0000055242-24-000055 | 10-K | XBRL Viewer

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Goodwill and Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets, Accumulated Amortization	$ 184,352	$ 173,346
Intangible Assets, Gross (Excluding Goodwill)	265,773	266,510
Goodwill	271,567	269,551	$ 264,230
Metal Cutting [Member]
Goodwill	271,567	269,551	$ 264,230
Technology-Based and other [Member]
Finite-Lived Intangible Assets, Gross	31,715	31,872
Finite-Lived Intangible Assets, Accumulated Amortization	$ 24,476	23,838
Technology-Based and other [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	4 years
Technology-Based and other [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	20 years
Customer Relationships [Member]
Finite-Lived Intangible Assets, Gross	$ 179,529	179,889
Finite-Lived Intangible Assets, Accumulated Amortization	$ 120,091	112,890
Customer Relationships [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Customer Relationships [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	21 years
Unpatented Technology [Member]
Finite-Lived Intangible Assets, Gross	$ 31,485	31,487
Finite-Lived Intangible Assets, Accumulated Amortization	$ 27,130	25,177
Unpatented Technology [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Unpatented Technology [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	30 years
Trademarks [Member]
Finite-Lived Intangible Assets, Gross	$ 23,044	12,426
Finite-Lived Intangible Assets, Accumulated Amortization	$ 12,655	11,441
Trademarks [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	5 years
Trademarks [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	20 years
Trademarks [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 0	$ 10,836

Environmental Matters	12 Months Ended
Environmental Matters	Jun. 30, 2024
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL MATTERS	ENVIRONMENTAL MATTERS The operation of our business has exposed us to certain liabilities and compliance costs related to environmental matters. We are involved in various environmental cleanup and remediation activities at certain sites associated with our current or former operations. We establish and maintain accruals for estimated liabilities associated with certain environmental matters. At June 30, 2024, the balance of such accruals was $11.0 million, of which $1.6 million was current. At June 30, 2023, the balance was $12.0 million, of which $1.7 million was current, respectively. These accruals are generally not discounted. We record a loss contingency when the available information indicates it is probable that we have incurred a liability and the amount of the loss is reasonably estimable. The likelihood of a loss with respect to a particular environmental matter is often difficult to predict, and determining a meaningful estimate of the loss or a range of loss may not be practicable based on information available. When a material loss contingency is probable but a reasonable estimate cannot be made, or when a material loss contingency is at least reasonably possible, disclosure is provided. The accruals we have established for estimated environmental liabilities represent our best current estimate of the probable and reasonably estimable costs of addressing identified environmental situations, based on our review of currently available evidence, and taking into consideration our prior experience in remediation and that of other companies, as well as public information released by the United States Environmental Protection Agency (USEPA), other governmental agencies and by the Potentially Responsible Party (PRP) groups in which we are participating. The accrued liabilities for all environmental concerns could change substantially due to factors such as the nature and extent of contamination, changes in remedial requirements, technological changes, discovery of new information, the financial strength of other PRPs, the identification of new PRPs and the involvement of and direction taken by the government or the courts on these matters. Among other environmental laws, we are subject to the Comprehensive Environmental Response Compensation and Liability Act of 1980 (CERCLA), under which we have been identified by the USEPA or other third party as a PRP with respect to environmental remedial costs at certain Superfund sites. We have evaluated our claims and estimated liability associated with these sites based upon the best information currently available to us. We believe our environmental accruals are adequate to cover our portion of the environmental remedial costs at the sites where we have been designated a PRP, to the extent these expenses are probable and reasonably estimable.

- 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.

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+ Details

Nature of operations	12 Months Ended
Nature of operations	Jun. 30, 2024
Nature of operations [Abstract]
Nature of Operations [Text Block]	NATURE OF OPERATIONS With more than 85 years of materials expertise, the Company is a global industrial technology leader, helping customers across the Aerospace & Defense, Earthworks, Energy, General Engineering and Transportation end markets manufacture with precision and efficiency. This expertise includes the development and application of tungsten carbides, ceramics, super-hard materials and solutions used in metal cutting and extreme wear applications to keep customers up and running longer against conditions such as corrosion and high temperatures. Our standard and custom product offering spans metal cutting and wear applications including turning, milling, hole making, tooling systems and services, as well as specialized wear components and metallurgical powders. End users of the Company's metal cutting products include manufacturers engaged in a diverse array of industries including: the manufacturers of transportation vehicles and components, machine tools and light and heavy machinery; airframe and aerospace components; and energy-related components for the oil and gas industry, as well as power generation. The Company’s wear and metallurgical powders are used by producers and suppliers in equipment-intensive operations such as road construction, mining, quarrying, oil and gas exploration, refining, production and supply, and for aerospace and defense. Unless otherwise specified, any reference to a “year” is to a fiscal year ended June 30. When used in this Annual Report on Form 10-K, unless the context requires otherwise, the terms “we,” “our” and “us” refer to Kennametal Inc. and its subsidiaries.

Derivative Instruments and Hedging Activities - Fair Value of Derivatives Designated and Note Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Fair value of derivatives
Total derivatives	$ 2	$ (32)
Derivative Asset	91	68
Derivative, Notional Amount	6,400
Not Designated as Hedging Instrument [Member]
Fair value of derivatives
Total derivatives	(41)	(32)
Designated as Hedging Instrument [Member]
Fair value of derivatives
Total derivatives	43	0
Foreign Exchange Forward [Member] \| Not Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Fair value of derivatives
Derivative assets designated as hedging instruments	48	68
Foreign Exchange Forward [Member] \| Not Designated as Hedging Instrument [Member] \| Other Current Liabilities [Member]
Fair value of derivatives
Derivative liabilities designated as hedging instruments	(89)	(100)
Range Forward Contracts [Member] \| Designated as Hedging Instrument [Member]
Fair value of derivatives
Derivative Asset	$ 43	$ 0

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jun. 30, 2024	Jul. 31, 2024	Dec. 29, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-5318
Entity Registrant Name	KENNAMETAL INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0900168
Entity Address, Address Line One	525 William Penn Place
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Pittsburgh,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15219
City Area Code	412
Local Phone Number	248-8000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 961,400,000
Entity Common Stock, Shares Outstanding (In shares)		77,900,791
Documents Incorporated by Reference	Portions of the Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated by reference into Part III.
Entity Central Index Key	0000055242
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--06-30
Amendment Flag	false
Document Information [Line Items]
ICFR Auditor Attestation Flag	true
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Pittsburgh, Pennsylvania
Auditor Firm ID	238
Entity Public Float			$ 961,400,000
Entity Listings [Line Items]
Document Financial Statement Error Correction [Flag]	false
Capital Stock Par Value1.25 Per Share
Cover [Abstract]
Title of 12(b) Security	Capital Stock, par value $1.25 per share
Trading Symbol	KMT
Document Information [Line Items]
Title of 12(b) Security	Capital Stock, par value $1.25 per share
Entity Listings [Line Items]
Trading Symbol	KMT
Capital Stock Par Value1.25 Per Share \| NEW YORK STOCK EXCHANGE, INC.
Cover [Abstract]
Security Exchange Name	NYSE
Entity Listings [Line Items]
Security Exchange Name	NYSE
Preferred Stock Purchase Rights
Cover [Abstract]
Title of 12(b) Security	Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Preferred Stock Purchase Rights \| NEW YORK STOCK EXCHANGE, INC.
Cover [Abstract]
Security Exchange Name	NYSE
Entity Listings [Line Items]
Security Exchange Name	NYSE

Accumulated Other Comprehensive (Loss) Income - Components of and Changes in AOCL (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	$ (414,343)
Other comprehensive (loss) income, net of tax	(20,788)	$ (984)	$ (87,189)
Accumulated Other Comprehensive (Loss) Income	(434,588)	(414,343)
Post-retirement Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	(215,435)	(208,406)	(213,172)
Net current period other comprehensive loss	(5,873)	(7,029)	4,766
Other comprehensive loss before reclassifications	(10,100)	(10,402)	(4,163)
Amounts reclassified from accumulated other comprehensive loss	4,227	3,373	8,929
Accumulated Other Comprehensive (Loss) Income	(221,308)	(215,435)	(208,406)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	(202,641)	(210,048)	(122,428)
Net current period other comprehensive loss	(13,623)	7,407	(87,620)
Other comprehensive loss before reclassifications	(13,623)	7,407	(87,620)
Amounts reclassified from accumulated other comprehensive loss		0	0
Accumulated Other Comprehensive (Loss) Income	(216,264)	(202,641)	(210,048)
Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	3,733	4,503	5,273
Net current period other comprehensive loss	(750)	(770)	(770)
Other comprehensive loss before reclassifications	(26)	0	0
Amounts reclassified from accumulated other comprehensive loss	(725)	(770)	(770)
Accumulated Other Comprehensive (Loss) Income	2,983	3,733	4,503
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	(414,343)	(413,951)	(330,327)
Net current period other comprehensive loss	(20,247)	(392)	(83,624)
Other comprehensive loss before reclassifications	(23,749)	(2,995)	(91,783)
Amounts reclassified from accumulated other comprehensive loss	3,502	2,603	8,159
Other comprehensive (loss) income, net of tax	(20,245)	(392)	(83,624)
Accumulated Other Comprehensive (Loss) Income	(434,589)	(414,343)	(413,951)
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	(8,139)	(7,547)	(3,982)
Other comprehensive loss before reclassifications	(541)	(592)	(3,565)
Other comprehensive (loss) income, net of tax	(541)	(592)	(3,565)
Accumulated Other Comprehensive (Loss) Income	(8,680)	(8,139)	(7,547)
AOCI Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	(8,139)	(7,547)	(3,982)
Other comprehensive loss before reclassifications	(541)	(592)	(3,565)
Other comprehensive (loss) income, net of tax	(541)	(592)	(3,565)
Accumulated Other Comprehensive (Loss) Income	$ (8,680)	$ (8,139)	$ (7,547)

Other Current Liabilities (Tables)

12 Months Ended

Jun. 30, 2024

Other Liabilities, Current [Abstract]

Other Current Liabilities [Text Block]

Other current liabilities consisted of the following at June 30:


(in thousands)	2024		2023
Accrued employee benefits	$	34,542	$	36,980
Payroll, state and local taxes	10,752		11,606
Accrued professional and legal fees	12,698		10,730
Accrued environmental	1,559		1,658
Accrued restructuring (Note 16)	8,415		9,379
Accrued interest	3,330		3,425
Other	72,816		64,010
Total other current liabilities	$	144,112	$	137,788

Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	$ 91	$ 68
Total assets at fair value	91	68
Derivatives	89	100
Total liabilities at fair value	89	100
Fair Value, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	91	68
Total assets at fair value	91	68
Derivatives	89	100
Total liabilities at fair value	89	100
Fair Value, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities at fair value	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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Reference 28: http://www.xbrl.org/2003/role/exampleRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pension and Other Postretirement Benefits (Details 8)	12 Months Ended
Pension and Other Postretirement Benefits (Details 8)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Rates of Future Salary Increases [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase			1.50%
International Plans [Member]
Rates of Future Salary Increases [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase		1.50%
International Plans [Member] \| Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	1.80%	1.80%	0.30%
Rates of Future Salary Increases [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	1.80%
Rate of Return on Plans Assets [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	1.80%	2.00%	0.30%
International Plans [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	7.30%	5.00%	3.20%
Rates of Future Salary Increases [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	8.00%
Rate of Return on Plans Assets [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	7.30%	5.00%	5.00%
U.S. Plans [Member]
Rates of Future Salary Increases [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	4.00%	4.00%	4.00%
Rate of Return on Plans Assets [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	6.30%	5.20%	6.50%
U.S. Plans [Member] \| Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	5.60%	4.30%	1.20%
U.S. Plans [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	6.30%	5.00%	3.00%

Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Other Intangible Assets [Abstract]
Amortization of intangibles		$ 11,557	$ 12,624	$ 12,988
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 10,600	10,600
Finite-Lived Intangible Assets, Amortization Expense, Year Two	10,300	10,300
Finite-Lived Intangible Assets, Amortization Expense, Year Three	8,800	8,800
Finite-Lived Intangible Assets, Amortization Expense, Year Four	7,800	7,800
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 7,700	$ 7,700
Business Combination, Reason for Business Combination	3.8 million	6.5 million

Leases, Codification Topic 840 (Tables)

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

The following table sets forth the maturities of our operating lease liabilities and reconciles the respective undiscounted payments to the operating lease liabilities in the consolidated balance sheet as of June 30, 2024:


Year Ended June 30	(in thousands)
2025	$	14,409
2026	11,065
2027	7,630
2028	4,906
2029	2,845
Thereafter	14,719
Total undiscounted operating lease payments	$	55,574
Less: discount to net present value	7,177
Total operating lease liabilities	$	48,397

Operating leases, supplemental cash flow information

The following table sets forth supplemental cash flow information related to our operating leases:


Year Ended June 30 (in thousands)	2024		2023		2022
Operating cash outflows from operating leases	$	16,360	$	15,040	$	17,592
ROU assets obtained in exchange for new operating lease liabilities	$	17,640	$	8,066	$	15,430

Operating leases, supplemental balance sheet information

The following table sets forth supplemental balance sheet information related to our operating leases:


Year Ended June 30	2024		2023		2022
Weighted average remaining lease term	8.6 years		8.0 years		8.1 years
Weighted average discount rate	4.3	%	3.8	%	3.2	%

Segment Data - Narrative (Details)	12 Months Ended
Segment Data - Narrative (Details)	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Operations in Number of Global Reporting Segments	2

Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Other Liabilities, Current [Abstract]
Accrued employee benefits, current	$ 34,542	$ 36,980
Restructuring reserve, current	8,415	9,379
Accrued Payroll Taxes, Current	10,752	11,606
Accrued legal and professional fees, current	12,698	10,730
Accrued interest, current	3,330	3,425
Other	72,816	64,010
Total Other Current Liabilities	144,112	137,788
Accrued Environmental Loss Contingencies, Current	$ 1,559	$ 1,658

Debt	12 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Supplier Finance Program	NOTE 4 —SUPPLIER FINANCE PROGRAM We have a supplier finance program managed through two global financial institutions under which we agree to pay the financial institutions the stated amount of confirmed invoices from our participating suppliers on the invoice due date. We, or the global financial institutions, may terminate our agreements at any time upon 30 days written notice. We do not provide any forms of guarantees under these agreements. Supplier participation in the program is solely up to the supplier. We have no economic interest in a supplier’s decision to participate in the program, and their participation has no bearing on our payment terms or amounts due. The payment terms that we have with our suppliers under this program are considered commercially reasonable. As of June 30, 2024 and June 30, 2023, the obligations outstanding that the Company has confirmed as valid to the financial institutions under the program were $26.1 million and $20.7 million, respectively, and were recorded within trade accounts payable.

Income Taxes - Components of Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Deferred Tax Assets
Net Operating Loss Carryforwards	$ 20,340	$ 24,111
Inventory Valuation and Reserves	9,322	9,677
Accrued Employee Benefits	13,627	14,758
Other Accrued Liabilities	13,810	13,963
Research and Development Arrangement, Contract to Perform for Others, Costs Incurred, Gross	35,637	25,187
Tax Credit and Other Carryforwards	18,231	22,601
Total	134,159	126,735
Valuation Allowance	5,911	8,281
Total Deferred Tax Assets	128,248	118,454
Deferred Tax Liabilities
Tax Depreciation in Excess of Book	58,723	62,763
Deferred Tax Liabilities, Undistributed Foreign Earnings	6,931	4,831
Deferred Tax Liabilities, Pension Benefits	2,633	1,808
Deferred Tax Liabilities, Other	4,761	4,511
Total Deferred Tax Liabilities	85,086	84,997
Total Net Deferred Tax Liabilities	43,162	33,457
Deferred Tax Assets, Goodwill and Intangible Assets	11,095	5,209
Deferred Tax Asset, Tax Deferred Expense, Operating lease liabilities	12,097	11,229
Deferred Tax Liabilities, Operating lease right-of-use assets	$ 12,038	$ 11,084

Inventories

12 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following at June 30:


(in thousands)	2024		2023
Finished goods	$	310,965	$	328,094
Work in process and powder blends	216,203		233,346
Raw materials	77,050		81,552
Inventories at current cost	604,218		642,992
Less: LIFO valuation	(89,586)		(85,362)
Total inventories	$	514,632	$	557,630

We used the LIFO method of valuing inventories for approximately 33 percent of total inventories at June 30, 2024 and 2023.

Supplemental Cash Flow Information - USD ($) $ in Thousands	12 Months Ended
Supplemental Cash Flow Information - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Interest	$ 26,382	$ 28,192	$ 25,277
Income taxes	48,518	43,730	36,105
Change In Accounts Payable Related To Purchases Of Property, Plant And Equipment	$ (4,497)	$ (2,248)	$ 9,800

Pension and Other Postretirement Benefits

12 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure

PENSION AND OTHER POSTRETIREMENT BENEFITS

Defined Benefit Pension Plans

We have defined benefit pension plans that cover certain employees in the U.S., Germany, the UK, Switzerland, Canada, India and Israel. Pension benefits under defined benefit pension plans are based on years of service and, for certain plans, on average compensation for specified years preceding retirement. We fund pension costs in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, for U.S. plans and in accordance with local regulations or customs for non-U.S. plans. The accrued benefit for all participants in the Kennametal Inc. Retirement Income Plan was frozen as of December 31, 2016. The majority of our defined benefit pension plans are closed to future participation.

We have an Executive Retirement Plan for certain executives and a Supplemental Executive Retirement Plan both of which are closed to future participation as of June 15, 2017 and July 26, 2006, respectively.

We presently provide varying levels of postretirement health care and life insurance benefits to certain employees and retirees. By fiscal 2019, participants over the age of 65 were transitioned to a private exchange and some received a fixed Health Retirement Account (HRA) contribution to offset the cost of their coverage. Postretirement health and life benefits are closed to future participants as of December 31, 2016.

We use a June 30 measurement date for all of our plans. During fiscal 2021, as part of the plan to wind-up the fully frozen, overfunded Canadian defined benefit pension plans, the Company purchased an upfront annuity for retirees. The Company expects to complete the wind-up of the Canadian plans by fiscal 2025.

During 2023, the Company annuitized a portion of its UK defined benefit pension plans through the purchase of a full buy-in policy. The Company expects to progress to a buy-out and an eventual wind-up of this portion of the UK plans after completing customary procedures including obtaining relevant regulatory approvals, the timing of which is expected to occur over the next year.

The funded status of our pension plans and amounts recognized in the consolidated balance sheets as of June 30 were as follows:


(in thousands)	2024		2023
Change in benefit obligation:
Benefit obligation, beginning of year	$	695,911	$	741,009
Service cost	1,181		963
Interest cost	35,551		32,235
Participant contributions	434		486
Actuarial gains	(4,575)		(32,622)
Benefits and expenses paid	(54,130)		(52,625)
Currency translation adjustments	(2,031)		7,372
Plan amendments	(51)		(50)


Plan settlements	(668)		(1,260)
Plan curtailments	—		(3)
Other adjustments	5,432		406
Benefit obligation, end of year	$	677,054	$	695,911
Change in plans' assets:
Fair value of plans' assets, beginning of year	$	650,180	$	695,965
Actual return on plans' assets	26,205		(4,063)
Company contributions	10,104		7,842
Participant contributions	434		486

Plan settlements	(668)		(1,260)
Benefits and expenses paid	(54,130)		(52,625)
Currency translation adjustments	(372)		3,842
Other adjustments	4,335		(7)
Fair value of plans' assets, end of year	$	636,088	$	650,180
Funded status of plans	$	(40,966)	$	(45,731)
Amounts recognized in the balance sheets consist of:
Long-term prepaid benefit	$	70,016	$	70,567
Short-term accrued benefit obligation	(7,401)		(7,562)
Accrued pension benefits	(103,581)		(108,736)
Net amount recognized	$	(40,966)	$	(45,731)

The pre-tax amounts related to our defined benefit pension plans recognized in accumulated other comprehensive loss were as follows at June 30:


(in thousands)	2024		2023
Unrecognized net actuarial losses	$	291,650	$	284,054
Unrecognized net prior service costs	1,728		1,772
Unrecognized transition obligations	—		76
Total	$	293,378	$	285,902

To the best of our knowledge and belief, the asset portfolios of our defined benefit pension plans do not contain our capital stock. Apart from the partial annuitization of the Canadian and UK plans as previously mentioned, we do not issue insurance contracts to cover future annual benefits of defined benefit pension plan participants. The accumulated benefit obligation for all defined benefit pension plans was $674.2 million and $695.3 million as of June 30, 2024 and 2023, respectively.

Included in the above information are plans with accumulated benefit obligations exceeding the fair value of plan assets as of June 30 as follows:


(in thousands)	2024		2023
Projected benefit obligation	$	118,111	$	123,065
Accumulated benefit obligation	117,371		122,395
Fair value of plan assets	7,216		6,739

The components of net periodic pension income include the following as of June 30:


(in thousands)	2024		2023		2022
Service cost	$	1,181	$	963	$	1,117
Interest cost	35,551		32,235		22,532
Expected return on plans' assets	(44,592)		(40,124)		(51,928)
Amortization of transition obligation	76		84		94
Amortization of prior service cost	(4)		5		13
Curtailment	—		(1)		(2)
Settlement	(4)		18		205
Recognition of actuarial losses	5,753		4,440		11,702
Other adjustments	14		431		277
Net periodic pension income	$	(2,025)	(1,950)		(15,990)

As of June 30, 2024, the projected benefit payments, including future service accruals for these plans for 2025 through 2029, are $57.6 million, $55.6 million, $55.9 million, $54.7 million and $54.2 million, respectively, and $254.3 million in 2030 through 2034.

