assets (Details) | Jun. 30, 2024 | Jun. 30, 2023 |
Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 13% | 16% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 13% | |
Fixed Income Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 83% | 80% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 82% | |
Other Security Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 4% | 4% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits - Hierarchy of Fair Value of the Benefit Plan Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | $ 636,088 | $ 650,180 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 6,408 | 15,155 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 550,157 | 556,613 |
NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 79,523 | 78,412 |
Corporate Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 329,284 | 356,263 |
Corporate Fixed Income Securities [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 329,284 | 356,263 |
Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 28,721 | 27,800 |
Mutual Funds [Member] | NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 28,721 | 27,800 |
Blend Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 50,802 | 50,612 |
Blend Funds [Member] | NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 50,802 | 50,612 |
Common Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 6,408 | 14,438 |
Common Stock [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 6,408 | 14,438 |
US Government Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 102,806 | 105,624 |
US Government Securities [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 102,806 | 105,624 |
Foreign Government Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 63,234 | 28,050 |
Foreign Government Securities [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 63,234 | 28,050 |
Other Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 30,756 | 55,404 |
Other Fixed Income Securities [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 30,756 | 55,404 |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 24,077 | 11,989 |
Other [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | 0 | 717 |
Other [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans', Fair Value of Plan Assets | $ 24,077 | $ 11,272 |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Eligible Age for Availing Postretirement Healthcare Benefits | 65 | ||
Special termination benefit charge | $ 431,000 | $ 277,000 | |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ (2,900,000) | (2,600,000) | (16,800,000) |
Defined Contribution Plan, Cost | 16,300,000 | 15,800,000 | 14,200,000 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Other Adjustments | 4,335,000 | (7,000) | |
Pension plans contribution [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | (668,000) | (1,260,000) | |
Accumulated Benefit Obligation for all Defined Benefit Pension Plans | 674,200,000 | 695,300,000 | |
Net Periodic Pension Cost | (2,025,000) | (1,950,000) | (15,990,000) |
Special termination benefit charge | 14,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 4,000 | (18,000) | (205,000) |
Projected Benefit Payments for 2023 | 57,600,000 | ||
Projected Benefit Payments for 2024 | 55,600,000 | ||
Projected Benefit Payments for 2025 | 55,900,000 | ||
Projected Benefit Payments for 2026 | 54,700,000 | ||
Projected Benefit Payments for 2027 | 54,200,000 | ||
Projected Benefit Payments for 2028 through 2032 | 254,300,000 | ||
Accumulated Other Comprehensive Loss Expected to be Recognized in Net Periodic Pension Cost related to Net Actuarial Losses | 8,400,000 | ||
Estimated Future Employer Contributions | 10,000,000 | ||
Service Cost | 1,181,000 | 963,000 | 1,117,000 |
Other postretirement benefit plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net Periodic Pension Cost | 312,000 | $ 338,000 | $ 309,000 |
Projected Benefit Payments for 2023 | 1,000,000 | ||
Projected Benefit Payments for 2024 | 1,000,000 | ||
