0000055242-23-000014 | 10-Q | XBRL Viewer

Cover - shares	6 Months Ended
Cover - shares	Dec. 31, 2022	Jan. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	1-5318
Entity Registrant Name	KENNAMETAL INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0900168
Entity Address, Address Line One	525 William Penn Place
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Pittsburgh,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15219
City Area Code	412
Local Phone Number	248-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		80,527,022
Entity Central Index Key	0000055242
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2023
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	6 Months Ended
Basis of Presentation	Dec. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATIONThe condensed consolidated financial statements and accompanying notes included in this Quarterly Report on Form 10-Q, which include our accounts and those of our subsidiaries in which we have a controlling interest, should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022 (the “2022 Annual Report”). The condensed consolidated balance sheet as of June 30, 2022 was derived from the audited balance sheet included in our 2022 Annual Report. The interim statements are unaudited; however, we believe that all adjustments necessary for a fair statement of the results of the interim periods were made and all adjustments are normal recurring adjustments. The results for the six months ended December 31, 2022 are not necessarily indicative of the results to be expected for a full fiscal year. Unless otherwise specified, any reference to a “year” is to a fiscal year ended June 30. For example, a reference to 2023 is to the fiscal year ending June 30, 2023. When used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, the terms “the Company,” “we,” “our” and “us” refer to Kennametal Inc. and its subsidiaries.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Sales	$ 497,121	$ 486,673	$ 991,913	$ 970,182
Cost of goods sold	354,231	333,718	689,055	656,477
Gross profit	142,890	152,955	302,858	313,705
Operating expense	105,756	106,654	214,035	209,348
Restructuring and other charges, net	(1,505)	(3,460)	(1,505)	(3,270)
Gain on divestiture	0	1,001	0	1,001
Amortization of intangibles	3,148	3,257	6,312	6,517
Operating income	35,491	47,505	84,016	102,111
Interest expense	7,015	6,460	13,652	12,781
Other expense (income), net	588	(3,142)	1,597	(6,601)
Income before income taxes	27,888	44,187	68,767	95,931
Provision for income taxes	4,964	11,462	16,206	25,454
Net income	22,924	32,725	52,561	70,477
Less: Net income attributable to noncontrolling interests	1,025	1,304	2,466	2,858
Net income attributable to Kennametal	$ 21,899	$ 31,421	$ 50,095	$ 67,619
PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS
Basic earnings per share	$ 0.27	$ 0.38	$ 0.62	$ 0.81
Diluted earnings per share	0.27	0.37	$ 0.61	$ 0.80
Dividends per share	$ 0.20	$ 0.20
Basic weighted average shares outstanding	80,737	83,637	81,141	83,759
Diluted weighted average shares outstanding	81,237	84,374	81,677	84,502
Noncontrolling Interest [Member]
Net income	$ 1,025	$ 1,304	$ 2,466	$ 2,858

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 22,924	$ 32,725	$ 52,561	$ 70,477
Other comprehensive income (loss), net of tax [Abstract]
Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges	(192)	(192)	(385)	(385)
Unrecognized net pension and other postretirement benefit gain	(3,371)	876	(47)	2,781
Reclassification of net pension and other postretirement benefit loss	832	2,201	1,639	4,416
Foreign currency translation adjustments	52,819	(10,081)	(130)	(26,557)
Total other comprehensive loss, net of tax	50,088	(7,196)	1,077	(19,745)
Total comprehensive (loss) income	73,012	25,529	53,638	50,732
Less: comprehensive (loss) income attributable to noncontrolling interests	2,092	855	1,768	1,954
Comprehensive (loss) income attributable to Kennametal Shareholders	70,920	24,674	51,870	48,778
Accumulated Other Comprehensive (Loss) Income [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	63	63	126	126
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	$ 63	$ 63	$ 126	$ 126

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 76,784	$ 85,586	$ 101,799	$ 154,047
Accounts receivable, less allowance for doubtful accounts of $9,214 and $9,422, respectively	291,016	295,346
Inventories	605,780	570,836
Other current assets	74,723	72,940
Total current assets	1,048,303	1,024,708
Property, plant and equipment:
Land and buildings	418,169	410,039
Machinery and equipment	1,922,740	1,904,872
Less accumulated depreciation	(1,359,343)	(1,312,870)
Property, plant and equipment, net	981,566	1,002,041
Other assets:
Goodwill	266,633	264,230
Other intangible assets, less accumulated amortization of $167,120 and $160,699, respectively	99,496	105,725
Operating lease right-of-use assets	42,934	47,206
Deferred income taxes	57,129	54,602
Other	82,540	75,012
Total other assets	548,732	546,775
Total assets	2,578,601	2,573,524
Current liabilities:
Revolving and other lines of credit and notes payable	78,805	21,186
Current operating lease liabilities	11,622	12,387
Accounts payable	206,722	227,887
Accrued income taxes	41,025	29,476
Accrued expenses	41,848	56,310
Other current liabilities	114,312	138,403
Total current liabilities	494,334	485,649
Long-term debt, less current maturities	594,768	594,364
Operating lease liabilities	31,848	35,342
Deferred income taxes	32,231	32,185
Accrued pension and postretirement benefits	115,165	112,995
Accrued income taxes	355	6,369
Other liabilities	20,699	15,373
Total liabilities	1,289,400	1,282,277
Commitments and contingencies
Kennametal Shareholders' Equity
Preferred stock, no par value; 5,000 shares authorized; none issued	0	0
Capital stock, $1.25 par value; 120,000 shares authorized; 80,512 and 81,337 shares issued, respectively	100,641	101,671
Additional paid-in capital	473,323	494,202
Retained earnings	1,088,379	1,070,655
Accumulated other comprehensive loss	(412,176)	(413,951)	(349,168)	(330,327)
Total Kennametal Shareholders' Equity	1,250,167	1,252,577
Noncontrolling interests	39,034	38,670
Total equity	1,289,201	1,291,247	$ 1,356,573	$ 1,368,205
Total liabilities and equity	$ 2,578,601	$ 2,573,524
Common Stock, Par or Stated Value Per Share	$ 1.25	$ 1.25
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	5,000	5,000

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9,214	$ 9,422
Accumulated amortization on other intangible assets	$ 167,120	$ 160,699
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	5,000	5,000
Capital stock, par value	$ 1.25	$ 1.25
Capital stock, shares authorized	120,000	120,000
Capital stock, shares issued	80,512	81,337
Preferred Stock, Shares Issued	0	0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income (loss)	$ 52,561	$ 70,477
Adjustments to reconcile to cash from operations:
Depreciation	60,932	58,229
Amortization	6,312	6,517
Stock-based compensation expense	13,909	13,374
Restructuring and other charges, net	(1,505)	(3,246)
Gain on divestiture	0	1,001
Deferred income taxes	(2,649)	108
Other	1,769	22
Changes in certain assets and liabilities:
Accounts receivable	3,961	23,017
Inventories	(32,901)	(67,031)
Accounts payable and accrued liabilities	(52,835)	(36,616)
Accrued income taxes	1,223	8,562
Accrued pension and postretirement benefits	(4,475)	(12,884)
Other	6,207	(1,724)
Net cash flow (used in) provided by operating activities	52,509	57,804
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(50,622)	(37,736)
Disposals of property, plant and equipment	2,466	598
Proceeds from divestiture (Note 3)	0	1,001
Other	88	63
Net cash flow used in investing activities	(48,068)	(36,074)
FINANCING ACTIVITIES
Net increase (decrease) in notes payable	(7)	(5,129)
Net increase revolving and other lines of credit	57,800	9,000
Purchase of capital stock	(30,068)	(35,508)
The effect of employee benefit and stock plans and dividend reinvestment	(5,753)	(6,774)
Cash dividends paid to Shareholders	(32,371)	(33,460)
Other	(755)	(678)
Net cash flow provided by (used in) financing activities	(11,154)	(72,549)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	(2,089)	(1,429)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$ (8,802)	$ (52,248)

Supplemental Cash Flow Disclosures

6 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW DISCLOSURES


	Six Months Ended December 31,
(in thousands)	2022		2021
Cash paid during the period for:
Interest	$	13,430	$	12,617
Income taxes	17,631		16,784
Supplemental disclosure of non-cash information:
Changes in accounts payable related to purchases of property, plant and equipment	(7,226)		(150)

Supplemental Cash Flow

6 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Disclosures


	Six Months Ended December 31,
(in thousands)	2022		2021
Cash paid during the period for:
Interest	$	13,430	$	12,617
Income taxes	17,631		16,784
Supplemental disclosure of non-cash information:
Changes in accounts payable related to purchases of property, plant and equipment	(7,226)		(150)

Supplemental Cash Flow - USD ($) $ in Thousands	6 Months Ended
Supplemental Cash Flow - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Interest	$ 13,430	$ 12,617
Income taxes	17,631	16,784
Change in accounts payable related to purchases of property, plant, and equipment	$ (7,226)	$ (150)

Divestiture (Notes)	6 Months Ended
Divestiture (Notes)	Dec. 31, 2022
Divestiture [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	3. DIVESTITURE During 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 year ended June 30, 2022, we recorded a pre-tax gain of $1.0 million on the New Castle divestiture due to proceeds held in escrow until November 2021.