The amounts of accumulated other comprehensive loss expected to be recognized in net periodic pension cost during 2025 related to net actuarial losses are $8.4 million. The amount of accumulated other comprehensive income expected to be recognized in net periodic pension cost during 2025 related to transition obligations and prior service cost is immaterial.

We expect to contribute approximately $10.0 million to our pension plans in 2025, which is primarily for international plans.

Other Postretirement Benefit Plans

The funded status of our other postretirement benefit plans and the related amounts recognized in the consolidated balance sheets were as follows:


(in thousands)	2024		2023
Change in benefit obligation:
Benefit obligation, beginning of year	$	7,891	$	9,113
Interest cost	424		417
Actuarial losses	16		(442)
Benefits paid	(1,039)		(1,067)
Other	48		(130)
Benefit obligation, end of year	$	7,340	$	7,891
Funded status of plan	$	(7,340)	$	(7,891)
Amounts recognized in the balance sheets consist of:
Short-term accrued benefit obligation	$	(1,006)	$	(1,091)
Accrued postretirement benefits	(6,334)		(6,800)
Net amount recognized	$	(7,340)	$	(7,891)

The pre-tax amounts related to our other postretirement benefit plans which were recognized in accumulated other comprehensive loss were as follows at June 30:


(in thousands)	2024		2023
Unrecognized net actuarial losses	$	1,897	$	2,023
Unrecognized net prior service credits	(1,124)		(1,378)
Total	$	773	$	645

The components of net periodic other postretirement benefit cost include the following for the years ended June 30:


(in thousands)	2024		2023		2022

Interest cost	$	424	$	417	$	288
Amortization of prior service credit	(254)		(271)		(276)
Recognition of actuarial loss	142		192		297

Net periodic other postretirement benefit cost	$	312	$	338	$	309

As of June 30, 2024, the projected benefit payments, including future service accruals for our other postretirement benefit plans for 2025 through 2029, are $1.0 million, $1.0 million, $0.9 million, $0.8 million and $0.7 million, respectively, and $2.9 million in 2030 through 2034.

The amounts of accumulated other comprehensive loss expected to be recognized in net periodic other postretirement benefits cost during 2025 related to net actuarial losses and related to prior service credit are costs of $0.1 million and income of $0.3 million, respectively.

We expect to contribute $1.0 million to our other postretirement benefit plans in 2025.

The service cost component of net periodic pension income of $1.2 million, $1.0 million and $1.1 million for 2024, 2023 and 2022, respectively, was reported as a component of cost of goods sold and operating expense. The other components of net periodic pension income and net periodic other postretirement benefit cost totaling a net benefit of $2.9 million, $2.6 million and $16.8 million for 2024, 2023 and 2022, respectively, were presented as a component of other (income) expense, net.

Assumptions

The significant actuarial assumptions used to determine the present value of net benefit obligations for our defined benefit pension plans and other postretirement benefit plans were as follows:


	2024		2023		2022
Discount Rate:
U.S. plans	5.7-5.8%		5.6-6.3%		4.3-5.0%
International plans	1.3-7.2%		1.8-5.4%		2.0-5.0%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)	4.0	%	4.0	%	4.0	%
International plans	1.8-8.0%		1.8	%	1.5	%

The significant assumptions used to determine the net periodic income for our pension and other postretirement benefit plans were as follows:


	2024		2023		2022
Discount Rate:
U.S. plans	5.6-6.3%		4.3-5.0%		1.2-3.0%
International plans	1.8-7.3%		1.8-5.0%		0.3-3.2%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)	4.0	%	4.0	%	4.0	%
International plans	1.8-8.0%		1.5	%	1.5	%
Rate of return on plans assets:
U.S. plans	6.3	%	5.2	%	6.5	%
International plans	1.8-7.3%		2.0-5.0%		0.3-5.0%

The rates of return on plan assets are based on historical performance, as well as future expected returns by asset class considering macroeconomic conditions, current portfolio mix, long-term investment strategy and other available relevant information.

The annual assumed rate of increase in the per capita cost of covered benefits (the health care cost trend rate) for our postretirement benefit plans was no longer applicable in 2024. The assumptions were as follows for 2023 and 2022:


	2023		2022
Health care costs trend rate assumed for next year	7.0	%	6.3	%
Rate to which the cost trend rate gradually declines	5.0	%	5.0	%
Year that the rate reaches the rate at which it is assumed to remain	2031		2027

Plan Assets

The primary objective of certain of our pension plans' investment policies is to ensure that sufficient assets are available to provide the benefit obligations at the time the obligations come due. The overall investment strategy for the defined benefit pension plans' assets combines considerations of preservation of principal and moderate risk-taking. The assumption of an acceptable level of risk is warranted in order to achieve satisfactory results consistent with the long-term objectives of the portfolio. Fixed income securities comprise a significant portion of the portfolio due to their plan-liability-matching characteristics and to address the plans' cash flow requirements. Additionally, diversification of investments within each asset class is utilized to further reduce the effect of losses in single investments.

Investment management practices for U.S. defined benefit pension plans must comply with ERISA and all applicable regulations and rulings thereof. The use of derivative instruments is permitted where appropriate and necessary for achieving overall investment policy objectives. Currently, the use of derivative instruments is not significant when compared to the overall investment portfolio.

The Company utilizes a liability driven investment strategy (LDI) for the assets of its U.S. defined benefit pension plans in order to reduce the volatility of the funded status of these plans and to meet the obligations at an acceptable cost over the long term. This LDI strategy entails modifying the asset allocation and duration of the assets of the plans to more closely match the liability profile of these plans. The asset reallocation involves increasing the fixed income allocation, reducing the equity component and adding alternative investments. Longer duration interest rate swaps have been utilized periodically in order to increase the overall duration of the asset portfolio to more closely match the liabilities.

Our defined benefit pension plans’ asset allocations as of June 30, 2024 and 2023 and target allocations for 2025, by asset class, were as follows:


	2024		2023		Target %
Equity	13	%	16	%	13	%
Fixed Income	83		80		82
Other	4		4		5

The following sections describe the valuation methodologies used to measure the fair value of the defined benefit pension plan assets, including an indication of the level in the fair value hierarchy in which each type of asset is generally classified (see Note 5 for the definition of fair value and a description of the fair value hierarchy).

Corporate fixed income securities Investments in corporate fixed income securities consist of corporate debt and asset backed securities. These investments are classified as level two and are valued using independent observable market inputs such as the treasury curve, swap curve and yield curve.

Common stock Common stocks are classified as level one and are valued at their quoted market price.

Government securities Investments in government securities consist of fixed income securities such as U.S. government and agency obligations and foreign government bonds and asset and mortgage backed securities such as obligations issued by government sponsored organizations. These investments are classified as level two and are valued using independent observable market inputs such as the treasury curve, credit spreads and interest rates.

Other fixed income securities Investments in other fixed income securities are classified as level two and valued based on observable market data.

Other Other investments consist primarily of state and local obligations and short term investments including cash, corporate notes, and various short term debt instruments which can be redeemed within a nominal redemption notice period. These investments are primarily classified as level two and are valued using independent observable market inputs.

The fair value methods described may not be reflective of future fair values. Additionally, while the Company believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurement at the reporting date.

The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2024:


(in thousands)	Level 1		Level 2		Level 3		NAV(3)		Total
Common / collective trusts (3):



Blend funds	$	—	$	—	$	—	$	50,802	$	50,802
Mutual funds	—		—		—		28,721		28,721
Corporate fixed income securities	—		329,284		—		—		329,284
Common stock	6,408		—		—		—		6,408
Government securities:
U.S. government securities	—		102,806		—		—		102,806
Foreign government securities	—		63,234		—		—		63,234
Other fixed income securities	—		30,756		—		—		30,756
Other	—		24,077		—		—		24,077
Total investments	$	6,408	$	550,157	$	—	$	79,523	$	636,088

The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2023:


(in thousands)	Level 1		Level 2		Level 3		NAV(3)		Total
Common / collective trusts (3):
Blend funds	$	—	$	—	$	—	$	50,612	$	50,612
Mutual funds	—		—		—		27,800		27,800

Corporate fixed income securities	—		356,263		—		—		356,263
Common stock	14,438		—		—		—		14,438
Government securities:
U.S. government securities	—		105,624		—		—		105,624
Foreign government securities	—		28,050		—		—		28,050
Other fixed income securities	—		55,404		—		—		55,404
Other	717		11,272		—		—		11,989
Total investments	$	15,155	$	556,613	$	—	$	78,412	$	650,180

(3) Investments in common / collective trusts invest primarily in publicly traded securities and are valued using net asset value (NAV) of units of a bank collective trust. Therefore, these amounts have not been classified in the fair value hierarchy and are presented in the tables to reconcile the fair value hierarchy to the total fair value of plan assets.

Defined Contribution Plans

We sponsor several defined contribution retirement plans. Costs for defined contribution plans were $16.3 million, $15.8 million and $14.2 million in 2024, 2023 and 2022, respectively.

Certain U.S. employees are eligible to participate in the Kennametal Thrift Plus Plan (Thrift), which is a qualified defined contribution plan under section 401(k) of the Internal Revenue Code. Under the Thrift, eligible employees receive a full match of their contributions up to 6 percent of eligible compensation.

All contributions, including the company match and discretionary, are made in cash and invested in accordance with participants’ investment elections. There are no minimum amounts that must be invested in company stock, and there are no restrictions on transferring amounts out of company stock to another investment choice, other than excessive trading rules applicable to such investments. Employee contributions and our matching and discretionary contributions vest immediately as of the participants' employment dates.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 17
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits - Allocation of Plan Assets (Details)	Jun. 30, 2024	Jun. 30, 2023
Equity Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	13.00%	16.00%
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	13.00%
Fixed Income Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	83.00%	80.00%
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	82.00%
Other Security Investments [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	4.00%	4.00%
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	5.00%

Summary of Signficant Accounting Policies (Details Textual 1) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	575	599	692
Goodwill	$ 271,567	$ 269,551	$ 264,230
Finite-Lived Intangible Assets, Accumulated Amortization	184,352	173,346
Intangible Assets, Gross (Excluding Goodwill)	$ 265,773	$ 266,510
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	396	642	260
Technology-Based and other [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Gross	$ 31,715	$ 31,872
Finite-Lived Intangible Assets, Accumulated Amortization	$ 24,476	23,838
Technology-Based and other [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Technology-Based and other [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	4 years
Customer-related [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Gross	$ 179,529	179,889
Finite-Lived Intangible Assets, Accumulated Amortization	$ 120,091	112,890
Customer-related [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	21 years
Customer-related [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Unpatented Technology [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Gross	$ 31,485	31,487
Finite-Lived Intangible Assets, Accumulated Amortization	$ 27,130	25,177
Unpatented Technology [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	30 years
Unpatented Technology [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Trademarks [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Gross	$ 23,044	12,426
Finite-Lived Intangible Assets, Accumulated Amortization	$ 12,655	11,441
Trademarks [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Trademarks [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Trademarks [Member]
Business Acquisition [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 0	10,836
Infrastructure [Member]
Business Acquisition [Line Items]
Goodwill	0	0	$ 0
Metal Cutting [Member]
Business Acquisition [Line Items]
Goodwill	$ 271,567	$ 269,551	$ 264,230

Inventories (Tables)

12 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following at June 30:


(in thousands)	2024		2023
Finished goods	$	310,965	$	328,094
Work in process and powder blends	216,203		233,346
Raw materials	77,050		81,552
Inventories at current cost	604,218		642,992
Less: LIFO valuation	(89,586)		(85,362)
Total inventories	$	514,632	$	557,630

Goodwill and Other Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Goodwill [Line Items]
Goodwill, Gross	$ 1,082,439	$ 1,080,423	$ 1,075,102
Goodwill, Accumulated Impairment Loss	(810,872)	(810,872)	(810,872)
Goodwill	271,567	269,551	264,230
Business Combination, Price of Acquisition, Expected	3,800
Goodwill, Foreign Currency Translation Gain (Loss)	(1,784)
Goodwill, Period Increase (Decrease)		5,321
Metal Cutting [Member]
Goodwill [Line Items]
Goodwill, Gross	449,228	447,212	441,891
Goodwill, Accumulated Impairment Loss	177,661	177,661	177,661
Goodwill	271,567	269,551	264,230
Business Combination, Price of Acquisition, Expected	3,800
Goodwill, Foreign Currency Translation Gain (Loss)	(1,784)
Goodwill, Period Increase (Decrease)		5,321
Infrastructure [Member]
Goodwill [Line Items]
Goodwill, Gross	633,211	633,211	633,211
Goodwill, Accumulated Impairment Loss	633,211	633,211	633,211
Goodwill	$ 0	0	$ 0
Goodwill, Period Increase (Decrease)		$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Consolidated Balance Sheets(Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 7,831	$ 8,759
Accumulated amortization on other intangible assets	$ 184,352	$ 173,346
Preferred stock, par value	$ 0
Preferred stock, shares authorized	5,000
Preferred stock, shares issued	0
Capital stock, par value	$ 1.25
Capital stock, shares authorized	120,000
Capital stock, shares issued	77,889	79,835

Restructuring and Related Charges and Asset Impairment Charges - Restructuring and Related Charges Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Restructuring and Related Costs and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 25,000
Restructuring and Related Cost, Incurred Cost	12,400	$ 6,600	$ 4,200
Restructuring Charges	1,100	800	(1,200)
Restructuring reserve, current	8,415	9,379
Restructuring Reserve, Noncurrent	2,400	500
Operating Expenses	433,161	437,292	419,093
Gain (Loss) on Sale of Properties	600	2,500
Operating Costs and Expenses	(400)
Metal Cutting [Member]
Restructuring and Related Costs and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	8,500	5,300	3,600
Restructuring Charges	12,372	6,605
Restructuring Reserve	10,799	9,885	7,919
Infrastructure [Member]
Restructuring and Related Costs and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,900	$ 1,300	600
FY21 Restructuring Actions [Member]
Restructuring and Related Costs and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	20,100
FY21 Restructuring Actions [Member] \| Metal Cutting [Member]
Restructuring and Related Costs and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	14,800
FY21 Restructuring Actions [Member] \| Infrastructure [Member]
Restructuring and Related Costs and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	$ 5,300
Cost of Sales [Member]
Restructuring and Related Costs and Reserve [Line Items]
Restructuring Related Charges			$ 5,500

Segment Data Segment Data - Sales by End Market (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
General Engineering [Member]
Revenue from External Customer [Line Items]
Revenues, percent	46.00%	47.00%	47.00%
Transportation [Member]
Revenue from External Customer [Line Items]
Revenues, percent	17.00%	16.00%	17.00%
Energy [Member]
Revenue from External Customer [Line Items]
Revenues, percent	13.00%	14.00%	13.00%
Earthworks [Member]
Revenue from External Customer [Line Items]
Revenues, percent	13.00%	14.00%	14.00%
Aerospace and defense [Member]
Revenue from External Customer [Line Items]
Revenues, percent	11.00%	9.00%	9.00%
Metal Cutting [Member] \| General Engineering [Member]
Revenue from External Customer [Line Items]
Revenues, percent	54.00%	55.00%	55.00%
Metal Cutting [Member] \| Transportation [Member]
Revenue from External Customer [Line Items]
Revenues, percent	27.00%	27.00%	27.00%
Metal Cutting [Member] \| Energy [Member]
Revenue from External Customer [Line Items]
Revenues, percent	7.00%	7.00%	8.00%
Metal Cutting [Member] \| Aerospace and defense [Member]
Revenue from External Customer [Line Items]
Revenues, percent	12.00%	11.00%	10.00%
Infrastructure [Member] \| General Engineering [Member]
Revenue from External Customer [Line Items]
Revenues, percent	34.00%	34.00%	34.00%
Infrastructure [Member] \| Energy [Member]
Revenue from External Customer [Line Items]
Revenues, percent	22.00%	24.00%	22.00%
Infrastructure [Member] \| Earthworks [Member]
Revenue from External Customer [Line Items]
Revenues, percent	36.00%	36.00%	37.00%
Infrastructure [Member] \| Aerospace and defense [Member]
Revenue from External Customer [Line Items]
Revenues, percent	8.00%	6.00%	7.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income attributable to Kennametal	$ 109,323	$ 118,459	$ 144,623

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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-Subparagraph (b)(2)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-Section 45
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-Subparagraph (a)
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-SubTopic 220
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Stock-Based Compensation (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other	37,378
International Plans [Member]
Stock-Based Compensation (Textual) [Abstract]
Rate of Future Salary Increase	300.00%	1.80%	1.50%
Minimum [Member] \| International Plans [Member]
Stock-Based Compensation (Textual) [Abstract]
Rate of Future Salary Increase	1.80%
Stock Option [Member]
Stock-Based Compensation (Textual) [Abstract]
Tax benefits resulting from stock-based compensation deductions in excess of amounts reported for financial reporting purposes	$ 1.5	$ 0.8	$ 0.2
Cash received from the exercise of capital stock option	0.0	0.0	0.2
Share-based Payment Arrangement, Exercise of Option, Tax Benefit	0.0
Total Intrinsic value of options exercised	0.0	0.0	0.1
Share-Based Payment Arrangement, Expense, Tax Benefit	(1.5)	(0.8)	(0.2)
Restricted Stock Units - Time Vesting Performance Vesting [Member]
Stock-Based Compensation (Textual) [Abstract]
Compensation expense related to stock option	23.4	$ 23.3	$ 20.1
Unrecognized compensation cost	$ 21.5
Unrecognized compensation costs, weighted average period	1 year 7 months 6 days
Performance Shares [Member]
Stock-Based Compensation (Textual) [Abstract]
Performance metric adjustments, net	(37,378)

Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

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


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

Activity for the year ended June 30, 2023:


Change in gross goodwill due to translation	5,321		—		5,321


Gross goodwill	447,212		633,211		1,080,423
Accumulated impairment losses	(177,661)		(633,211)		(810,872)
Balance as of June 30, 2023	$	269,551	$	—	$	269,551

Activity for the year ended June 30, 2024:
Acquisition	3,800		—		3,800
Change in gross goodwill due to translation	(1,784)		—		(1,784)



Gross goodwill	449,228		633,211		1,082,439
Accumulated impairment losses	(177,661)		(633,211)		(810,872)
Balance as of June 30, 2024	$	271,567	$	—	$	271,567

Components of Other Intangible Assets [Table Text Block]

The components of our other intangible assets were as follows:


	Estimated Useful Life (in years)	June 30, 2024				June 30, 2023
(in thousands)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Technology-based and other	4 to 20	$	31,715	$	(24,476)	$	31,872	$	(23,838)
Customer-related	10 to 21	179,529		(120,091)		179,889		(112,890)
Unpatented technology	10 to 30	31,485		(27,130)		31,487		(25,177)
Trademarks	5 to 20	23,044		(12,655)		12,426		(11,441)
Trademarks	Indefinite	—		—		10,836		—
Total		$	265,773	$	(184,352)	$	266,510	$	(173,346)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Currency Exchange Contracts	$ 699	$ (4,300)	$ 14,507
Recognition of Actuarial Losses	(5,713)	(4,450)	(11,830)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	(1,486)	(1,077)	(2,901)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Derivatives [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total Before Tax	(960)	(1,020)	(1,020)
Net of tax	(725)	(770)	(770)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Post-retirement Benefit Plans [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of Transition Obligations	76	84	94
Amortization of Prior Service Credit	(258)	(266)	(263)
Recognition of Actuarial Losses	5,895	4,632	11,999
Total Before Tax	5,713	4,450	11,830
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	(1,486)	(1,077)	(2,901)
Net of tax	4,227	3,373	8,929
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Currency Exchange Contracts [Member] \| Derivatives [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Currency Exchange Contracts	$ 60	$ 0	$ 0

Pension and Other Postretirement Benefits - Amounts Related to Defined Pension Plans Recognized in Accumulated Other Comprehensive (Loss) Income (Details) - Pension plans contribution [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Unrecognized Net Actuarial Losses	$ 291,650	$ 284,054
Unrecognized Net Prior Service Costs	1,728	1,772
Unrecognized Transition Obligations	0	76
Total	$ 293,378	$ 285,902

Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Changes in stock options

Changes in our stock options for 2024 were as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (years)	Aggregate Intrinsic value (in thousands)
Options outstanding, June 30, 2023	217,614	$	37.29

Exercised	—	—
Lapsed and forfeited	(52,304)	45.24
Options outstanding, June 30, 2024	165,310	$	34.78	0.8	$	37
Options vested and expected to vest, June 30, 2024	165,310	$	34.78	0.8	$	37
Options exercisable, June 30, 2024	165,310	$	34.78	0.8	$	37

Changes in time vesting and performance vesting restricted stock units

Changes in our performance vesting and time vesting restricted stock units for 2024 were as follows:


	Performance Vesting Stock Units	Performance Vesting Weighted Average Fair Value		Time Vesting Stock Units	Time Vesting Weighted Average Fair Value
Unvested, June 30, 2023	483,481	$	31.68	1,207,442	$	30.26
Granted	270,911	25.99		727,992	25.83
Vested	(176,508)	33.49		(746,815)	30.56
Performance metric adjustments, net	37,378	38.45		—	—