Projected Benefit Payments for 2025 | 900,000 | ||
Projected Benefit Payments for 2026 | 800,000 | ||
Projected Benefit Payments for 2027 | 700,000 | ||
Projected Benefit Payments for 2028 through 2032 | 2,900,000 | ||
Accumulated Other Comprehensive Loss Expected to be Recognized in Net Periodic Pension Cost related to Net Actuarial Losses | 100,000 | ||
Accumulated Other Comprehensive Income Expected to be Recognized in Net Periodic Pension Cost related to Prior Service Credit | (300,000) | ||
Estimated Future Employer Contributions | $ 1,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Components of and Changes in AOCL (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | $ (414,343) | ||
Other comprehensive (loss) income, net of tax | (20,788) | $ (984) | $ (87,189) |
Accumulated Other Comprehensive (Loss) Income | (434,588) | (414,343) | |
Post-retirement Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (215,435) | (208,406) | (213,172) |
Net current period other comprehensive loss | (5,873) | (7,029) | 4,766 |
Other comprehensive loss before reclassifications | (10,100) | (10,402) | (4,163) |
Amounts reclassified from accumulated other comprehensive loss | 4,227 | 3,373 | 8,929 |
Accumulated Other Comprehensive (Loss) Income | (221,308) | (215,435) | (208,406) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (202,641) | (210,048) | (122,428) |
Net current period other comprehensive loss | (13,623) | 7,407 | (87,620) |
Other comprehensive loss before reclassifications | (13,623) | 7,407 | (87,620) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Accumulated Other Comprehensive (Loss) Income | (216,264) | (202,641) | (210,048) |
Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | 3,733 | 4,503 | 5,273 |
Net current period other comprehensive loss | (750) | (770) | (770) |
Other comprehensive loss before reclassifications | (26) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | (725) | (770) | (770) |
Accumulated Other Comprehensive (Loss) Income | 2,983 | 3,733 | 4,503 |
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (414,343) | (413,951) | (330,327) |
Net current period other comprehensive loss | (20,247) | (392) | (83,624) |
Other comprehensive loss before reclassifications | (23,749) | (2,995) | (91,783) |
Amounts reclassified from accumulated other comprehensive loss | 3,502 | 2,603 | 8,159 |
Other comprehensive (loss) income, net of tax | (20,245) | (392) | (83,624) |
Accumulated Other Comprehensive (Loss) Income | (434,589) | (414,343) | (413,951) |
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (8,139) | (7,547) | (3,982) |
Other comprehensive loss before reclassifications | (541) | (592) | (3,565) |
Other comprehensive (loss) income, net of tax | (541) | (592) | (3,565) |
Accumulated Other Comprehensive (Loss) Income | (8,680) | (8,139) | (7,547) |
AOCI Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (8,139) | (7,547) | (3,982) |
Other comprehensive loss before reclassifications | (541) | (592) | (3,565) |
Other comprehensive (loss) income, net of tax | (541) | (592) | (3,565) |
Accumulated Other Comprehensive (Loss) Income | $ (8,680) | $ (8,139) | $ (7,547) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Components of and Changes in AOCL (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | $ (434,588) | $ (414,343) | |
Other comprehensive (loss) income, net of tax | (20,788) | (984) | $ (87,189) |
Post-retirement Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (221,308) | (215,435) | (208,406) |
Other comprehensive loss before reclassifications | (10,100) | (10,402) | (4,163) |
Amounts reclassified from accumulated other comprehensive loss | 4,227 | 3,373 | 8,929 |
Net current period other comprehensive loss | (5,873) | (7,029) | 4,766 |
Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | 2,983 | 3,733 | 4,503 |
Other comprehensive loss before reclassifications | (26) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | (725) | (770) | (770) |
Net current period other comprehensive loss | (750) | (770) | (770) |