Fair Value Measurements

6 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three levels to prioritize the inputs used in valuations, as defined below:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3: Inputs that are unobservable.

As of December 31, 2022, the fair values of our financial assets and financial liabilities are categorized as follows:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	99	$	—	$	99
Total assets at fair value	$	—	$	99	$	—	$	99

Liabilities:
Derivatives (1)	$	—	$	8	$	—	$	8
Total liabilities at fair value	$	—	$	8	$	—	$	8

As of June 30, 2022, the fair values of our financial assets and financial liabilities are categorized as follows:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	176	$	—	$	176
Total assets at fair value	$	—	$	176	$	—	$	176

Liabilities:
Derivatives (1)	$	—	$	574	$	—	$	574
Total liabilities at fair value	$	—	$	574	$	—	$	574

(1) Currency derivatives are valued based on observable market spot and forward rates and are classified within Level 2 of the fair value hierarchy.

There have been no changes in classification and transfers between levels in the fair value hierarchy in the current period.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Instruments and Hedging Activities

6 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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, 2022 and June 30, 2022. The fair value of derivatives not designated as hedging instruments in the condensed consolidated balance sheets are as follows:


(in thousands)	December 31, 2022		June 30, 2022






Derivatives not designated as hedging instruments
Other current assets - currency forward contracts	$	99	$	176
Other current liabilities - currency forward contracts	(8)		(574)
Total derivatives not designated as hedging instruments	91		(398)
Total derivatives	$	91	$	(398)

Certain currency forward contracts that hedge significant cross-border intercompany loans are considered as other derivatives and therefore do not qualify for hedge accounting. These contracts are recorded at fair value in the condensed consolidated balance sheet, with the offset to other expense (income), net. (Gains) losses related to derivatives not designated as hedging instruments have been recognized as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
(in thousands)	2022		2021		2022		2021
Other expense (income), net - currency forward contracts	$	(197)	$	(134)	$	(503)	$	6

NET INVESTMENT HEDGES

As of December 31, 2022 and June 30, 2022, we had certain foreign currency-denominated intercompany loans payable with total aggregate principal amounts of €17.0 million and €13.0 million, respectively, designated as net investment hedges to hedge the foreign exchange exposure of our net investment in our Euro-based subsidiaries. A loss of $0.4 million and a gain of $0.1 million were recorded as a component of foreign currency translation adjustments in other comprehensive income for the three months ended December 31, 2022 and 2021, respectively. Gains of $1.3 million and $1.4 million were recorded as a component of foreign currency translation adjustments in other comprehensive loss for the six months ended December 31, 2022 and 2021, respectively.

As of December 31, 2022, 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	€	17,040	$	18,182	June 30, 2023

(2) Includes principal and accrued interest.

Restructuring and Related Charges

6 Months Ended

Dec. 31, 2022

Restructuring Charges [Abstract]

RESTRUCTURING AND RELATED CHARGES

RESTRUCTURING AND OTHER CHARGES, NET

We recorded no restructuring and related charges for the three and six months ended December 31, 2022. For the three months ended December 31, 2021, we recorded restructuring and related benefits from the reversal of charges of $1.7 million, 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 six months ended December 31, 2021, we recorded restructuring and related benefits from the reversal of charges of $0.4 million, 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).

As of December 31, 2022, $3.7 million and $1.5 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively, in our condensed consolidated balance sheet. As of June 30, 2022, $6.0 million and $1.9 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively. The amounts are as follows:


(in thousands)	June 30, 2022		Expense		Translation		Cash Expenditures		December 31, 2022
Severance	$	7,919	$	—	$	(38)	$	(2,659)	$	5,222


Total	$	7,919	$	—	$	(38)	$	(2,659)	$	5,222

Included in other charges, net for the three and six months ended December 31, 2022 is a net benefit of $1.5 million, consisting primarily of $1.9 million from a gain on a sale of property.

Stock-Based Compensation

6 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock Options

Changes in our stock options for the six months ended December 31, 2022 were as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (years)	Aggregate Intrinsic value (in thousands)
Options outstanding, June 30, 2022	271,843	$	37.45

Exercised	—	—
Lapsed or forfeited	(31,163)	36.76
Options outstanding, December 31, 2022	240,680	$	37.54	1.7	$	45
Options vested, December 31, 2022	240,680	$	37.54	1.7	$	45
Options exercisable, December 31, 2022	240,680	$	37.54	1.7	$	45

As of December 31, 2022 and June 30, 2022, there was no unrecognized compensation cost related to options outstanding, and all options were fully vested as of December 31, 2022 and 2021.

The amount of cash received from the exercise of options during the six months ended December 31, 2022 and 2021 was zero and $0.2 million, respectively. The total intrinsic value of options exercised during the six months ended December 31, 2022 and 2021 was zero and $0.1 million, 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, 2022 were as follows:


	Performance Vesting Stock Units	Performance Vesting Weighted Average Fair Value		Time Vesting Stock Units	Time Vesting Weighted Average Fair Value
Unvested, June 30, 2022	350,955	$	33.44	1,213,896	$	33.53
Granted	189,469	27.27		731,339	26.95
Vested	—	—		(614,499)	32.62
Performance metric adjustments, net	(52,111)	27.58		—	—
Forfeited	(3,884)	28.97		(35,016)	31.72
Unvested, December 31, 2022	484,429	$	31.69	1,295,720	$	30.30

During the six months ended December 31, 2022 and 2021, compensation expense related to time vesting and performance vesting restricted stock units was $13.1 million and $12.6 million, respectively. Performance vesting stock units were adjusted by 52,111 units during the six months ended December 31, 2022 related to the fiscal 2022 performance year. As of December 31, 2022, the total unrecognized compensation cost related to unvested time vesting and performance vesting restricted stock units was $34.0 million and is expected to be recognized over a weighted average period of 2.0 years.

Pension and Other Postretirement Benefits

6 Months Ended

Dec. 31, 2022

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)	2022		2021		2022		2021
Service cost	$	235	$	281	$	474	$	567
Interest cost	8,002		5,641		16,042		11,300
Expected return on plan assets	(9,983)		(12,999)		(20,008)		(26,035)
Amortization of transition obligation	20		24		41		48
Amortization of prior service cost	2		3		4		5
Recognition of actuarial losses	1,092		2,941		2,197		5,911


Net periodic pension income	$	(632)	$	(4,109)	$	(1,250)	$	(8,204)

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)	2022		2021		2022		2021

Interest cost	$	104	$	72	$	209	$	144
Amortization of prior service credit	(68)		(69)		(136)		(138)
Recognition of actuarial loss	48		74		96		148
Net periodic other postretirement benefit cost	$	84	$	77	$	169	$	154

The service cost component of net periodic pension income is reported as a component of cost of goods sold and operating expense. All other components of net periodic pension income and net periodic other postretirement benefit cost are reported as a component of other expense (income), net.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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+ Details

Inventories

6 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

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, 2022 and June 30, 2022, respectively. Inventory valuations under the LIFO method are based on an annual determination of quantities and costs as of June 30 of each year; therefore, the interim LIFO valuations are based on our projections of expected year-end inventory levels and costs and are subject to any final year-end LIFO inventory adjustments.

