Kennametal (KMT) 10-Q9 Feb 222022 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Dec. 31, 2021	Jan. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	1-5318
Entity Registrant Name	KENNAMETAL INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0900168
Entity Address, Address Line One	525 William Penn Place
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Pittsburgh,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15219
City Area Code	412
Local Phone Number	248-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		83,090,710
Entity Central Index Key	0000055242
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Capital Stock, par value $1.25 per share \| New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	Capital Stock, par value $1.25 per share
Trading Symbol	KMT
Security Exchange Name	NYSE
Preferred Stock Purchase Rights \| New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol Flag	true

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Dec. 31, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATIONThe condensed consolidated financial statements and accompanying notes included in this Quarterly Report on Form 10-Q, which include our accounts and those of our subsidiaries in which we have a controlling interest, should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021 (the “2021 Annual Report”). The condensed consolidated balance sheet as of June 30, 2021 was derived from the audited balance sheet included in our 2021 Annual Report. The interim statements are unaudited; however, we believe that all adjustments necessary for a fair statement of the results of the interim periods were made and all adjustments are normal recurring adjustments. The results for the six months ended December 31, 2021 are not necessarily indicative of the results to be expected for a full fiscal year. Unless otherwise specified, any reference to a “year” is to a fiscal year ended June 30. For example, a reference to 2022 is to the fiscal year ending June 30, 2022. When used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, the terms “the Company,” “we,” “our” and “us” refer to Kennametal Inc. and its subsidiaries.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Sales	$ 486,673	$ 440,507	$ 970,182	$ 840,812
Cost of goods sold	333,718	318,978	656,477	614,210
Gross profit	152,955	121,529	313,705	226,602
Operating expense	106,654	97,758	209,348	191,097
Restructuring(benefits) charges and asset impairment charges (Note 6)	(3,460)	1,390	(3,270)	26,967
Gain on divestiture (Note 3)	(1,001)	0	(1,001)	0
Amortization of intangibles	3,257	3,347	6,517	6,681
Operating income	47,505	19,034	102,111	1,857
Interest expense	6,460	8,317	12,781	18,896
Other income, net	(3,142)	(3,857)	(6,601)	(7,875)
Provision for (benefit from) income taxes	11,462	(5,676)	25,454	(8,554)
Net income (loss)	32,725	20,250	70,477	(610)
Less: Net income (loss) attributable to noncontrolling interests	1,304	862	2,858	1,677
Net income (loss) attributable to Kennametal	$ 31,421	$ 19,388	$ 67,619	$ (2,287)
PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS
Basic earnings (loss) per share	$ 0.38	$ 0.23	$ 0.81	$ (0.03)
Diluted earnings (loss) per share	0.37	0.23	0.80	(0.03)
Dividends per share	$ 0.20	$ 0.20	$ 0.40	$ 0.40
Basic weighted average shares outstanding	83,637	83,582	83,759	83,451
Diluted weighted average shares outstanding	84,374	84,197	84,502	83,451
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 44,187	$ 14,574	$ 95,931	$ (9,164)
Noncontrolling Interest [Member]
Net income (loss)	$ 1,304	$ 862	$ 2,858	$ 1,677

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net income (loss)	$ 32,725	$ 20,250	$ 70,477	$ (610)
Other comprehensive income (loss), net of tax [Abstract]
Unrecognized net pension and other postretirement benefit gain (loss)	876	(4,211)	2,781	(7,521)
Reclassification of net pension and other postretirement benefit loss	2,201	2,614	4,416	5,179
Foreign currency translation adjustments	(10,081)	42,601	(26,557)	74,547
Total other comprehensive income (loss), net of tax	(7,196)	44,774	(19,745)	77,646
Total comprehensive income	25,529	65,024	50,732	77,036
Less: comprehensive income (loss) attributable to noncontrolling interests	855	2,218	1,954	4,312
Comprehensive income (loss) attributable to Kennametal Shareholders	24,674	62,806	48,778	72,724
Accumulated Other Comprehensive (Loss) Income [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	63	(155)	126	(305)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	(192)	479	(385)	940
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	0	3,291	0	4,501
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	$ 63	$ (155)	$ 126	$ (305)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 101,799	$ 154,047
Accounts receivable, less allowance for doubtful accounts of $9,367 and $9,734, respectively	272,592	302,945
Inventories (Note 9)	533,016	476,345
Other current assets	76,794	71,470
Total current assets	984,201	1,004,807
Property, plant and equipment:
Land and buildings	414,947	413,865
Machinery and equipment	1,937,533	1,959,176
Less accumulated depreciation	(1,329,710)	(1,317,906)
Property, plant and equipment, net	1,022,770	1,055,135
Other assets:
Goodwill (Note 17)	273,319	277,615
Other intangible assets, less accumulated amortization of $159,163 and $153,972, respectively (Note 17)	113,009	120,041
Operating lease right-of-use assets	45,667	50,341
Deferred income taxes	57,074	58,742
Other	114,832	99,080
Total other assets	603,901	605,819
Total assets	2,610,872	2,665,761
Current liabilities:
Revolving and other lines of credit and notes payable (Note 11)	12,228	8,365
Current operating lease liabilities	13,125	14,220
Accounts payable	185,857	177,659
Accrued income taxes	30,318	18,059
Accrued expenses	43,610	61,489
Other current liabilities	125,845	157,602
Total current liabilities	410,983	437,394
Long-term debt, less current maturities (Note 10)	592,731	592,108
Operating lease liabilities	33,161	36,800
Deferred income taxes	23,609	23,710
Accrued pension and postretirement benefits	163,069	171,067
Accrued income taxes	4,085	4,246
Other liabilities	26,661	32,231
Total liabilities	1,254,299	1,297,556
Commitments and contingencies
Kennametal Shareholders' Equity
Preferred stock, no par value; 5,000 shares authorized; none issued	0	0
Capital stock, $1.25 par value; 120,000 shares authorized; 83,074 and 83,614 shares issued, respectively	103,842	104,518
Additional paid-in capital	534,592	562,820
Retained earnings	1,026,756	992,597
Accumulated other comprehensive loss	(349,168)	(330,327)
Total Kennametal Shareholders' Equity	1,316,022	1,329,608
Noncontrolling interests	40,551	38,597
Total equity	1,356,573	1,368,205
Total liabilities and equity	$ 2,610,872	$ 2,665,761
Common Stock, Par or Stated Value Per Share	$ 1.25	$ 1.25
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	5,000	5,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9,367	$ 9,734
Accumulated amortization on other intangible assets	$ 159,163	$ 153,972
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	5,000	5,000
Capital stock, par value	$ 1.25	$ 1.25
Capital stock, shares authorized	120,000	120,000
Capital stock, shares issued	83,074	83,614
Preferred Stock, Shares Issued	0	0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Net income (loss)	$ 70,477	$ (610)
Adjustments to reconcile to cash from operations:
Depreciation	58,229	55,483
Amortization	6,517	6,681
Stock-based compensation expense	13,374	12,797
Restructuring (benefits) charges and asset impairment charges (Note 6)	(3,246)	1,602
Deferred income taxes	108	(455)
Gain on divestiture (Note 3)	(1,001)	0
Other	22	4,549
Changes in certain assets and liabilities:
Accounts receivable	23,017	(22,538)
Inventories	(67,031)	46,711
Accounts payable and accrued liabilities	(36,616)	(9,631)
Accrued income taxes	8,562	(24,463)
Accrued pension and postretirement benefits	(12,884)	(13,435)
Other	(1,724)	10,661
Net cash flow provided by operating activities	57,804	67,352
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(37,736)	(68,616)
Disposals of property, plant and equipment	598	904
Proceeds from divestiture (Note 3)	1,001	0
Other	63	93
Net cash flow used for investing activities	(36,074)	(67,619)
FINANCING ACTIVITIES
Net increase (decrease) in notes payable	(5,129)	2,738
Net increase (decrease) revolving and other lines of credit	9,000	(475,500)
Purchase of capital stock	(35,508)	(100)
The effect of employee benefit and stock plans and dividend reinvestment	(6,774)	(2,531)
Cash dividends paid to Shareholders	(33,460)	(33,310)
Other	(678)	(3,334)
Net cash flow used for financing activities	(72,549)	(512,037)
Effect of exchange rate changes on cash and cash equivalents	(1,429)	8,808
CASH AND CASH EQUIVALENTS
Net decrease in cash and cash equivalents	(52,248)	(503,496)
Cash and cash equivalents, beginning of period	154,047	606,684
Cash and cash equivalents, end of period	$ 101,799	$ 103,188

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	6 Months Ended
Supplemental Cash Flow Disclosures	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Six Months Ended December 31, (in thousands) 2021 2020 Cash paid during the period for: Interest $ 12,617 $ 19,335 Income taxes 16,784 16,481 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (150) (11,800) Changes in notes payable related to purchases of property, plant and equipment — 7,254

Supplemental Cash Flow

Supplemental Cash Flow	6 Months Ended
Supplemental Cash Flow	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	Six Months Ended December 31, (in thousands) 2021 2020 Cash paid during the period for: Interest $ 12,617 $ 19,335 Income taxes 16,784 16,481 Supplemental disclosure of non-cash information: Changes in accounts payable related to purchases of property, plant and equipment (150) (11,800) Changes in notes payable related to purchases of property, plant and equipment — 7,254

Supplemental Cash Flow_2

Supplemental Cash Flow - USD ($) $ in Thousands	6 Months Ended
Supplemental Cash Flow - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Interest	$ 12,617	$ 19,335
Income taxes	16,784	16,481
Change in accounts payable related to purchases of property, plant, and equipment	$ (150)	(11,800)
Changes in notes payable related to purchases of property, plant and equipment		$ 7,254

Divestiture (Notes)