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (434,589) | (414,343) | (413,951) |
Other comprehensive loss before reclassifications | (23,749) | (2,995) | (91,783) |
Other comprehensive (loss) income, net of tax | (20,245) | (392) | (83,624) |
Amounts reclassified from accumulated other comprehensive loss | 3,502 | 2,603 | 8,159 |
Net current period other comprehensive loss | (20,247) | (392) | (83,624) |
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (8,680) | (8,139) | (7,547) |
Other comprehensive loss before reclassifications | (541) | (592) | (3,565) |
Other comprehensive (loss) income, net of tax | (541) | (592) | (3,565) |
AOCI Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (8,680) | (8,139) | (7,547) |
Other comprehensive loss before reclassifications | (541) | (592) | (3,565) |
Other comprehensive (loss) income, net of tax | (541) | (592) | (3,565) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Interest Income (Expense), Net | $ (1,020) | $ (1,020) | $ (1,020) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Currency Exchange Contracts | $ 699 | $ (4,300) | $ 14,507 |
Recognition of Actuarial Losses | (5,713) | (4,450) | (11,830) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | (1,486) | (1,077) | (2,901) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivatives [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total Before Tax | (960) | (1,020) | (1,020) |
Net of tax | (725) | (770) | (770) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Post-retirement Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of Transition Obligations | 76 | 84 | 94 |
Amortization of Prior Service Credit | (258) | (266) | (263) |
Recognition of Actuarial Losses | 5,895 | 4,632 | 11,999 |
Total Before Tax | 5,713 | 4,450 | 11,830 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | (1,486) | (1,077) | (2,901) |
Net of tax | 4,227 | 3,373 | 8,929 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Currency Exchange Contracts [Member] | Derivatives [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Currency Exchange Contracts | $ 60 | $ 0 | $ 0 |
Accumulated Other Comprehensi_6
Accumulated Other Comprehensive (Loss) Income Accumulated Other Comprehensive (Loss) Income - Income Tax Allocated to Each Component of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive (Loss) IncomeAccumulated Other Comprehensive (Loss) Income - Income Tax Allocated to Each Component of Other Comprehensive Income [Abstract] | |||
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges | $ 725 | $ 770 | $ 770 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 235 | 250 | 250 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 960 | 1,020 | 1,020 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (13,328) | (13,972) | (3,894) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 3,228 | 3,570 | (269) |
Unrecognized net pension and other postretirement benefit plans (loss) gain | (10,100) | (10,402) | (4,163) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 5,713 | 4,450 | 11,830 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | (1,486) | (1,077) | (2,901) |
Reclassification of net pension and other postretirement benefit plans loss | 4,227 | 3,373 | 8,929 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (14,215) | 6,959 | (91,012) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 51 | (144) | (173) |
Foreign currency translation adjustments | (14,164) | 6,815 | (91,185) |
Other Comprehensive Income (Loss), before Tax | (22,824) | (3,583) | (84,096) |
Other Comprehensive Income (Loss), Tax | 2,036 | 2,599 | (3,093) |
Other comprehensive (loss) income, net of tax | (20,788) | (984) | (87,189) |
Unrealized gain on derivatives designated and qualified as cash flow hedges | (26) | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (34) | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 8 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | $ (26) |
Restructuring and Related Cha_2