Inventories consisted of the following:


(in thousands)	December 31, 2022		June 30, 2022
Finished goods	$	345,529	$	316,936
Work in process and powder blends	241,884		231,214
Raw materials	101,617		107,024
Inventories at current cost	689,030		655,174
Less: LIFO valuation	(83,250)		(84,338)
Total inventories	$	605,780	$	570,836

Long-Term Debt	6 Months Ended
Long-Term Debt	Dec. 31, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBTFixed rate debt had a fair market value of $516.3 million and $536.1 million at December 31, 2022 and June 30, 2022, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of December 31, 2022 and June 30, 2022, respectively.
Short-term Debt	11. REVOLVING AND OTHER LINES OF CREDIT AND NOTES PAYABLE During fiscal 2022, we entered into the Sixth Amended and Restated Credit Agreement dated as of June 14, 2022 (the Credit Agreement). The Credit Agreement is a five-year, multi-currency, revolving credit facility, which we use to augment cash from operations and as an additional source of funds. The Credit Agreement provides for revolving credit loans of up to $700.0 million for working capital, capital expenditures and general corporate purposes. The Credit Agreement allows for borrowings in U.S. dollars, euros, Canadian dollars, pounds sterling and Japanese yen. Interest payable under the Credit Agreement is based upon the type of borrowing under the facility and may be (1) Euro Interbank Offered Rate (EURIBOR), Sterling Overnight Index Average (SONIA), Tokyo Interbank Offered Rate (TIBOR), Secured Overnight Financing Rate (SOFR), and Canadian Dollar Offered Rate (CDOR) for any borrowings in euros, pounds sterling, yen, U.S. dollars and Canadian dollars, respectively, plus an applicable margin, (2) the greater of the prime rate or the Federal Funds effective rate plus an applicable margin, or (3) fixed as negotiated by us. The Credit Agreement matures in June 2027. The Credit Agreement requires us to comply with various restrictive and affirmative covenants, including one financial covenant: a maximum leverage ratio where debt, net of domestic cash in excess of $25 million and sixty percent of the unrestricted cash held outside of the United States, must be less than or equal to 3.75 times trailing twelve months EBITDA, adjusted for certain non-cash expenses. As of December 31, 2022, we were in compliance with all the covenants of the Credit Agreement and we had $76.8 million of borrowings outstanding and $623.2 million of additional availability. We had $19.0 million of borrowings outstanding as of June 30, 2022. Borrowings on other lines of credit and notes payable were $2.0 million and $2.2 million at December 31, 2022 and June 30, 2022, respectively.

Environmental Matters	6 Months Ended
Environmental Matters	Dec. 31, 2022
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL MATTERS	ENVIRONMENTAL MATTERS The operation of our business has exposed us to certain liabilities and compliance costs related to environmental matters. We are involved in various environmental cleanup and remediation activities at certain sites associated with our current or former operations. We establish and maintain accruals for estimated liabilities associated with certain environmental matters. At December 31, 2022, the balance of such accruals was $12.2 million, of which $1.9 million was current. At June 30, 2022, the balance was $12.5 million, of which $7.9 million was current. The decrease in the current balances reflects adjustments in estimated completion timelines based on currently available information, while the composition of such accruals remains largely unchanged. These accruals are generally not discounted. We record a loss contingency when the available information indicates it is probable that we have incurred a liability and the amount of the loss is reasonably estimable. The likelihood of a loss with respect to a particular environmental matter is often difficult to predict, and determining a meaningful estimate of the loss or a range of loss may not be practicable based on information available. When a material loss contingency is probable but a reasonable estimate cannot be made, or when a material loss contingency is at least reasonably possible, disclosure is provided. The accruals we have established for estimated environmental liabilities represent our best current estimate of the probable and reasonably estimable costs of addressing identified environmental situations, based on our review of currently available evidence, and taking into consideration our prior experience in remediation and that of other companies, as well as public information released by the United States Environmental Protection Agency (USEPA), other governmental agencies and by the Potentially Responsible Party (PRP) groups in which we are participating. The accrued liabilities for all environmental concerns could change substantially due to factors such as the nature and extent of contamination, changes in remedial requirements, technological changes, discovery of new information, the financial strength of other PRPs, the identification of new PRPs and the involvement of and direction taken by the government or the courts on these matters. Among other environmental laws, we are subject to the Comprehensive Environmental Response Compensation and Liability Act of 1980 (CERCLA), under which we have been identified by the USEPA or other third party as a PRP with respect to environmental remedial costs at certain Superfund sites. We have evaluated our claims and estimated liability associated with these sites based upon the best information currently available to us. We believe our environmental accruals are adequate to cover our portion of the environmental remedial costs at the sites where we have been designated a PRP, to the extent these expenses are probable and reasonably estimable.

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

+ References

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective income tax rates for the three months ended December 31, 2022 and 2021 were 17.8 percent and 25.9 percent, respectively. The year-over-year change is primarily due to a $2.2 million tax benefit recorded in the current year quarter related to Swiss tax reform and geographical mix. The effective income tax rates for the six months ended December 31, 2022 and 2021 were 23.6 percent and 26.5 percent, respectively. The year-over-year change is primarily due to a $2.2 million tax benefit recorded in the current year quarter related to Swiss tax reform and geographical mix. Swiss tax reform Swiss tax reform legislation was effectively enacted during the December quarter of fiscal 2020 when the Canton of Schaffhausen approved the Federal Act on Tax Reform and AHV Financing on October 8, 2019 (Swiss tax reform). Significant changes from Swiss tax reform include the abolishment of certain favorable tax regimes and the creation of a multi-year transitional period at both the federal and cantonal levels. The transitional provisions of Swiss tax reform allow companies to utilize a combination of lower tax rates and tax basis adjustments to fair value, which are used for tax depreciation and amortization purposes resulting in deductions over the transitional period. To reflect the federal and cantonal transitional provisions, as they apply to us, we recorded a deferred tax asset of $14.5 million during the three months ended December 31, 2020. We considered the deferred tax asset from Swiss tax reform to be an estimate based on our interpretation of the legislation, which was subject to change based on further legislative guidance, review with the Swiss federal and cantonal authorities, and modifications to the underlying valuation. During the three months ended December 31, 2022, we finalized the calculation of the transitional provisions of Swiss tax reform after a review and receipt of a ruling from the Swiss federal and cantonal authorities and recorded a $2.2 million tax benefit to adjust the deferred tax asset and income tax liabilities related to fiscal years 2021 and 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

6 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings per share is computed using the weighted average number of shares outstanding during the period, while diluted earnings per share is calculated to reflect the potential dilution that would occur related to the issuance of capital stock under stock option grants, performance awards and restricted stock units. The difference between basic and diluted earnings per share relates solely to the effect of capital stock options, performance awards and restricted stock units.

The following table provides the computation of diluted shares outstanding for the three and six months ended December 31, 2022 and 2021:


	Three Months Ended December 31,		Six Months Ended December 31,
(in thousands)	2022	2021	2022	2021
Weighted-average shares outstanding during the period	80,737	83,637	81,141	83,759
Add: Unexercised stock options and unvested restricted stock units	500	737	536	743
Number of shares on which diluted earnings per share is calculated	81,237	84,374	81,677	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	1,388	145	1,373	183

Equity

6 Months Ended

Dec. 31, 2022

Equity [Abstract]

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, 2022 and 2021 is as follows:


	Kennametal Shareholders’ Equity
(in thousands, except per share amounts)	Capital stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non-controlling interests		Total equity
Balance as of September 30, 2022	$	101,095	$	478,930	$	1,082,575	$	(461,197)	$	36,942	$	1,238,345
Net income	—		—		21,899		—		1,025		22,924
Other comprehensive income	—		—		—		49,021		1,067		50,088
Dividend reinvestment	2		45		—		—		—		47
Capital stock issued under employee benefit and stock plans(3)	131		4,453		—		—		—		4,584
Purchase of capital stock	(587)		(10,105)		—		—		—		(10,692)
Cash dividends ($0.20 per share)	—		—		(16,095)		—		—		(16,095)



Total equity, December 31, 2022	$	100,641	$	473,323	$	1,088,379	$	(412,176)	$	39,034	$	1,289,201


	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)


Total equity, December 31, 2021	$	103,842	$	534,592	$	1,026,756	$	(349,168)	$	40,551	$	1,356,573

(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, 2022 and 2021 is as follows:


	Kennametal Shareholders’ Equity
(in thousands, except per share amounts)	Capital stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non-controlling interests		Total equity
Balance as of June 30, 2022	$	101,671	$	494,202	$	1,070,655	$	(413,951)	$	38,670	$	1,291,247
Net income	—		—		50,095		—		2,466		52,561
Other comprehensive income	—		—		—		1,775		(698)		1,077
Dividend reinvestment	4		89		—		—		—		93
Capital stock issued under employee benefit and stock plans(3)	585		7,481		—		—		—		8,066
Purchase of capital stock	(1,619)		(28,449)		—		—		—		(30,068)
Cash dividends ($0.40 per share)	—		—		(32,371)		—		—		(32,371)
Cash dividends to non-controlling interests	—				—		—		(1,404)		(1,404)