Forfeited	(62,801)	32.05		(66,050)	27.33
Unvested, June 30, 2024	552,461	$	28.73	1,122,569	$	27.36

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Quarterly Financial Data [Abstract]
Sales	$ 2,046,899	$ 2,078,184	$ 2,012,456
Gross profit	627,093	646,439	647,977
Net income attributable to Kennametal	$ 109,323	$ 118,459	$ 144,623
Basic earnings per share attributable to Kennametal	$ 1.38	$ 1.47	$ 1.74
Diluted earnings per share attributable to Kennametal	$ 1.37	$ 1.46	$ 1.72

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income Taxes at U.S Statutory Rate	$ 30,335	$ 33,520	$ 43,414
State Income Taxes, Net of Federal Tax Benefits	(1,412)	971	(450)
US Income Tax Provided On International Income	4,272	4,583	12,815
Combined Tax Effects of International Income	10,163	5,761	2,747
Change in valuation allowance and other uncertain tax positions	(3,398)	(4,060)	(614)
Research and Development Credit	(4,026)	(3,325)	(2,814)
Change In Permanent Reinvestment Assertion	0	0	775
Other	287	363	(736)
Provision for income taxes	30,809	36,255	56,532
Discrete Benefit for Swiss Tax Reform	(7,801)	(2,225)	0	$ 14,500
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	(2,389)	(667)	$ (1,395)
Derivative Asset	$ 91	$ 68

Supplemental Cash Flow Information

12 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW DISCLOSURES


Year ended June 30 (in thousands)	2024		2023		2022
Cash paid during the period for:
Interest	$	26,382	$	28,192	$	25,277
Income taxes	48,518		43,730		36,105
Supplemental disclosure of non-cash information:
Changes in accounts payable related to purchases of property, plant and equipment	(4,497)		(2,248)		9,800

Summary Of Significant Accounting Policies - Property, Plant and Equipment (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) Segment shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares
Property, Plant and Equipment [Line Items]
Amortization	$ 11,557	$ 12,624	$ 12,988
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	10,600
Finite-Lived Intangible Assets, Amortization Expense, Year Two	10,300
Finite-Lived Intangible Assets, Amortization Expense, Year Three	8,800
Finite-Lived Intangible Assets, Amortization Expense, Year Four	7,800
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 7,700
Increase in weighted average shares due to dilutive effect of unexercised capital stock options, unvested restricted stock awards and unvested restricted stock units \| shares	575	599	692
Unexercised capital stock options, restricted stock units and restricted stock awards excluded from computation of diluted EPS \| shares	396	642	260
Termination of Warranty \| Segment	30
Research and Development Expense	$ 44,200	$ 43,100	$ 42,100
Currency Transaction Gain (Loss), before Tax	$ (4,100)	$ (3,900)	$ (2,500)
Minimum [Member] \| Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	4 years
Minimum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Minimum [Member] \| ComputerHardwareAndSoftware [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member] \| Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Maximum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Maximum [Member] \| ComputerHardwareAndSoftware [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years

Leases, Codification Topic 840

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Lessee, Operating Leases

LEASES

At the inception of our contracts, we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement. For leases that do not have a readily determinable implicit rate, we use a discount rate based on our incremental borrowing rate, which is determined considering factors such as the lease term, our credit rating and the economic environment of the location of the lease as of the commencement date.

We account for non-lease components separately from lease components. These costs often relate to the payments for a proportionate share of real estate taxes, insurance, common area maintenance and other operating costs in addition to base rent. We also do not recognize ROU assets and liabilities for leases with an initial term of 12 months or less. Lease costs associated with leases of less than 12 months were $5.9 million, $7.0 million and $3.7 million for the years ended June 30, 2024, 2023 and 2022, respectively.

As a lessee, we have various operating lease agreements primarily related to real estate, vehicles and office and plant equipment. Our real estate leases, which are comprised primarily of manufacturing, warehousing, office and administration facilities, represent a majority of our lease liability. Our lease payments are largely fixed. Any variable lease payments, including utilities, common area maintenance and repairs and maintenance, are expensed during the period incurred. Variable lease costs were immaterial for the years ended June 30, 2024, 2023 and 2022. A majority of our real estate leases include options to extend the lease and options to early terminate the lease. Leases with an early termination option generally involve a termination payment. We review all options to extend, terminate, or purchase the ROU assets at the inception of the lease and account for these options when they are reasonably certain of being exercised. Our lease agreements generally do not contain any material residual value guarantees or materially restrictive covenants. We do not have any material leases that have been signed but not commenced, and we did not have any material lease transactions with related parties.

Operating lease expense is recognized on a straight-line basis over the lease term and is included in operating expense on our consolidated statements of income. Operating lease cost was $22.3 million, $22.0 million and $21.3 million in 2024, 2023 and 2022, respectively.

The following table sets forth supplemental balance sheet information related to our operating leases:


Year Ended June 30	2024		2023		2022
Weighted average remaining lease term	8.6 years		8.0 years		8.1 years
Weighted average discount rate	4.3	%	3.8	%	3.2	%

The following table sets forth supplemental cash flow information related to our operating leases:


Year Ended June 30 (in thousands)	2024		2023		2022
Operating cash outflows from operating leases	$	16,360	$	15,040	$	17,592
ROU assets obtained in exchange for new operating lease liabilities	$	17,640	$	8,066	$	15,430


Year Ended June 30	(in thousands)
2025	$	14,409
2026	11,065
2027	7,630
2028	4,906
2029	2,845
Thereafter	14,719
Total undiscounted operating lease payments	$	55,574
Less: discount to net present value	7,177
Total operating lease liabilities	$	48,397

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 127,971	$ 106,021
Accounts receivable, less allowance for doubtful accounts of $8,759 and $9,422, respectively	302,810	307,313
Inventories (Note 7)	514,632	557,630
Other current assets	57,179	55,825
Total current assets	1,002,592	1,026,789
Property, plant and equipment:
Land and buildings	415,376	416,291
Machinery and equipment	1,992,001	1,951,535
Less accumulated depreciation	(1,469,314)	(1,398,758)
Property, plant and equipment, net	938,063	969,068
Other assets:
Goodwill (Note 8)	271,567	269,551
Other intangible assets, less accumulated amortization of $173,346 and $160,699, respectively (Note 8)	81,421	93,164
Operating lease right-of-use assets (Note 9)	48,142	43,036
Deferred income taxes (Note 13)	79,333	65,519
Long-term prepaid pension benefit (Note 14)	70,016	70,567
Other	12,624	9,540
Total other assets	563,103	551,377
Total assets	2,503,758	2,547,234
Current liabilities:
Revolving and other lines of credit and notes payable (Note 12)	1,377	689
Current operating lease liabilities (Note 9)	12,766	11,379
Accounts payable	191,541	203,341
Accrued income taxes	13,152	25,143
Accrued vacation pay	12,370	14,501
Accrued payroll	40,643	41,134
Other current liabilities (Note 10)	144,112	137,788
Total current liabilities	415,961	433,975
Long-term debt, less current maturities (Note 11)	595,980	595,172
Operating lease liabilities (Note 9)	35,631	32,178
Deferred income taxes (Note 13)	36,171	32,062
Accrued postretirement benefits (Note 14)	6,334	6,800
Accrued pension benefits (Note 14)	103,581	108,736
Accrued income taxes	1,484	1,446
Other liabilities	20,017	22,697
Total liabilities	1,215,159	1,233,066
Commitments and contingencies (Note 20)
Kennametal Shareholders' Equity:
Preferred stock, no par value; 5,000 shares authorized; none issued	0	0
Capital stock, $1.25 par value; 120,000 shares authorized; 79,835 and 81,337 shares issued, respectively	97,361	99,794
Additional paid-in capital	416,620	465,406
Retained earnings	1,170,482	1,124,590
Accumulated other comprehensive loss (Note 15)	(434,588)	(414,343)
Total Kennametal Shareholders' Equity	1,249,875	1,275,447
Noncontrolling interests	38,724	38,721
Total equity	1,288,599	1,314,168
Total liabilities and equity	$ 2,503,758	$ 2,547,234

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Principles of Consolidation

PRINCIPLES OF CONSOLIDATION The consolidated financial statements include our accounts and those of our subsidiaries in which we have a controlling interest. All intercompany balances and transactions are eliminated.

Use of Estimates in the Preparation of Financial Statements

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS In preparing our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), we make judgments and estimates about the amounts reflected in our consolidated financial statements. As part of our financial reporting process, our management collaborates to determine the necessary information on which to base our judgments and develop estimates used to prepare the consolidated financial statements. We use historical experience and available information to make these judgments and estimates. Actual amounts could differ from the estimates reflected in our consolidated financial statements.

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS Cash investments having original maturities of three months or less are considered cash equivalents. Cash equivalents principally consist of investments in money market funds and bank deposits at June 30, 2024.

Accounts Receivable

ACCOUNTS RECEIVABLE We market our products to a diverse customer base throughout the world. Trade credit is extended based upon periodically updated evaluations of each customer’s ability to satisfy its obligations. We record allowances for estimated losses resulting from the inability of our customers to make required payments. We assess the creditworthiness of our customers based on multiple sources of information and analyze additional factors such as our historical bad debt experience, industry concentrations of credit risk, current economic trends, changes in customer payment terms and forward-looking information.

Inventory

INVENTORIES We use the last-in, first-out (LIFO) method for determining the cost of a significant portion of our United States (U.S.) inventories, and they are stated at the lower of cost or market. The cost of the remainder of our inventories is measured using approximate costs determined on the first-in, first-out basis or using the average cost method, and are stated at the lower of cost or net realizable value. When market conditions indicate an excess of carrying costs over market value, a lower of cost or net realizable value provision or a lower of cost or market provision, as applicable, is recorded. Once inventory is determined to be excess or obsolete, a new cost basis is established that is not subsequently written back up in future periods.

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are carried at cost. Major improvements are capitalized, while maintenance and repairs are expensed as incurred. Retirements and disposals are removed from cost and accumulated depreciation accounts, with the gain or loss reflected in operating income. Interest related to the construction of major facilities is capitalized as part of the construction costs and is depreciated over the facilities' estimated useful lives.

Depreciation for financial reporting purposes is computed using the straight-line method over the following estimated useful lives: building and improvements over 15-40 years; machinery and equipment over 4-15 years; furniture and fixtures over 5-10 years and computer hardware and software over 3-5 years.

Long Lived Assets

LONG-LIVED ASSETS We evaluate the recoverability of property, plant and equipment, operating lease right-of-use (ROU) assets and intangible assets that are amortized, whenever events or changes in circumstances indicate the carrying amount of any such assets may not be fully recoverable. Changes in circumstances include technological advances, changes in our business model, capital structure, economic conditions or operating performance. Our evaluation is performed at the asset group level, based upon, among other things, our assumptions about the estimated future undiscounted cash flows these assets are expected to generate. When the sum of the undiscounted cash flows is less than the carrying value, we will recognize an impairment loss to the extent that carrying value exceeds fair value. We apply our best judgment when performing these evaluations to determine if a triggering event has occurred, the undiscounted cash flows used to assess recoverability and the fair value of the asset group.

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess of cost over the fair value of the net assets of acquired companies. Goodwill is tested at least annually for impairment. We perform our annual impairment test during the June quarter in connection with our annual planning process unless there are impairment indicators that warrant a test prior to that quarter. As of June 30, 2024, only the Metal Cutting reporting unit has goodwill recorded. We can use a qualitative test, known as "Step 0," or a quantitative method to determine whether impairment has occurred. In 2024, we elected to implement Step 0 and were not required to conduct the quantitative analysis. In 2023 and 2022, we performed quantitative analyses using a combination of a discounted cash flow analysis and market multiples based upon historical and projected financial information. We apply our best judgment when assessing the reasonableness of the assumptions used to determine the fair value of the reporting unit.

The majority of our intangible assets with definite lives are amortized on a straight-line basis, while certain customer-related intangible assets are amortized on an accelerated method. Identifiable assets with finite lives are reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable.

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS We sponsor these types of benefit plans for certain employees and retirees. Accounting for the cost of these plans requires the estimation of the cost of the benefits to be provided well into the future and attributing that cost over either the expected work life of employees or over the average life of participants participating in these plans, depending on plan status and on participant population. This estimation requires our judgment about the discount rate used to determine these obligations, expected return on plan assets, rate of future compensation increases, withdrawal and mortality rates and participant retirement age. Differences between our estimates and actual results may significantly affect the cost of our obligations under these plans.

In the valuation of our pension and other postretirement benefit liabilities, management utilizes various assumptions. Discount rates are derived by identifying a theoretical settlement portfolio of high quality corporate bonds sufficient to provide for a plan’s projected benefit payments. This rate can fluctuate based on changes in the corporate bond yields.

The long-term rate of return on plan assets is estimated based on an evaluation of historical returns for each asset category held by the plans, coupled with the current and short-term mix of the investment portfolio. The historical returns are adjusted for expected future market and economic changes. This return will fluctuate based on actual market returns and other economic factors.

Future compensation rates, withdrawal rates and participant retirement age are determined based on historical information. These assumptions are not expected to significantly change. Mortality rates are determined based on a review of published mortality tables.

Earnings Per Share

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

The following tables provide the computation of diluted shares outstanding:


(in thousands)	2024	2023	2022
Weighted-average shares outstanding during period	79,390	80,803	83,252
Add: Unexercised stock options and unvested restricted stock units	575	599	692
Number of shares on which diluted earnings per share is calculated	79,965	81,402	83,944
Unexercised stock options with an exercise price greater than the average market price and restricted stock units not included in the computation because they were anti-dilutive	396	642	260

Revenue Recognition

REVENUE RECOGNITION The Company's contracts with customers are comprised of purchase orders, and for larger customers, may also include long-term agreements. We account for a contract when it has approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. These contracts with customers typically relate to the manufacturing of products, which represent single performance obligations that are satisfied when control of the product passes to the customer. The Company considers the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession and customer acceptance when determining when control transfers to the customer. As a result, revenue is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms in the contract. The shipping terms vary across all businesses and depend on the product, customary local commercial terms and the type of transportation. Shipping and handling activities are accounted for as activities to fulfill a promise to transfer a product to a customer and as such, costs incurred are recorded when the related revenue is recognized. Payment for products is due within a limited time period after shipment or delivery, typically within 30 to 90 calendar days of the respective invoice dates. The Company does not generally offer extended payment terms.

Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. Amounts billed and due from our customers are classified as accounts receivable, less allowance for doubtful accounts on the consolidated balance sheets. Certain contracts with customers, primarily distributor customers, have an element of variable consideration that is estimated when revenue is recognized under the contract. Variable consideration primarily includes volume incentive rebates, which are based on achieving a certain level of purchases and other performance criteria as established by our distributor programs. These rebates are estimated based on projected sales to the customer and accrued as a reduction of net sales as they are earned. The majority of our products are consumed by our customers or end users in the manufacture of their products. Historically, we have experienced very low levels of returned products and do not consider the effect of returned products to be material. We have recorded an estimated returned goods allowance to provide for any potential returns.

We warrant that products sold are free from defects in material and workmanship under normal use and service when correctly installed, used and maintained. This warranty terminates 30 days after delivery of the product to the customer and does not apply to products that have been subjected to misuse, abuse, neglect or improper storage, handling or maintenance. Products may be returned to Kennametal only after inspection and approval by Kennametal and upon receipt by the customer of shipping instructions from Kennametal. We have included an estimated allowance for warranty returns in our returned goods allowance discussed above.

The Company records a contract asset when it has a right to payment from a customer that is conditioned on events that have occurred other than the passage of time. The Company also records a contract liability when customers prepay but the Company has not yet satisfied its performance obligation. The Company did not have any material remaining performance obligations, contract assets or liabilities as of June 30, 2024 and 2023.

The Company pays sales commissions related to certain contracts, which qualify as incremental costs of obtaining a contract. However, the Company applies the practical expedient that allows an entity to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would have been recognized is one year or less. These costs are recorded within operating expense in our consolidated statements of income.

SHIPPING AND HANDLING FEES AND COSTS All fees billed to customers for shipping and handling are classified as a component of sales. All costs associated with shipping and handling are classified as a component of cost of goods sold.

Stock-Based Compensation

STOCK-BASED COMPENSATION We recognize stock-based compensation expense for all stock options, restricted stock awards and restricted stock units over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service (substantive vesting period). Forfeitures are recorded as incurred. We utilize the Black-Scholes valuation method to establish the fair value of all stock option awards. Time vesting stock units are valued at the market value of the stock on the grant date. Performance vesting stock units with a market condition are valued using a Monte Carlo model.

Capital stock options are granted to eligible employees at fair market value at the date of grant. Capital stock options are exercisable under specified conditions for up to 10 years from the date of grant. The Kennametal Inc. Stock and Incentive Plan of 2010, as Amended and Restated on October 22, 2013, and further amended on January 27, 2015 (A/R 2010 Plan), by the Kennametal Inc. 2016 Stock and Incentive Plan, and on October 27, 2020 by the Kennametal Inc. 2020 Stock and Incentive Plan (2020 Plan) authorize the issuance of up to 9,500,000 shares of the Company’s capital stock plus any shares remaining unissued under the Kennametal Inc. Stock and Incentive Plan of 2002, as amended (2002 Plan). Under the provisions of the A/R 2010 Plan and 2020 Plan, participants may deliver stock, owned by the holder for at least six months, in payment of the option price and receive credit for the fair market value of the shares on the date of delivery. The fair market value of shares delivered during 2024, 2023 and 2022 was immaterial. In addition to stock option grants, the A/R 2010 Plan and the 2020 Plan permit the award of stock appreciation rights, performance share awards, performance unit awards, restricted stock awards, restricted unit awards and share awards to directors, officers and key employees.

Research and Development Costs

RESEARCH AND DEVELOPMENT COSTS Research and development costs of $44.2 million, $43.1 million and $42.1 million in 2024, 2023 and 2022, respectively, were expensed as incurred. These costs are included in operating expense in the consolidated statements of income.

Income Taxes

INCOME TAXES The Company’s provision for income taxes is calculated based on income and statutory tax rates in the various jurisdictions in which the Company operates and requires the use of management’s estimates and judgments. Management judgment is required in determining the Company’s worldwide provision for income taxes and recording the related assets and liabilities, including accruals for unrecognized tax benefits and assessing the need for valuation allowances on deferred tax assets. Deferred income taxes are recognized based on the future income tax effects (using enacted tax laws and rates) of differences in the carrying amounts of assets and liabilities for financial reporting and tax purposes. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50 percent) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, we consider all potential sources of taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations, and projections of future profitability within the carry forward period, including taxable income from tax planning strategies. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of the deferred tax asset based on existing projections of income. Upon changes in facts and circumstances, we may conclude that deferred tax assets for which no valuation allowance is currently recorded may not be realized, resulting in a charge to establish a valuation allowance. Existing valuation allowances are re-examined under the same standards of positive and negative evidence. If it is determined that it is more likely than not that a deferred tax asset will be realized, the appropriate amount of the valuation allowance, if any, is released.

Derivative Instruments and Hedging Activities

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES As part of our financial risk management program, we use certain derivative financial instruments. We do not enter into derivative transactions for speculative purposes and, therefore, hold no derivative instruments for trading purposes. We use derivative financial instruments to provide predictability to the effects of changes in foreign exchange rates on our consolidated results. Our objective in managing foreign exchange exposures with derivative instruments is to reduce volatility in cash flow, allowing us to focus more of our attention on business operations.

We account for derivative instruments as a hedge of the related asset, liability, firm commitment or anticipated transaction, when the derivative is specifically designated as a hedge of such items. We measure hedge effectiveness by assessing the changes in the fair value or expected future cash flows of the hedged item. Certain currency forward contracts hedging significant cross-border intercompany loans are considered other derivatives and, therefore, do not qualify for hedge accounting.

CASH FLOW HEDGES Range forward contracts (a transaction where both a put option is purchased and a call option is sold) are designated as cash flow hedges and hedge anticipated cash flows from cross-border intercompany sales of products and services. Gains and losses realized on these contracts are recorded in accumulated other comprehensive loss, and are recognized as a component of cost of goods sold when the underlying sale of products or services is recognized into earnings.

Net Investment Hedges [Policy Text Block]

NET INVESTMENT HEDGES We designate financial instruments as net investment hedges from time to time to hedge the foreign exchange exposure of our net investment in foreign currency-based subsidiaries. The remeasurements of these non-derivatives designated as net investment hedges are calculated each period with changes reported in foreign currency translation adjustment within accumulated other comprehensive loss. Such amounts will remain in accumulated other comprehensive loss unless we complete or substantially complete liquidation or disposal of our investment in the underlying foreign operations.

Currency Translation

CURRENCY TRANSLATION Assets and liabilities of international operations are translated into U.S. dollars using year-end exchange rates, while revenues and expenses are translated at average exchange rates throughout the year. The resulting net translation adjustments are recorded as a component of accumulated other comprehensive loss. The local currency is the functional currency of most of our locations.

Losses of $4.1 million, $3.9 million and $2.5 million from currency transactions were included in other (income) expense, net in 2024, 2023 and 2022, respectively.

Fair Value Measurements

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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

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

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

Level 3: Inputs that are unobservable.