Divestiture (Notes)	6 Months Ended
Divestiture (Notes)	Dec. 31, 2021
Divestiture [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	DIVESTITUREDuring the year ended June 30, 2020, we completed the sale of certain assets of the non-core specialty alloys and metals business within the Infrastructure segment located in New Castle, Pennsylvania to Advanced Metallurgical Group N.V. for an aggregate price of $24.0 million.The net book value of these assets at closing was $29.5 million, and the pre-tax loss on divestiture recognized during the year ended June 30, 2020 was $6.5 million. Transaction proceeds were primarily used for capital expenditures related to our simplification/modernization efforts. During the quarter ended December 31, 2021, we recorded a gain of $1.0 million on the New Castle divestiture due to proceeds held in escrow until November 2021.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Dec. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three levels to prioritize the inputs used in valuations, as defined below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Inputs that are unobservable. As of December 31, 2021, the fair values of our financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 25 $ — $ 25 Total assets at fair value $ — $ 25 $ — $ 25 Liabilities: Derivatives (1) $ — $ 61 $ — $ 61 Total liabilities at fair value $ — $ 61 $ — $ 61 As of June 30, 2021, the fair values of our financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 36 $ — $ 36 Total assets at fair value $ — $ 36 $ — $ 36 Liabilities: Derivatives (1) $ — $ 87 $ — $ 87 Total liabilities at fair value $ — $ 87 $ — $ 87 (1) Currency derivatives are valued based on observable market spot and forward rates and are classified within Level 2 of the fair value hierarchy.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
Derivative Instruments and Hedging Activities	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES As part of our financial risk management program, we use certain derivative financial instruments. We do not enter into derivative transactions for speculative purposes and, therefore, we do not hold any derivative instruments for trading purposes. We account for derivative instruments as a hedge of the related asset, liability, firm commitment or anticipated transaction, when the derivative is specifically designated and qualifies as a hedge of such items. Our objective in managing foreign exchange exposures with derivative instruments is to reduce volatility in cash flow. We measure hedge effectiveness by assessing the changes in the fair value or expected future cash flows of the hedged item. There were no derivatives designated as hedging instruments as of December 31, 2021 and June 30, 2021. The fair value of derivatives not designated as hedging instruments in the condensed consolidated balance sheets are as follows: (in thousands) December 31, June 30, 2021 Derivatives not designated as hedging instruments Other current assets - currency forward contracts $ 25 $ 36 Other current liabilities - currency forward contracts (61) (87) Total derivatives not designated as hedging instruments (36) (51) Total derivatives $ (36) $ (51) Certain currency forward contracts that hedge significant cross-border intercompany loans are considered as other derivatives and therefore do not qualify for hedge accounting. These contracts are recorded at fair value in the condensed consolidated balance sheet, with the offset to other income, net. (Gains) losses related to derivatives not designated as hedging instruments have been recognized as follows: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2021 2020 2021 2020 Other income, net - currency forward contracts $ (134) $ (2,127) $ 6 $ (1,409) NET INVESTMENT HEDGES As of December 31, 2021 and June 30, 2021, we had certain foreign currency-denominated intercompany loans payable with total aggregate principal amounts of €5.3 million and €5.2 million, respectively, designated as net investment hedges to hedge the foreign exchange exposure of our net investment in our Euro-based subsidiaries. A gain of $0.1 million and a loss of $0.8 million were recorded as a component of foreign currency translation adjustments in other comprehensive income for the three months ended December 31, 2021 and 2020, respectively. A gain of $1.4 million and a loss of $1.4 million were recorded as a component of foreign currency translation adjustments in other comprehensive loss for the six months ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the foreign currency-denominated intercompany loans payable designated as net investment hedges consisted of: Instrument Notional (EUR in thousands) (2) Notional (USD in thousands) (2) Maturity Foreign currency-denominated intercompany loan payable € 5,265 $ 5,953 June 26, 2022 (2) Includes principal and accrued interest.

Restructuring and Related Charg

Restructuring and Related Charges	6 Months Ended
Restructuring and Related Charges	Dec. 31, 2021
Restructuring Charges [Abstract]
RESTRUCTURING AND RELATED CHARGES	RESTRUCTURING AND RELATED CHARGES FY21 Restructuring Actions In the September quarter of fiscal 2020, we announced the initiation of restructuring actions in Germany associated with our simplification/modernization initiative to reduce structural costs. Subsequently, we also announced the acceleration of our other structural cost reduction plans including the closure of the Johnson City, Tennessee facility. Expected pre-tax charges for the FY21 Restructuring Actions are approximately $85 million. Total restructuring and related charges since inception of $81.8 million were recorded for this program through December 31, 2021, consisting of: $74.1 million in Metal Cutting and $7.7 million in Infrastructure. The remaining charges related to the FY21 Restructuring Actions are expected to be within the Metal Cutting segment. Restructuring and Related Charges Recorded We recorded restructuring and related benefits from the reversal of charges of $1.7 million for the three months ended December 31, 2021, which consisted of benefits of $1.7 million in Metal Cutting and an immaterial amount in Infrastructure. Of this amount, restructuring benefits were $3.5 million and restructuring-related charges were $1.8 million (included in cost of goods sold) for the three months ended December 31, 2021. For the three months ended December 31, 2020, we recorded restructuring and related charges of $4.2 million, which consisted of charges of $3.5 million in Metal Cutting and $0.7 million in Infrastructure. Of this amount, restructuring charges totaled $1.8 million of which $0.4 million was included in cost of goods sold for the three months ended December 31, 2020. Restructuring-related charges of $2.4 million were recorded in cost of goods sold for the three months ended December 31, 2020. We recorded restructuring and related benefits from the reversal of charges of $0.4 million for the six months ended December 31, 2021, which consisted of benefits of $0.4 million in Metal Cutting and an immaterial amount in Infrastructure. Of this amount, restructuring benefits were $3.3 million and restructuring-related charges were $2.8 million (included in cost of goods sold) for the six months ended December 31, 2021. For the six months ended December 31, 2020, we recorded restructuring and related charges of $32.9 million, which consisted of charges of $29.5 million in Metal Cutting and $3.3 million in Infrastructure. Of this amount, restructuring charges were $27.4 million of which $0.4 million was included in cost of goods sold. Restructuring-related charges of $5.5 million were recorded in cost of goods sold for the six months ended December 31, 2020. As of December 31, 2021, $10.6 million and $4.5 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively, in our condensed consolidated balance sheet. As of June 30, 2021, $19.9 million and $9.9 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively. The amounts are as follows: (in thousands) June 30, 2021 Expense Asset Write-Down Translation Cash Expenditures December 31, 2021 Severance $ 29,723 $ (3,999) $ — $ (1,012) $ (9,656) $ 15,056 Facilities — 729 (729) — — — Other — — — — — — Total $ 29,723 $ (3,270) $ (729) $ (1,012) $ (9,656) $ 15,056

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock Options Changes in our stock options for the six months ended December 31, 2021 were as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic value (in thousands) Options outstanding, June 30, 2021 315,012 $ 37.83 Exercised (6,916) 31.69 Lapsed or forfeited (28,000) 41.32 Options outstanding, December 31, 2021 280,096 $ 37.63 2.4 $ 611 Options vested, December 31, 2021 280,096 $ 37.63 2.4 $ 611 Options exercisable, December 31, 2021 280,096 $ 37.63 2.4 $ 611 As of December 31, 2021 and June 30, 2021, there was no unrecognized compensation cost related to options outstanding, and all options were fully vested as of December 31, 2021 and 2020. The amount of cash received from the exercise of options during the six months ended December 31, 2021 and 2020 was $0.2 million and $3.1 million, respectively. The total intrinsic value of options exercised was $0.1 million and $1.6 million during the six months ended December 31, 2021 and 2020, respectively. Restricted Stock Units – Performance Vesting and Time Vesting Changes in our performance vesting and time vesting restricted stock units for the six months ended December 31, 2021 were as follows: Performance Vesting Stock Units Performance Vesting Weighted Average Fair Value Time Vesting Stock Units Time Vesting Weighted Average Fair Value Unvested, June 30, 2021 500,477 $ 32.53 1,332,740 $ 31.72 Granted 194,821 36.70 504,752 36.64 Vested (36,455) 40.10 (506,654) 32.17 Performance metric adjustments, net (150,711) 31.18 — — Forfeited (11,541) 30.51 (38,064) 31.64 Unvested, December 31, 2021 496,591 $ 34.07 1,292,774 $ 33.46 During the six months ended December 31, 2021 and 2020, compensation expense related to time vesting and performance vesting restricted stock units was $12.6 million and $12.3 million, respectively. Certain performance metrics were not met, resulting in an adjustment of 150,711 performance vesting stock units during the six months ended December 31, 2021. As of December 31, 2021, the total unrecognized compensation cost related to unvested time vesting and performance vesting restricted stock units was $32.2 million and is expected to be recognized over a weighted average period of 2.1 years.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
Pension and Other Postretirement Benefits	Dec. 31, 2021
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFITS	The table below summarizes the components of net periodic pension income: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2021 2020 2021 2020 Service cost $ 281 $ 419 $ 567 $ 836 Interest cost 5,641 5,783 11,300 11,557 Expected return on plan assets (12,999) (13,365) (26,035) (26,711) Amortization of transition obligation 24 23 48 45 Amortization of prior service cost 3 8 5 17 Recognition of actuarial losses 2,941 3,386 5,911 6,758 Net periodic pension income $ (4,109) $ (3,746) $ (8,204) $ (7,498) The table below summarizes the components of net periodic other postretirement benefit cost: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2021 2020 2021 2020 Interest cost $ 72 $ 76 $ 144 $ 153 Amortization of prior service credit (69) (69) (138) (138) Recognition of actuarial loss 74 77 148 154 Net periodic other postretirement benefit cost $ 77 $ 84 $ 154 $ 169 The service cost component of net periodic pension income is reported as a component of cost of goods sold and operating expense. All other components of net periodic pension income and net periodic other postretirement benefit cost are reported as a component of other income, net.