Total equity, December 31, 2022	$	100,641	$	473,323	$	1,088,379	$	(412,176)	$	39,034	$	1,289,201


	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)


Total equity, December 31, 2021	$	103,842	$	534,592	$	1,026,756	$	(349,168)	$	40,551	$	1,356,573

(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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Accumulated Other Comprehensive Loss

6 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of, and changes in, accumulated other comprehensive loss (AOCL) were as follows, net of tax, for the six months ended December 31, 2022:


(in thousands)	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Attributable to Kennametal:
Balance, June 30, 2022	$	(208,406)	$	(210,048)	$	4,503	$	(413,951)
Other comprehensive (loss) income before reclassifications	(47)		568		—		521
Amounts reclassified from AOCL	1,639		—		(385)		1,254
Net other comprehensive income (loss)	1,592		568		(385)		1,775
AOCL, December 31, 2022	$	(206,814)	$	(209,480)	$	4,118	$	(412,176)

Attributable to noncontrolling interests:
Balance, June 30, 2022	$	—	$	(7,547)	$	—	$	(7,547)
Other comprehensive loss before reclassifications	—		(698)		—		(698)
Net other comprehensive loss	—		(698)		—		(698)
AOCL, December 31, 2022	$	—	$	(8,245)	$	—	$	(8,245)

The components of, and changes in, 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 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 loss before reclassifications	—		(904)		—		(904)
Net other comprehensive loss	—		(904)		—		(904)
AOCL, December 31, 2021	$	—	$	(4,886)	$	—	$	(4,886)

Reclassifications out of AOCL for the three and six months ended December 31, 2022 and 2021 consisted of the following:


	Three Months Ended December 31,				Six Months Ended December 31,
(in thousands)	2022		2021		2022		2021		Affected line item in the Income Statement
Gains on cash flow hedges:
Forward starting interest rate swaps	$	(255)	$	(255)	$	(511)	$	(511)	Interest expense

Total before tax	(255)		(255)		(511)		(511)
Tax impact	63		63		126		126		Provision for income taxes
Net of tax	$	(192)	$	(192)	$	(385)	$	(385)

Pension and other postretirement benefits:
Amortization of transition obligations	$	20	$	24	$	41	$	48	Other income, net
Amortization of prior service credit	(66)		(66)		(132)		(133)		Other income, net
Recognition of actuarial losses	1,140		3,015		2,293		6,059		Other income, net
Total before tax	1,094		2,973		2,202		5,974
Tax impact	(262)		(772)		(563)		(1,558)		Provision for income taxes
Net of tax	$	832	$	2,201	$	1,639	$	4,416

The amount of income tax allocated to each component of other comprehensive income (loss) for the three months ended December 31, 2022 and 2021 were as follows:


			2022						2021
(in thousands)	Pre-tax		Tax impact		Net of tax		Pre-tax		Tax impact		Net of tax

Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges	$	(255)	$	63	$	(192)	$	(255)	$	63	$	(192)
Unrecognized net pension and other postretirement benefit plans (loss) gain	(4,564)		1,193		(3,371)		1,232		(356)		876
Reclassification of net pension and other postretirement benefit plans loss	1,094		(262)		832		2,973		(772)		2,201
Foreign currency translation adjustments	52,675		144		52,819		(10,062)		(19)		(10,081)

Other comprehensive income (loss)	$	48,950	$	1,138	$	50,088	$	(6,112)	$	(1,084)	$	(7,196)

The amount of income tax allocated to each component of other comprehensive income (loss) for the six months ended December 31, 2022 and 2021 were as follows:


			2022						2021
(in thousands)	Pre-tax		Tax impact		Net of tax		Pre-tax		Tax impact		Net of tax

Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges	$	(511)	$	126	$	(385)	$	(511)	$	126	$	(385)
Unrecognized net pension and other postretirement benefit plans (loss) gain	(85)		38		(47)		3,831		(1,050)		2,781
Reclassification of net pension and other postretirement benefit plans loss	2,202		(563)		1,639		5,974		(1,558)		4,416
Foreign currency translation adjustments	(124)		(6)		(130)		(26,519)		(38)		(26,557)

Other comprehensive income (loss)	$	1,482	$	(405)	$	1,077	$	(17,225)	$	(2,520)	$	(19,745)

Goodwill and Other Intangible Assets

6 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

A summary of the carrying amount of goodwill attributable to each segment, as well as the changes in such carrying amounts, is as follows:


(in thousands)	Metal Cutting		Infrastructure		Total
Gross goodwill	$	441,891	$	633,211	$	1,075,102
Accumulated impairment losses	(177,661)		(633,211)		(810,872)
Balance as of June 30, 2022	$	264,230	$	—	$	264,230

Activity for the six months ended December 31, 2022:
Change in gross goodwill due to translation	2,403		—		2,403

Gross goodwill	444,294		633,211		1,077,505
Accumulated impairment losses	(177,661)		(633,211)		(810,872)
Balance as of December 31, 2022	$	266,633	$	—	$	266,633

The components of our other intangible assets were as follows:


	Estimated Useful Life (in years)	December 31, 2022				June 30, 2022
(in thousands)		Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization

Technology-based and other	4 to 20	$	31,792	$	(23,324)		$	31,592	$	(22,734)
Customer-related	10 to 21	180,105		(108,815)			180,263		(104,698)
Unpatented technology	10 to 30	31,687		(24,098)			31,807		(22,950)
Trademarks	5 to 20	12,418		(10,883)			12,403		(10,317)
Trademarks	Indefinite	10,614		—			10,359		—
Total		$	266,616	$	(167,120)		$	266,424	$	(160,699)

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Financial instruments at fair value on recurring basis

As of December 31, 2022, the fair values of our financial assets and financial liabilities are categorized as follows:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	99	$	—	$	99
Total assets at fair value	$	—	$	99	$	—	$	99

Liabilities:
Derivatives (1)	$	—	$	8	$	—	$	8
Total liabilities at fair value	$	—	$	8	$	—	$	8

As of June 30, 2022, the fair values of our financial assets and financial liabilities are categorized as follows:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	176	$	—	$	176
Total assets at fair value	$	—	$	176	$	—	$	176

Liabilities:
Derivatives (1)	$	—	$	574	$	—	$	574
Total liabilities at fair value	$	—	$	574	$	—	$	574

(1) Currency derivatives are valued based on observable market spot and forward rates and are classified within Level 2 of the fair value hierarchy.

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivatives


(in thousands)	December 31, 2022		June 30, 2022






Derivatives not designated as hedging instruments
Other current assets - currency forward contracts	$	99	$	176
Other current liabilities - currency forward contracts	(8)		(574)
Total derivatives not designated as hedging instruments	91		(398)
Total derivatives	$	91	$	(398)

(Gains) losses related to derivatives not designated as hedging instruments

(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)	2022		2021		2022		2021
Other expense (income), net - currency forward contracts	$	(197)	$	(134)	$	(503)	$	6

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location

As of December 31, 2022, 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	€	17,040	$	18,182	June 30, 2023

(2) Includes principal and accrued interest.