As of June 30, 2024, the fair values of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	91	$	—	$	91
Total assets at fair value	$	—	$	91	$	—	$	91

Liabilities:
Derivatives (1)	$	—	$	89	$	—	$	89
Total liabilities at fair value	$	—	$	89	$	—	$	89

As of June 30, 2023, the fair value of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	68	$	—	$	68
Total assets at fair value	$	—	$	68	$	—	$	68

Liabilities:
Derivatives (1)	$	—	$	100	$	—	$	100

Total liabilities at fair value	$	—	$	100	$	—	$	100

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

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

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+ Details

Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Disclosure

As of June 30, 2024, $271.6 million of goodwill was allocated to the Metal Cutting reporting unit. We completed annual tests of goodwill impairment and recorded no impairments during 2024, 2023 or 2022 for our Metal Cutting reporting unit. We can use a qualitative test, known as "Step 0," or a quantitative method to determine whether impairment has occurred. In 2024, we elected to implement Step 0 and were not required to conduct the quantitative analysis. In 2023 and 2022, we performed quantitative analyses using a combination of a discounted cash flow analysis and market multiples based upon historical and projected financial information.

In 2024, the Company completed a business combination for total consideration of approximately $6.5 million. Goodwill of approximately $3.8 million was recorded in the Metal Cutting segment as a result of the acquisition.

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


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

Activity for the year ended June 30, 2023:


Change in gross goodwill due to translation	5,321		—		5,321


Gross goodwill	447,212		633,211		1,080,423
Accumulated impairment losses	(177,661)		(633,211)		(810,872)
Balance as of June 30, 2023	$	269,551	$	—	$	269,551

Activity for the year ended June 30, 2024:
Acquisition	3,800		—		3,800
Change in gross goodwill due to translation	(1,784)		—		(1,784)



Gross goodwill	449,228		633,211		1,082,439
Accumulated impairment losses	(177,661)		(633,211)		(810,872)
Balance as of June 30, 2024	$	271,567	$	—	$	271,567

During 2024, the Company determined that certain trademarks were no longer considered indefinite-lived and commenced amortization. The components of our other intangible assets were as follows:


	Estimated Useful Life (in years)	June 30, 2024				June 30, 2023
(in thousands)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Technology-based and other	4 to 20	$	31,715	$	(24,476)	$	31,872	$	(23,838)
Customer-related	10 to 21	179,529		(120,091)		179,889		(112,890)
Unpatented technology	10 to 30	31,485		(27,130)		31,487		(25,177)
Trademarks	5 to 20	23,044		(12,655)		12,426		(11,441)
Trademarks	Indefinite	—		—		10,836		—
Total		$	265,773	$	(184,352)	$	266,510	$	(173,346)

Amortization expense for intangible assets was $11.6 million, $12.6 million and $13.0 million for 2024, 2023 and 2022, respectively. Estimated amortization expense for 2025 through 2029 is $10.6 million, $10.3 million, $8.8 million, $7.8 million, and $7.7 million, respectively.

Segment Data

12 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT DATA

The Company manages and reports its business in the following two segments: Metal Cutting and Infrastructure. The Company's reportable operating segments have been determined in accordance with the Company's internal management structure, which is organized based on operating activities, the manner in which we organize segments for making operating decisions and assessing performance and the availability of separate financial results. We do not allocate certain corporate expenses related to executive retirement plans, the Company’s Board of Directors and strategic initiatives, as well as certain other costs and report them in Corporate. Our reportable operating segments do not represent the aggregation of two or more operating segments.

Sales to a single customer did not aggregate to more than five percent of total sales in 2024, 2023 and 2022.

METAL CUTTING The Metal Cutting segment develops and manufactures high performance tooling and metal cutting products and services and offers an assortment of standard and custom metal cutting solutions to diverse end markets, including Aerospace & Defense, General Engineering, Energy and Transportation. The products include milling, hole making, turning, threading and toolmaking systems used in the manufacture of airframes, aero engines, trucks and automobiles, ships and various types of industrial equipment. We leverage advanced manufacturing capabilities in combination with varying levels of customization to solve our customers’ toughest challenges and deliver improved productivity for a wide range of applications. Metal Cutting markets its products under the Kennametal®, WIDIA®, WIDIA Hanita® and WIDIA GTD® brands through its direct sales force, a network of independent and national distributors, integrated supplier channels and via the Internet. Application engineers and technicians are critical to the sales process and directly assist our customers with specified product design, selection, application and support.

INFRASTRUCTURE Our Infrastructure segment produces engineered tungsten carbide and ceramic components, earth-cutting tools, and advanced metallurgical powders, primarily for the Aerospace & Defense, Energy, Earthworks and General Engineering end markets. These wear-resistant products include compacts, nozzles, frac seats and custom components used in oil and gas and petrochemical industries; rod blanks and abrasive water jet nozzles for general industries; earth cutting tools and systems used in underground mining, trenching and foundation drilling and road milling; tungsten carbide powders for the oil and gas, aerospace and process industries; high temperature critical wear components, tungsten penetrators and armor solutions for aerospace and defense; and ceramics used by the packaging industry for metallization of films and papers. We combine deep metallurgical and engineering expertise with advanced manufacturing capabilities, such as 3D printing, to deliver solutions that drive improved productivity for our customers. Infrastructure markets its products primarily under the Kennametal® brand and sells through a direct sales force as well as through distributors.

Segment data is summarized as follows:


(in thousands)	2024		2023		2022
Sales:
Metal Cutting	$	1,280,781	$	1,269,765	$	1,227,273
Infrastructure	766,118		808,419		785,183
Total sales	$	2,046,899	$	2,078,184	$	2,012,456

Operating income:
Metal Cutting	$	132,573	$	135,763	$	121,386
Infrastructure	39,857		59,757		98,871
Corporate	(2,207)		(3,103)		(2,117)
Total operating income	$	170,223	$	192,417	$	218,140

Interest expense	$	26,472	$	28,496	$	25,914
Other (income) expense, net	(699)		4,300		(14,507)
Income before income taxes	$	144,450	$	159,621	$	206,733

Depreciation and amortization:
Metal Cutting	$	90,917	$	90,880	$	87,986
Infrastructure	43,770		43,144		43,691
Corporate	—		1		1
Total depreciation and amortization	$	134,687	$	134,025	$	131,678






Segment assets(4):
Metal Cutting	$	1,416,884	$	1,460,757	$	1,469,835
Infrastructure	690,374		734,944		768,226
Corporate	396,500		351,533		335,463
Total assets	$	2,503,758	$	2,547,234	$	2,573,524

Capital expenditures:
Metal Cutting	$	71,148	$	58,384	$	64,055
Infrastructure	36,413		36,001		32,869
Total capital expenditures	$	107,561	$	94,385	$	96,924

(4) Metal Cutting and Infrastructure segment assets are principally accounts receivable, less allowance for doubtful accounts; inventories; property, plant and equipment, net; goodwill; other intangible assets, net of accumulated amortization; and operating lease ROU assets. Corporate assets are principally cash and cash equivalents, other current assets, long-term prepaid pension benefit, deferred income taxes and other assets.

Geographic information for sales, based on country where the sale originated, and long-lived assets is as follows:


(in thousands)	2024		2023		2022
Sales:
United States	$	824,275	$	848,713	$	797,768
Germany	278,824		270,936		262,764
China	199,069		220,193		234,997
India	115,397		112,819		108,695
Canada	102,666		103,323		94,956
Italy	68,575		68,249		67,930
France	55,670		51,178		47,218
South Africa	42,609		42,775		42,402
Mexico	44,408		42,367		35,099
Brazil	30,224		32,946		26,147
Spain	32,262		31,064		29,756
United Kingdom	32,013		29,943		30,686
Other(5)	220,907		223,678		234,038
Total sales	$	2,046,899	$	2,078,184	$	2,012,456

Total long-lived assets:
United States	$	516,659	$	552,770	$	585,003
Germany	219,633		204,551		195,325
China	77,759		81,731		92,315
India	41,886		44,748		45,146
Israel	22,018		24,662		26,864
Canada	18,927		18,934		18,478
Other (5)	41,181		41,672		38,910
Total long-lived assets(6)	$	938,063	$	969,068	$	1,002,041

(5) Other does not contain any country that individually exceeds 2 percent of total sales or total long-lived assets, respectively.

(6) Total long-lived assets as of June 30, 2024, 2023 and 2022 include property, plant, and equipment, net.

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


	Metal Cutting						Infrastructure						Total Kennametal
	2024		2023		2022		2024		2023		2022		2024		2023		2022
Americas	45	%	44	%	41	%	58	%	60	%	59	%	49	%	50	%	48	%
EMEA	37		36		37		20		18		18		31		29		30
Asia Pacific	18		20		22		22		22		23		20		21		22

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


	Metal Cutting						Infrastructure						Total Kennametal
	2024		2023		2022		2024		2023		2022		2024		2023		2022
General Engineering	54	%	55	%	55	%	34	%	34	%	34	%	46	%	47	%	47	%
Transportation	27		27		27		—		—		—		17		16		17
Aerospace & Defense	12		11		10		8		6		7		11		9		9
Energy	7		7		8		22		24		22		13		14		13
Earthworks	—		—		—		36		36		37		13		14		14

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Pension and Other Postretirement Benefits - Components of Net Periodic Pension (Income) Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Net periodic pension income
Special termination benefit charge		$ 431	$ 277
Pension plans contribution [Member]
Net periodic pension income
Service cost	$ 1,181	963	1,117
Interest cost	35,551	32,235	22,532
Expected Return on Plans' Assets	(44,592)	(40,124)	(51,928)
Amortization of transition obligation	76	84	94
Amortization of prior service cost	(4)	5	13
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	0	(1)	(2)
Special termination benefit charge	14
Settlement Loss	(4)	18	205
Recognition of actuarial losses	5,753	4,440	11,702
Net Periodic Benefit (Income) Cost	$ (2,025)	$ (1,950)	$ (15,990)

Restructuring and Related Charges and Asset Impairment Charges

12 Months Ended

Jun. 30, 2024

Restructuring Charges [Abstract]

RESTRUCTURING AND RELATED CHARGES AND ASSET IMPAIRMENT CHARGES

RESTRUCTURING AND OTHER CHARGES, NET

In the June quarter of fiscal 2023, we announced an initiative to streamline our cost structure while continuing to invest in our high-return commercial and operational excellence initiatives. Total restructuring and related charges for this program of $20.1 million, compared to a target of approximately $25 million, were recorded through June 30, 2024, consisting of $14.8 million in Metal Cutting and $5.3 million in Infrastructure. The majority of the remaining charges are expected to be recognized in fiscal 2025.

Annual Restructuring Charges

During 2024, we recorded restructuring and related charges of $12.4 million, which consisted of $8.5 million in Metal Cutting and $3.9 million in Infrastructure. These amounts are inclusive of a reversal of restructuring and related charges of $1.1 million related to prior actions, including $0.4 million in operating expense. Also included in restructuring and other charges, net during 2024 is a net benefit of $0.6 million primarily due to the sale of properties.

During 2023, we recorded restructuring and related charges of $6.6 million, which consisted of $5.3 million in Metal Cutting and $1.3 million in Infrastructure. These amounts are inclusive of a reversal of restructuring and related charges of $0.8 million related to prior actions. Also included in restructuring and other charges, net during 2023 is a net benefit of $2.5 million primarily due to the sale of properties.

During 2022, we recorded restructuring and related charges of $4.2 million which consisted of $3.6 million in Metal Cutting and $0.6 million in Infrastructure. Of this amount, a net benefit from the reversal of restructuring charges totaled $1.2 million and restructuring-related charges of $5.5 million were included in cost of goods sold.

As of June 30, 2024, $8.4 million of the restructuring accrual is recorded in other current liabilities and $2.4 million is recorded in other liabilities in our consolidated balance sheet. As of June 30, 2023, $9.4 million of the restructuring accrual is recorded in other current liabilities and $0.5 million is recorded in other liabilities in our consolidated balance sheet. The amounts are as follows:


(in thousands)	June 30, 2023		Expense		Asset Write-Down		Translation		Cash Expenditures		June 30, 2024
Severance	$	9,885	$	12,372	$	—	$	257	$	(11,715)	$	10,799


Total	9,885		12,372		—		257		(11,715)		10,799


(in thousands)	June 30, 2022		Expense		Asset Write-Down		Translation		Cash Expenditures		June 30, 2023
Severance	$	7,919	$	6,605	$	—	$	29	$	(4,668)	$	9,885


Total	7,919		6,605		—		29		(4,668)		9,885

Pension and Other Postretirement Benefits - Hierarchy of Fair Value of the Benefit Plan Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	$ 636,088	$ 650,180
Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	6,408	15,155
Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	550,157	556,613
NAV [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	79,523	78,412
Corporate Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	329,284	356,263
Corporate Fixed Income Securities [Member] \| Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	329,284	356,263
Mutual Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	28,721	27,800
Mutual Funds [Member] \| NAV [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	28,721	27,800
Blend Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	50,802	50,612
Blend Funds [Member] \| NAV [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	50,802	50,612
Common Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	6,408	14,438
Common Stock [Member] \| Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	6,408	14,438
US Government Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	102,806	105,624
US Government Securities [Member] \| Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	102,806	105,624
Foreign Government Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	63,234	28,050
Foreign Government Securities [Member] \| Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	63,234	28,050
Other Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	30,756	55,404
Other Fixed Income Securities [Member] \| Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	30,756	55,404
Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	24,077	11,989
Other [Member] \| Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	0	717
Other [Member] \| Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans', Fair Value of Plan Assets	$ 24,077	$ 11,272

Summary Of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 184,352	$ 173,346
Technology-Based and other [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	31,715	31,872
Finite-Lived Intangible Assets, Accumulated Amortization	24,476	23,838
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	179,529	179,889
Finite-Lived Intangible Assets, Accumulated Amortization	120,091	112,890
Unpatented Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	31,485	31,487
Finite-Lived Intangible Assets, Accumulated Amortization	27,130	25,177
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	23,044	12,426
Finite-Lived Intangible Assets, Accumulated Amortization	12,655	11,441
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 0	$ 10,836

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Long-Term Debt (Tables)

12 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Long-term debt consisted of the following at June 30:


(in thousands)	2024		2023
2.800% Senior Unsecured Notes due fiscal 2031, net of discount of $0.1 million for 2024 and $0.1 million for 2023	$	299,878	$	299,860
4.625% Senior Unsecured Notes due fiscal 2028, net of discount of $0.9 million for 2024 and $1.1 million for 2023	299,139		298,920






Total term debt	599,017		598,780
Less unamortized debt issuance costs	(3,037)		(3,608)





Total long-term debt	$	595,980	$	595,172

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Financial instruments at fair value on recurring basis

As of June 30, 2024, the fair values of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	91	$	—	$	91
Total assets at fair value	$	—	$	91	$	—	$	91

Liabilities:
Derivatives (1)	$	—	$	89	$	—	$	89
Total liabilities at fair value	$	—	$	89	$	—	$	89

As of June 30, 2023, the fair value of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	68	$	—	$	68
Total assets at fair value	$	—	$	68	$	—	$	68

Liabilities:
Derivatives (1)	$	—	$	100	$	—	$	100

Total liabilities at fair value	$	—	$	100	$	—	$	100

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

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

Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Fair Value [Line Items]
Debt Instrument, Fair Value Disclosure	$ 545.9	$ 527.4

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Summary of Significant Accounting Policies (Details 1) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) Segment shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 shares
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Payment terms, minimum	30
Weighted Average Number of Shares Outstanding, Basic \| shares	79,390	80,803	83,252
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements \| shares	575	599	692
Weighted Average Number of Shares Outstanding, Diluted \| shares	79,965	81,402	83,944
Finite-Lived Intangible Assets, Accumulated Amortization	$ (184,352)	$ (173,346)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares	396	642	260
Payment terms, maximum	90
Termination of Warranty \| Segment	30
Technology-Based and other [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 31,715	$ 31,872
Finite-Lived Intangible Assets, Accumulated Amortization	(24,476)	(23,838)
Customer-related [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	179,529	179,889
Finite-Lived Intangible Assets, Accumulated Amortization	(120,091)	(112,890)
Unpatented Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	31,485	31,487
Finite-Lived Intangible Assets, Accumulated Amortization	(27,130)	(25,177)
Trademarks [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	23,044	12,426
Finite-Lived Intangible Assets, Accumulated Amortization	(12,655)	(11,441)
Trademarks [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 0	$ 10,836
Minimum [Member] \| Technology-Based and other [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	4 years
Minimum [Member] \| Customer-related [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Minimum [Member] \| Unpatented Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Minimum [Member] \| Trademarks [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Maximum [Member] \| Technology-Based and other [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Maximum [Member] \| Customer-related [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	21 years
Maximum [Member] \| Unpatented Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	30 years
Maximum [Member] \| Trademarks [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years

Financial Instruments	12 Months Ended
Financial Instruments	Jun. 30, 2024
Debt Instrument, Fair Value Disclosure [Abstract]
Financial Instruments Disclosure [Text Block]	FINANCIAL INSTRUMENTS The methods used to estimate the fair value of our financial instruments are as follows: Cash and Cash Equivalents, Revolving and Other Lines of Credit and Notes Payable The carrying amounts approximate their fair value because of the short maturity of the instruments. Long-Term Debt, Including Current Maturities Fixed rate debt had a fair market value of $545.9 million and $527.4 million at June 30, 2024 and 2023, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of June 30, 2024 and 2023, respectively. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of temporary cash investments and trade receivables. By policy, we make temporary cash investments with high credit quality financial institutions and limit the amount of exposure to any one financial institution. With respect to trade receivables, concentrations of credit risk are significantly reduced because we serve numerous customers in many industries and geographic areas. We are exposed to counterparty credit risk for nonperformance of derivatives and, in the unlikely event of nonperformance, to market risk for changes in interest and currency exchange rates, as well as settlement risk. We manage exposure to counterparty credit risk through credit standards, diversification of counterparties and procedures to monitor concentrations of credit risk. We do not anticipate nonperformance by any of the counterparties. As of June 30, 2024 and 2023, we had no significant concentrations of credit risk.

Pension and Other Postretirement Benefits - Funded Status of Other Postretirement Benefit Plans and Amounts Recognized in the Consolidated Balance Sheets (Details) - Other Postretirement Benefit Plan, Defined Benefit [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Change in Benefit Obligation
Benefit Obligation, Beginning of Year	$ 7,891	$ 9,113
Interest Cost	424	417	$ 288
Actuarial Losses	16	(442)
Benefits and expenses paid	(1,039)	(1,067)
Plan Amendments	48	(130)
Benefit Obligation, End of Year	7,340	7,891	$ 9,113
Funded Status of Plans	(7,340)	(7,891)
Amounts Recognized in Balance Sheet
Short-term Accrued Benefit Obligation	(1,006)	(1,091)
Accrued Postretirement Benefits	(6,334)	(6,800)
Net Amount Recognized	$ (7,340)	$ (7,891)

Segment Data (Tables)

12 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Disaggregation of Revenue [Table Text Block]

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


	Metal Cutting						Infrastructure						Total Kennametal
	2024		2023		2022		2024		2023		2022		2024		2023		2022
Americas	45	%	44	%	41	%	58	%	60	%	59	%	49	%	50	%	48	%
EMEA	37		36		37		20		18		18		31		29		30
Asia Pacific	18		20		22		22		22		23		20		21		22

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


	Metal Cutting						Infrastructure						Total Kennametal
	2024		2023		2022		2024		2023		2022		2024		2023		2022
General Engineering	54	%	55	%	55	%	34	%	34	%	34	%	46	%	47	%	47	%
Transportation	27		27		27		—		—		—		17		16		17
Aerospace & Defense	12		11		10		8		6		7		11		9		9
Energy	7		7		8		22		24		22		13		14		13
Earthworks	—		—		—		36		36		37		13		14		14

Segment Data

Segment data is summarized as follows:


(in thousands)	2024		2023		2022
Sales:
Metal Cutting	$	1,280,781	$	1,269,765	$	1,227,273
Infrastructure	766,118		808,419		785,183
Total sales	$	2,046,899	$	2,078,184	$	2,012,456

Operating income:
Metal Cutting	$	132,573	$	135,763	$	121,386
Infrastructure	39,857		59,757		98,871
Corporate	(2,207)		(3,103)		(2,117)
Total operating income	$	170,223	$	192,417	$	218,140

Interest expense	$	26,472	$	28,496	$	25,914
Other (income) expense, net	(699)		4,300		(14,507)
Income before income taxes	$	144,450	$	159,621	$	206,733

Depreciation and amortization:
Metal Cutting	$	90,917	$	90,880	$	87,986
Infrastructure	43,770		43,144		43,691
Corporate	—		1		1
Total depreciation and amortization	$	134,687	$	134,025	$	131,678






Segment assets(4):
Metal Cutting	$	1,416,884	$	1,460,757	$	1,469,835
Infrastructure	690,374		734,944		768,226
Corporate	396,500		351,533		335,463
Total assets	$	2,503,758	$	2,547,234	$	2,573,524

Capital expenditures:
Metal Cutting	$	71,148	$	58,384	$	64,055
Infrastructure	36,413		36,001		32,869
Total capital expenditures	$	107,561	$	94,385	$	96,924

Geographic Information for Sales [Table Text Block]

Geographic information for sales, based on country where the sale originated, and long-lived assets is as follows:


(in thousands)	2024		2023		2022
Sales:
United States	$	824,275	$	848,713	$	797,768
Germany	278,824		270,936		262,764
China	199,069		220,193		234,997
India	115,397		112,819		108,695
Canada	102,666		103,323		94,956
Italy	68,575		68,249		67,930
France	55,670		51,178		47,218
South Africa	42,609		42,775		42,402
Mexico	44,408		42,367		35,099
Brazil	30,224		32,946		26,147
Spain	32,262		31,064		29,756
United Kingdom	32,013		29,943		30,686
Other(5)	220,907		223,678		234,038
Total sales	$	2,046,899	$	2,078,184	$	2,012,456

Total long-lived assets:
United States	$	516,659	$	552,770	$	585,003
Germany	219,633		204,551		195,325
China	77,759		81,731		92,315
India	41,886		44,748		45,146
Israel	22,018		24,662		26,864
Canada	18,927		18,934		18,478
Other (5)	41,181		41,672		38,910
Total long-lived assets(6)	$	938,063	$	969,068	$	1,002,041

(5) Other does not contain any country that individually exceeds 2 percent of total sales or total long-lived assets, respectively.