Inventories

Inventories	6 Months Ended
Inventories	Dec. 31, 2021
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES We used the last-in, first-out (LIFO) method of valuing inventories for 38 percent and 39 percent of total inventories at December 31, 2021 and June 30, 2021, respectively. Inventory valuations under the LIFO method are based on an annual determination of quantities and costs as of June 30 of each year; therefore, the interim LIFO valuations are based on our projections of expected year-end inventory levels and costs and are subject to any final year-end LIFO inventory adjustments. Inventories consisted of the following: (in thousands) December 31, 2021 June 30, 2021 Finished goods $ 319,682 $ 302,524 Work in process and powder blends 191,149 173,671 Raw materials 98,528 72,551 Inventories at current cost 609,359 548,746 Less: LIFO valuation (76,343) (72,401) Total inventories $ 533,016 $ 476,345

Long-Term Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Dec. 31, 2021
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBTFixed rate debt had a fair market value of $636.5 million and $644.2 million at December 31, 2021 and June 30, 2021, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of December 31, 2021 and June 30, 2021, respectively.
Short-term Debt	11. REVOLVING AND OTHER LINES OF CREDIT AND NOTES PAYABLE During the three months ended September 30, 2020, we entered into the First Amendment (the Amendment) to the Fifth Amended and Restated Credit Agreement dated as of June 21, 2018 (as amended by the Amendment, the Credit Agreement). The Credit Agreement is a five-year, multi-currency, revolving credit facility that we use to augment our cash from operations and as an additional source of funds. The Credit Agreement provides for revolving credit loans of up to $700.0 million for working capital, capital expenditures and general corporate purposes. The Credit Agreement allows for borrowings in U.S. dollars, euros, Canadian dollars, pounds sterling and Japanese yen. Interest payable under the Credit Agreement is based upon the type of borrowing under the facility and may be (1) LIBOR plus an applicable margin, (2) the greater of the prime rate or the Federal Funds effective rate plus an applicable margin, or (3) fixed as negotiated by us. The Credit Agreement matures in June 2023. The Credit Agreement requires us to comply with various restrictive and affirmative covenants, including two financial covenants: (1) a maximum leverage ratio where debt, net of domestic cash in excess of $25 million and, as added by the Amendment, sixty percent of the unrestricted cash held outside of the United States, must be less than or equal to 3.5 times trailing twelve months EBITDA (temporarily increased by the Amendment to 4.25 times trailing twelve months EBITDA during the period from September 30, 2020 through and including December 31, 2021), adjusted for certain non-cash expenses, and which may be further adjusted, at our discretion, to include up to $120 million (increased from $80 million pursuant to the Amendment) of cash restructuring charges through December 31, 2021; and (2) a minimum consolidated interest coverage ratio of EBITDA to interest of 3.5 times (as the aforementioned terms are defined in the Credit Agreement). Borrowings under the Credit Agreement are guaranteed by our significant domestic subsidiaries. As of December 31, 2021, we were in compliance with all the covenants of the Credit Agreement and we had $9.0 million of borrowings outstanding and $691.0 million of additional availability. There were no borrowings outstanding as of June 30, 2021.

Environmental Matters

Environmental Matters	6 Months Ended
Environmental Matters	Dec. 31, 2021
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL MATTERS	ENVIRONMENTAL MATTERS The operation of our business has exposed us to certain liabilities and compliance costs related to environmental matters. We are involved in various environmental cleanup and remediation activities at certain of our locations. We establish and maintain accruals for certain potential environmental liabilities. At December 31, 2021, the balance of these accruals was $14.6 million, of which $2.5 million was current. At June 30, 2021, the balance was $14.7 million, of which $2.6 million was current. These accruals represent anticipated costs associated with potential remedial requirements and are generally not discounted. The accruals we have established for potential environmental liabilities represent our best current estimate of the costs of addressing all identified environmental situations, based on our review of currently available evidence, and taking into consideration our prior experience in remediation and that of other companies, as well as public information released by the United States Environmental Protection Agency (USEPA), other governmental agencies and by the Potentially Responsible Party (PRP) groups in which we are participating. Although our accruals currently appear to be sufficient to cover these potential environmental liabilities, there are uncertainties associated with environmental liabilities, and we can give no assurance that our estimate of any environmental liability will not increase or decrease in the future. The accrued liabilities for all environmental concerns could change substantially due to factors such as the nature and extent of contamination, changes in remedial requirements, technological changes, discovery of new information, the financial strength of other PRPs, the identification of new PRPs and the involvement of and direction taken by the government on these matters. Superfund Sites Among other environmental laws, we are subject to the Comprehensive Environmental Response Compensation and Liability Act of 1980 (CERCLA), under which we have been designated by the USEPA as a PRP with respect to environmental remedial costs at certain Superfund sites. We have evaluated our claims and liabilities associated with these Superfund sites based upon best currently available information. We believe our environmental accruals are adequate to cover our portion of the environmental remedial costs at the Superfund sites where we have been designated a PRP, to the extent these expenses are probable and reasonably estimable.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective income tax rates for the three months ended December 31, 2021 and 2020 were 25.9 percent (provision on income) and 39.0 percent (benefit on income), respectively. The year-over-year change is primarily due to the effects of changes in projected pre-tax income in the prior period, higher projected pre-tax income in the current year and geographical mix. The effective income tax rates for the six months ended December 31, 2021 and 2020 were 26.5 percent (provision on income) and 93.3 percent (benefit on a loss), respectively. The year-over-year change is primarily due to the effects of higher projected pre-tax income in the current period and geographical mix. As of December 31, 2021, we have $25.5 million of U.S. net deferred tax assets, of which $57.0 million is related to net operating loss, tax credit, and other carryforwards that can be used to offset future U.S. taxable income. Certain of these carryforwards will expire if they are not used within a specified timeframe. At this time, we consider it more likely than not that we will have sufficient U.S. taxable income in the future that will allow us to realize these net deferred tax assets. However, it is possible that some or all of these tax attributes could ultimately expire unused, especially if our end markets do not continue to recover from the COVID-19 global pandemic. Therefore, if we are unable to generate sufficient U.S. taxable income from our operations, a valuation allowance to reduce the U.S. net deferred tax assets may be required, which would materially increase income tax expense in the period in which the valuation allowance is recorded. Swiss tax reform Swiss tax reform legislation was effectively enacted during the December quarter of fiscal 2020 when the Canton of Schaffhausen approved the Federal Act on Tax Reform and AHV Financing on October 8, 2019 (Swiss tax reform). Significant changes from Swiss tax reform include the abolishment of certain favorable tax regimes and the creation of a multi-year transitional period at both the federal and cantonal levels. The transitional provisions of Swiss tax reform allow companies to utilize a combination of lower tax rates and tax basis adjustments to fair value, which are used for tax depreciation and amortization purposes resulting in deductions over the transitional period. To reflect the federal and cantonal transitional provisions, as they apply to us, we recorded a deferred tax asset of $14.5 million during the three months ended December 31, 2020. We consider the deferred tax asset from Swiss tax reform to be an estimate based on our current interpretation of the legislation, which is subject to change based on further legislative guidance, review with the Swiss federal and cantonal authorities, and modifications to the underlying valuation. We anticipate finalization of the deferred tax asset during the current fiscal year.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Dec. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed using the weighted average number of shares outstanding during the period, while diluted earnings per share is calculated to reflect the potential dilution that would occur related to the issuance of capital stock under stock option grants, performance awards and restricted stock units. The difference between basic and diluted earnings per share relates solely to the effect of capital stock options, performance awards and restricted stock units. During the six months ended December 31, 2020, the effect of unexercised capital stock options, unvested performance awards and unvested restricted stock units was anti-dilutive as a result of a net loss in the period and therefore has been excluded from diluted shares outstanding as well as from the diluted earnings per share calculation. The following table provides the computation of diluted shares outstanding for the three months ended December 31, 2021, the three months ended December 31, 2020, and the six months ended December 31, 2021: (in thousands) Three Months Ended December 31, 2021 Three Months Ended Six Months Ended Weighted-average shares outstanding during period 83,637 83,582 83,759 Add: Unexercised stock options and unvested restricted stock units 737 615 743 Number of shares on which diluted earnings per share is calculated 84,374 84,197 84,502 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 145 386 183