Restructuring (Tables)

6 Months Ended

Dec. 31, 2022

Restructuring Cost and Reserve [Line Items]

Schedule of Restructuring Reserve by Type of Cost


(in thousands)	June 30, 2022		Expense		Translation		Cash Expenditures		December 31, 2022
Severance	$	7,919	$	—	$	(38)	$	(2,659)	$	5,222


Total	$	7,919	$	—	$	(38)	$	(2,659)	$	5,222

Stock-Based Compensation (Tables)

6 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Changes in stock options

Changes in our stock options for the six months ended December 31, 2022 were as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (years)	Aggregate Intrinsic value (in thousands)
Options outstanding, June 30, 2022	271,843	$	37.45

Exercised	—	—
Lapsed or forfeited	(31,163)	36.76
Options outstanding, December 31, 2022	240,680	$	37.54	1.7	$	45
Options vested, December 31, 2022	240,680	$	37.54	1.7	$	45
Options exercisable, December 31, 2022	240,680	$	37.54	1.7	$	45

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, 2022 were as follows:


	Performance Vesting Stock Units	Performance Vesting Weighted Average Fair Value		Time Vesting Stock Units	Time Vesting Weighted Average Fair Value
Unvested, June 30, 2022	350,955	$	33.44	1,213,896	$	33.53
Granted	189,469	27.27		731,339	26.95
Vested	—	—		(614,499)	32.62
Performance metric adjustments, net	(52,111)	27.58		—	—
Forfeited	(3,884)	28.97		(35,016)	31.72
Unvested, December 31, 2022	484,429	$	31.69	1,295,720	$	30.30

Pension and Other Postretirement Benefits (Tables)

6 Months Ended

Dec. 31, 2022

Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Net periodic pension (income)

The table below summarizes the components of net periodic pension income:


	Three Months Ended December 31,				Six Months Ended December 31,
(in thousands)	2022		2021		2022		2021
Service cost	$	235	$	281	$	474	$	567
Interest cost	8,002		5,641		16,042		11,300
Expected return on plan assets	(9,983)		(12,999)		(20,008)		(26,035)
Amortization of transition obligation	20		24		41		48
Amortization of prior service cost	2		3		4		5
Recognition of actuarial losses	1,092		2,941		2,197		5,911


Net periodic pension income	$	(632)	$	(4,109)	$	(1,250)	$	(8,204)

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)	2022		2021		2022		2021

Interest cost	$	104	$	72	$	209	$	144
Amortization of prior service credit	(68)		(69)		(136)		(138)
Recognition of actuarial loss	48		74		96		148
Net periodic other postretirement benefit cost	$	84	$	77	$	169	$	154

Inventories (Tables)

6 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


(in thousands)	December 31, 2022		June 30, 2022
Finished goods	$	345,529	$	316,936
Work in process and powder blends	241,884		231,214
Raw materials	101,617		107,024
Inventories at current cost	689,030		655,174
Less: LIFO valuation	(83,250)		(84,338)
Total inventories	$	605,780	$	570,836

Earnings Per Share (Tables) (Tables)

6 Months Ended

Dec. 31, 2022

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The following table provides the computation of diluted shares outstanding for the three and six months ended December 31, 2022 and 2021:


	Three Months Ended December 31,		Six Months Ended December 31,
(in thousands)	2022	2021	2022	2021
Weighted-average shares outstanding during the period	80,737	83,637	81,141	83,759
Add: Unexercised stock options and unvested restricted stock units	500	737	536	743
Number of shares on which diluted earnings per share is calculated	81,237	84,374	81,677	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	1,388	145	1,373	183

Equity (Tables)

3 Months Ended

6 Months Ended

Dec. 31, 2022

Equity [Abstract]

Summary of the changes in the carrying amounts of total equity, Kennametal shareholders' equity and equity attributable to noncontrolling interests


	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, 2022	$	101,095	$	478,930	$	1,082,575	$	(461,197)	$	36,942	$	1,238,345
Net income	—		—		21,899		—		1,025		22,924
Other comprehensive income	—		—		—		49,021		1,067		50,088
Dividend reinvestment	2		45		—		—		—		47
Capital stock issued under employee benefit and stock plans(3)	131		4,453		—		—		—		4,584
Purchase of capital stock	(587)		(10,105)		—		—		—		(10,692)
Cash dividends ($0.20 per share)	—		—		(16,095)		—		—		(16,095)



Total equity, December 31, 2022	$	100,641	$	473,323	$	1,088,379	$	(412,176)	$	39,034	$	1,289,201


	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)


Total equity, December 31, 2021	$	103,842	$	534,592	$	1,026,756	$	(349,168)	$	40,551	$	1,356,573

(3) Net of restricted stock units delivered upon vesting to satisfy tax withholding requirements.


	Kennametal Shareholders’ Equity
(in thousands, except per share amounts)	Capital stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non-controlling interests		Total equity
Balance as of June 30, 2022	$	101,671	$	494,202	$	1,070,655	$	(413,951)	$	38,670	$	1,291,247
Net income	—		—		50,095		—		2,466		52,561
Other comprehensive income	—		—		—		1,775		(698)		1,077
Dividend reinvestment	4		89		—		—		—		93
Capital stock issued under employee benefit and stock plans(3)	585		7,481		—		—		—		8,066
Purchase of capital stock	(1,619)		(28,449)		—		—		—		(30,068)
Cash dividends ($0.40 per share)	—		—		(32,371)		—		—		(32,371)
Cash dividends to non-controlling interests	—				—		—		(1,404)		(1,404)


Total equity, December 31, 2022	$	100,641	$	473,323	$	1,088,379	$	(412,176)	$	39,034	$	1,289,201

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of, and changes in accumulated other comprehensive loss

The components of, and changes in, accumulated other comprehensive loss (AOCL) were as follows, net of tax, for the six months ended December 31, 2022:


(in thousands)	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Attributable to Kennametal:
Balance, June 30, 2022	$	(208,406)	$	(210,048)	$	4,503	$	(413,951)
Other comprehensive (loss) income before reclassifications	(47)		568		—		521
Amounts reclassified from AOCL	1,639		—		(385)		1,254
Net other comprehensive income (loss)	1,592		568		(385)		1,775
AOCL, December 31, 2022	$	(206,814)	$	(209,480)	$	4,118	$	(412,176)

Attributable to noncontrolling interests:
Balance, June 30, 2022	$	—	$	(7,547)	$	—	$	(7,547)
Other comprehensive loss before reclassifications	—		(698)		—		(698)
Net other comprehensive loss	—		(698)		—		(698)
AOCL, December 31, 2022	$	—	$	(8,245)	$	—	$	(8,245)

The components of, and changes in, 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 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 loss before reclassifications	—		(904)		—		(904)
Net other comprehensive loss	—		(904)		—		(904)
AOCL, December 31, 2021	$	—	$	(4,886)	$	—	$	(4,886)

Reclassification out of Accumulated Other Comprehensive Loss

Reclassifications out of AOCL for the three and six months ended December 31, 2022 and 2021 consisted of the following:


	Three Months Ended December 31,				Six Months Ended December 31,
(in thousands)	2022		2021		2022		2021		Affected line item in the Income Statement
Gains on cash flow hedges:
Forward starting interest rate swaps	$	(255)	$	(255)	$	(511)	$	(511)	Interest expense

Total before tax	(255)		(255)		(511)		(511)
Tax impact	63		63		126		126		Provision for income taxes
Net of tax	$	(192)	$	(192)	$	(385)	$	(385)

Pension and other postretirement benefits:
Amortization of transition obligations	$	20	$	24	$	41	$	48	Other income, net
Amortization of prior service credit	(66)		(66)		(132)		(133)		Other income, net
Recognition of actuarial losses	1,140		3,015		2,293		6,059		Other income, net
Total before tax	1,094		2,973		2,202		5,974
Tax impact	(262)		(772)		(563)		(1,558)		Provision for income taxes
Net of tax	$	832	$	2,201	$	1,639	$	4,416

Income Tax Allocated to Each Component of Other Comprehensive Income [Table Text Block]

The amount of income tax allocated to each component of other comprehensive income (loss) for the three months ended December 31, 2022 and 2021 were as follows:


			2022						2021
(in thousands)	Pre-tax		Tax impact		Net of tax		Pre-tax		Tax impact		Net of tax

Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges	$	(255)	$	63	$	(192)	$	(255)	$	63	$	(192)
Unrecognized net pension and other postretirement benefit plans (loss) gain	(4,564)		1,193		(3,371)		1,232		(356)		876
Reclassification of net pension and other postretirement benefit plans loss	1,094		(262)		832		2,973		(772)		2,201
Foreign currency translation adjustments	52,675		144		52,819		(10,062)		(19)		(10,081)

Other comprehensive income (loss)	$	48,950	$	1,138	$	50,088	$	(6,112)	$	(1,084)	$	(7,196)

The amount of income tax allocated to each component of other comprehensive income (loss) for the six months ended December 31, 2022 and 2021 were as follows:


			2022						2021
(in thousands)	Pre-tax		Tax impact		Net of tax		Pre-tax		Tax impact		Net of tax

Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges	$	(511)	$	126	$	(385)	$	(511)	$	126	$	(385)
Unrecognized net pension and other postretirement benefit plans (loss) gain	(85)		38		(47)		3,831		(1,050)		2,781
Reclassification of net pension and other postretirement benefit plans loss	2,202		(563)		1,639		5,974		(1,558)		4,416
Foreign currency translation adjustments	(124)		(6)		(130)		(26,519)		(38)		(26,557)

Other comprehensive income (loss)	$	1,482	$	(405)	$	1,077	$	(17,225)	$	(2,520)	$	(19,745)

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The carrying amount of goodwill