(6) Total long-lived assets as of June 30, 2024, 2023 and 2022 include property, plant, and equipment, net.

Pension and Other Postretirement Benefits - Plans with Accumulated Benefit Obligations Exceeding the Fair Value of Plan Assets (Details) - Pension plans contribution [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Project Benefit Obligation	$ 118,111	$ 123,065
Accumulated Benefit Obligation	117,371	122,395
Fair Value of Plan Assets	$ 7,216	$ 6,739

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Litigation Settlement [Abstract]
Litigation Settlement, Expense	$ 3,100	$ 3,000

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	COMMITMENTS AND CONTINGENCIES Legal Matters Various lawsuits arising during the normal course of business are pending against us. In our opinion, the ultimate liability, if any, resulting from these matters will have no significant effect on our consolidated financial position or results of operations. During 2023, we recorded a litigation settlement of $3 million related to legacy operations within other (income) expense, net. Lease Commitments We lease a wide variety of facilities, primarily for warehousing, production and offices, as well as vehicles and equipment that are considered operating leases. Refer to Note 9 for more information. Purchase Commitments We have purchase commitments for materials, supplies and machinery and equipment as part of the ordinary conduct of business. Some of these commitments extend beyond one year and are based on minimum purchase requirements. We believe these commitments are not at prices in excess of current market. Other Contractual Obligations We do not have material financial guarantees or other contractual commitments that are reasonably likely to adversely affect our liquidity. Related Party Transactions Sales to affiliated companies were immaterial in 2024, 2023 and 2022. We do not have any other related party transactions that affect our operations, results of operations, cash flows or financial condition

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Inventories
Finished goods	$ 310,965	$ 328,094
Work in process and powder blends	216,203	233,346
Raw materials	77,050	81,552
Inventories at current cost	604,218	642,992
Less: LIFO valuation	(89,586)	(85,362)
Total inventories	$ 514,632	$ 557,630
Inventories (Textual) [Abstract]
Percentage of inventories valued by using LIFO method	33.00%

Pension and Other Postretirement Benefits - Significant Assumptions to Determine the Present Value of Net Benefit Obligations and the Net Periodic Costs (Benefits) (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase			1.50%
Annual assumed rate of increase in per capita cost of covered benefits for postretirement benefit plans
Health Care Cost Trend Rate Assumed for Next Year		7.00%	6.30%
Rate to which the Cost Trend Rate Gradually Declines		5.00%	5.00%
Year that the Rate Reaches the Rate at which it is assumed to Remain		2031	2027
U.S. Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	4.00%	4.00%	4.00%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	6.30%	5.20%	6.50%
International Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase		1.50%
Minimum [Member] \| U.S. Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	5.60%	4.30%	1.20%
Minimum [Member] \| International Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	1.80%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	1.80%	1.80%	0.30%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	1.80%	2.00%	0.30%
Maximum [Member] \| U.S. Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	6.30%	5.00%	3.00%
Maximum [Member] \| International Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	8.00%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	7.30%	5.00%	3.20%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	7.30%	5.00%	5.00%

Pension and Other Postretirement Benefits (Details 7)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
U.S. Plans [Member]
Rates of Future Salary Increases [Abstract]
Rate of Future Salary Increase	4.00%	4.00%	4.00%
International Plans [Member]
Rates of Future Salary Increases [Abstract]
Rate of Future Salary Increase	300.00%	1.80%	1.50%
Minimum [Member] \| U.S. Plans [Member]
Discount Rate
Discount Rate	5.70%	5.60%	4.30%
Minimum [Member] \| International Plans [Member]
Discount Rate
Discount Rate	1.30%	1.80%	2.00%
Rates of Future Salary Increases [Abstract]
Rate of Future Salary Increase	1.80%
Maximum [Member] \| U.S. Plans [Member]
Discount Rate
Discount Rate	5.80%	6.30%	5.00%
Maximum [Member] \| International Plans [Member]
Discount Rate
Discount Rate	7.20%	5.40%	5.00%
Rates of Future Salary Increases [Abstract]
Rate of Future Salary Increase	8.00%

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Eligible Age for Availing Postretirement Healthcare Benefits	65
Special termination benefit charge		$ 431,000	$ 277,000
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	$ (2,900,000)	(2,600,000)	(16,800,000)
Defined Contribution Plan, Cost	16,300,000	15,800,000	14,200,000
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Other Adjustments	4,335,000	(7,000)
Pension plans contribution [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement	(668,000)	(1,260,000)
Accumulated Benefit Obligation for all Defined Benefit Pension Plans	674,200,000	695,300,000
Net Periodic Pension Cost	(2,025,000)	(1,950,000)	(15,990,000)
Special termination benefit charge	14,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	4,000	(18,000)	(205,000)
Projected Benefit Payments for 2023	57,600,000
Projected Benefit Payments for 2024	55,600,000
Projected Benefit Payments for 2025	55,900,000
Projected Benefit Payments for 2026	54,700,000
Projected Benefit Payments for 2027	54,200,000
Projected Benefit Payments for 2028 through 2032	254,300,000
Accumulated Other Comprehensive Loss Expected to be Recognized in Net Periodic Pension Cost related to Net Actuarial Losses	8,400,000
Estimated Future Employer Contributions	10,000,000.0
Service Cost	1,181,000	963,000	1,117,000
Other postretirement benefit plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Pension Cost	312,000	$ 338,000	$ 309,000
Projected Benefit Payments for 2023	1,000,000.0
Projected Benefit Payments for 2024	1,000,000.0
Projected Benefit Payments for 2025	900,000
Projected Benefit Payments for 2026	800,000
Projected Benefit Payments for 2027	700,000
Projected Benefit Payments for 2028 through 2032	2,900,000
Accumulated Other Comprehensive Loss Expected to be Recognized in Net Periodic Pension Cost related to Net Actuarial Losses	100,000
Accumulated Other Comprehensive Income Expected to be Recognized in Net Periodic Pension Cost related to Prior Service Credit	(300,000)
Estimated Future Employer Contributions	$ 1,000,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation

12 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock Options

Changes in our stock options for 2024 were as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (years)	Aggregate Intrinsic value (in thousands)
Options outstanding, June 30, 2023	217,614	$	37.29

Exercised	—	—
Lapsed and forfeited	(52,304)	45.24
Options outstanding, June 30, 2024	165,310	$	34.78	0.8	$	37
Options vested and expected to vest, June 30, 2024	165,310	$	34.78	0.8	$	37
Options exercisable, June 30, 2024	165,310	$	34.78	0.8	$	37

As of June 30, 2024 and 2023, there was no unrecognized compensation cost related to options outstanding. All options were fully vested as of June 30, 2024 and 2023.

Tax benefits relating to excess stock-based compensation deductions are presented in the consolidated statements of cash flows as operating cash inflows. Tax benefits resulting from stock-based compensation deductions were less than the amounts reported for financial reporting purposes by $1.5 million and $0.8 million in 2024 and 2023, respectively, and greater than the amounts reported for financial reporting purposes by $0.2 million in 2022.

The amount of cash received from the exercise of capital stock options during 2024, 2023 and 2022 was zero, zero and $0.2 million, respectively. The related tax benefit was zero in 2024, 2023 and 2022. The total intrinsic value of options exercised in 2024, 2023 and 2022 was zero, zero and $0.1 million, respectively.

Restricted Stock Units – Time Vesting and Performance Vesting

Performance vesting restricted stock units are earned based on both annual and three-year performance targets. The performance vesting restricted stock units are subject to a service condition that requires the individual to be employed by the Company at the payment date after a three-year period, with the exception of retirement eligible grantees. Time vesting stock units are valued at the market value of the stock on the grant date. Performance vesting stock units with a market condition are valued using a Monte Carlo model.

Changes in our performance vesting and time vesting restricted stock units for 2024 were as follows:


	Performance Vesting Stock Units	Performance Vesting Weighted Average Fair Value		Time Vesting Stock Units	Time Vesting Weighted Average Fair Value
Unvested, June 30, 2023	483,481	$	31.68	1,207,442	$	30.26
Granted	270,911	25.99		727,992	25.83
Vested	(176,508)	33.49		(746,815)	30.56
Performance metric adjustments, net	37,378	38.45		—	—

Forfeited	(62,801)	32.05		(66,050)	27.33
Unvested, June 30, 2024	552,461	$	28.73	1,122,569	$	27.36

During 2024, 2023 and 2022, compensation expense related to performance vesting and time vesting restricted stock units was $23.4 million, $23.3 million and $20.1 million, respectively. Performance vesting stock units were adjusted by 37,378 units during 2024 related to the fiscal 2023 performance year. As of June 30, 2024, the total unrecognized compensation cost related to unvested performance vesting and time vesting restricted stock units was $21.5 million and is expected to be recognized over a weighted average period of 1.6 years.

Income Taxes

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

Income (loss) before income taxes consisted of the following for the years ended June 30:


(in thousands)	2024			2023			2022
Income (loss) before income taxes:
United States	$	(13,544)		$	(14,702)		$	10,109
International	157,994			174,323			196,624
Total income before income taxes	$	144,450		$	159,621		$	206,733
Current income tax expense (benefit):
Federal	$	(4,003)		$	2,007		$	1,115
State	1,045			546			106
International	41,784			42,921			44,019
Total current income tax expense	38,826			45,474			45,240
Deferred income tax expense (benefit):
Federal	$	(3,389)		$	(3,394)		$	10,841
State	(2,880)			683			(676)
International	(1,748)			(6,508)			1,127
Total deferred income tax expense (benefit):	(8,017)			(9,219)			11,292
Provision for income taxes	$	30,809		$	36,255		$	56,532
Effective tax rate	21.3		%	22.7		%	27.3		%

Swiss tax reform

Legislation was effectively enacted during the December quarter of fiscal 2020 when the Canton of Schaffhausen approved the Federal Act on Tax Reform and AHV Financing on October 8, 2019 (Swiss tax reform). Significant changes from Swiss tax reform include the abolishment of certain favorable tax regimes and the creation of a multi-year transitional period at both the federal and cantonal levels.

The transitional provisions of Swiss tax reform allow companies to utilize a combination of lower tax rates and tax basis adjustments to fair value, which are used for tax depreciation and amortization purposes resulting in deductions over the transitional period. To reflect the federal and cantonal transitional provisions, as they apply to us, we recorded a deferred tax asset of $14.5 million during the December quarter of fiscal 2020. We considered the deferred tax asset from Swiss tax reform to be an estimate based on our current interpretation of the legislation, which was subject to change based on further legislative guidance, review with the Swiss federal and cantonal authorities, and modifications to the underlying valuation. During the December quarter of our fiscal 2023, we adjusted the calculation of the transitional provisions of Swiss tax reform after a review and receipt of a ruling from the Swiss federal and cantonal authorities and recorded a $2.2 million tax benefit to adjust the deferred tax asset and income tax liabilities related to fiscal years 2021 and 2022.

The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision for income taxes was as follows for the years ended June 30:


(in thousands)	2024		2023		2022
Income taxes at U.S. statutory rate	$	30,335	$	33,520	$	43,414
State income taxes, net of federal tax benefit	(1,412)		971		(450)
U.S. income taxes provided on international income	4,272		4,583		12,815
Combined tax effects of international income	10,163		5,761		2,747

Change in valuation allowance and other uncertain tax positions	(3,398)		(4,060)		(614)

U.S. research and development credit	(4,026)		(3,325)		(2,814)
Change in permanent reinvestment assertion	—		—		775

Combined effects of Swiss tax reform	(7,801)		(2,225)		—

Non-deductible executive compensation	2,389		667		1,395

Other	287		363		(736)

Provision for income taxes	$	30,809	$	36,255	$	56,532

During 2024, we recorded a tax benefit of $7.8 million to record the effects of a tax rate increase enacted by the cantonal and municipal tax authorities where we operate in Switzerland. The impact of this item is included in the tax reconciliation table under the caption "Combined effects of Swiss tax reform."

During 2024, we recorded a tax benefit of $6.2 million to reduce an accrual for an unrecognized tax benefit due to the lapse of the statute of limitation. The impact of this item is included in the tax reconciliation table under the caption "Change in valuation allowance and other uncertain tax positions."

During 2024, we recorded a tax charge of $3.1 million to settle income tax litigation in Italy. The impact of this item is included in the tax reconciliation table under the caption "Change in valuation allowance and other uncertain tax positions."

During 2023, we released a $2.9 million valuation allowance that was previously recorded against our net deferred tax assets in Brazil. The impact of this item is included in the tax reconciliation table under the caption “Change in valuation allowance and other uncertain tax positions.”

During 2023, we recorded a tax benefit of $2.2 million to reflect the adjustment of our calculation of the transitional provisions of Swiss tax reform. The impact of this item is included in the tax reconciliation table under the caption "Combined effects of Swiss tax reform."

The components of net deferred tax assets and liabilities were as follows at June 30:


(in thousands)	2024		2023
Deferred tax assets:
Net operating loss (NOL) carryforwards	$	20,340	$	24,111
Inventory valuation and reserves	9,322		9,677
Accrued employee benefits	13,627		14,758
Operating lease liabilities	12,097		11,229
Other accrued liabilities	13,810		13,963
Capitalized research and development costs	35,637		25,187
Tax credits and other carryforwards	18,231		22,601
Intangible assets	11,095		5,209

Total	134,159		126,735
Valuation allowance	5,911		8,281
Total deferred tax assets	$	128,248	$	118,454
Deferred tax liabilities:
Tax depreciation in excess of book	$	58,723	$	62,763
Operating lease right-of-use assets	12,038		11,084

Unremitted earnings not permanently reinvested	6,931		4,831
Pension benefits	2,633		1,808
Other	4,761		4,511
Total deferred tax liabilities	$	85,086	$	84,997
Total net deferred tax assets (liabilities)	$	43,162	$	33,457

Included in deferred tax assets at June 30, 2024 is $18.2 million associated with tax credits and other carryforward items in the U.S. and Europe. Of that amount, $17.4 million expires through 2044, and $0.8 million does not expire.

Included in deferred tax assets at June 30, 2024 is $20.3 million associated with NOL carryforwards in U.S. state and foreign jurisdictions. Of that amount, $2.9 million expires through 2029, $0.8 million expires through 2034, $0.9 million expires through 2039, $3.4 million expires through 2044, and the remaining $12.3 million does not expire. The realization of these tax benefits is primarily dependent on future taxable income in these jurisdictions.

A valuation allowance of $5.9 million has been placed against deferred tax assets primarily in U.S. state, Hong Kong and Bolivia jurisdictions, all of which would be allocated to income tax expense upon realization of the deferred tax assets. As the respective operations generate sufficient income, the valuation allowances will be partially or fully reversed at such time we believe it will be more likely than not that the deferred tax assets will be realized. In 2024, the valuation allowance related to these deferred tax assets decreased by $2.4 million.

We consider the majority of the $1.6 billion unremitted earnings of our non-U.S. subsidiaries to be permanently reinvested. With regard to these unremitted earnings, we have not, nor do we anticipate the need to, repatriate funds to the U.S. to satisfy domestic liquidity needs arising in the ordinary course of business, including liquidity needs associated with our domestic debt service requirements. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested earnings is not practicable due to our legal entity structure and the complexity of U.S. and local tax laws. With regard to the small portion of unremitted earnings that are not indefinitely reinvested, we maintain a deferred tax liability for foreign withholding and U.S. state income taxes. The deferred tax liability associated with unremitted earnings of our non-U.S. subsidiaries not permanently reinvested is $6.9 million as of June 30, 2024.

In 2012, we received an assessment from the Italian tax authority that denied certain tax deductions primarily related to our 2008 tax return. Attempts at negotiating a reasonable settlement with the tax authority were unsuccessful; and as a result, we decided to litigate the matter which was eventually settled during 2024. We continue to believe the assessment was baseless and that our 2008 tax return was compliant, in all material respects, with Italian income tax rules and regulations. Accordingly, no income tax liability had been recorded in connection with this assessment in any period. During fiscal 2023, the Italian government launched a tax amnesty program aimed at reducing the number of tax disputes pending before the Italian courts. Pursuant to program guidelines, payments made to successfully resolve a dispute had to be received by the Italian government no later than September 30, 2023. Due to the prolonged amount of time the case had been pending, and the inherent costs and risks of further litigating the matter, we decided to negotiate a settlement with the Italian tax authority that resulted in an income tax charge of $3.1 million during fiscal 2024. With this settlement, the matter is officially closed.

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalty) is as follows as of June 30:


(in thousands)	2024		2023		2022
Balance at beginning of year	$	6,935	$	7,598	$	8,656
(Decreases)/Increases for tax positions of prior years	—		(658)		105

Increase for tax positions related to the current year	79		—		—

Decreases related to lapse of statute of limitations	(5,686)		(99)		(779)
Foreign currency translation	(19)		94		(384)
Balance at end of year	$	1,309	$	6,935	$	7,598

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate in 2024, 2023 and 2022 is $1.3 million, $6.9 million and $7.6 million, respectively. We believe that it is reasonably possible that the amount of unrecognized tax benefits will decrease by approximately $0.1 million within the next twelve months.

Our policy is to recognize interest and penalties related to income taxes as a component of the provision for income taxes in the consolidated statements of income. We recognized a decrease of $0.9 million and $0.3 million in 2024 and 2023, respectively, and an increase of $0.1 million in 2022. As of June 30, 2024 and 2023, the amount of interest accrued was $0.1 million and $1.0 million, respectively. As of June 30, 2024 and 2023, the amount of penalty accrued was $0.1 million.