Equity

Equity	6 Months Ended
Equity	Dec. 31, 2021
Equity [Abstract]
EQUITY	EQUITY A summary of the changes in the carrying amounts of total equity, Kennametal Shareholders’ equity and equity attributable to noncontrolling interests for the three months ending December 31, 2021 and 2020 is as follows: Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of September 30, 2021 $ 104,527 $ 550,790 $ 1,012,055 $ (342,421) $ 39,696 $ 1,364,647 Net income — — 31,421 — 1,304 32,725 Other comprehensive loss — — — (6,747) (449) (7,196) Dividend reinvestment 1 46 — — — 47 Capital stock issued under employee benefit and stock plans (3) 65 5,604 — — — 5,669 Purchase of capital stock (751) (21,848) — — — (22,599) Cash dividends ($0.20 per share) — — (16,720) — — (16,720) Cash dividends to non-controlling interests — — — — — — Other — — — — — — Total equity, December 31, 2021 $ 103,842 $ 534,592 $ 1,026,756 $ (349,168) $ 40,551 $ 1,356,573 Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of September 30, 2020 $ 104,064 $ 540,374 $ 966,596 $ (385,648) $ 40,996 $ 1,266,382 Net income — — 19,388 — 862 20,250 Other comprehensive income — — — 43,417 1,357 44,774 Dividend reinvestment 2 48 — — — 50 Capital stock issued under employee benefit and stock plans (3) 266 7,691 — — — 7,957 Purchase of capital stock (2) (48) — — — (50) Cash dividends ($0.20 per share) — — (16,683) — — (16,683) Cash dividends to non-controlling interests — — — — (1,361) (1,361) Other — (311) — (1,319) (1,630) Total equity, December 31, 2020 $ 104,330 $ 547,754 $ 969,301 $ (342,231) $ 40,535 $ 1,319,689 (3) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements. A summary of the changes in the carrying amounts of total equity, Kennametal Shareholders’ equity and equity attributable to noncontrolling interests for the six months ending December 31, 2021 and 2020 is as follows: Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of June 30, 2021 $ 104,518 $ 562,820 $ 992,597 $ (330,327) $ 38,597 $ 1,368,205 Net income — — 67,619 — 2,858 70,477 Other comprehensive loss — — — (18,841) (904) (19,745) Dividend reinvestment 3 92 — — — 95 Capital stock issued under employee benefit and stock plans (3) 512 5,997 — — — 6,509 Purchase of capital stock (1,191) (34,317) — — — (35,508) Cash dividends ($0.40 per share) — — (33,460) — — (33,460) Cash dividends to non-controlling interests — — — — — — Other — — — — — Total equity, December 31, 2021 $ 103,842 $ 534,592 $ 1,026,756 $ (349,168) $ 40,551 $ 1,356,573 Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of June 30, 2020 $ 103,654 $ 538,575 $ 1,004,898 $ (417,242) $ 38,903 $ 1,268,788 Net (loss) income — — $ (2,287) — 1,677 (610) Other comprehensive income — — — 75,011 2,635 77,646 Dividend reinvestment 4 97 — — — 101 Capital stock issued under employee benefit and stock plans (3) 676 9,490 — — — 10,166 Purchase of capital stock (4) (97) — — — (101) Cash dividends ($0.40 per share) — — (33,310) — — (33,310) Cash dividends to non-controlling interests — — — — (1,361) (1,361) Other — (311) — — (1,319) (1,630) Total equity, December 31, 2020 $ 104,330 $ 547,754 $ 969,301 $ (342,231) $ 40,535 $ 1,319,689 (3) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements. The amounts of comprehensive income attributable to Kennametal Shareholders and noncontrolling interests are disclosed in the condensed consolidated statements of comprehensive income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
Accumulated Other Comprehensive Loss	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS The components of, and changes in, accumulated other comprehensive loss (AOCL) were as follows, net of tax, for the six months ended December 31, 2021: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2021 $ (213,172) $ (122,428) $ 5,273 $ (330,327) Other comprehensive income (loss) before reclassifications 2,781 (25,653) — (22,872) Amounts reclassified from AOCL 4,416 — (385) 4,031 Net current period other comprehensive income (loss) 7,197 (25,653) (385) (18,841) AOCL, December 31, 2021 $ (205,975) $ (148,081) $ 4,888 $ (349,168) Attributable to noncontrolling interests: Balance, June 30, 2021 $ — $ (3,982) $ — $ (3,982) Other comprehensive income before reclassifications — (904) — (904) Net current period other comprehensive income — (904) — (904) AOCL, December 31, 2021 $ — $ (4,886) $ — $ (4,886) The components of, and changes in, AOCL were as follows, net of tax, for the six months ended December 31, 2020: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2020 $ (232,634) $ (181,027) $ (3,581) $ (417,242) Other comprehensive (loss) income before reclassifications (7,521) 71,912 4,501 68,892 Amounts reclassified from AOCL 5,179 — 940 6,119 Net current period other comprehensive (loss) income (2,342) 71,912 5,441 75,011 AOCL, December 31, 2020 $ (234,976) $ (109,115) $ 1,860 $ (342,231) Attributable to noncontrolling interests: Balance, June 30, 2020 $ — $ (5,909) $ — $ (5,909) Other comprehensive income before reclassifications — 2,635 — 2,635 Net current period other comprehensive income — 2,635 — 2,635 AOCL, December 31, 2020 $ — $ (3,274) $ — $ (3,274) Reclassifications out of AOCL for the three and six months ended December 31, 2021 and 2020 consisted of the following: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2021 2020 2021 2020 Affected line item in the Income Statement Losses and (gains) on cash flow hedges: Forward starting interest rate swaps $ (255) $ 635 $ (511) $ 1,269 Interest expense Currency exchange contracts — (1) — (24) Cost of goods sold and other income, net Total before tax (255) 634 (511) 1,245 Tax impact 63 (155) 126 (305) Provision for income taxes Net of tax $ (192) $ 479 $ (385) $ 940 Pension and other postretirement benefits: Amortization of transition obligations $ 24 $ 23 $ 48 $ 45 Other income, net Amortization of prior service credit (66) (61) (133) (121) Other income, net Recognition of actuarial losses 3,015 3,463 6,059 6,912 Other income, net Total before tax 2,973 3,425 5,974 6,836 Tax impact (772) (811) (1,558) (1,657) Provision for income taxes Net of tax $ 2,201 $ 2,614 $ 4,416 $ 5,179 The amount of income tax allocated to each component of other comprehensive (loss) income for the three months ended December 31, 2021 and 2020 were as follows: 2021 2020 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Unrealized gain on derivatives designated and qualified as cash flow hedges $ — $ — $ — $ 4,359 $ (1,068) $ 3,291 Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges (255) 63 (192) 634 (155) 479 Unrecognized net pension and other postretirement benefit gain (loss) 1,232 (356) 876 (5,272) 1,061 (4,211) Reclassification of net pension and other postretirement benefit loss 2,973 (772) 2,201 3,425 (811) 2,614 Foreign currency translation adjustments (10,062) (19) (10,081) 41,671 930 42,601 Other comprehensive (loss) income $ (6,112) $ (1,084) $ (7,196) $ 44,817 $ (43) $ 44,774 The amount of income tax allocated to each component of other comprehensive (loss) income for the six months ended December 31, 2021 and 2020 were as follows: 2021 2020 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Unrealized gain on derivatives designated and qualified as cash flow hedges $ — $ — $ — $ 5,962 $ (1,461) $ 4,501 Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges (511) 126 (385) 1,245 (305) 940 Unrecognized net pension and other postretirement benefit gain (loss) 3,831 (1,050) 2,781 (9,654) 2,133 (7,521) Reclassification of net pension and other postretirement benefit loss 5,974 (1,558) 4,416 6,836 (1,657) 5,179 Foreign currency translation adjustments (26,519) (38) (26,557) 73,777 770 74,547 Other comprehensive (loss) income $ (17,225) $ (2,520) $ (19,745) $ 78,166 $ (520) $ 77,646

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
Goodwill and Other Intangible Assets	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS A summary of the carrying amount of goodwill attributable to each segment, as well as the changes in such carrying amounts, is as follows: (in thousands) Metal Cutting Infrastructure Total Gross goodwill $ 455,276 $ 633,211 $ 1,088,487 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2021 $ 277,615 $ — $ 277,615 Activity for the six months ended December 31, 2021: Change in gross goodwill due to translation (4,296) — (4,296) Gross goodwill 450,980 633,211 1,084,191 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of December 31, 2021 $ 273,319 $ — $ 273,319 The components of our other intangible assets were as follows: Estimated December 31, 2021 June 30, 2021 (in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Technology-based and other 4 to 20 $ 33,180 $ (24,360) $ 33,632 $ (24,413) Customer-related 10 to 21 182,559 (102,425) 183,338 (98,901) Unpatented technology 10 to 30 32,013 (21,851) 31,957 (20,575) Trademarks 5 to 20 13,163 (10,527) 13,268 (10,083) Trademarks Indefinite 11,257 — 11,818 — Total $ 272,172 $ (159,163) $ 274,013 $ (153,972)

Segment Data

Segment Data	6 Months Ended
Segment Data	Dec. 31, 2021
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATA We operate in two reportable segments consisting of Metal Cutting and Infrastructure. Our reportable operating segments have been determined in accordance with our internal management structure, which is organized based on operating activities, the manner in which we organize segments for allocating resources, making operating decisions and assessing performance and the availability of separate financial results. We do not allocate certain corporate expenses related to executive retirement plans, our Board of Directors, strategic initiatives, and certain other costs and report them in Corporate. Our reportable operating segments do not represent the aggregation of two or more operating segments. METAL CUTTING The Metal Cutting segment develops and manufactures high performance tooling and metal cutting products and services and offers an assortment of standard and custom metal cutting solutions to diverse end markets, including aerospace, general engineering, energy and transportation. The products include milling, hole making, turning, threading and toolmaking systems used in the manufacture of airframes, aero engines, trucks and automobiles, ships and various types of industrial equipment. We leverage advanced manufacturing capabilities in combination with varying levels of customization to solve our customers’ toughest challenges and deliver improved productivity for a wide range of applications . Metal Cutting markets its products under the Kennametal ® , WIDIA ® , WIDIA Hanita ® and WIDIA GTD ® brands through its direct sales force, a network of independent and national distributors, integrated supplier channels and via the Internet. Application engineers and technicians are critical to the sales process and directly assist our customers with specified product design, selection, application and support. INFRASTRUCTURE Our Infrastructure segment produces engineered tungsten carbide and ceramic components, earth-cutting tools, and advanced metallurgical powders, primarily for the energy, earthworks and general engineering end markets. These wear-resistant products include compacts, nozzles, frac seats and custom components used in oil and gas and petrochemical industries; rod blanks and abrasive water jet nozzles for general industries; earth cutting tools and systems used in underground mining, trenching and foundation drilling and road milling; tungsten carbide powders for the oil and gas, aerospace and process industries; and ceramics used by the packaging industry for metallization of films and papers. We combine deep metallurgical and engineering expertise with advanced manufacturing capabilities to deliver solutions that drive improved productivity for our customers. Infrastructure markets its products primarily under the Kennametal ® brand and sells through a direct sales force as well as through distributors. Our sales and operating income (loss) by segment are as follows: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2021 2020 2021 2020 Sales: Metal Cutting $ 298,581 $ 282,917 $ 597,011 $ 530,793 Infrastructure 188,092 157,590 373,171 310,019 Total sales $ 486,673 $ 440,507 $ 970,182 $ 840,812 Operating income (loss): Metal Cutting $ 27,895 $ 13,693 $ 57,059 $ (9,933) Infrastructure 19,971 6,265 46,007 13,533 Corporate (361) (924) (955) (1,743) Total operating income 47,505 19,034 102,111 1,857 Interest expense 6,460 8,317 12,781 18,896 Other income, net (3,142) (3,857) (6,601) (7,875) Income (loss) from continuing operations before income taxes $ 44,187 $ 14,574 $ 95,931 $ (9,164) The following table presents Kennametal's revenue disaggregated by geography: Three Months Ended December 31, 2021 December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 40% 57% 47% 38% 56% 44% EMEA 38 17 30 38 18 31 Asia Pacific 22 26 23 24 26 25 Six Months Ended December 31, 2021 December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 40% 57% 47% 38% 55% 44% EMEA 38 19 30 38 20 31 Asia Pacific 22 24 23 24 25 25 The following tables presents Kennametal's revenue disaggregated by end market: Three Months Ended December 31, 2021 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 57% 36% 48% Transportation 26 — 16 Aerospace 9 — 6 Energy 8 28 16 Earthworks — 36 14 Three Months Ended December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 53% 36% 47% Transportation 31 — 20 Aerospace 8 — 5 Energy 8 25 14 Earthworks — 39 14 Six Months Ended December 31, 2021 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 56% 35% 48% Transportation 27 — 17 Aerospace 9 — 5 Energy 8 29 16 Earthworks — 36 14 Six Months Ended December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 54% 35% 47% Transportation 30 — 19 Aerospace 8 — 5 Energy 8 25 14 Earthworks — 40 15