Restructuring and Related Charges and Asset Impairment Charges - Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Reserve [Abstract] | |||
Expense | $ 1,100 | $ 800 | $ (1,200) |
Restructuring and Related Cost, Expected Cost | 25,000 | ||
Gain (Loss) on Sale of Properties | 600 | 2,500 | |
Metal Cutting [Member] | |||
Restructuring Reserve [Abstract] | |||
Beginning Balance | 9,885 | 7,919 | |
Expense | 12,372 | 6,605 | |
Asset Write-Down | 0 | 0 | |
Translation | 257 | 29 | |
Cash Expenditures | (11,715) | (4,668) | |
Ending Balance | 10,799 | 9,885 | 7,919 |
Metal Cutting [Member] | Severance [Member] | |||
Restructuring Reserve [Abstract] | |||
Beginning Balance | 9,885 | 7,919 | |
Expense | 12,372 | 6,605 | |
Asset Write-Down | 0 | 0 | |
Translation | 257 | 29 | |
Cash Expenditures | (11,715) | (4,668) | |
Ending Balance | $ 10,799 | $ 9,885 | $ 7,919 |
Restructuring and Related Cha_3
Restructuring and Related Charges and Asset Impairment Charges - Restructuring and Related Charges Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring and Related Costs and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 25,000 | ||
Restructuring and Related Cost, Incurred Cost | 12,400 | $ 6,600 | $ 4,200 |
Restructuring Charges | 1,100 | 800 | (1,200) |
Restructuring reserve, current | 8,415 | 9,379 | |
Restructuring Reserve, Noncurrent | 2,400 | 500 | |
Operating Expenses | 433,161 | 437,292 | 419,093 |
Gain (Loss) on Sale of Properties | 600 | 2,500 | |
Operating Costs and Expenses | (400) | ||
Metal Cutting [Member] | |||
Restructuring and Related Costs and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 8,500 | 5,300 | 3,600 |
Restructuring Charges | 12,372 | 6,605 | |
Restructuring Reserve | 10,799 | 9,885 | 7,919 |
Infrastructure [Member] | |||
Restructuring and Related Costs and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 3,900 | $ 1,300 | 600 |
FY21 Restructuring Actions [Member] | |||
Restructuring and Related Costs and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 20,100 | ||
FY21 Restructuring Actions [Member] | Metal Cutting [Member] | |||
Restructuring and Related Costs and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 14,800 | ||
FY21 Restructuring Actions [Member] | Infrastructure [Member] | |||
Restructuring and Related Costs and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | $ 5,300 | ||
Cost of Sales [Member] | |||
Restructuring and Related Costs and Reserve [Line Items] | |||
Restructuring Related Charges | $ 5,500 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Jun. 30, 2023 |
Fair Value [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 545.9 | $ 527.4 |
Stock-Based Compensation - Chan
Stock-Based Compensation - Changes in Stock Options (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | |
Changes in stock options | |
Options outstanding, Beginning of Period | shares | 217,614 |
Options, Exercised | shares | 0 |
Options, Lapsed and Forfeited | shares | (52,304) |
Options outstanding, End of Period | shares | 165,310 |
Options vested and expected to vest, June 30, 2019 | shares | 165,310 |
Options exercisable, June 30, 2019 | shares | 165,310 |
Weighted Average Exercise Price, Options outstanding, Beginning of Period | $ / shares | $ 37.29 |
Weighted Average Exercise Price, Exercised | $ / shares | 0 |
Weighted Average Exercise Price, Lapsed and Forfeited | $ / shares | 45.24 |
Weighted Average Exercise Price, Options outstanding, End of Period | $ / shares | 34.78 |
Weighted Average Exercise Price, Option vested and expected to vest, June 30, 2019 | $ / shares | 34.78 |
Weighted Average Exercise Price, Options exercisable, June 30, 2019 | $ / shares | $ 34.78 |
Weighted Average Remaining Life, Options outstanding, June 30, 2019 | 9 months 18 days |
Weighted Average Remaining Life, Options vested and expected to vest, June 30, 2019 | 9 months 18 days |
Weighted Average Remaining Life, Options exercisable, June 30, 2019 | 9 months 18 days |