With few exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2019. The Internal Revenue Service has audited, or the statute of limitations has expired, for all U.S. tax years prior to 2020. Various state and foreign jurisdiction tax authorities are in the process of examining our income tax returns for various tax years ranging from 2017 to 2023. We continuously review our uncertain tax positions and evaluate any potential issues that may lead to an increase or decrease in the total amount of unrecognized tax benefits recorded.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation - Changes in Restricted Stock Units (Details)	12 Months Ended
	Jun. 30, 2024 $ / shares shares
Performance Shares [Member]
Changes in Restricted Stock Units
Unvested Performance Vesting and Time Vesting Restricted Stock Units, Beginning of Period, Shares \| shares	483,481
Granted, Shares \| shares	270,911
Vested, Shares \| shares	(176,508)
Performance metric adjustments, net \| shares	(37,378)
Forfeited, Shares \| shares	(62,801)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value \| $ / shares	$ 32.05
Unvested Performance Vesting and Time Vesting Restricted Stock Units End of Period \| shares	552,461
Weighted Average Fair Value, Unvested Restricted Stock Units, Beginning of Period \| $ / shares	$ 31.68
Weighted Average Fair Value, Granted \| $ / shares	25.99
Weighted Average Fair Value, Vested \| $ / shares	33.49
Performance Metric Not Achieved, Weighted Average Exercise Price \| $ / shares	38.45
Weighted Average Fair Value, Unvested Restricted Stock Units, End of Period \| $ / shares	$ 28.73
Restricted Stock Units - Time Vesting [Member]
Changes in Restricted Stock Units
Unvested Performance Vesting and Time Vesting Restricted Stock Units, Beginning of Period, Shares \| shares	1,207,442
Granted, Shares \| shares	727,992
Vested, Shares \| shares	(746,815)
Forfeited, Shares \| shares	(66,050)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value \| $ / shares	$ 27.33
Unvested Performance Vesting and Time Vesting Restricted Stock Units End of Period \| shares	1,122,569
Weighted Average Fair Value, Unvested Restricted Stock Units, Beginning of Period \| $ / shares	$ 30.26
Weighted Average Fair Value, Granted \| $ / shares	25.83
Weighted Average Fair Value, Vested \| $ / shares	30.56
Weighted Average Fair Value, Unvested Restricted Stock Units, End of Period \| $ / shares	$ 27.36

Pension and Other Postretirement Benefits - Amounts Related to Other Postretirement Benefit Plans Recognized in Accumulated Other Comprehensive (Loss) Income (Details) - Other postretirement benefit plans [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Unrecognized Net Actuarial Losses	$ 1,897	$ 2,023
Unrecognized Net Prior Service Credits	(1,124)	(1,378)
Total	$ 773	$ 645

Accumulated Other Comprehensive (Loss) Income Accumulated Other Comprehensive (Loss) Income - Income Tax Allocated to Each Component of Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive (Loss) IncomeAccumulated Other Comprehensive (Loss) Income - Income Tax Allocated to Each Component of Other Comprehensive Income [Abstract]
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	$ 725	$ 770	$ 770
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	235	250	250
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	960	1,020	1,020
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax	(13,328)	(13,972)	(3,894)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax	3,228	3,570	(269)
Unrecognized net pension and other postretirement benefit plans (loss) gain	(10,100)	(10,402)	(4,163)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax	5,713	4,450	11,830
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	(1,486)	(1,077)	(2,901)
Reclassification of net pension and other postretirement benefit plans loss	4,227	3,373	8,929
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax	(14,215)	6,959	(91,012)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	51	(144)	(173)
Foreign currency translation adjustments	(14,164)	6,815	(91,185)
Other Comprehensive Income (Loss), before Tax	(22,824)	(3,583)	(84,096)
Other Comprehensive Income (Loss), Tax	2,036	2,599	(3,093)
Other comprehensive (loss) income, net of tax	(20,788)	(984)	(87,189)
Unrealized gain on derivatives designated and qualified as cash flow hedges	(26)	$ 0	$ 0
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(34)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	8
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	$ (26)

Pension and Other Postretirement Benefits - Components of Net Periodic Other Postretirement Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Net periodic other postretirement benefit costs
Special termination benefit charge		$ 431	$ 277
Other postretirement benefit plans [Member]
Net periodic other postretirement benefit costs
Interest cost	$ 424	417	288
Amortization of prior service credit	(254)	(271)	(276)
Recognition of actuarial loss	142	192	297
Net Periodic Benefit (Income) Cost	312	338	309
Pension Plan [Member]
Net periodic other postretirement benefit costs
Service cost	1,181	963	1,117
Interest cost	35,551	32,235	22,532
Amortization of prior service credit	(4)	5	13
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	0	(1)	(2)
Recognition of actuarial loss	5,753	4,440	11,702
Special termination benefit charge	14
Net Periodic Benefit (Income) Cost	$ (2,025)	$ (1,950)	$ (15,990)

Accumulated Other Comprehensive (Loss) Income

12 Months Ended

Jun. 30, 2024

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

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of and changes in accumulated other comprehensive loss (AOCL) were as follows, net of tax, for the year ended June 30, 2024 (in thousands):


Attributable to Kennametal:	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Balance, June 30, 2023	$	(215,435)	$	(202,641)	$	3,733	$	(414,343)
Other comprehensive loss before reclassifications	(10,100)		(13,623)		(26)		(23,749)
Amounts reclassified from AOCL	4,227		—		(725)		3,502
Net other comprehensive loss	(5,873)		(13,623)		(750)		(20,247)
AOCL, June 30, 2024	$	(221,308)	$	(216,264)	$	2,983	$	(434,589)

Attributable to noncontrolling interests:
Balance, June 30, 2023	$	—	$	(8,139)	$	—	$	(8,139)
Other comprehensive loss before reclassifications	—		(541)		—		(541)
Net other comprehensive loss	—		(541)		—		(541)
AOCL, June 30, 2024	$	—	$	(8,680)	$	—	$	(8,680)

The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2023 (in thousands):


Attributable to Kennametal:	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Balance, June 30, 2022	$	(208,406)	$	(210,048)	$	4,503	$	(413,951)
Other comprehensive (loss) income before reclassifications	(10,402)		7,407		—		(2,995)
Amounts reclassified from AOCL	3,373		—		(770)		2,603
Net other comprehensive (loss) income	(7,029)		7,407		(770)		(392)
AOCL, June 30, 2023	$	(215,435)	$	(202,641)	$	3,733	$	(414,343)

Attributable to noncontrolling interests:
Balance, June 30, 2022	$	—	$	(7,547)	$	—	$	(7,547)
Other comprehensive loss before reclassifications	—		(592)		—		(592)
Net other comprehensive loss	—		(592)		—		(592)
AOCL, June 30, 2023	$	—	$	(8,139)	$	—	$	(8,139)

The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2022 (in thousands):


Attributable to Kennametal:	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Balance, June 30, 2021	$	(213,172)	$	(122,428)	$	5,273	$	(330,327)
Other comprehensive loss before reclassifications	(4,163)		(87,620)		—		(91,783)
Amounts reclassified from AOCL	8,929		—		(770)		8,159
Net other comprehensive income (loss)	4,766		(87,620)		(770)		(83,624)

AOCL, June 30, 2022	$	(208,406)	$	(210,048)	$	4,503	$	(413,951)

Attributable to noncontrolling interests:
Balance, June 30, 2021	$	—	$	(3,982)	$	—	$	(3,982)
Other comprehensive loss before reclassifications	—		(3,565)		—		(3,565)
Net other comprehensive loss	—		(3,565)		—		(3,565)
AOCL, June 30, 2022	$	—	$	(7,547)	$	—	$	(7,547)

Reclassifications out of AOCL for the years ended June 30, 2024, 2023 and 2022 consisted of the following:


	Year Ended June 30,
Details about AOCL components (in thousands)	2024		2023		2022		Affected line item in the Income Statement
(Gains) and losses on cash flow hedges:
Forward starting interest rate swaps	$	(1,020)	$	(1,020)	$	(1,020)	Interest expense
Currency exchange contracts	60		—		—		Cost of goods sold
Total before tax	(960)		(1,020)		(1,020)
Tax impact	235		250		250		Provision for income taxes
Net of tax	$	(725)	$	(770)	$	(770)

Pension and other postretirement benefits:
Amortization of transition obligations	$	76	$	84	$	94	Other expense (income), net
Amortization of prior service credit	(258)		(266)		(263)		Other expense (income), net
Recognition of actuarial losses	5,895		4,632		11,999		Other expense (income), net
Total before tax	5,713		4,450		11,830
Tax impact	(1,486)		(1,077)		(2,901)		Provision for income taxes
Net of tax	$	4,227	$	3,373	$	8,929

The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2024:


(in thousands)	Pre-tax		Tax impact		Net of tax
Unrealized loss on derivatives designated and qualified as cash flow hedges	$	(34)	$	8	$	(26)
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	(960)		235		(725)
Unrecognized net pension and other postretirement benefit plans loss	(13,328)		3,228		(10,100)
Reclassification of net pension and other postretirement benefit plans loss	5,713		(1,486)		4,227
Foreign currency translation adjustments	(14,215)		51		(14,164)
Other comprehensive loss	$	(22,824)	$	2,036	$	(20,788)

The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2023:


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

Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	$	(1,020)	$	250	$	(770)
Unrecognized net pension and other postretirement benefit plans loss	(13,972)		3,570		(10,402)
Reclassification of net pension and other postretirement benefit plans loss	4,450		(1,077)		3,373
Foreign currency translation adjustments	6,959		(144)		6,815
Other comprehensive loss	$	(3,583)	$	2,599	$	(984)

The amount of income tax allocated to each component of other comprehensive income for the year ended June 30, 2022:


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

Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	$	(1,020)	$	250	$	(770)
Unrecognized net pension and other postretirement benefit plans loss	(3,894)		(269)		(4,163)
Reclassification of net pension and other postretirement benefit plans loss	11,830		(2,901)		8,929
Foreign currency translation adjustments	(91,012)		(173)		(91,185)

Other comprehensive loss	$	(84,096)	$	(3,093)	$	(87,189)

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net income	$ 113,641	$ 123,366	$ 150,201
Adjustments to reconcile to cash from operations:
Depreciation	123,130	121,401	118,690
Amortization	11,557	12,624	12,988
Stock-based compensation expense	24,340	24,657	20,985
Restructuring and other charges, net (Note 16)	12,152	4,106	(753)
Deferred Income Tax Expense (Benefit)	(8,017)	(9,219)	11,292
Gain on divestiture (Note 4)	0	0	(1,001)
Changes in certain assets and liabilities:
Accounts receivable	(2,624)	(11,543)	(14,432)
Inventories	36,835	17,582	(127,409)
Accounts payable and accrued liabilities	(6,086)	(32,514)	31,997
Accrued income taxes	(16,219)	852	10,238
Accrued pension and postretirement benefits	(9,481)	(10,103)	(24,216)
Other	(3,525)	9,657	(4,893)
Net cash flow provided by operating activities	(277,108)	(257,945)	181,444
INVESTING ACTIVITIES
Payments to Acquire Productive Assets	107,561	94,385	96,924
Disposals of property, plant and equipment	5,425	5,029	924
Proceeds from divestiture (Note 4)	0	0	1,001
Payments to Acquire Businesses, Net of Cash Acquired	(4,010)	0	0
Other	(3,280)	126	60
Net cash flow used for investing activities	(109,426)	(89,230)	(94,939)
FINANCING ACTIVITIES
Net (decrease) increase in notes payable	714	(1,270)	(6,067)
Net (decrease) increase in revolving and other lines of credit	0	(19,000)	19,000
Purchase of capital stock	(65,574)	(49,290)	(85,542)
The effect of employee benefit and stock plans and dividend reinvestment	(9,982)	(6,042)	(6,909)
Cash dividends paid to Shareholders	(63,431)	(64,524)	(66,565)
Other	(3,474)	(2,982)	(4,652)
Net cash flow used for financing activities	(141,747)	(143,108)	(150,735)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	(3,985)	(5,172)	(4,231)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	21,950	20,435	(68,461)
CASH AND CASH EQUIVALENTS
Cash and cash equivalents, beginning of year	106,021	85,586	154,047
Cash and cash equivalents, end of year		106,021	85,586
Cash and cash equivalents	127,971	106,021	85,586
Other Noncash Income (Expense)	$ 1,405	$ 7,079	$ (2,243)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Long-term Debt Current and Noncurrent
Long-term Debt, Including Current Maturities	$ 599,017	$ 598,780
Debt Issuance Costs, Net	(3,037)	(3,608)
Long-term Debt, Current Maturities [Abstract]
Long-term Debt, Less Current Maturities	595,980	595,172
Debt Instrument, Unamortized Discount		100
2.650% Senior Notes due 2020 [Member]
Long-term Debt Current and Noncurrent
Long-term Debt	299,878	299,860
4.625% Senior Unsecured Notes Due in 2028
Long-term Debt Current and Noncurrent
Long-term Debt	299,139	298,920
Long-term Debt, Current Maturities [Abstract]
Debt Instrument, Unamortized Discount	900	$ 1,100
Two Point Eight Percent Senior Unsecured Notes Due In Two Thousand And Thirty One
Long-term Debt, Current Maturities [Abstract]
Debt Instrument, Unamortized Discount	$ 100

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 113,641	$ 123,366	$ 150,201
Unrealized gain on derivatives designated and qualified as cash flow hedges	(26)	0	0
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	725	770	770
Unrecognized net pension and other postretirement benefit plans (loss) gain	(10,100)	(10,402)	(4,163)
Reclassification of net pension and other postretirement benefit plans loss	4,227	3,373	8,929
Foreign currency translation adjustments	(14,164)	6,815	(91,185)
Total other comprehensive (loss) income, net of tax	(20,788)	(984)	(87,189)
Total comprehensive income	92,853	122,382	63,012
Less: comprehensive income attributable to noncontrolling interests	(3,777)	(4,315)	(2,013)
Comprehensive income attributable to Kennametal Shareholders	$ 89,076	$ 118,067	$ 60,999

Other Current Liabilities

12 Months Ended

Jun. 30, 2024

Other Liabilities, Current [Abstract]

Other Current Liabilities [Text Block]

OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following at June 30:


(in thousands)	2024		2023
Accrued employee benefits	$	34,542	$	36,980
Payroll, state and local taxes	10,752		11,606
Accrued professional and legal fees	12,698		10,730
Accrued environmental	1,559		1,658
Accrued restructuring (Note 16)	8,415		9,379
Accrued interest	3,330		3,425
Other	72,816		64,010
Total other current liabilities	$	144,112	$	137,788

Schedule II Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 8,759	$ 9,422	$ 9,734
Charges to Costs and Expenses	574	495	1,242
Recoveries	(93)	(516)	(163)
Other Adjustments	(25)	(122)	(321)
Deductions from Reserves	(1,570)	(520)	(1,396)
Balance at End of Year	7,831	8,759	9,422
Deferred Tax Asset Valuation Allowance [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	8,281	14,385	21,263
Charges to Costs and Expenses	0	0	371
Recoveries	(1,501)	(3,760)	(4,459)
Other Adjustments	1	(75)	42
Deductions from Reserves	(870)	(2,269)	(2,832)
Balance at End of Year	$ 5,911	$ 8,281	$ 14,385

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column E
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column D
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (1)
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (2)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column B
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

+ Details

Accumulated Other Comprehensive (Loss) Income - Components of and Changes in AOCL (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	$ (434,588)	$ (414,343)
Other comprehensive (loss) income, net of tax	(20,788)	(984)	$ (87,189)
Post-retirement Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	(221,308)	(215,435)	(208,406)
Other comprehensive loss before reclassifications	(10,100)	(10,402)	(4,163)
Amounts reclassified from accumulated other comprehensive loss	4,227	3,373	8,929
Net current period other comprehensive loss	(5,873)	(7,029)	4,766
Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	2,983	3,733	4,503
Other comprehensive loss before reclassifications	(26)	0	0
Amounts reclassified from accumulated other comprehensive loss	(725)	(770)	(770)
Net current period other comprehensive loss	(750)	(770)	(770)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	(434,589)	(414,343)	(413,951)
Other comprehensive loss before reclassifications	(23,749)	(2,995)	(91,783)
Other comprehensive (loss) income, net of tax	(20,245)	(392)	(83,624)
Amounts reclassified from accumulated other comprehensive loss	3,502	2,603	8,159
Net current period other comprehensive loss	(20,247)	(392)	(83,624)
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	(8,680)	(8,139)	(7,547)
Other comprehensive loss before reclassifications	(541)	(592)	(3,565)
Other comprehensive (loss) income, net of tax	(541)	(592)	(3,565)
AOCI Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income	(8,680)	(8,139)	(7,547)
Other comprehensive loss before reclassifications	(541)	(592)	(3,565)
Other comprehensive (loss) income, net of tax	(541)	(592)	(3,565)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Interest Rate Swap [Member] \| Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest Income (Expense), Net	$ (1,020)	$ (1,020)	$ (1,020)

Segment Data - Geographic Sales Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
External Sales and Long-Lived Assets [Line Items]
Sales from Other country did not exceed	2.00%
Property, Plant and Equipment, Net	$ 938,063	$ 969,068
External Sales [Abstract]
Sales	2,046,899	2,078,184	$ 2,012,456
Total Long-Lived Assets [Abstract]
Long-Lived Assets	$ 938,063	$ 969,068	$ 1,002,041
Americas [Member]
External Sales and Long-Lived Assets [Line Items]
Revenues, percent	49.00%	50.00%	48.00%
UNITED STATES
External Sales [Abstract]
Sales	$ 824,275	$ 848,713	$ 797,768
Total Long-Lived Assets [Abstract]
Long-Lived Assets	516,659	552,770	585,003
GERMANY
External Sales [Abstract]
Sales	278,824	270,936	262,764
Total Long-Lived Assets [Abstract]
Long-Lived Assets	219,633	204,551	195,325
CHINA
External Sales [Abstract]
Sales	199,069	220,193	234,997
Total Long-Lived Assets [Abstract]
Long-Lived Assets	77,759	81,731	92,315
INDIA
External Sales [Abstract]
Sales	115,397	112,819	108,695
Total Long-Lived Assets [Abstract]
Long-Lived Assets	41,886	44,748	45,146
ITALY
External Sales [Abstract]
Sales	68,575	68,249	67,930
CANADA
External Sales [Abstract]
Sales	102,666	103,323	94,956
Total Long-Lived Assets [Abstract]
Long-Lived Assets	18,927	18,934	18,478
FRANCE
External Sales [Abstract]
Sales	55,670	51,178	47,218
UNITED KINGDOM
External Sales [Abstract]
Sales	32,013	29,943	30,686
ISRAEL
Total Long-Lived Assets [Abstract]
Long-Lived Assets	22,018	24,662	26,864
Other
External Sales [Abstract]
Sales	220,907	223,678	234,038
Total Long-Lived Assets [Abstract]
Long-Lived Assets	$ 41,181	$ 41,672	$ 38,910
EMEA [Member]
External Sales and Long-Lived Assets [Line Items]
Revenues, percent	31.00%	29.00%	30.00%
Asia Pacific [Member]
External Sales and Long-Lived Assets [Line Items]
Revenues, percent	20.00%	21.00%	22.00%
SOUTH AFRICA
External Sales [Abstract]
Sales	$ 42,609	$ 42,775	$ 42,402
BRAZIL
External Sales [Abstract]
Sales	30,224	32,946	26,147
SPAIN
External Sales [Abstract]
Sales	32,262	31,064	29,756
MEXICO
External Sales [Abstract]
Sales	44,408	42,367	35,099
Metal Cutting [Member]
External Sales [Abstract]
Sales	$ 1,280,781	$ 1,269,765	$ 1,227,273
Metal Cutting [Member] \| Americas [Member]
External Sales and Long-Lived Assets [Line Items]
Revenues, percent	45.00%	44.00%	41.00%
Metal Cutting [Member] \| EMEA [Member]
External Sales and Long-Lived Assets [Line Items]
Revenues, percent	37.00%	36.00%	37.00%
Metal Cutting [Member] \| Asia Pacific [Member]
External Sales and Long-Lived Assets [Line Items]
Revenues, percent	18.00%	20.00%	22.00%
Infrastructure [Member]
External Sales [Abstract]
Sales	$ 766,118	$ 808,419	$ 785,183
Infrastructure [Member] \| Americas [Member]
External Sales and Long-Lived Assets [Line Items]
Revenues, percent	58.00%	60.00%	59.00%
Infrastructure [Member] \| EMEA [Member]
External Sales and Long-Lived Assets [Line Items]
Revenues, percent	20.00%	18.00%	18.00%
Infrastructure [Member] \| Asia Pacific [Member]
External Sales and Long-Lived Assets [Line Items]
Revenues, percent	22.00%	22.00%	23.00%

Derivative Instruments and Hedging Activities

12 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE 6 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

As part of our financial risk management program, we use certain derivative financial instruments. See Note 2 for discussion on our derivative instruments and hedging activities policy.

The fair value of derivatives designated and not designated as hedging instruments in the consolidated balance sheets are as follows:


(in thousands)	2024		2023








Derivatives designated as hedging instruments
Other current assets - range forward contracts	$	43	$	—
Total derivatives designated as hedging instruments	43		—
Derivatives not designated as hedging instruments
Other current assets - currency forward contracts	$	48	$	68
Other current liabilities - currency forward contracts	(89)		(100)
Total derivatives not designated as hedging instruments	(41)		(32)
Total derivatives	$	2	$	(32)

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


(in thousands)	2024		2023		2022
Other (income) expense, net - currency forward contracts	$	69	$	(435)	$	377

CASH FLOW HEDGES

Range forward contracts (a transaction where both a put option is purchased and a call option is sold) are designated as cash flow hedges and hedge anticipated cash flows from cross-border intercompany sales of products and services. Gains and losses realized on these contracts are recorded in accumulated other comprehensive loss and are recognized as a component of cost of goods sold when the underlying sale of products or services is recognized into earnings. The notional amount of the contracts translated into U.S. dollars at June 30, 2024 was $6.4 million. There were no such contracts outstanding as of June 30, 2023. The time value component of the fair value of range forward contracts is excluded from the assessment of hedge effectiveness.

The following represents losses, net of tax, related to cash flow hedges:


(in thousands)	2024		2023
Unrealized loss recognized in other comprehensive income	$	(26)	$	—

NET INVESTMENT HEDGES

As of June 30, 2024, we had certain foreign currency-denominated intercompany loans payable with a total aggregate principal amount of ¥279.7 million, designated as net investment hedges to hedge the foreign exchange exposure of our net investment in our China-based subsidiaries. As of June 30, 2023, we had no foreign currency-denominated intercompany loans payable designated as net investment hedges. A loss of $0.2 million and a gain of $0.7 million were recorded as a component of foreign currency translation adjustments in other comprehensive loss as of June 30, 2024 and June 30, 2023, respectively.

As of June 30, 2024, the foreign currency-denominated intercompany loans payable designated as net investment hedges consisted of:


Instrument	Notional (CNY in thousands)(2)		Notional (USD in thousands)(2)		Maturity


Foreign currency-denominated intercompany loan payable	¥	111,541	$	15,356	November 2024
Foreign currency-denominated intercompany loan payable	¥	109,962	$	15,138	February 2025
Foreign currency-denominated intercompany loan payable	¥	58,213	$	8,014	April 2025

(2) Includes principal and accrued interest.