A summary of the carrying amount of goodwill attributable to each segment, as well as the changes in such carrying amounts, is as follows:


(in thousands)	Metal Cutting		Infrastructure		Total
Gross goodwill	$	441,891	$	633,211	$	1,075,102
Accumulated impairment losses	(177,661)		(633,211)		(810,872)
Balance as of June 30, 2022	$	264,230	$	—	$	264,230

Activity for the six months ended December 31, 2022:
Change in gross goodwill due to translation	2,403		—		2,403

Gross goodwill	444,294		633,211		1,077,505
Accumulated impairment losses	(177,661)		(633,211)		(810,872)
Balance as of December 31, 2022	$	266,633	$	—	$	266,633

The components of intangible assets

The components of our other intangible assets were as follows:


	Estimated Useful Life (in years)	December 31, 2022				June 30, 2022
(in thousands)		Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization

Technology-based and other	4 to 20	$	31,792	$	(23,324)		$	31,592	$	(22,734)
Customer-related	10 to 21	180,105		(108,815)			180,263		(104,698)
Unpatented technology	10 to 30	31,687		(24,098)			31,807		(22,950)
Trademarks	5 to 20	12,418		(10,883)			12,403		(10,317)
Trademarks	Indefinite	10,614		—			10,359		—
Total		$	266,616	$	(167,120)		$	266,424	$	(160,699)

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Segment Data (Tables)

6 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table presents Kennametal's revenue disaggregated by geography:


	Three Months Ended
	December 31, 2022			December 31, 2021
(in percentages)	Metal Cutting	Infrastructure	Total Kennametal	Metal Cutting	Infrastructure	Total Kennametal
Americas	44%	60%	50%	40%	57%	47%
EMEA	36	18	29	38	17	30
Asia Pacific	20	22	21	22	26	23


	Six Months Ended
	December 31, 2022			December 31, 2021
(in percentages)	Metal Cutting	Infrastructure	Total Kennametal	Metal Cutting	Infrastructure	Total Kennametal
Americas	44%	61%	51%	40%	57%	47%
EMEA	35	17	27	38	19	30
Asia Pacific	21	22	22	22	24	23

The following tables presents Kennametal's revenue disaggregated by end market:


	Three Months Ended December 31, 2022
(in percentages)	Metal Cutting	Infrastructure	Total Kennametal
General engineering	56%	35%	47%
Transportation	27	—	16
Aerospace	10	—	6
Energy	7	29	17
Earthworks	—	36	14


	Three Months Ended December 31, 2021
(in percentages)	Metal Cutting	Infrastructure	Total Kennametal
General engineering	57%	36%	48%
Transportation	26	—	16
Aerospace	9	—	6
Energy	8	28	16
Earthworks	—	36	14


	Six Months Ended December 31, 2022
(in percentages)	Metal Cutting	Infrastructure	Total Kennametal
General engineering	56%	33%	47%
Transportation	27	—	16
Aerospace	10	—	6
Energy	7	31	17
Earthworks	—	36	14


	Six Months Ended December 31, 2021
(in percentages)	Metal Cutting	Infrastructure	Total Kennametal
General engineering	56%	35%	48%
Transportation	27	—	17
Aerospace	9	—	5
Energy	8	29	16
Earthworks	—	36	14

Sales and operating income (loss) by segment and segment assets

Our sales and operating income by segment are as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
(in thousands)	2022		2021		2022		2021
Sales:
Metal Cutting	$	299,469	$	298,581	$	599,405	$	597,011
Infrastructure	197,652		188,092		392,508		373,171
Total sales	$	497,121	$	486,673	$	991,913	$	970,182
Operating income:
Metal Cutting	$	26,222	$	27,895	$	54,828	$	57,059
Infrastructure	10,097		19,971		30,884		46,007
Corporate	(828)		(361)		(1,696)		(955)
Total operating income	35,491		47,505		84,016		102,111
Interest expense	7,015		6,460		13,652		12,781
Other expense (income), net	588		(3,142)		1,597		(6,601)
Income before income taxes	$	27,888	$	44,187	$	68,767	$	95,931

Divestiture (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Divestiture (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Divestiture [Abstract]
Disposition of Businesses, Net Book Value of Assets at Closing					$ 29,500
Proceeds from divestiture (Note 3)			$ 0	$ 1,001		$ 24,000
Gain on divestiture	$ 0	$ (1,001)	$ 0	$ (1,001)		$ 6,500

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	$ 99	$ 176
Total assets at fair value	99	176
Derivatives Liabilities	8	574
Total liabilities at fair value	8	574
Fair Value, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	99	176
Total assets at fair value	99	176
Derivatives Liabilities	8	574
Total liabilities at fair value	$ 8	$ 574

Derivative Instruments and Hedging Activities - Fair Value of Derivatives Designated and Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Fair value of derivatives
Derivative, Fair Value, Net	$ 91	$ (398)
Not Designated as Hedging Instrument [Member]
Fair value of derivatives
Derivative, Fair Value, Net	91	(398)
Currency Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Fair value of derivatives
Derivative assets designated as hedging instruments	99	176
Currency Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Other Current Liabilities [Member]
Fair value of derivatives
Derivative liabilities designated as hedging instruments	$ (8)	$ (574)

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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	$ (400)	$ 100	$ 1,300	$ 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	$ (197)	$ (134)	$ (503)	$ 6

Derivative Instruments and Hedging Activities (Details Textual) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 EUR (€)	Jun. 30, 2022 EUR (€)
Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative, Amount of Hedged Item \| €					€ 17,000	€ 13,000
Net Investment Hedge Maturing on June 30, 2023
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 18,182		$ 18,182		€ 17,040
Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax \| $	$ (400)	$ 100	$ 1,300	$ 1,400

Restructuring and Related Charges - Restructuring Accrual (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Abstract]
Beginning Balance		$ 7,919
Restructuring Charges	$ (3,500)	0	$ (3,300)
Translation		(38)
Cash Expenditures		(2,659)
Ending Balance		5,222
Severance [Member]
Restructuring Reserve [Abstract]
Beginning Balance		7,919
Restructuring Charges		0
Translation		(38)
Cash Expenditures		(2,659)
Ending Balance		$ 5,222

Restructuring and Related Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 5,222		$ 5,222		$ 7,919
Restructuring and Related Cost, Incurred Cost	0	$ (1,700)		$ (400)
Restructuring Charges		(3,500)	0	(3,300)
Other Asset Impairment Charges			1,500
Gain (Loss) on Sale of Properties			1,900
Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost		0		0
Metal Cutting
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost		(1,700)		(400)
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Related Charges Recorded in Cost of Goods Sold or Operating Expense		$ 1,800		$ 2,800
Other Current Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	3,700		3,700		6,000
Other Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 1,500		$ 1,500		$ 1,900

Stock-Based Compensation - Changes in Stock Options (Details)	6 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Changes in stock options
Options outstanding, Beginning \| shares	271,843
Options, Exercised \| shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period \| shares	(31,163)
Options outstanding, Ending \| shares	240,680
Options vested and expected to vest, Ending \| shares	240,680
Options exercisable, Ending \| shares	240,680
Weighted Average Exercise Price, Options outstanding, Beginning \| $ / shares	$ 37.45
Weighted Average Exercise Price, Exercised \| $ / shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price \| $ / shares	36.76
Weighted Average Exercise Price, Options outstanding, Ending \| $ / shares	37.54
Weighted Average Exercise Price, Option vested and expected to vest, September 30, 2022 \| $ / shares	37.54
Weighted Average Exercise Price, Options exercisable, Ending \| $ / shares	$ 37.54
Weighted Average Remaining Life, Options outstanding, Ending	1 year 8 months 12 days
Weighted Average Remaining Life, Options vested and expected to vest, Ending	1 year 8 months 12 days
Weighted Average Remaining Life, Options exercisable, Ending	1 year 8 months 12 days
Aggregate Intrinsic value, Options outstanding, Ending \| $	$ 45,000
Aggregate Intrinsic Value, Options vested and expected to vest, Ending \| $	45,000
Aggregate Intrinsic Value, Options exercisable, Ending \| $	$ 45,000