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Financial instruments at fair value on recurring basis	As of December 31, 2021, the fair values of our financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 25 $ — $ 25 Total assets at fair value $ — $ 25 $ — $ 25 Liabilities: Derivatives (1) $ — $ 61 $ — $ 61 Total liabilities at fair value $ — $ 61 $ — $ 61 As of June 30, 2021, the fair values of our financial assets and financial liabilities are categorized as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Derivatives (1) $ — $ 36 $ — $ 36 Total assets at fair value $ — $ 36 $ — $ 36 Liabilities: Derivatives (1) $ — $ 87 $ — $ 87 Total liabilities at fair value $ — $ 87 $ — $ 87 (1) Currency derivatives are valued based on observable market spot and forward rates and are classified within Level 2 of the fair value hierarchy.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivatives	(in thousands) December 31, June 30, 2021 Derivatives not designated as hedging instruments Other current assets - currency forward contracts $ 25 $ 36 Other current liabilities - currency forward contracts (61) (87) Total derivatives not designated as hedging instruments (36) (51) Total derivatives $ (36) $ (51)
(Gains) losses related to derivatives not designated as hedging instruments	osses related to derivatives not designated as hedging instruments have been recognized as follows: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2021 2020 2021 2020 Other income, net - currency forward contracts $ (134) $ (2,127) $ 6 $ (1,409)
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location	As of December 31, 2021, the foreign currency-denominated intercompany loans payable designated as net investment hedges consisted of: Instrument Notional (EUR in thousands) (2) Notional (USD in thousands) (2) Maturity Foreign currency-denominated intercompany loan payable € 5,265 $ 5,953 June 26, 2022

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
Restructuring (Tables)	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Schedule of Restructuring Reserve by Type of Cost	As of December 31, 2021, $10.6 million and $4.5 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively, in our condensed consolidated balance sheet. As of June 30, 2021, $19.9 million and $9.9 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively. The amounts are as follows: (in thousands) June 30, 2021 Expense Asset Write-Down Translation Cash Expenditures December 31, 2021 Severance $ 29,723 $ (3,999) $ — $ (1,012) $ (9,656) $ 15,056 Facilities — 729 (729) — — — Other — — — — — — Total $ 29,723 $ (3,270) $ (729) $ (1,012) $ (9,656) $ 15,056

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Changes in stock options	Changes in our stock options for the six months ended December 31, 2021 were as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic value (in thousands) Options outstanding, June 30, 2021 315,012 $ 37.83 Exercised (6,916) 31.69 Lapsed or forfeited (28,000) 41.32 Options outstanding, December 31, 2021 280,096 $ 37.63 2.4 $ 611 Options vested, December 31, 2021 280,096 $ 37.63 2.4 $ 611 Options exercisable, December 31, 2021 280,096 $ 37.63 2.4 $ 611
Changes in time vesting and performance vesting restricted stock units	Changes in our performance vesting and time vesting restricted stock units for the six months ended December 31, 2021 were as follows: Performance Vesting Stock Units Performance Vesting Weighted Average Fair Value Time Vesting Stock Units Time Vesting Weighted Average Fair Value Unvested, June 30, 2021 500,477 $ 32.53 1,332,740 $ 31.72 Granted 194,821 36.70 504,752 36.64 Vested (36,455) 40.10 (506,654) 32.17 Performance metric adjustments, net (150,711) 31.18 — — Forfeited (11,541) 30.51 (38,064) 31.64 Unvested, December 31, 2021 496,591 $ 34.07 1,292,774 $ 33.46

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
Pension and Other Postretirement Benefits (Tables)	Dec. 31, 2021
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension (income)	The table below summarizes the components of net periodic pension income: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2021 2020 2021 2020 Service cost $ 281 $ 419 $ 567 $ 836 Interest cost 5,641 5,783 11,300 11,557 Expected return on plan assets (12,999) (13,365) (26,035) (26,711) Amortization of transition obligation 24 23 48 45 Amortization of prior service cost 3 8 5 17 Recognition of actuarial losses 2,941 3,386 5,911 6,758 Net periodic pension income $ (4,109) $ (3,746) $ (8,204) $ (7,498)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension (income)	The table below summarizes the components of net periodic other postretirement benefit cost: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2021 2020 2021 2020 Interest cost $ 72 $ 76 $ 144 $ 153 Amortization of prior service credit (69) (69) (138) (138) Recognition of actuarial loss 74 77 148 154 Net periodic other postretirement benefit cost $ 77 $ 84 $ 154 $ 169

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: (in thousands) December 31, 2021 June 30, 2021 Finished goods $ 319,682 $ 302,524 Work in process and powder blends 191,149 173,671 Raw materials 98,528 72,551 Inventories at current cost 609,359 548,746 Less: LIFO valuation (76,343) (72,401) Total inventories $ 533,016 $ 476,345

Earnings Per Share (Tables) (Ta

Earnings Per Share (Tables) (Tables)	6 Months Ended
Earnings Per Share (Tables) (Tables)	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	The following table provides the computation of diluted shares outstanding for the three months ended December 31, 2021, the three months ended December 31, 2020, and the six months ended December 31, 2021: (in thousands) Three Months Ended December 31, 2021 Three Months Ended Six Months Ended Weighted-average shares outstanding during period 83,637 83,582 83,759 Add: Unexercised stock options and unvested restricted stock units 737 615 743 Number of shares on which diluted earnings per share is calculated 84,374 84,197 84,502 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 145 386 183

Equity (Tables)

Equity (Tables)	6 Months Ended
Equity (Tables)	Dec. 31, 2021
Equity [Abstract]
Summary of the changes in the carrying amounts of total equity, Kennametal shareholders' equity and equity attributable to noncontrolling interests	A summary of the changes in the carrying amounts of total equity, Kennametal Shareholders’ equity and equity attributable to noncontrolling interests for the three months ending December 31, 2021 and 2020 is as follows: Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of September 30, 2021 $ 104,527 $ 550,790 $ 1,012,055 $ (342,421) $ 39,696 $ 1,364,647 Net income — — 31,421 — 1,304 32,725 Other comprehensive loss — — — (6,747) (449) (7,196) Dividend reinvestment 1 46 — — — 47 Capital stock issued under employee benefit and stock plans (3) 65 5,604 — — — 5,669 Purchase of capital stock (751) (21,848) — — — (22,599) Cash dividends ($0.20 per share) — — (16,720) — — (16,720) Cash dividends to non-controlling interests — — — — — — Other — — — — — — Total equity, December 31, 2021 $ 103,842 $ 534,592 $ 1,026,756 $ (349,168) $ 40,551 $ 1,356,573 Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of September 30, 2020 $ 104,064 $ 540,374 $ 966,596 $ (385,648) $ 40,996 $ 1,266,382 Net income — — 19,388 — 862 20,250 Other comprehensive income — — — 43,417 1,357 44,774 Dividend reinvestment 2 48 — — — 50 Capital stock issued under employee benefit and stock plans (3) 266 7,691 — — — 7,957 Purchase of capital stock (2) (48) — — — (50) Cash dividends ($0.20 per share) — — (16,683) — — (16,683) Cash dividends to non-controlling interests — — — — (1,361) (1,361) Other — (311) — (1,319) (1,630) Total equity, December 31, 2020 $ 104,330 $ 547,754 $ 969,301 $ (342,231) $ 40,535 $ 1,319,689 (3) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements. A summary of the changes in the carrying amounts of total equity, Kennametal Shareholders’ equity and equity attributable to noncontrolling interests for the six months ending December 31, 2021 and 2020 is as follows: Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of June 30, 2021 $ 104,518 $ 562,820 $ 992,597 $ (330,327) $ 38,597 $ 1,368,205 Net income — — 67,619 — 2,858 70,477 Other comprehensive loss — — — (18,841) (904) (19,745) Dividend reinvestment 3 92 — — — 95 Capital stock issued under employee benefit and stock plans (3) 512 5,997 — — — 6,509 Purchase of capital stock (1,191) (34,317) — — — (35,508) Cash dividends ($0.40 per share) — — (33,460) — — (33,460) Cash dividends to non-controlling interests — — — — — — Other — — — — — Total equity, December 31, 2021 $ 103,842 $ 534,592 $ 1,026,756 $ (349,168) $ 40,551 $ 1,356,573 Kennametal Shareholders’ Equity (in thousands, except per share amounts) Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total equity Balance as of June 30, 2020 $ 103,654 $ 538,575 $ 1,004,898 $ (417,242) $ 38,903 $ 1,268,788 Net (loss) income — — $ (2,287) — 1,677 (610) Other comprehensive income — — — 75,011 2,635 77,646 Dividend reinvestment 4 97 — — — 101 Capital stock issued under employee benefit and stock plans (3) 676 9,490 — — — 10,166 Purchase of capital stock (4) (97) — — — (101) Cash dividends ($0.40 per share) — — (33,310) — — (33,310) Cash dividends to non-controlling interests — — — — (1,361) (1,361) Other — (311) — — (1,319) (1,630) Total equity, December 31, 2020 $ 104,330 $ 547,754 $ 969,301 $ (342,231) $ 40,535 $ 1,319,689 (3) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components of, and changes in accumulated other comprehensive loss	The components of, and changes in, accumulated other comprehensive loss (AOCL) were as follows, net of tax, for the six months ended December 31, 2021: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2021 $ (213,172) $ (122,428) $ 5,273 $ (330,327) Other comprehensive income (loss) before reclassifications 2,781 (25,653) — (22,872) Amounts reclassified from AOCL 4,416 — (385) 4,031 Net current period other comprehensive income (loss) 7,197 (25,653) (385) (18,841) AOCL, December 31, 2021 $ (205,975) $ (148,081) $ 4,888 $ (349,168) Attributable to noncontrolling interests: Balance, June 30, 2021 $ — $ (3,982) $ — $ (3,982) Other comprehensive income before reclassifications — (904) — (904) Net current period other comprehensive income — (904) — (904) AOCL, December 31, 2021 $ — $ (4,886) $ — $ (4,886) The components of, and changes in, AOCL were as follows, net of tax, for the six months ended December 31, 2020: (in thousands) Pension and other postretirement benefits Currency translation adjustment Derivatives Total Attributable to Kennametal: Balance, June 30, 2020 $ (232,634) $ (181,027) $ (3,581) $ (417,242) Other comprehensive (loss) income before reclassifications (7,521) 71,912 4,501 68,892 Amounts reclassified from AOCL 5,179 — 940 6,119 Net current period other comprehensive (loss) income (2,342) 71,912 5,441 75,011 AOCL, December 31, 2020 $ (234,976) $ (109,115) $ 1,860 $ (342,231) Attributable to noncontrolling interests: Balance, June 30, 2020 $ — $ (5,909) $ — $ (5,909) Other comprehensive income before reclassifications — 2,635 — 2,635 Net current period other comprehensive income — 2,635 — 2,635 AOCL, December 31, 2020 $ — $ (3,274) $ — $ (3,274)
Reclassification out of Accumulated Other Comprehensive Loss	Reclassifications out of AOCL for the three and six months ended December 31, 2021 and 2020 consisted of the following: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2021 2020 2021 2020 Affected line item in the Income Statement Losses and (gains) on cash flow hedges: Forward starting interest rate swaps $ (255) $ 635 $ (511) $ 1,269 Interest expense Currency exchange contracts — (1) — (24) Cost of goods sold and other income, net Total before tax (255) 634 (511) 1,245 Tax impact 63 (155) 126 (305) Provision for income taxes Net of tax $ (192) $ 479 $ (385) $ 940 Pension and other postretirement benefits: Amortization of transition obligations $ 24 $ 23 $ 48 $ 45 Other income, net Amortization of prior service credit (66) (61) (133) (121) Other income, net Recognition of actuarial losses 3,015 3,463 6,059 6,912 Other income, net Total before tax 2,973 3,425 5,974 6,836 Tax impact (772) (811) (1,558) (1,657) Provision for income taxes Net of tax $ 2,201 $ 2,614 $ 4,416 $ 5,179
Income Tax Allocated to Each Component of Other Comprehensive Income [Table Text Block]	The amount of income tax allocated to each component of other comprehensive (loss) income for the three months ended December 31, 2021 and 2020 were as follows: 2021 2020 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Unrealized gain on derivatives designated and qualified as cash flow hedges $ — $ — $ — $ 4,359 $ (1,068) $ 3,291 Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges (255) 63 (192) 634 (155) 479 Unrecognized net pension and other postretirement benefit gain (loss) 1,232 (356) 876 (5,272) 1,061 (4,211) Reclassification of net pension and other postretirement benefit loss 2,973 (772) 2,201 3,425 (811) 2,614 Foreign currency translation adjustments (10,062) (19) (10,081) 41,671 930 42,601 Other comprehensive (loss) income $ (6,112) $ (1,084) $ (7,196) $ 44,817 $ (43) $ 44,774 The amount of income tax allocated to each component of other comprehensive (loss) income for the six months ended December 31, 2021 and 2020 were as follows: 2021 2020 (in thousands) Pre-tax Tax impact Net of tax Pre-tax Tax impact Net of tax Unrealized gain on derivatives designated and qualified as cash flow hedges $ — $ — $ — $ 5,962 $ (1,461) $ 4,501 Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges (511) 126 (385) 1,245 (305) 940 Unrecognized net pension and other postretirement benefit gain (loss) 3,831 (1,050) 2,781 (9,654) 2,133 (7,521) Reclassification of net pension and other postretirement benefit loss 5,974 (1,558) 4,416 6,836 (1,657) 5,179 Foreign currency translation adjustments (26,519) (38) (26,557) 73,777 770 74,547 Other comprehensive (loss) income $ (17,225) $ (2,520) $ (19,745) $ 78,166 $ (520) $ 77,646