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Sales	$ 2,046,899	$ 2,078,184	$ 2,012,456
Cost of goods sold	1,419,806	1,431,745	1,364,479
Gross profit	627,093	646,439	647,977
Operating expense	433,161	437,292	419,093
Restructuring and other charges, net (Note 16)	12,152	4,106	(1,243)
Gain on divestiture (Note 4)	0	0	(1,001)
Amortization of intangibles	11,557	12,624	12,988
Operating income	170,223	192,417	218,140
Interest expense	26,472	28,496	25,914
Other expense (income), net	(699)	4,300	(14,507)
Income before income taxes	144,450	159,621	206,733
Provision for income taxes (Note 13)	30,809	36,255	56,532
Net income	113,641	123,366	150,201
Less: Net income attributable to noncontrolling interests	4,318	4,907	5,578
Net income attributable to Kennametal	$ 109,323	$ 118,459	$ 144,623
PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS
Basic earnings per share	$ 1.38	$ 1.47	$ 1.74
Diluted earnings per share	$ 1.37	$ 1.46	$ 1.72
Basic weighted average shares outstanding	79,390	80,803	83,252
Diluted weighted average shares outstanding	79,965	81,402	83,944

Notes Payable and Lines of Credit (Details) - USD ($)	12 Months Ended
Notes Payable and Lines of Credit (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 07, 2018
Notes Payable and Lines of Credit (Textual) [Abstract]
Notes Payable	$ 1,377,000	$ 689,000
Other Notes Payable	$ 1,400,000	700,000
Line of Credit
Notes Payable and Lines of Credit (Textual) [Abstract]
Debt, Weighted Average Interest Rate	6.30%
Net Debt to EBITDA Ratio, domestic cash allowed to net debt, amount, minimum	$ 25,000,000
Net Debt to EBITDA Ratio, Maximum	3.75
Notes Payable to Banks [Member]
Notes Payable and Lines of Credit (Textual) [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	56,200,000
Line of Credit Facility Unused	700,000,000.0
Twenty Eighteen Credit Agreement [Member] [Domain]
Notes Payable and Lines of Credit (Textual) [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity			$ 700,000,000.0
Line of Credit Facility, Fair Value of Amount Outstanding	$ 0	$ 0
Term of Long Term Debt	5 years

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2022
Goodwill, Gross	$ 1,080,423	$ 1,082,439	$ 1,075,102
Goodwill, Accumulated Impairment Loss	810,872	810,872	810,872
Goodwill	269,551	271,567	264,230
Goodwill, Period Increase (Decrease)	5,321
Metal Cutting [Member]
Goodwill, Gross	447,212	449,228	441,891
Goodwill, Accumulated Impairment Loss	(177,661)	(177,661)	(177,661)
Goodwill	269,551	271,567	264,230
Goodwill, Period Increase (Decrease)	5,321
Infrastructure [Member]
Goodwill, Gross	633,211	633,211	633,211
Goodwill, Accumulated Impairment Loss	(633,211)	(633,211)	(633,211)
Goodwill	0	$ 0	$ 0
Goodwill, Period Increase (Decrease)	$ 0

- Definition

+ References

+ Details

Summary of Significant Accounting Policies (Details Textual 2)	Jun. 30, 2024
Trademarks [Member] \| Minimum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Trademarks [Member] \| Maximum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Technology-Based and other [Member] \| Minimum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	4 years
Technology-Based and other [Member] \| Maximum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Unpatented Technology [Member] \| Minimum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Unpatented Technology [Member] \| Maximum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	30 years

Pension and Other Postretirement Benefits - Funded Status of Pension Plans and Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Change in Plan Assets
Fair Value of Plans' Assets, Beginning of Year	$ 650,180
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Other Adjustments	4,335	$ (7)
Fair Value of Plans' Assets, End of Year	636,088	650,180
Amounts Recognized in Balance Sheet
Long-term prepaid pension benefit (Note 14)	70,016	70,567
Pension plans contribution [Member]
Change in Benefit Obligation
Benefit Obligation, Beginning of Year	695,911	741,009
Service Cost	1,181	963	$ 1,117
Interest Cost	35,551	32,235	22,532
Participant Contributions	434	486
Actuarial Losses	(4,575)	(32,622)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	54,130	52,625
Benefits and expenses paid	(54,130)	(52,625)
Currency Translation Adjustment	(2,031)	7,372
Plan Amendments	(51)	(50)
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement	(668)	(1,260)
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment	0	(3)
Benefit Obligation, End of Year	677,054	695,911	741,009
Change in Plan Assets
Fair Value of Plans' Assets, Beginning of Year	650,180	695,965
Actual Return on Plans' Assets	26,205	(4,063)
Company Contributions	10,104	7,842
Currency translation adjustments	(372)	3,842
Fair Value of Plans' Assets, End of Year	636,088	650,180	$ 695,965
Funded Status of Plans	(40,966)	(45,731)
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant	434	486
Defined Benefit Plan, Plan Assets, Payment for Settlement	668	1,260
Amounts Recognized in Balance Sheet
Long-term prepaid pension benefit (Note 14)	70,016	70,567
Short-term Accrued Benefit Obligation	(7,401)	(7,562)
Accrued Pension Benefits	(103,581)	(108,736)
Net Amount Recognized	(40,966)	(45,731)
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change	$ 5,432	$ 406

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Jun. 30, 2024

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

Components of Accumulated Other Comprehensive I(Loss) Income [Table Text Block]

The components of and changes in accumulated other comprehensive loss (AOCL) were as follows, net of tax, for the year ended June 30, 2024 (in thousands):


Attributable to Kennametal:	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Balance, June 30, 2023	$	(215,435)	$	(202,641)	$	3,733	$	(414,343)
Other comprehensive loss before reclassifications	(10,100)		(13,623)		(26)		(23,749)
Amounts reclassified from AOCL	4,227		—		(725)		3,502
Net other comprehensive loss	(5,873)		(13,623)		(750)		(20,247)
AOCL, June 30, 2024	$	(221,308)	$	(216,264)	$	2,983	$	(434,589)

Attributable to noncontrolling interests:
Balance, June 30, 2023	$	—	$	(8,139)	$	—	$	(8,139)
Other comprehensive loss before reclassifications	—		(541)		—		(541)
Net other comprehensive loss	—		(541)		—		(541)
AOCL, June 30, 2024	$	—	$	(8,680)	$	—	$	(8,680)

The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2023 (in thousands):


Attributable to Kennametal:	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Balance, June 30, 2022	$	(208,406)	$	(210,048)	$	4,503	$	(413,951)
Other comprehensive (loss) income before reclassifications	(10,402)		7,407		—		(2,995)
Amounts reclassified from AOCL	3,373		—		(770)		2,603
Net other comprehensive (loss) income	(7,029)		7,407		(770)		(392)
AOCL, June 30, 2023	$	(215,435)	$	(202,641)	$	3,733	$	(414,343)

Attributable to noncontrolling interests:
Balance, June 30, 2022	$	—	$	(7,547)	$	—	$	(7,547)
Other comprehensive loss before reclassifications	—		(592)		—		(592)
Net other comprehensive loss	—		(592)		—		(592)
AOCL, June 30, 2023	$	—	$	(8,139)	$	—	$	(8,139)

The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2022 (in thousands):


Attributable to Kennametal:	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Balance, June 30, 2021	$	(213,172)	$	(122,428)	$	5,273	$	(330,327)
Other comprehensive loss before reclassifications	(4,163)		(87,620)		—		(91,783)
Amounts reclassified from AOCL	8,929		—		(770)		8,159
Net other comprehensive income (loss)	4,766		(87,620)		(770)		(83,624)

AOCL, June 30, 2022	$	(208,406)	$	(210,048)	$	4,503	$	(413,951)

Attributable to noncontrolling interests:
Balance, June 30, 2021	$	—	$	(3,982)	$	—	$	(3,982)
Other comprehensive loss before reclassifications	—		(3,565)		—		(3,565)
Net other comprehensive loss	—		(3,565)		—		(3,565)
AOCL, June 30, 2022	$	—	$	(7,547)	$	—	$	(7,547)

Reclassification out of Accumulated Other Comprehensive Loss

Reclassifications out of AOCL for the years ended June 30, 2024, 2023 and 2022 consisted of the following:


	Year Ended June 30,
Details about AOCL components (in thousands)	2024		2023		2022		Affected line item in the Income Statement
(Gains) and losses on cash flow hedges:
Forward starting interest rate swaps	$	(1,020)	$	(1,020)	$	(1,020)	Interest expense
Currency exchange contracts	60		—		—		Cost of goods sold
Total before tax	(960)		(1,020)		(1,020)
Tax impact	235		250		250		Provision for income taxes
Net of tax	$	(725)	$	(770)	$	(770)

Pension and other postretirement benefits:
Amortization of transition obligations	$	76	$	84	$	94	Other expense (income), net
Amortization of prior service credit	(258)		(266)		(263)		Other expense (income), net
Recognition of actuarial losses	5,895		4,632		11,999		Other expense (income), net
Total before tax	5,713		4,450		11,830
Tax impact	(1,486)		(1,077)		(2,901)		Provision for income taxes
Net of tax	$	4,227	$	3,373	$	8,929

Amount of Income Tax (Expense) Benefit Allocated to Each Component of Other Comprehensive Income (Loss) [Table Text Block]

The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2024:


(in thousands)	Pre-tax		Tax impact		Net of tax
Unrealized loss on derivatives designated and qualified as cash flow hedges	$	(34)	$	8	$	(26)
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	(960)		235		(725)
Unrecognized net pension and other postretirement benefit plans loss	(13,328)		3,228		(10,100)
Reclassification of net pension and other postretirement benefit plans loss	5,713		(1,486)		4,227
Foreign currency translation adjustments	(14,215)		51		(14,164)
Other comprehensive loss	$	(22,824)	$	2,036	$	(20,788)

The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2023:


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

Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	$	(1,020)	$	250	$	(770)
Unrecognized net pension and other postretirement benefit plans loss	(13,972)		3,570		(10,402)
Reclassification of net pension and other postretirement benefit plans loss	4,450		(1,077)		3,373
Foreign currency translation adjustments	6,959		(144)		6,815
Other comprehensive loss	$	(3,583)	$	2,599	$	(984)

The amount of income tax allocated to each component of other comprehensive income for the year ended June 30, 2022:


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

Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	$	(1,020)	$	250	$	(770)
Unrecognized net pension and other postretirement benefit plans loss	(3,894)		(269)		(4,163)
Reclassification of net pension and other postretirement benefit plans loss	11,830		(2,901)		8,929
Foreign currency translation adjustments	(91,012)		(173)		(91,185)

Other comprehensive loss	$	(84,096)	$	(3,093)	$	(87,189)

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The summary of our significant accounting policies is presented below to assist in evaluating our consolidated financial statements.

The following tables provide the computation of diluted shares outstanding:


(in thousands)	2024	2023	2022
Weighted-average shares outstanding during period	79,390	80,803	83,252
Add: Unexercised stock options and unvested restricted stock units	575	599	692
Number of shares on which diluted earnings per share is calculated	79,965	81,402	83,944
Unexercised stock options with an exercise price greater than the average market price and restricted stock units not included in the computation because they were anti-dilutive	396	642	260

Losses of $4.1 million, $3.9 million and $2.5 million from currency transactions were included in other (income) expense, net in 2024, 2023 and 2022, respectively.

Supplemental Cash Flow Information

12 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Disclosures


Year ended June 30 (in thousands)	2024		2023		2022
Cash paid during the period for:
Interest	$	26,382	$	28,192	$	25,277
Income taxes	48,518		43,730		36,105
Supplemental disclosure of non-cash information:
Changes in accounts payable related to purchases of property, plant and equipment	(4,497)		(2,248)		9,800

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Tax (Textual) [Abstract]
Valuation Allowance Adjustment	$ (3,398)	$ (4,060)	$ (614)
Change In Permanent Reinvestment Assertion	0	0	775
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions	20,340	24,111
Valuation Allowance	(5,911)	(8,281)
Change in Valuation Allowance, Current Year	2,400
Deferred Tax Assets, Tax Credit Carryforwards	18,231	22,601
Unremitted Earnings of Non-U.S. Subsidiaries and Affiliates		1,600,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	1,300	6,900	7,600
Increase (reduction) in Interest	900	100	300
Interest Accrued	100	1,000
Deferred Tax Liabilities, Undistributed Foreign Earnings	6,931	4,831
Discrete Benefit for Swiss Tax Reform	(7,801)	(2,225)	0	$ 14,500
Total Net Deferred Tax Liabilities	(43,162)	(33,457)
Decrease in Unrecognized Tax Benefits is Reasonably Possible	100
US Income Tax Provided On International Income	4,272	4,583	12,815
Unrecognized Tax Benefits	1,309	6,935	7,598	$ 8,656
Litigation Settlement, Expense	3,100	3,000
Discrete Benefit for Swiss Tax Reform 2023		2,200
Discrete Benefit for Swiss Tax Reform 23		2,200
Discrete Benefit for Swiss Tax Reform 2024	$ 7,800
Valuation Allowance, Deferred Tax Asset, Explanation of Change	6.2 million
Unrecognized Tax Benefits, Income Tax Penalties Accrued	$ 100
Income Taxes at U.S Statutory Rate	30,335	33,520	$ 43,414
ITALY
Income Tax (Textual) [Abstract]
Penalties Accrued	0
Expiring Year Fifteen Through Twenty [Member]
Income Tax (Textual) [Abstract]
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions	3,400
Expiring Year Ten Through Fifteen [Member]
Income Tax (Textual) [Abstract]
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions	900
Expiring Year Five Through Ten [Member]
Income Tax (Textual) [Abstract]
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions	800
Expiring Through Year Five [Member]
Income Tax (Textual) [Abstract]
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions	2,900
Does not expire [Member]
Income Tax (Textual) [Abstract]
Tax Benefits associated with Net Operating Loss Carryforwards in Federal, State and Foreign Jurisdictions	12,300
Does not expire [Member]
Income Tax (Textual) [Abstract]
Deferred Tax Assets, Tax Credit Carryforwards	800
Expiring Through Year Five [Member]
Income Tax (Textual) [Abstract]
Deferred Tax Assets, Tax Credit Carryforwards	$ 17,400
Release of Brazil valuation allowance
Income Tax (Textual) [Abstract]
Valuation Allowance Adjustment		$ 2,900

Notes Payable and Lines of Credit	12 Months Ended
Notes Payable and Lines of Credit	Jun. 30, 2024
Notes Payable and Lines of Credit [Abstract]
Notes Payable and Lines of Credit	NOTE 12 — REVOLVING AND OTHER LINES OF CREDIT AND NOTES PAYABLE During fiscal 2022, we entered into the Sixth Amended and Restated Credit Agreement dated as of June 14, 2022 (the Credit Agreement). The Credit Agreement is a five-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, 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), and Secured Overnight Financing Rate (SOFR) for any borrowings in euros, pounds sterling, yen, and U.S. 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 June 30, 2024, we were in compliance with all covenants of the Credit Agreement and we had no borrowings outstanding and $700.0 million of availability. There were no borrowings outstanding as of June 30, 2023. The weighted average interest rate on borrowings under the Credit Agreement was 6.3 percent for the year ended June 30, 2024. Borrowings on other lines of credit and notes payable were $1.4 million and $0.7 million at June 30, 2024 and 2023, respectively. The lines of credit represented short-term borrowings under credit lines with commercial banks in the various countries in which we operate. The availability of these credit lines, translated into U.S. dollars at June 30, 2024 exchange rates, totaled $56.2 million.

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income (loss) before income taxes consisted of the following for the years ended June 30:


(in thousands)	2024			2023			2022
Income (loss) before income taxes:
United States	$	(13,544)		$	(14,702)		$	10,109
International	157,994			174,323			196,624
Total income before income taxes	$	144,450		$	159,621		$	206,733
Current income tax expense (benefit):
Federal	$	(4,003)		$	2,007		$	1,115
State	1,045			546			106
International	41,784			42,921			44,019
Total current income tax expense	38,826			45,474			45,240
Deferred income tax expense (benefit):
Federal	$	(3,389)		$	(3,394)		$	10,841
State	(2,880)			683			(676)
International	(1,748)			(6,508)			1,127
Total deferred income tax expense (benefit):	(8,017)			(9,219)			11,292
Provision for income taxes	$	30,809		$	36,255		$	56,532
Effective tax rate	21.3		%	22.7		%	27.3		%

Reconciliation of Income Taxes and the Provision for Income Taxes

The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision for income taxes was as follows for the years ended June 30:


(in thousands)	2024		2023		2022
Income taxes at U.S. statutory rate	$	30,335	$	33,520	$	43,414
State income taxes, net of federal tax benefit	(1,412)		971		(450)
U.S. income taxes provided on international income	4,272		4,583		12,815
Combined tax effects of international income	10,163		5,761		2,747

Change in valuation allowance and other uncertain tax positions	(3,398)		(4,060)		(614)

U.S. research and development credit	(4,026)		(3,325)		(2,814)
Change in permanent reinvestment assertion	—		—		775

Combined effects of Swiss tax reform	(7,801)		(2,225)		—

Non-deductible executive compensation	2,389		667		1,395

Other	287		363		(736)

Provision for income taxes	$	30,809	$	36,255	$	56,532

Components of Net Deferred Tax Liabilities and Assets

The components of net deferred tax assets and liabilities were as follows at June 30:


(in thousands)	2024		2023
Deferred tax assets:
Net operating loss (NOL) carryforwards	$	20,340	$	24,111
Inventory valuation and reserves	9,322		9,677
Accrued employee benefits	13,627		14,758
Operating lease liabilities	12,097		11,229
Other accrued liabilities	13,810		13,963
Capitalized research and development costs	35,637		25,187
Tax credits and other carryforwards	18,231		22,601
Intangible assets	11,095		5,209

Total	134,159		126,735
Valuation allowance	5,911		8,281
Total deferred tax assets	$	128,248	$	118,454
Deferred tax liabilities:
Tax depreciation in excess of book	$	58,723	$	62,763
Operating lease right-of-use assets	12,038		11,084

Unremitted earnings not permanently reinvested	6,931		4,831
Pension benefits	2,633		1,808
Other	4,761		4,511
Total deferred tax liabilities	$	85,086	$	84,997
Total net deferred tax assets (liabilities)	$	43,162	$	33,457

Reconciliation of Unrecognized Tax Benefits Excluding Interest

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalty) is as follows as of June 30:


(in thousands)	2024		2023		2022
Balance at beginning of year	$	6,935	$	7,598	$	8,656
(Decreases)/Increases for tax positions of prior years	—		(658)		105

Increase for tax positions related to the current year	79		—		—

Decreases related to lapse of statute of limitations	(5,686)		(99)		(779)
Foreign currency translation	(19)		94		(384)
Balance at end of year	$	1,309	$	6,935	$	7,598

Restructuring Charges (Tables)

12 Months Ended

Jun. 30, 2024

Restructuring Charges [Abstract]

Schedule of Restructuring Reserve by Type of Cost


(in thousands)	June 30, 2023		Expense		Asset Write-Down		Translation		Cash Expenditures		June 30, 2024
Severance	$	9,885	$	12,372	$	—	$	257	$	(11,715)	$	10,799


Total	9,885		12,372		—		257		(11,715)		10,799


(in thousands)	June 30, 2022		Expense		Asset Write-Down		Translation		Cash Expenditures		June 30, 2023
Severance	$	7,919	$	6,605	$	—	$	29	$	(4,668)	$	9,885


Total	7,919		6,605		—		29		(4,668)		9,885

Income Taxes - Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income (Loss) Before Income Taxes
United States	$ (13,544)	$ (14,702)	$ 10,109
International	157,994	174,323	196,624
Income before income taxes	144,450	159,621	206,733
Current Income Taxes
Federal	(4,003)	2,007	1,115
State	1,045	546	106
International	41,784	42,921	44,019
Total Current Income Taxes	38,826	45,474	45,240
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	(3,389)	(3,394)	10,841
State	(2,880)	683	(676)
International	(1,748)	(6,508)	1,127
Deferred Income Taxes and Tax Credits	(8,017)	(9,219)	11,292
Provision for income taxes	$ 30,809	$ 36,255	$ 56,532
Effective tax rate	21.30%	22.70%	27.30%

Restructuring and Related Charges and Asset Impairment Charges - Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Restructuring Reserve [Abstract]
Expense	$ 1,100	$ 800	$ (1,200)
Restructuring and Related Cost, Expected Cost	25,000
Gain (Loss) on Sale of Properties	600	2,500
Metal Cutting [Member]
Restructuring Reserve [Abstract]
Beginning Balance	9,885	7,919
Expense	12,372	6,605
Asset Write-Down	0	0
Translation	257	29
Cash Expenditures	(11,715)	(4,668)
Ending Balance	10,799	9,885	7,919
Metal Cutting [Member] \| Severance [Member]
Restructuring Reserve [Abstract]
Beginning Balance	9,885	7,919
Expense	12,372	6,605
Asset Write-Down	0	0
Translation	257	29
Cash Expenditures	(11,715)	(4,668)
Ending Balance	$ 10,799	$ 9,885	$ 7,919