Aggregate Intrinsic value, Options outstanding, June 30, 2019 | $ | $ 37 |
Aggregate Intrinsic Value, Options vested and expected to vest, June 30, 2019 | $ | 37 |
Aggregate Intrinsic Value, Options exercisable, June 30, 2019 | $ | $ 37 |
Stock-Based Compensation - Ch_2
Stock-Based Compensation - Changes in Restricted Stock Units (Details) | 12 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Performance Shares [Member] | |
Changes in Restricted Stock Units | |
Unvested Performance Vesting and Time Vesting Restricted Stock Units, Beginning of Period, Shares | shares | 483,481 |
Granted, Shares | shares | 270,911 |
Vested, Shares | shares | (176,508) |
Performance metric adjustments, net | shares | (37,378) |
Forfeited, Shares | shares | (62,801) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | $ 32.05 |
Unvested Performance Vesting and Time Vesting Restricted Stock Units End of Period | shares | 552,461 |
Weighted Average Fair Value, Unvested Restricted Stock Units, Beginning of Period | $ / shares | $ 31.68 |
Weighted Average Fair Value, Granted | $ / shares | 25.99 |
Weighted Average Fair Value, Vested | $ / shares | 33.49 |
Performance Metric Not Achieved, Weighted Average Exercise Price | $ / shares | 38.45 |
Weighted Average Fair Value, Unvested Restricted Stock Units, End of Period | $ / shares | $ 28.73 |
Restricted Stock Units - Time Vesting [Member] | |
Changes in Restricted Stock Units | |
Unvested Performance Vesting and Time Vesting Restricted Stock Units, Beginning of Period, Shares | shares | 1,207,442 |
Granted, Shares | shares | 727,992 |
Vested, Shares | shares | (746,815) |
Forfeited, Shares | shares | (66,050) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | $ 27.33 |
Unvested Performance Vesting and Time Vesting Restricted Stock Units End of Period | shares | 1,122,569 |
Weighted Average Fair Value, Unvested Restricted Stock Units, Beginning of Period | $ / shares | $ 30.26 |
Weighted Average Fair Value, Granted | $ / shares | 25.83 |
Weighted Average Fair Value, Vested | $ / shares | 30.56 |
Weighted Average Fair Value, Unvested Restricted Stock Units, End of Period | $ / shares | $ 27.36 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock-Based Compensation (Textual) [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other | 37,378 | ||
International Plans [Member] | |||
Stock-Based Compensation (Textual) [Abstract] | |||
Rate of Future Salary Increase | 300% | 1.80% | 1.50% |
Minimum [Member] | International Plans [Member] | |||
Stock-Based Compensation (Textual) [Abstract] | |||
Rate of Future Salary Increase | 1.80% | ||
Stock Option [Member] | |||
Stock-Based Compensation (Textual) [Abstract] | |||
Tax benefits resulting from stock-based compensation deductions in excess of amounts reported for financial reporting purposes | $ 1.5 | $ 0.8 | $ 0.2 |
Cash received from the exercise of capital stock option | 0 | 0 | 0.2 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 0 | ||
Total Intrinsic value of options exercised | 0 | 0 | 0.1 |
Share-Based Payment Arrangement, Expense, Tax Benefit | (1.5) | (0.8) | (0.2) |
Restricted Stock Units - Time Vesting Performance Vesting [Member] | |||
Stock-Based Compensation (Textual) [Abstract] | |||
Compensation expense related to stock option | 23.4 | $ 23.3 | $ 20.1 |
Unrecognized compensation cost | $ 21.5 | ||
Unrecognized compensation costs, weighted average period | 1 year 7 months 6 days | ||
Performance Shares [Member] | |||
Stock-Based Compensation (Textual) [Abstract] | |||
Performance metric adjustments, net | (37,378) |
Environmental Matters (Details)
Environmental Matters (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Environmental Remediation Obligations [Abstract] | ||
Accrual for Potential Environmental Loss Contingencies | $ 11,000 | $ 12,000 |
Accrued Environmental Loss Contingencies, Current | 1,559 | 1,658 |
Environmental Exit Cost [Line Items] | ||
Accrued Environmental Loss Contingencies, Current | $ 1,559 | $ 1,658 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Litigation Settlement [Abstract] | ||