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
Goodwill and Other Intangible Assets (Tables)	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
The carrying amount of goodwill	A summary of the carrying amount of goodwill attributable to each segment, as well as the changes in such carrying amounts, is as follows: (in thousands) Metal Cutting Infrastructure Total Gross goodwill $ 455,276 $ 633,211 $ 1,088,487 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of June 30, 2021 $ 277,615 $ — $ 277,615 Activity for the six months ended December 31, 2021: Change in gross goodwill due to translation (4,296) — (4,296) Gross goodwill 450,980 633,211 1,084,191 Accumulated impairment losses (177,661) (633,211) (810,872) Balance as of December 31, 2021 $ 273,319 $ — $ 273,319
The components of intangible assets	The components of our other intangible assets were as follows: Estimated December 31, 2021 June 30, 2021 (in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Technology-based and other 4 to 20 $ 33,180 $ (24,360) $ 33,632 $ (24,413) Customer-related 10 to 21 182,559 (102,425) 183,338 (98,901) Unpatented technology 10 to 30 32,013 (21,851) 31,957 (20,575) Trademarks 5 to 20 13,163 (10,527) 13,268 (10,083) Trademarks Indefinite 11,257 — 11,818 — Total $ 272,172 $ (159,163) $ 274,013 $ (153,972)

Segment Data (Tables)

Segment Data (Tables)	6 Months Ended
Segment Data (Tables)	Dec. 31, 2021
Segment Reporting [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents Kennametal's revenue disaggregated by geography: Three Months Ended December 31, 2021 December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 40% 57% 47% 38% 56% 44% EMEA 38 17 30 38 18 31 Asia Pacific 22 26 23 24 26 25 Six Months Ended December 31, 2021 December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal Metal Cutting Infrastructure Total Kennametal Americas 40% 57% 47% 38% 55% 44% EMEA 38 19 30 38 20 31 Asia Pacific 22 24 23 24 25 25 The following tables presents Kennametal's revenue disaggregated by end market: Three Months Ended December 31, 2021 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 57% 36% 48% Transportation 26 — 16 Aerospace 9 — 6 Energy 8 28 16 Earthworks — 36 14 Three Months Ended December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 53% 36% 47% Transportation 31 — 20 Aerospace 8 — 5 Energy 8 25 14 Earthworks — 39 14 Six Months Ended December 31, 2021 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 56% 35% 48% Transportation 27 — 17 Aerospace 9 — 5 Energy 8 29 16 Earthworks — 36 14 Six Months Ended December 31, 2020 (in thousands) Metal Cutting Infrastructure Total Kennametal General engineering 54% 35% 47% Transportation 30 — 19 Aerospace 8 — 5 Energy 8 25 14 Earthworks — 40 15
Sales and operating income (loss) by segment and segment assets	Our sales and operating income (loss) by segment are as follows: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2021 2020 2021 2020 Sales: Metal Cutting $ 298,581 $ 282,917 $ 597,011 $ 530,793 Infrastructure 188,092 157,590 373,171 310,019 Total sales $ 486,673 $ 440,507 $ 970,182 $ 840,812 Operating income (loss): Metal Cutting $ 27,895 $ 13,693 $ 57,059 $ (9,933) Infrastructure 19,971 6,265 46,007 13,533 Corporate (361) (924) (955) (1,743) Total operating income 47,505 19,034 102,111 1,857 Interest expense 6,460 8,317 12,781 18,896 Other income, net (3,142) (3,857) (6,601) (7,875) Income (loss) from continuing operations before income taxes $ 44,187 $ 14,574 $ 95,931 $ (9,164)

Divestiture (Details)

Divestiture (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Divestiture (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Divestiture [Abstract]
Proceeds from divestiture (Note 3)			$ 1,001	$ 0	$ 24,000
Disposition of Businesses, Net Book Value of Assets at Closing				29,500
Gain on divestiture (Note 3)	$ (1,001)	$ 0	$ (1,001)	$ 0	$ (6,500)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	$ 25	$ 36
Total assets at fair value	25	36
Derivatives Liabilities	61	87
Total liabilities at fair value	61	87
Fair Value, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	25	36
Total assets at fair value	25	36
Derivatives Liabilities	61	87
Total liabilities at fair value	$ 61	$ 87

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Fair Value of Derivatives Designated and Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Fair value of derivatives
Derivative, Fair Value, Net	$ (36)	$ (51)
Not Designated as Hedging Instrument [Member]
Fair value of derivatives
Derivative, Fair Value, Net	(36)	(51)
Currency Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Fair value of derivatives
Derivative assets designated as hedging instruments	25	36
Currency Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Other Current Liabilities [Member]
Fair value of derivatives
Derivative liabilities designated as hedging instruments	$ (61)	$ (87)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Gains and Losses Related to Derivatives Not Designated as Hedging Instruments and to Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	$ 100	$ (800)	$ 1,400	$ (1,400)
Currency Forward Contracts [Member] \| Other Nonoperating Income (Expense) [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, (Gain) Loss Recognized in Income, Net
Other income, net - currency forward contracts	$ (134)	$ (2,127)	$ 6	$ (1,409)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Details Textual) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021EUR (€)
Net Investment Hedge Maturing on June 26, 2022 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 5,953		$ 5,953		€ 5,265
Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative, Amount of Hedged Item \| €					€ 5,300
Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax \| $	$ 100	$ (800)	$ 1,400	$ (1,400)

Restructuring and Related Cha_2

Restructuring and Related Charges - Restructuring Accrual (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Abstract]
Beginning Balance			$ 29,723
Restructuring Charges	$ (3,500)	$ 1,800	(3,270)	$ 27,400
Asset Write-Down			(729)
Translation			(1,012)
Cash Expenditures			(9,656)
Ending Balance	15,056		15,056
Severance [Member]
Restructuring Reserve [Abstract]
Beginning Balance			29,723
Restructuring Charges			(3,999)
Asset Write-Down			0
Translation			(1,012)
Cash Expenditures			(9,656)
Ending Balance	15,056		15,056
Facilities [Member]
Restructuring Reserve [Abstract]
Beginning Balance			0
Restructuring Charges			729
Asset Write-Down			(729)
Translation			0
Cash Expenditures			0
Ending Balance	0		0
Other Restructuring [Member]
Restructuring Reserve [Abstract]
Beginning Balance			0
Restructuring Charges			0
Asset Write-Down			0
Translation			0
Cash Expenditures			0
Ending Balance	$ 0		$ 0