Stock-Based Compensation - Changes in Restricted Stock Units (Details)	6 Months Ended
	Dec. 31, 2022 $ / shares shares
Restricted Stock Units - Performance Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, Beginning \| shares	350,955
Granted, Shares \| shares	189,469
Vested, Shares \| shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations \| shares	(52,111)
Forfeited, Shares \| shares	(3,884)
Unvested restricted stock awards, Ending \| shares	484,429
Weighted Average Fair Value, Unvested restricted stock awards, Beginning \| $ / shares	$ 33.44
Weighted Average Fair Value, Granted \| $ / shares	27.27
Weighted Average Fair Value, Vested \| $ / shares	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price \| $ / shares	27.58
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value \| $ / shares	28.97
Weighted Average Fair Value, Unvested restricted stock awards, Ending \| $ / shares	$ 31.69
Restricted Stock Units - Time Vesting [Member]
Changes in restricted stock awards
Unvested restricted stock awards, Beginning \| shares	1,213,896
Granted, Shares \| shares	731,339
Vested, Shares \| shares	(614,499)
Performance metric adjustments, net, Shares \| shares	0
Forfeited, Shares \| shares	(35,016)
Unvested restricted stock awards, Ending \| shares	1,295,720
Weighted Average Fair Value, Unvested restricted stock awards, Beginning \| $ / shares	$ 33.53
Weighted Average Fair Value, Granted \| $ / shares	26.95
Weighted Average Fair Value, Vested \| $ / shares	32.62
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	31.72
Weighted Average Fair Value, Unvested restricted stock awards, Ending \| $ / shares	$ 30.30

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation (Textual) [Abstract]
Proceeds from Stock Options Exercised	$ 0.0	$ 0.2
Stock Option [Member]
Stock-Based Compensation (Textual) [Abstract]
Unrecognized compensation cost	0.0
Total Intrinsic value of options exercised	0.0	0.1
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Textual) [Abstract]
Compensation expense related to time vesting and performance vesting restricted stock units	13.1	$ 12.6
Unrecognized compensation cost	$ 34.0
Unrecognized compensation costs, weighted average period	2 years

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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Net periodic pension income
Service cost	$ 235	$ 281	$ 474	$ 567
Interest cost	8,002	5,641	16,042	11,300
Expected return on plan assets	(9,983)	(12,999)	(20,008)	(26,035)
Amortization of transition obligation	20	24	41	48
Amortization of prior service cost (credit)	2	3	4	5
Recognition of actuarial losses	1,092	2,941	2,197	5,911
Net periodic pension income	$ (632)	$ (4,109)	$ (1,250)	$ (8,204)

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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Net periodic other postretirement benefit costs
Interest cost	$ 104	$ 72	$ 209	$ 144
Amortization of prior service credit	(68)	(69)	(136)	(138)
Recognition of actuarial loss	48	74	96	148
Net periodic other postretirement benefit cost	$ 84	$ 77	$ 169	$ 154

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Inventories
Finished goods	$ 345,529	$ 316,936
Work in process and powder blends	241,884	231,214
Raw materials	101,617	107,024
Inventories at current cost	689,030	655,174
Less: LIFO valuation	(83,250)	(84,338)
Total inventories	$ 605,780	$ 570,836
Inventories (Textual) [Abstract]
Percentage of inventories valued by using LIFO method	38.00%	39.00%

Long-Term Debt (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2022	Jun. 07, 2018
Long-Term Debt (Additional Textual) [Abstract]
Fixed rate at fair market value	$ 516,300,000	$ 536,100,000
Notes Payable	2,000,000	2,200,000
2018 Credit Agreement [Member]
Long-Term Debt (Textual) [Abstract]
Line of Credit Facility, Remaining Borrowing Capacity	623,200,000
Borrowing outstanding under 2018 Credit Agreement	76,800,000	$ 19,000,000
Line of Credit Facility, Maximum Borrowing Capacity			$ 700,000,000
Line of Credit [Member]
Long-Term Debt (Textual) [Abstract]
Net Debt to EBITDA Ratio, Maximum	3.75
Net Debt to EBITDA Ratio, domestic cash allowed to net debt, amount, minimum	$ 25,000,000

Environmental Matters (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Environmental Remediation Obligations [Abstract]
Reserves for Environmental Costs	$ 12.2	$ 12.5
Accrued Environmental Loss Contingencies, Current	$ 1.9	$ 7.9

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Taxes - Additional Information [Line Items]
Discrete Benefit for Swiss Tax Reform			$ 2.2	$ 14.5
Income Tax (Textual) [Abstract]
Effective tax rate	17.80%	25.90%	23.60%	26.50%

Earnings Per Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
Earnings Per Shares (Details) - shares shares in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	80,737	83,637	81,141	83,759
Earnings Per Share (Textual) [Abstract]
Increase in weighted average shares due to dilutive effect of unexercised capital stock options and unvested restricted stock units	500	737	536	743
Weighted Average Number of Shares Outstanding, Diluted	81,237	84,374	81,677	84,502
Unexercised capital stock options and restricted stock units excluded from computation of diluted EPS	1,388	145	1,373	183

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Equity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Beginning Balance	$ 1,238,345	$ 1,364,647	$ 1,291,247	$ 1,368,205
Net income (loss)	22,924	32,725	52,561	70,477
Other comprehensive income (loss)	50,088	(7,196)	1,077	(19,745)
Dividend reinvestment	47	47	93	95
Capital stock issued under employee benefit and stock plans	4,584	5,669	8,066	6,509
Purchase of capital stock	(10,692)	(22,599)	(30,068)	(35,508)
Cash dividends	16,095	16,720	32,371	33,460
Ending Balance	1,289,201	1,356,573	1,289,201	1,356,573
Capital stock [Member]
Beginning Balance	101,095	104,527	101,671	104,518
Dividend reinvestment	2	1	4	3
Capital stock issued under employee benefit and stock plans	131	65	585	512
Purchase of capital stock	(587)	(751)	(1,619)	(1,191)
Ending Balance	100,641	103,842	100,641	103,842
Additional paid-in capital [Member]
Beginning Balance	478,930	550,790	494,202	562,820
Dividend reinvestment	45	46	89	92
Capital stock issued under employee benefit and stock plans	4,453	5,604	7,481	5,997
Purchase of capital stock	(10,105)	(21,848)	(28,449)	(34,317)
Ending Balance	473,323	534,592	473,323	534,592
Retained earnings [Member]
Beginning Balance	1,082,575	1,012,055	1,070,655	992,597
Net income (loss)	21,899	31,421	50,095	67,619
Cash dividends	16,095	16,720	32,371	33,460
Ending Balance	1,088,379	1,026,756	1,088,379	1,026,756
Accumulated other comprehensive loss [Member]
Beginning Balance	(461,197)	(342,421)	(413,951)	(330,327)
Other comprehensive income (loss)	49,021	(6,747)	1,775	(18,841)
Ending Balance	(412,176)	(349,168)	(412,176)	(349,168)
Non-controlling interest [Member]
Beginning Balance	36,942	39,696	38,670	38,597
Net income (loss)	1,025	1,304	2,466	2,858
Other comprehensive income (loss)	1,067	(449)	(698)	(904)
Cash dividends	1,404		(1,404)
Ending Balance	$ 39,034	$ 40,551	$ 39,034	$ 40,551

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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			$ (413,951)	$ (330,327)
Other comprehensive (loss) income before reclassifications			521	(22,872)
Amounts reclassified from accumulated other comprehensive loss			1,254	4,031
Net current period other comprehensive (loss) income			1,775	(18,841)
Accumulated Other Comprehensive Loss, Net of Tax	$ (412,176)	$ (349,168)	(412,176)	(349,168)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(208,406)	(213,172)
Other comprehensive (loss) income before reclassifications			(47)	2,781
Amounts reclassified from accumulated other comprehensive loss			1,639	4,416
Net current period other comprehensive (loss) income			1,592	7,197
Accumulated Other Comprehensive Loss, Net of Tax	(206,814)	(205,975)	(206,814)	(205,975)
Accumulated Currency Translation Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(210,048)	(122,428)
Other comprehensive (loss) income before reclassifications			568	(25,653)
Amounts reclassified from accumulated other comprehensive loss			0	0
Net current period other comprehensive (loss) income			568	(25,653)
Accumulated Other Comprehensive Loss, Net of Tax	(209,480)	(148,081)	(209,480)	(148,081)
Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			4,503	5,273
Other comprehensive (loss) income before reclassifications			0	0
Amounts reclassified from accumulated other comprehensive loss			(385)	(385)
Net current period other comprehensive (loss) income			(385)	(385)
Accumulated Other Comprehensive Loss, Net of Tax	4,118	4,888	4,118	4,888
Noncontrolling Interest [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Accumulated Other Comprehensive Loss, Net of Tax			(7,547)	(3,982)
Other comprehensive (loss) income before reclassifications			(698)	(904)
Net current period other comprehensive (loss) income			(698)	(904)
Accumulated Other Comprehensive Loss, Net of Tax	(8,245)	(4,886)	(8,245)	(4,886)
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(1,094)	(2,973)	(2,202)	(5,974)
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$ 255	$ 255	$ 511	$ 511

Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Currency exchange contracts	$ (588)	$ 3,142	$ (1,597)	$ 6,601
Recognition of actuarial losses	1,094	2,973	2,202	5,974
Provision for income taxes	4,964	11,462	16,206	25,454
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(255)	(255)	(511)	(511)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	63	63	126	126
Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges	(192)	(192)	(385)	(385)
Unrecognized net pension and other postretirement benefit (loss) gain, before tax	(4,564)	1,232	(85)	3,831
Unrecognized net pension and other postretirement benefit (loss) gain, tax	1,193	(356)	38	(1,050)
Unrecognized net pension and other postretirement benefit gain	(3,371)	876	(47)	2,781
Reclassification of net pension and other postretirement benefit loss, tax	(262)	(772)	(563)	(1,558)
Reclassification of net pension and other postretirement benefit loss	832	2,201	1,639	4,416
Foreign currency translation adjustments, before tax	52,675	(10,062)	(124)	(26,519)
Foreign currency translation adjustments, tax	144	(19)	(6)	(38)
Foreign currency translation adjustments	52,819	(10,081)	(130)	(26,557)
Other comprehensive income (loss), before tax	48,950	(6,112)	1,482	(17,225)
Other comprehensive income (loss), tax	1,138	(1,084)	(405)	(2,520)
Other comprehensive income (loss), net of tax	50,088	(7,196)	1,077	(19,745)
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Total before tax	(255)	(255)	(511)	(511)
Net of tax	(192)	(192)	(385)	(385)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	63	63	126	126
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	20	24	41	48
Amortization of prior service credit	(66)	(66)	(132)	(133)
Recognition of actuarial losses	1,140	3,015	2,293	6,059
Total before tax	1,094	2,973	2,202	5,974
Provision for income taxes	(262)	(772)	(563)	(1,558)
Net of tax	(832)	(2,201)	(1,639)	(4,416)
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Forward Starting Interest Rate Swap Contracts [Member] \| Accumulated Net (Loss) Gain from Designated or Qualifying Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Forward starting interest rate swaps	$ (255)	$ (255)	$ (511)	$ (511)

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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Other Comprehensive Income - Income Tax Allocated to Each Component [Abstract]
Unrecognized net pension and other postretirement benefit (loss) gain, before tax	$ (4,564)	$ 1,232	$ (85)	$ 3,831
Unrecognized net pension and other postretirement benefit (loss) gain, tax	1,193	(356)	38	(1,050)
Unrecognized net pension and other postretirement benefit (loss) gain, net of tax	(3,371)	876	(47)	2,781
Reclassification of net pension and other postretirement benefit loss, before tax	1,094	2,973	2,202	5,974
Reclassification of net pension and other postretirement benefit loss, tax	(262)	(772)	(563)	(1,558)
Reclassification of net pension and other postretirement benefit loss	832	2,201	1,639	4,416
Foreign currency translation adjustments, before tax	52,675	(10,062)	(124)	(26,519)
Foreign currency translation adjustments, tax	144	(19)	(6)	(38)
Foreign currency translation adjustments, net of tax	52,819	(10,081)	(130)	(26,557)
Other comprehensive income (loss), before tax	48,950	(6,112)	1,482	(17,225)
Other comprehensive income (loss), tax	1,138	(1,084)	(405)	(2,520)
Other comprehensive income (loss), net of tax	50,088	(7,196)	1,077	(19,745)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	63	63	126	126
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(255)	(255)	(511)	(511)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	$ 192	$ 192	$ 385	$ 385

Goodwill and Other Intangible Assets - Carrying Amount of Goodwill Attributable to Each Segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Goodwill [Roll Forward]
Gross goodwill	$ 1,077,505	$ 1,075,102
Accumulated impairment losses	(810,872)	(810,872)
Goodwill, Beginning Balance	264,230
Change in gross goodwill due to translation	2,403
Goodwill, Ending Balance	266,633
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	444,294	441,891
Accumulated impairment losses	(177,661)	$ (177,661)
Goodwill, Beginning Balance	264,230
Change in gross goodwill due to translation	2,403
Goodwill, Ending Balance	$ 266,633

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
The components of intangible assets
Accumulated amortization	$ (167,120)	$ (160,699)
Intangible Assets, Gross (Excluding Goodwill)	266,616	266,424
Trademarks [Member]
The components of intangible assets
Gross carrying amount, Indefinite	10,614	10,359
Technology-based and other [Member]
The components of intangible assets
Gross carrying amount, finite	31,792	31,592
Accumulated amortization	(23,324)	(22,734)
Customer-related [Member]
The components of intangible assets
Gross carrying amount, finite	180,105	180,263
Accumulated amortization	(108,815)	(104,698)
Unpatented technology [Member]
The components of intangible assets
Gross carrying amount, finite	31,687	31,807
Accumulated amortization	(24,098)	(22,950)
Trademarks [Member]
The components of intangible assets
Gross carrying amount, finite	12,418	12,403
Accumulated amortization	$ (10,883)	$ (10,317)
Minimum [Member] \| Technology-based and other [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	4 years
Minimum [Member] \| Customer-related [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	10 years
Minimum [Member] \| Unpatented technology [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	10 years
Minimum [Member] \| Trademarks [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	5 years
Maximum [Member] \| Technology-based and other [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	20 years
Maximum [Member] \| Customer-related [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	21 years
Maximum [Member] \| Unpatented technology [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	30 years
Maximum [Member] \| Trademarks [Member]
The components of intangible assets
Useful life related to technology-based intangible assets	20 years

Segment Data - Sales and Operating (Loss) Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Segment Reporting Information [Line Items]
Assets	$ 2,578,601		$ 2,578,601		$ 2,573,524
External sales:
Sales	497,121	$ 486,673	991,913	$ 970,182
Operating (income) loss:
Total operating income	35,491	47,505	84,016	102,111
Interest expense	7,015	6,460	13,652	12,781
Other expense (income), net	588	(3,142)	1,597	(6,601)
Income before income taxes	27,888	44,187	68,767	95,931
Infrastructure [Member]
External sales:
Sales	197,652	188,092	392,508	373,171
Operating (income) loss:
Total operating income	(10,097)	(19,971)	(30,884)	(46,007)
Corporate [Member]
Operating (income) loss:
Total operating income	828	361	1,696	955
Metal Cutting
External sales:
Sales	299,469	298,581	599,405	597,011
Operating (income) loss:
Total operating income	$ (26,222)	$ (27,895)	$ (54,828)	$ (57,059)

Segment Data Disaggregation of Revenue (Details)	3 Months Ended		6 Months Ended
Segment Data Disaggregation of Revenue (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	47.00%	48.00%	47.00%	48.00%
Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	16.00%	16.00%	16.00%	17.00%
Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	6.00%	6.00%	6.00%	5.00%
Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	17.00%	16.00%	17.00%	16.00%
Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	14.00%	14.00%	14.00%	14.00%
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	50.00%	47.00%	51.00%	47.00%
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	29.00%	30.00%	27.00%	30.00%
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	21.00%	23.00%	22.00%	23.00%
Infrastructure [Member] \| General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	35.00%	36.00%	33.00%	35.00%
Infrastructure [Member] \| Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	29.00%	28.00%	31.00%	29.00%
Infrastructure [Member] \| Earthworks [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	36.00%	36.00%	36.00%	36.00%
Infrastructure [Member] \| Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	60.00%	57.00%	61.00%	57.00%
Infrastructure [Member] \| EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	18.00%	17.00%	17.00%	19.00%
Infrastructure [Member] \| Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	22.00%	26.00%	22.00%	24.00%
Metal Cutting \| General Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	56.00%	57.00%	56.00%	56.00%
Metal Cutting \| Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	27.00%	26.00%	27.00%	27.00%
Metal Cutting \| Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	10.00%	9.00%	10.00%	9.00%
Metal Cutting \| Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	7.00%	8.00%	7.00%	8.00%
Metal Cutting \| Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	44.00%	40.00%	44.00%	40.00%
Metal Cutting \| EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	36.00%	38.00%	35.00%	38.00%
Metal Cutting \| Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues, percent	20.00%	22.00%	21.00%	22.00%