Litigation Settlement, Expense | $ 3,100 | $ 3,000 |
Segment Data (Details)
Segment Data (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | $ 938,063 | $ 969,068 | |
Sales | 2,046,899 | 2,078,184 | $ 2,012,456 |
Total operating income | 170,223 | 192,417 | 218,140 |
Interest expense | 26,472 | 28,496 | 25,914 |
Other expense (income), net | (699) | 4,300 | (14,507) |
Income before income taxes | 144,450 | 159,621 | 206,733 |
Depreciation and Amortization | 134,687 | 134,025 | 131,678 |
Assets | 2,503,758 | 2,547,234 | 2,573,524 |
Capital Expenditures | $ 107,561 | 94,385 | 96,924 |
Sales To a Single Customer Did Not Aggretage More Than | 0.05 | ||
Industrial [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | $ 1,280,781 | 1,269,765 | 1,227,273 |
Total operating income | 132,573 | 135,763 | 121,386 |
Depreciation and Amortization | 90,917 | 90,880 | 87,986 |
Assets | 1,416,884 | 1,460,757 | 1,469,835 |
Segment, Expenditure, Addition to Long-Lived Assets | 71,148 | 58,384 | 64,055 |
Infrastructure [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 766,118 | 808,419 | 785,183 |
Total operating income | 39,857 | 59,757 | 98,871 |
Depreciation and Amortization | 43,770 | 43,144 | 43,691 |
Assets | 690,374 | 734,944 | 768,226 |
Segment, Expenditure, Addition to Long-Lived Assets | 36,413 | 36,001 | 32,869 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Total operating income | (2,207) | (3,103) | (2,117) |
Depreciation and Amortization | 0 | 1 | 1 |
Assets | $ 396,500 | $ 351,533 | $ 335,463 |
Segment Data - Geographic Sales
Segment Data - Geographic Sales Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
External Sales and Long-Lived Assets [Line Items] | |||
Sales from Other country did not exceed | 2% | ||
Property, Plant and Equipment, Net | $ 938,063 | $ 969,068 | |
External Sales [Abstract] | |||
Sales | 2,046,899 | 2,078,184 | $ 2,012,456 |
Total Long-Lived Assets [Abstract] | |||
Long-Lived Assets | $ 938,063 | $ 969,068 | $ 1,002,041 |
Americas [Member] | |||
External Sales and Long-Lived Assets [Line Items] | |||
Revenues, percent | 49% | 50% | 48% |
UNITED STATES | |||
External Sales [Abstract] | |||
Sales | $ 824,275 | $ 848,713 | $ 797,768 |
Total Long-Lived Assets [Abstract] | |||
Long-Lived Assets | 516,659 | 552,770 | 585,003 |
GERMANY | |||
External Sales [Abstract] | |||
Sales | 278,824 | 270,936 | 262,764 |
Total Long-Lived Assets [Abstract] | |||
Long-Lived Assets | 219,633 | 204,551 | 195,325 |
CHINA | |||
External Sales [Abstract] | |||
Sales | 199,069 | 220,193 | 234,997 |
Total Long-Lived Assets [Abstract] | |||
Long-Lived Assets | 77,759 | 81,731 | 92,315 |
INDIA | |||
External Sales [Abstract] | |||
Sales | 115,397 | 112,819 | 108,695 |
Total Long-Lived Assets [Abstract] | |||
Long-Lived Assets | 41,886 | 44,748 | 45,146 |
ITALY | |||
External Sales [Abstract] | |||
Sales | 68,575 | 68,249 | 67,930 |
CANADA | |||
External Sales [Abstract] | |||
Sales | 102,666 | 103,323 | 94,956 |
Total Long-Lived Assets [Abstract] | |||
Long-Lived Assets | 18,927 | 18,934 | 18,478 |
FRANCE | |||
External Sales [Abstract] | |||
Sales | 55,670 | 51,178 | 47,218 |
UNITED KINGDOM | |||
External Sales [Abstract] | |||
Sales | 32,013 | 29,943 | 30,686 |
ISRAEL | |||
Total Long-Lived Assets [Abstract] | |||
Long-Lived Assets | 22,018 | 24,662 | 26,864 |
Other | |||
External Sales [Abstract] | |||
Sales | 220,907 | 223,678 | 234,038 |
Total Long-Lived Assets [Abstract] | |||
Long-Lived Assets | $ 41,181 | $ 41,672 | $ 38,910 |
EMEA [Member] | |||
External Sales and Long-Lived Assets [Line Items] | |||
Revenues, percent | 31% | 29% | 30% |
Asia Pacific [Member] | |||
External Sales and Long-Lived Assets [Line Items] | |||
Revenues, percent | 20% | 21% | 22% |
SOUTH AFRICA | |||
External Sales [Abstract] | |||
Sales | $ 42,609 | $ 42,775 | $ 42,402 |
BRAZIL | |||
External Sales [Abstract] | |||
Sales | 30,224 | 32,946 | 26,147 |
SPAIN | |||
External Sales [Abstract] | |||