Restructuring and Related Cha_3

Restructuring and Related Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 15,056		$ 15,056		$ 29,723
Restructuring and Related Cost, Incurred Cost	(1,700)	$ 4,200	(400)	$ 32,900
Restructuring Charges	(3,500)	1,800	(3,270)	27,400
Restructuring Charges Related to Inventory Disposals		400		400
Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost		700		3,300
Metal Cutting
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	(1,700)	3,500	(400)	29,500
FY21 Restructuring Actions [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	81,800		81,800
FY21 Restructuring Actions [Member] \| Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	85,000		85,000
FY21 Restructuring Actions [Member] \| Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	7,700		7,700
FY21 Restructuring Actions [Member] \| Metal Cutting
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	74,100		74,100
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Related Charges Recorded in Cost of Goods Sold or Operating Expense	1,800	$ 2,400	2,800	$ 5,500
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0		0		0
Restructuring Charges			0
Other Current Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	10,600		10,600		19,900
Other Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 4,500		$ 4,500		$ 9,900

Stock-Based Compensation - Chan

Stock-Based Compensation - Changes in Stock Options (Details)	6 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Changes in stock options
Options outstanding, June 30, 2021 \| shares	315,012
Options, Exercised \| shares	(6,916)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period \| shares	(28,000)
Options outstanding, December 31, 2021 \| shares	280,096
Options vested and expected to vest, December 31, 2021 \| shares	280,096
Options exercisable, December 31, 2021 \| shares	280,096
Weighted Average Exercise Price, Options outstanding, June 30, 2021 \| $ / shares	$ 37.83
Weighted Average Exercise Price, Exercised \| $ / shares	31.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price \| $ / shares	41.32
Weighted Average Exercise Price, Options outstanding, December 31, 2021 \| $ / shares	37.63
Weighted Average Exercise Price, Option vested and expected to vest, December 31, 2021 \| $ / shares	37.63
Weighted Average Exercise Price, Options exercisable, December 31, 2021 \| $ / shares	$ 37.63
Weighted Average Remaining Life, Options outstanding, December 31, 2021	2 years 4 months 24 days
Weighted Average Remaining Life, Options vested and expected to vest, December31, 2021	2 years 4 months 24 days
Weighted Average Remaining Life, Options exercisable, December31, 2021	2 years 4 months 24 days
Aggregate Intrinsic value, Options outstanding, December 31, 2021 \| $	$ 611,000
Aggregate Intrinsic Value, Options vested and expected to vest, December 31, 2021 \| $	611,000
Aggregate Intrinsic Value, Options exercisable, December31, 2021 \| $	$ 611,000

Stock-Based Compensation - Ch_2

Stock-Based Compensation - Changes in Restricted Stock Units (Details)	6 Months Ended
	Dec. 31, 2021$ / sharesshares
Restricted Stock Units - Performance Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, June 30, 2021, Shares \| shares	500,477
Granted, Shares \| shares	194,821
Vested, Shares \| shares	(36,455)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations \| shares	(150,711)
Forfeited, Shares \| shares	(11,541)
Unvested restricted stock awards, December 31, 2021 \| shares	496,591
Weighted Average Fair Value, Unvested restricted stock awards, June 30, 2021 \| $ / shares	$ 32.53
Weighted Average Fair Value, Granted \| $ / shares	36.70
Weighted Average Fair Value, Vested \| $ / shares	40.10
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price \| $ / shares	31.18
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value \| $ / shares	30.51
Weighted Average Fair Value, Unvested restricted stock awards, December 31, 20201 \| $ / shares	$ 34.07
Restricted Stock Units - Time Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, June 30, 2021, Shares \| shares	1,332,740
Granted, Shares \| shares	504,752
Vested, Shares \| shares	(506,654)
Performance metric adjustments, net, Shares \| shares	0
Forfeited, Shares \| shares	(38,064)
Unvested restricted stock awards, December 31, 2021 \| shares	1,292,774
Weighted Average Fair Value, Unvested restricted stock awards, June 30, 2021 \| $ / shares	$ 31.72
Weighted Average Fair Value, Granted \| $ / shares	36.64
Weighted Average Fair Value, Vested \| $ / shares	32.17
Weighted Average Fair Value, Performance Metric Not Achieved \| $ / shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value \| $ / shares	31.64
Weighted Average Fair Value, Unvested restricted stock awards, December 31, 20201 \| $ / shares	$ 33.46

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock-Based Compensation (Textual) [Abstract]
Cash received from the exercise of capital stock option	$ 0.2	$ 3.1
Stock Option [Member]
Stock-Based Compensation (Textual) [Abstract]
Unrecognized compensation cost	0
Total Intrinsic value of options exercised	0.1	1.6
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Textual) [Abstract]
Compensation expense related to time vesting and performance vesting restricted stock units	12.6	$ 12.3
Unrecognized compensation cost	$ 32.2
Unrecognized compensation costs, weighted average period	2 years 1 month 6 days

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Components of Net Periodic Pension Income (Details) - Pension plans contribution [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net periodic pension income
Service cost	$ 281	$ 419	$ 567	$ 836
Interest cost	5,641	5,783	11,300	11,557
Expected return on plan assets	(12,999)	(13,365)	(26,035)	(26,711)
Amortization of transition obligation	24	23	48	45
Amortization of prior service cost (credit)	3	8	5	17
Recognition of actuarial losses	2,941	3,386	5,911	6,758
Net periodic pension income	$ (4,109)	$ (3,746)	$ (8,204)	$ (7,498)

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Components of Net Periodic Other Postretirement Benefit Cost (Details) - Other postretirement benefit plans [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net periodic other postretirement benefit costs
Interest cost	$ 72	$ 76	$ 144	$ 153
Amortization of prior service credit	(69)	(69)	(138)	(138)
Recognition of actuarial loss	74	77	148	154
Net periodic other postretirement benefit cost	$ 77	$ 84	$ 154	$ 169

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Inventories
Finished goods	$ 319,682	$ 302,524
Work in process and powder blends	191,149	173,671
Raw materials	98,528	72,551
Inventories at current cost	609,359	548,746
Less: LIFO valuation	(76,343)	(72,401)
Total inventories	$ 533,016	$ 476,345
Inventories (Textual) [Abstract]
Percentage of inventories valued by using LIFO method	38.00%	39.00%

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Dec. 31, 2021	Jun. 30, 2021	Jun. 07, 2018
Long-Term Debt (Additional Textual) [Abstract]
Fixed rate at fair market value	$ 636,500,000	$ 644,200,000
Notes Payable	3,200,000	8,400,000
2018 Credit Agreement [Member]
Long-Term Debt (Textual) [Abstract]
Line of Credit Facility, Remaining Borrowing Capacity	691,000,000
Borrowing outstanding under 2018 Credit Agreement	9,000,000	$ 0
Line of Credit Facility, Maximum Borrowing Capacity			$ 700,000,000
Line of Credit [Member]
Long-Term Debt (Textual) [Abstract]
Amended Net Debt to EBITDA Ratio, allowable adjustment for cash restructuring charges, amount	120,000,000
Amended Net Debt to EBITDA Ratio, Maximum	4.25
Consolidated Interest Coverage Ratio, Minimum	3.5
Net Debt to EBITDA Ratio, allowable adjustment for cash restructuring charges, amount	80,000,000
Net Debt to EBITDA Ratio, Maximum	3.5
Net Debt to EBITDA Ratio, domestic cash allowed to net debt, amount, minimum	$ 25,000,000

Environmental Matters (Details)

Environmental Matters (Details) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Environmental Remediation Obligations [Abstract]
Reserves for Environmental Costs	$ 14.6	$ 14.7
Accrued Environmental Loss Contingencies, Current	$ 2.5	$ 2.6

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Taxes - Additional Information [Line Items]
Discrete Benefit for Swiss Tax Reform				$ 14.5
NOL, tax credit and other carryforward	$ 57		$ 57
Deferred Tax Assets, Net	$ 25.5		$ 25.5
Income Tax (Textual) [Abstract]
Effective tax rate	25.90%	(39.00%)	26.50%	93.30%

Earnings Per Shares (Details)

Earnings Per Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
Earnings Per Shares (Details) - shares shares in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	83,637	83,582	83,759	83,451
Earnings Per Share (Textual) [Abstract]
Increase in weighted average shares due to dilutive effect of unexercised capital stock options and unvested restricted stock units	737	615	743
Weighted Average Number of Shares Outstanding, Diluted	84,374	84,197	84,502	83,451
Unexercised capital stock options and restricted stock units excluded from computation of diluted EPS	145	386	183

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
Equity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020
Beginning Balance	$ 1,364,647	$ 1,266,382		$ 1,368,205	$ 1,268,788
Net income (loss)	32,725	20,250	$ (610)	70,477	(610)
Other comprehensive income (loss)	(7,196)	44,774		(19,745)	77,646
Dividend reinvestment	47	50		95	101
Capital stock issued under employee benefit and stock plans	5,669	7,957		6,509	10,166
Purchase of capital stock	(22,599)	(50)		(35,508)	(101)
Cash dividends	(16,720)	(16,683)		(33,460)	(33,310)
Other	0	(1,630)		0	(1,630)
Ending Balance	1,356,573	1,319,689		1,356,573	1,319,689
Capital stock [Member]
Beginning Balance	104,527	104,064		104,518	103,654
Dividend reinvestment	1	2		3	4
Capital stock issued under employee benefit and stock plans	65	266		512	676
Purchase of capital stock	(751)	(2)		(1,191)	(4)
Ending Balance	103,842	104,330		103,842	104,330
Additional paid-in capital [Member]
Beginning Balance	550,790	540,374		562,820	538,575
Dividend reinvestment	46	48		92	97
Capital stock issued under employee benefit and stock plans	5,604	7,691		5,997	9,490
Purchase of capital stock	(21,848)	(48)		(34,317)	(97)
Other	0	(311)			(311)
Ending Balance	534,592	547,754		534,592	547,754
Retained earnings [Member]
Beginning Balance	1,012,055	966,596		992,597	1,004,898
Net income (loss)	31,421	19,388		67,619	(2,287)
Cash dividends	(16,720)	(16,683)		(33,460)	(33,310)
Ending Balance	1,026,756	969,301		1,026,756	969,301
Accumulated other comprehensive loss [Member]
Beginning Balance	(342,421)	(385,648)		(330,327)	(417,242)
Other comprehensive income (loss)	(6,747)	43,417		(18,841)	75,011
Ending Balance	(349,168)	(342,231)		(349,168)	(342,231)
Non-controlling interest [Member]
Beginning Balance	39,696	40,996		38,597	38,903
Net income (loss)	1,304	862		2,858	1,677
Other comprehensive income (loss)	(449)	1,357		(904)	2,635
Cash dividends	0	(1,361)		0	(1,361)
Other	0	(1,319)		0	(1,319)
Ending Balance	$ 40,551	$ 40,535		$ 40,551	$ 40,535

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of and Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			$ (330,327)	$ (417,242)
Other comprehensive (loss) income before reclassifications			(22,872)	68,892
Amounts reclassified from accumulated other comprehensive loss			4,031	6,119
Net current period other comprehensive (loss) income			(18,841)	75,011
Accumulated Other Comprehensive Loss, Net of Tax	$ (349,168)	$ (342,231)	(349,168)	(342,231)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(213,172)	(232,634)
Other comprehensive (loss) income before reclassifications			2,781	(7,521)
Amounts reclassified from accumulated other comprehensive loss			4,416	5,179
Net current period other comprehensive (loss) income			7,197	(2,342)
Accumulated Other Comprehensive Loss, Net of Tax	(205,975)	(234,976)	(205,975)	(234,976)
Accumulated Currency Translation Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(122,428)	(181,027)
Other comprehensive (loss) income before reclassifications			(25,653)	71,912
Amounts reclassified from accumulated other comprehensive loss			0	0
Net current period other comprehensive (loss) income			(25,653)	71,912
Accumulated Other Comprehensive Loss, Net of Tax	(148,081)	(109,115)	(148,081)	(109,115)
Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			5,273	(3,581)
Other comprehensive (loss) income before reclassifications			0	4,501
Amounts reclassified from accumulated other comprehensive loss			(385)	940
Net current period other comprehensive (loss) income			(385)	5,441
Accumulated Other Comprehensive Loss, Net of Tax	4,888	1,860	4,888	1,860
Noncontrolling Interest [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(3,982)	(5,909)
Other comprehensive (loss) income before reclassifications			(904)	2,635
Net current period other comprehensive (loss) income			(904)	2,635
Accumulated Other Comprehensive Loss, Net of Tax	(4,886)	(3,274)	(4,886)	(3,274)
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(2,973)	(3,425)	(5,974)	(6,836)
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$ 255	$ (634)	$ 511	$ (1,245)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Currency exchange contracts	$ 3,142	$ 3,857	$ 6,601	$ 7,875
Recognition of actuarial losses	2,973	3,425	5,974	6,836
Provision for (benefit from) income taxes	11,462	(5,676)	25,454	(8,554)
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Total before tax	(255)	634	(511)	1,245
Net of tax	(192)	479	(385)	940
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Amortization of transition obligations	24	23	48	45
Amortization of prior service credit	(66)	(61)	(133)	(121)
Recognition of actuarial losses	3,015	3,463	6,059	6,912
Total before tax	2,973	3,425	5,974	6,836
Provision for (benefit from) income taxes	(772)	(811)	(1,558)	(1,657)
Net of tax	(2,201)	(2,614)	(4,416)	(5,179)
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Forward Starting Interest Rate Swap Contracts [Member] \| Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Forward starting interest rate swaps	(255)	635	(511)	1,269
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Currency Forward Contracts [Member] \| Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Currency exchange contracts	$ 0	$ (1)	$ 0	$ (24)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss Other Comprehensive Income - Income Tax Allocated to Each Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Other Comprehensive Income - Income Tax Allocated to Each Component [Abstract]
Unrecognized net pension and other postretirement benefit (loss) gain, before tax	$ 1,232	$ (5,272)	$ 3,831	$ (9,654)
Unrecognized net pension and other postretirement benefit (loss) gain, tax	(356)	1,061	(1,050)	2,133
Unrecognized net pension and other postretirement benefit (loss) gain, net of tax	876	(4,211)	2,781	(7,521)
Reclassification of net pension and other postretirement benefit loss, before tax	2,973	3,425	5,974	6,836
Reclassification of net pension and other postretirement benefit loss, tax	(772)	(811)	(1,558)	(1,657)
Reclassification of net pension and other postretirement benefit loss	2,201	2,614	4,416	5,179
Foreign currency translation adjustments, before tax	(10,062)	41,671	(26,519)	73,777
Foreign currency translation adjustments, tax	(19)	930	(38)	770
Foreign currency translation adjustments, net of tax	(10,081)	42,601	(26,557)	74,547
Other comprehensive income (loss), before tax	(6,112)	44,817	(17,225)	78,166
Other comprehensive income (loss), tax	(1,084)	(43)	(2,520)	(520)
Other comprehensive income (loss), net of tax	(7,196)	44,774	(19,745)	77,646
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	63	(155)	126	(305)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	0	3,291	0	4,501
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(255)	634	(511)	1,245
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	192	(479)	385	(940)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	0	4,359	0	5,962
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	$ 0	$ (1,068)	$ 0	$ (1,461)

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Carrying Amount of Goodwill Attributable to Each Segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Goodwill [Roll Forward]
Gross goodwill	$ 1,084,191	$ 1,088,487
Accumulated impairment losses	(810,872)	(810,872)
Goodwill, Beginning Balance	277,615
Change in gross goodwill due to translation	(4,296)
Goodwill, Ending Balance	273,319
Infrastructure [Member]
Goodwill [Roll Forward]
Gross goodwill	633,211	633,211
Accumulated impairment losses	(633,211)	(633,211)
Goodwill, Beginning Balance	0
Change in gross goodwill due to translation	0
Goodwill, Ending Balance	0
Metal Cutting
Goodwill [Roll Forward]
Gross goodwill	450,980	455,276
Accumulated impairment losses	(177,661)	$ (177,661)
Goodwill, Beginning Balance	277,615
Change in gross goodwill due to translation	(4,296)
Goodwill, Ending Balance	$ 273,319

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
The components of intangible assets
Accumulated amortization	$ (159,163)	$ (153,972)
Intangible Assets, Gross (Excluding Goodwill)	272,172	274,013
Trademarks [Member]
The components of intangible assets
Gross carrying amount, Indefinite	11,257	11,818
Technology-based and other [Member]
The components of intangible assets
Gross carrying amount, finite	33,180	33,632
Accumulated amortization	(24,360)	(24,413)
Customer-related [Member]
The components of intangible assets
Gross carrying amount, finite	182,559	183,338
Accumulated amortization	(102,425)	(98,901)
Unpatented technology [Member]
The components of intangible assets
Gross carrying amount, finite	32,013	31,957
Accumulated amortization	(21,851)	(20,575)
Trademarks [Member]
The components of intangible assets
Gross carrying amount, finite	13,163	13,268
Accumulated amortization	$ (10,527)	$ (10,083)
Minimum [Member] \| Technology-based and other [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	4 years
Minimum [Member] \| Customer-related [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	10 years
Minimum [Member] \| Unpatented technology [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	10 years
Minimum [Member] \| Trademarks [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	5 years
Maximum [Member] \| Technology-based and other [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	20 years
Maximum [Member] \| Customer-related [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	21 years
Maximum [Member] \| Unpatented technology [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	30 years
Maximum [Member] \| Trademarks [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	20 years

Segment Data - Sales and Operat

Segment Data - Sales and Operating (Loss) Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Segment Reporting Information [Line Items]
Assets	$ 2,610,872		$ 2,610,872		$ 2,665,761
External sales:
Sales	486,673	$ 440,507	970,182	$ 840,812
Operating (income) loss:
Total operating income	47,505	19,034	102,111	1,857
Interest expense	6,460	8,317	12,781	18,896
Other income, net	(3,142)	(3,857)	(6,601)	(7,875)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	44,187	14,574	95,931	(9,164)
Infrastructure [Member]
External sales:
Sales	188,092	157,590	373,171	310,019
Operating (income) loss:
Total operating income	(19,971)	(6,265)	(46,007)	(13,533)
Corporate [Member]
Operating (income) loss:
Total operating income	361	924	955	1,743
Metal Cutting
External sales:
Sales	298,581	282,917	597,011	530,793
Operating (income) loss:
Total operating income	$ (27,895)	$ (13,693)	$ (57,059)	$ 9,933

Segment Data Disaggregation of

Segment Data Disaggregation of Revenue (Details)	3 Months Ended		6 Months Ended
Segment Data Disaggregation of Revenue (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	48.00%	47.00%	48.00%	47.00%
Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	16.00%	20.00%	17.00%	19.00%
Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	6.00%	5.00%	5.00%	5.00%
Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	16.00%	14.00%	16.00%	14.00%
Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	14.00%	14.00%	14.00%	15.00%
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent			47.00%	44.00%
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent		31.00%	30.00%	31.00%
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent		25.00%	23.00%	25.00%
Infrastructure [Member] \| General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	36.00%	36.00%	35.00%	35.00%
Infrastructure [Member] \| Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	28.00%	25.00%	29.00%	25.00%
Infrastructure [Member] \| Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	36.00%	39.00%	36.00%	40.00%
Infrastructure [Member] \| Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	57.00%	56.00%	57.00%	55.00%
Infrastructure [Member] \| EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	17.00%	18.00%	19.00%	20.00%
Infrastructure [Member] \| Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	26.00%	26.00%	24.00%	25.00%
Metal Cutting \| General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	57.00%	53.00%	56.00%	54.00%
Metal Cutting \| Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	26.00%	31.00%	27.00%	30.00%
Metal Cutting \| Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	9.00%	8.00%	9.00%	8.00%
Metal Cutting \| Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	8.00%	8.00%	8.00%	8.00%
Metal Cutting \| Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	40.00%	38.00%	40.00%	38.00%
Metal Cutting \| EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	38.00%	38.00%	38.00%	38.00%
Metal Cutting \| Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	22.00%	24.00%	22.00%	24.00%