Sales | 32,262 | 31,064 | 29,756 |
MEXICO | |||
External Sales [Abstract] | |||
Sales | 44,408 | 42,367 | 35,099 |
Metal Cutting [Member] | |||
External Sales [Abstract] | |||
Sales | $ 1,280,781 | $ 1,269,765 | $ 1,227,273 |
Metal Cutting [Member] | Americas [Member] | |||
External Sales and Long-Lived Assets [Line Items] | |||
Revenues, percent | 45% | 44% | 41% |
Metal Cutting [Member] | EMEA [Member] | |||
External Sales and Long-Lived Assets [Line Items] | |||
Revenues, percent | 37% | 36% | 37% |
Metal Cutting [Member] | Asia Pacific [Member] | |||
External Sales and Long-Lived Assets [Line Items] | |||
Revenues, percent | 18% | 20% | 22% |
Infrastructure [Member] | |||
External Sales [Abstract] | |||
Sales | $ 766,118 | $ 808,419 | $ 785,183 |
Infrastructure [Member] | Americas [Member] | |||
External Sales and Long-Lived Assets [Line Items] | |||
Revenues, percent | 58% | 60% | 59% |
Infrastructure [Member] | EMEA [Member] | |||
External Sales and Long-Lived Assets [Line Items] | |||
Revenues, percent | 20% | 18% | 18% |
Infrastructure [Member] | Asia Pacific [Member] | |||
External Sales and Long-Lived Assets [Line Items] | |||
Revenues, percent | 22% | 22% | 23% |
Segment Data Segment Data - Sal
Segment Data Segment Data - Sales by End Market (Details) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
General Engineering [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 46% | 47% | 47% |
Transportation [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 17% | 16% | 17% |
Energy [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 13% | 14% | 13% |
Earthworks [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 13% | 14% | 14% |
Aerospace and defense [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 11% | 9% | 9% |
Metal Cutting [Member] | General Engineering [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 54% | 55% | 55% |
Metal Cutting [Member] | Transportation [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 27% | 27% | 27% |
Metal Cutting [Member] | Energy [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 7% | 7% | 8% |
Metal Cutting [Member] | Aerospace and defense [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 12% | 11% | 10% |
Infrastructure [Member] | General Engineering [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 34% | 34% | 34% |
Infrastructure [Member] | Energy [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 22% | 24% | 22% |
Infrastructure [Member] | Earthworks [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 36% | 36% | 37% |
Infrastructure [Member] | Aerospace and defense [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues, percent | 8% | 6% | 7% |
Segment Data - Narrative (Detai
Segment Data - Narrative (Details) | 12 Months Ended |
Jun. 30, 2024 Segment | |
Segment Reporting [Abstract] | |
Operations in Number of Global Reporting Segments | 2 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Quarterly Financial Data [Abstract] | |||
Sales | $ 2,046,899 | $ 2,078,184 | $ 2,012,456 |
Gross profit | 627,093 | 646,439 | 647,977 |
Net income attributable to Kennametal | $ 109,323 | $ 118,459 | $ 144,623 |
Basic earnings per share attributable to Kennametal | $ 1.38 | $ 1.47 | $ 1.74 |
Diluted earnings per share attributable to Kennametal | $ 1.37 | $ 1.46 | $ 1.72 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 8,759 | $ 9,422 | $ 9,734 |
Charges to Costs and Expenses | 574 | 495 | 1,242 |
Recoveries | (93) | (516) | (163) |
Other Adjustments | (25) | (122) | (321) |
Deductions from Reserves | (1,570) | (520) | (1,396) |
Balance at End of Year | 7,831 | 8,759 | 9,422 |
Deferred Tax Asset Valuation Allowance [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 8,281 | 14,385 | 21,263 |
Charges to Costs and Expenses | 0 | 0 | 371 |
Recoveries | (1,501) | (3,760) | (4,459) |
Other Adjustments | 1 | (75) | 42 |
Deductions from Reserves | (870) | (2,269) | (2,832) |
Balance at End of Year | $ 5,911 | $ 8,281 | $ 14,385 |