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interests [Member]	Derivatives [Member] Reclassification out of Accumulated Other Comprehensive Income [Member]
Beginning Balance, Shares at Jun. 30, 2021		83,614
Beginning Balance at Jun. 30, 2021		$ 104,518	$ 562,820	$ 992,597	$ (330,327)	$ 38,597
Dividend reinvestment, Shares		6
Dividend reinvestment		$ 7	182
Capital stock issued under employee benefit and stock plans, Shares		444
Capital stock issued under employee benefit and stock plans		$ 554	13,334
Purchase of capital stock, Shares		(2,727)
Purchase of capital stock		$ (3,408)	(82,134)
Net income	$ 150,201			144,623		5,578
Cash dividends paid to Shareholders				(66,565)		(1,940)
Unrecognized net pension and other postretirement benefit plans (loss) gain	(4,163)				(4,163)
Reclassification of net pension and other postretirement benefit plans loss	8,929				8,929
Foreign currency translation adjustments, net of tax	(91,185)				(87,620)
Other comprehensive (loss) income, net of tax	(87,189)				(83,624)	(3,565)
Ending Balance, Shares at Jun. 30, 2022		81,337
Ending Balance at Jun. 30, 2022	1,291,247	$ 101,671	494,202	1,070,655	(413,951)	38,670
Unrealized gain on derivatives designated and qualified as cash flow hedges	0				0
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	770				770
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	250						$ 250
Dividend reinvestment, Shares		7
Dividend reinvestment		$ 9	178
Capital stock issued under employee benefit and stock plans, Shares		494
Capital stock issued under employee benefit and stock plans		$ 618	17,812
Purchase of capital stock, Shares		(2,003)
Purchase of capital stock		$ (2,504)	(46,786)
Net income	123,366			118,459		4,907
Cash dividends paid to Shareholders				(64,524)		(4,264)
Unrecognized net pension and other postretirement benefit plans (loss) gain	(10,402)				(10,402)
Reclassification of net pension and other postretirement benefit plans loss	3,373				3,373
Foreign currency translation adjustments, net of tax	6,815				7,407
Other comprehensive (loss) income, net of tax	(984)				(392)	(592)
Ending Balance, Shares at Jun. 30, 2023		79,835
Ending Balance at Jun. 30, 2023	1,314,168	$ 99,794	465,406	1,124,590	(414,343)	38,721
Unrealized gain on derivatives designated and qualified as cash flow hedges	0				0
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	770				770
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	250						250
Dividend reinvestment, Shares		7
Dividend reinvestment		$ 9	169
Capital stock issued under employee benefit and stock plans, Shares		649
Capital stock issued under employee benefit and stock plans		$ 810	13,367
Purchase of capital stock, Shares		(2,602)
Purchase of capital stock		$ (3,252)	(62,322)
Net income	$ 113,641			109,323		4,318
Common Stock, Dividends, Per Share, Declared	$ 0.80
Cash dividends paid to Shareholders				(63,431)		(3,774)
Unrecognized net pension and other postretirement benefit plans (loss) gain	$ (10,100)				(10,100)
Reclassification of net pension and other postretirement benefit plans loss	4,227				4,227
Foreign currency translation adjustments, net of tax	(14,164)				(13,621)
Other comprehensive (loss) income, net of tax	(20,788)				(20,245)	(541)
Ending Balance, Shares at Jun. 30, 2024		77,889
Ending Balance at Jun. 30, 2024	1,288,599	$ 97,361	$ 416,620	$ 1,170,482	(434,588)	$ 38,724
Unrealized gain on derivatives designated and qualified as cash flow hedges	(26)				(26)
Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	725				$ 725
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	$ 235						$ 235

Environmental Matters (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Environmental Remediation Obligations [Abstract]
Accrual for Potential Environmental Loss Contingencies	$ 11,000	$ 12,000
Accrued Environmental Loss Contingencies, Current	1,559	1,658
Environmental Exit Cost [Line Items]
Accrued Environmental Loss Contingencies, Current	$ 1,559	$ 1,658

Schedule II Valuation and Qualifying Accounts and Reserves

12 Months Ended

Jun. 30, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts Disclosure

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS


(In thousands) For the year ended June 30	Balance at Beginning of Year		Charges to Costs and Expenses		Recoveries		Other Adjustments			Deductions from Reserves			Balance at End of Year
2024
Allowance for doubtful accounts	$	8,759	$	574	$	93	$	(25)	(1)	$	(1,570)	(2)	$	7,831
Deferred tax asset valuation allowance	8,281		—		(1,501)		1		(1)	(870)		(3)	5,911
2023
Allowance for doubtful accounts	$	9,422	$	495	$	(516)	$	(122)	(1)	$	(520)	(2)	$	8,759
Deferred tax asset valuation allowance	14,385		—		(3,760)		(75)		(1)	(2,269)		(3)	8,281
2022
Allowance for doubtful accounts	$	9,734	$	1,242	$	163	$	(321)	(1)	$	(1,396)	(2)	$	9,422
Deferred tax asset valuation allowance	21,263		371		(4,459)		42		(1)	(2,832)			14,385

(1)Represents foreign currency translation adjustment.

(2)Represents uncollected accounts charged against the allowance.

(3)Represents primarily changes in tax rates and forfeited net operating loss deduction.

Derivative Instruments and Hedging Activities - Losses (gains) related to Derivatives Not Designated as Hedging Instruments and to Cash Flow Hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Net Investment Hedging [Member]
(Gains) losses related to cash flow hedges
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	$ 200	$ 700
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Amount of Hedged Item	279,700	0
Foreign Exchange Forward [Member] \| Other Nonoperating Income (Expense) [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, (Gain )Loss Recognized in Income, Net
Other income, net - currency forward contracts	$ 69	$ (435)	$ 377

Segment Data (Details) $ in Thousands	12 Months Ended
Segment Data (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Net	$ 938,063	$ 969,068
Sales	2,046,899	2,078,184	$ 2,012,456
Total operating income	170,223	192,417	218,140
Interest expense	26,472	28,496	25,914
Other expense (income), net	(699)	4,300	(14,507)
Income before income taxes	144,450	159,621	206,733
Depreciation and Amortization	134,687	134,025	131,678
Assets	2,503,758	2,547,234	2,573,524
Capital Expenditures	$ 107,561	94,385	96,924
Sales To a Single Customer Did Not Aggretage More Than	0.05
Industrial [Member]
Segment Reporting Information [Line Items]
Sales	$ 1,280,781	1,269,765	1,227,273
Total operating income	132,573	135,763	121,386
Depreciation and Amortization	90,917	90,880	87,986
Assets	1,416,884	1,460,757	1,469,835
Segment, Expenditure, Addition to Long-Lived Assets	71,148	58,384	64,055
Infrastructure [Member]
Segment Reporting Information [Line Items]
Sales	766,118	808,419	785,183
Total operating income	39,857	59,757	98,871
Depreciation and Amortization	43,770	43,144	43,691
Assets	690,374	734,944	768,226
Segment, Expenditure, Addition to Long-Lived Assets	36,413	36,001	32,869
Corporate [Member]
Segment Reporting Information [Line Items]
Total operating income	(2,207)	(3,103)	(2,117)
Depreciation and Amortization	0	1	1
Assets	$ 396,500	$ 351,533	$ 335,463

Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Supplier Finance Program [Line Items]
Supplier Finance Program, Obligation	$ 26.1	$ 20.7

Long-Term Debt

12 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-term Debt [Text Block]

NOTE 11 — LONG-TERM DEBT

Long-term debt consisted of the following at June 30:


(in thousands)	2024		2023
2.800% Senior Unsecured Notes due fiscal 2031, net of discount of $0.1 million for 2024 and $0.1 million for 2023	$	299,878	$	299,860
4.625% Senior Unsecured Notes due fiscal 2028, net of discount of $0.9 million for 2024 and $1.1 million for 2023	299,139		298,920






Total term debt	599,017		598,780
Less unamortized debt issuance costs	(3,037)		(3,608)





Total long-term debt	$	595,980	$	595,172

In February 2021, we issued $300.0 million of 2.800 percent Senior Unsecured Notes with a maturity date of March 1, 2031. Interest is paid semi-annually on March 1 and September 1 of each year. On June 7, 2018, we issued $300.0 million of 4.625 percent Senior Unsecured Notes with a maturity date of June 15, 2028. Interest on these notes is paid semi-annually on June 15 and December 15 of each year.

Future principal maturities of long-term debt are $300.0 million in 2028 and $300.0 million in 2031.

Fixed rate debt had a fair market value of $545.9 million and $527.4 million at June 30, 2024 and 2023, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of June 30, 2024 and 2023, respectively.

Summary Of Significant Accounting Policies New Accounting Standards (Details)	12 Months Ended
	Jun. 30, 2024 Segment
Termination of Warranty	30

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivatives designated and not designated as hedging instruments

The fair value of derivatives designated and not designated as hedging instruments in the consolidated balance sheets are as follows:


(in thousands)	2024		2023








Derivatives designated as hedging instruments
Other current assets - range forward contracts	$	43	$	—
Total derivatives designated as hedging instruments	43		—
Derivatives not designated as hedging instruments
Other current assets - currency forward contracts	$	48	$	68
Other current liabilities - currency forward contracts	(89)		(100)
Total derivatives not designated as hedging instruments	(41)		(32)
Total derivatives	$	2	$	(32)

Losses (gains) related to derivatives not designated as hedging instruments

related to derivatives not designated as hedging instruments have been recognized as follows:


(in thousands)	2024		2023		2022
Other (income) expense, net - currency forward contracts	$	69	$	(435)	$	377

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

As of June 30, 2024, the foreign currency-denominated intercompany loans payable designated as net investment hedges consisted of:


Instrument	Notional (CNY in thousands)(2)		Notional (USD in thousands)(2)		Maturity


Foreign currency-denominated intercompany loan payable	¥	111,541	$	15,356	November 2024
Foreign currency-denominated intercompany loan payable	¥	109,962	$	15,138	February 2025
Foreign currency-denominated intercompany loan payable	¥	58,213	$	8,014	April 2025

(2) Includes principal and accrued interest.

Derivative Instruments and Hedging Activities - Narrative 1 (Details) ¥ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 CNY (¥)
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract]
Derivative, Notional Amount	$ 6,400,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(26,000)
Net Investment Hedging [Member]
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract]
Derivative, Amount of Hedged Item	279,700,000	$ 0
Net Investment Hedge Maturing November of 2024
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract]
Notional amount of the contracts translated into U.S. dollars	15,356,000,000		¥ 111,541,000
Net Investment Hedge Maturing February of 2025
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract]
Notional amount of the contracts translated into U.S. dollars	15,138,000,000		109,962,000
Net Investment Hedge Maturing April of 2025
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract]
Notional amount of the contracts translated into U.S. dollars	8,014,000,000		¥ 58,213,000
Cash Flow Hedging [Member] \| Range Forward Contracts [Member]
Additional Derivative Instruments and Hedging Activities (Textual) [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(0.026)	0
Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	$ 200,000	$ 700,000

Leases, Codification Topic 840 (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Short-term Lease, Cost	$ 5,900	$ 7,000	$ 3,700
Operating Lease, Weighted Average Remaining Lease Term	8 years 7 months 6 days	8 years	8 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	4.30%	3.80%	3.20%
Operating Lease, Payments	$ 16,360	$ 15,040	$ 17,592
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	17,640	8,066	15,430
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months	14,409
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two	11,065
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three	7,630
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four	4,906
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five	2,845
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five	14,719
Lessee, Operating Lease, Liability, to be Paid	55,574
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	7,177
Operating Lease, Liability	48,397
Operating Leased Assets [Line Items]
Operating Lease, Cost	$ 22,300	$ 22,000	$ 21,300

Summary Of Significant Accounting Policies Earnings Per Share (Tables)

12 Months Ended

Jun. 30, 2024

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

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following tables provide the computation of diluted shares outstanding:


(in thousands)	2024	2023	2022
Weighted-average shares outstanding during period	79,390	80,803	83,252
Add: Unexercised stock options and unvested restricted stock units	575	599	692
Number of shares on which diluted earnings per share is calculated	79,965	81,402	83,944
Unexercised stock options with an exercise price greater than the average market price and restricted stock units not included in the computation because they were anti-dilutive	396	642	260

Stock-Based Compensation - Changes in Stock Options (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Changes in stock options
Options outstanding, Beginning of Period \| shares	217,614
Options, Exercised \| shares	0
Options, Lapsed and Forfeited \| shares	(52,304)
Options outstanding, End of Period \| shares	165,310
Options vested and expected to vest, June 30, 2019 \| shares	165,310
Options exercisable, June 30, 2019 \| shares	165,310
Weighted Average Exercise Price, Options outstanding, Beginning of Period \| $ / shares	$ 37.29
Weighted Average Exercise Price, Exercised \| $ / shares	0
Weighted Average Exercise Price, Lapsed and Forfeited \| $ / shares	45.24
Weighted Average Exercise Price, Options outstanding, End of Period \| $ / shares	34.78
Weighted Average Exercise Price, Option vested and expected to vest, June 30, 2019 \| $ / shares	34.78
Weighted Average Exercise Price, Options exercisable, June 30, 2019 \| $ / shares	$ 34.78
Weighted Average Remaining Life, Options outstanding, June 30, 2019	9 months 18 days
Weighted Average Remaining Life, Options vested and expected to vest, June 30, 2019	9 months 18 days
Weighted Average Remaining Life, Options exercisable, June 30, 2019	9 months 18 days
Aggregate Intrinsic value, Options outstanding, June 30, 2019 \| $	$ 37
Aggregate Intrinsic Value, Options vested and expected to vest, June 30, 2019 \| $	37
Aggregate Intrinsic Value, Options exercisable, June 30, 2019 \| $	$ 37

Long -Term Debt - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Feb. 23, 2021	Jun. 07, 2018	Jun. 30, 2024	Jun. 30, 2023
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Unamortized Discount				$ 100
Long Term Debt (Additional Textual) [Abstract]
Long-term Debt, Fair Value			$ 545,900	527,400
4.625% Senior Unsecured Notes Due in 2028
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate, Stated Percentage		4.625%
Debt Instrument, Unamortized Discount			900	1,100
Long Term Debt (Additional Textual) [Abstract]
Proceeds from Issuance of Senior Long-term Debt		$ 300,000
Two Point Eight Percent Senior Unsecured Notes Due In Two Thousand And Thirty One
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	2.80%
Debt Instrument, Unamortized Discount			100
Long Term Debt (Additional Textual) [Abstract]
Proceeds from Issuance of Senior Long-term Debt	$ 300,000
Twenty Eighteen Credit Agreement [Member] [Domain]
Long-Term Debt (Textual) [Abstract]
Maximum Borrowing Capacity under the 2018 Credit Agreement		$ 700,000
Borrowing outstanding under 2018 Credit Agreement			$ 0	$ 0
Term of Long Term Debt			5 years

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 6,935	$ 7,598	$ 8,656
Increases for tax positions of prior years	0	(658)	(105)
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	79	0	0
Decreases related to lapse of statute of limitations	(5,686)	(99)	(779)
Decrease Resulting from Foreign Currency Translation	(19)		(384)
Increase Resulting from Foreign Currency Translation		94
Balance at end of year	$ 1,309	$ 6,935	$ 7,598

Summary Of Significant Accounting Policies - Stock-Based Compensation (Details) - shares	12 Months Ended
	Jun. 30, 2024	Oct. 26, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable Period for Capital Stock Options	10 years
Amended and Restated Two Thousand Ten Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		9,500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 718
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-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Funded Status of Pension Plans and Amount recognized in the Consolidated Balance Sheet

The funded status of our pension plans and amounts recognized in the consolidated balance sheets as of June 30 were as follows:


(in thousands)	2024		2023
Change in benefit obligation:
Benefit obligation, beginning of year	$	695,911	$	741,009
Service cost	1,181		963
Interest cost	35,551		32,235
Participant contributions	434		486
Actuarial gains	(4,575)		(32,622)
Benefits and expenses paid	(54,130)		(52,625)
Currency translation adjustments	(2,031)		7,372
Plan amendments	(51)		(50)


Plan settlements	(668)		(1,260)
Plan curtailments	—		(3)
Other adjustments	5,432		406
Benefit obligation, end of year	$	677,054	$	695,911
Change in plans' assets:
Fair value of plans' assets, beginning of year	$	650,180	$	695,965
Actual return on plans' assets	26,205		(4,063)
Company contributions	10,104		7,842
Participant contributions	434		486

Plan settlements	(668)		(1,260)
Benefits and expenses paid	(54,130)		(52,625)
Currency translation adjustments	(372)		3,842
Other adjustments	4,335		(7)
Fair value of plans' assets, end of year	$	636,088	$	650,180
Funded status of plans	$	(40,966)	$	(45,731)
Amounts recognized in the balance sheets consist of:
Long-term prepaid benefit	$	70,016	$	70,567
Short-term accrued benefit obligation	(7,401)		(7,562)
Accrued pension benefits	(103,581)		(108,736)
Net amount recognized	$	(40,966)	$	(45,731)

Defined Benefit Pension Plans Recognized in Accumulated Other Comprehensive (Loss) Income

The pre-tax amounts related to our defined benefit pension plans recognized in accumulated other comprehensive loss were as follows at June 30:


(in thousands)	2024		2023
Unrecognized net actuarial losses	$	291,650	$	284,054
Unrecognized net prior service costs	1,728		1,772
Unrecognized transition obligations	—		76
Total	$	293,378	$	285,902

The pre-tax amounts related to our other postretirement benefit plans which were recognized in accumulated other comprehensive loss were as follows at June 30:


(in thousands)	2024		2023
Unrecognized net actuarial losses	$	1,897	$	2,023
Unrecognized net prior service credits	(1,124)		(1,378)
Total	$	773	$	645

Accumulated Benefit Obligations Exceeding Plan Assets Fair Value

Included in the above information are plans with accumulated benefit obligations exceeding the fair value of plan assets as of June 30 as follows:


(in thousands)	2024		2023
Projected benefit obligation	$	118,111	$	123,065
Accumulated benefit obligation	117,371		122,395
Fair value of plan assets	7,216		6,739

Net Periodic Pension (Income) Cost

The components of net periodic pension income include the following as of June 30:


(in thousands)	2024		2023		2022
Service cost	$	1,181	$	963	$	1,117
Interest cost	35,551		32,235		22,532
Expected return on plans' assets	(44,592)		(40,124)		(51,928)
Amortization of transition obligation	76		84		94
Amortization of prior service cost	(4)		5		13
Curtailment	—		(1)		(2)
Settlement	(4)		18		205
Recognition of actuarial losses	5,753		4,440		11,702
Other adjustments	14		431		277
Net periodic pension income	$	(2,025)	(1,950)		(15,990)

Funded Status of Other Postretirement Benefit Plans and Amount Recognized in the Consolidated Balance Sheet

The funded status of our other postretirement benefit plans and the related amounts recognized in the consolidated balance sheets were as follows:


(in thousands)	2024		2023
Change in benefit obligation:
Benefit obligation, beginning of year	$	7,891	$	9,113
Interest cost	424		417
Actuarial losses	16		(442)
Benefits paid	(1,039)		(1,067)
Other	48		(130)
Benefit obligation, end of year	$	7,340	$	7,891
Funded status of plan	$	(7,340)	$	(7,891)
Amounts recognized in the balance sheets consist of:
Short-term accrued benefit obligation	$	(1,006)	$	(1,091)
Accrued postretirement benefits	(6,334)		(6,800)
Net amount recognized	$	(7,340)	$	(7,891)

Net Periodic Other Postretirement Costs (Benefit)

The components of net periodic other postretirement benefit cost include the following for the years ended June 30:


(in thousands)	2024		2023		2022

Interest cost	$	424	$	417	$	288
Amortization of prior service credit	(254)		(271)		(276)
Recognition of actuarial loss	142		192		297

Net periodic other postretirement benefit cost	$	312	$	338	$	309

Significant Actuarial Assumptions Used to Determine the Present Value of Net Benefit Obligations

The significant actuarial assumptions used to determine the present value of net benefit obligations for our defined benefit pension plans and other postretirement benefit plans were as follows:


	2024		2023		2022
Discount Rate:
U.S. plans	5.7-5.8%		5.6-6.3%		4.3-5.0%
International plans	1.3-7.2%		1.8-5.4%		2.0-5.0%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)	4.0	%	4.0	%	4.0	%
International plans	1.8-8.0%		1.8	%	1.5	%

The significant assumptions used to determine the net periodic income for our pension and other postretirement benefit plans were as follows:


	2024		2023		2022
Discount Rate:
U.S. plans	5.6-6.3%		4.3-5.0%		1.2-3.0%
International plans	1.8-7.3%		1.8-5.0%		0.3-3.2%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)	4.0	%	4.0	%	4.0	%
International plans	1.8-8.0%		1.5	%	1.5	%
Rate of return on plans assets:
U.S. plans	6.3	%	5.2	%	6.5	%
International plans	1.8-7.3%		2.0-5.0%		0.3-5.0%

Annual Assumed Rate of Increase in Per Capita Cost of Covered Benefits for Postretirement Benefit Plans


	2023		2022
Health care costs trend rate assumed for next year	7.0	%	6.3	%
Rate to which the cost trend rate gradually declines	5.0	%	5.0	%
Year that the rate reaches the rate at which it is assumed to remain	2031		2027

Asset Allocations and Target Allocations by Asset Class

Our defined benefit pension plans’ asset allocations as of June 30, 2024 and 2023 and target allocations for 2025, by asset class, were as follows:


	2024		2023		Target %
Equity	13	%	16	%	13	%
Fixed Income	83		80		82
Other	4		4		5

The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2024:


(in thousands)	Level 1		Level 2		Level 3		NAV(3)		Total
Common / collective trusts (3):



Blend funds	$	—	$	—	$	—	$	50,802	$	50,802
Mutual funds	—		—		—		28,721		28,721
Corporate fixed income securities	—		329,284		—		—		329,284
Common stock	6,408		—		—		—		6,408
Government securities:
U.S. government securities	—		102,806		—		—		102,806
Foreign government securities	—		63,234		—		—		63,234
Other fixed income securities	—		30,756		—		—		30,756
Other	—		24,077		—		—		24,077
Total investments	$	6,408	$	550,157	$	—	$	79,523	$	636,088

The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2023:


(in thousands)	Level 1		Level 2		Level 3		NAV(3)		Total
Common / collective trusts (3):
Blend funds	$	—	$	—	$	—	$	50,612	$	50,612
Mutual funds	—		—		—		27,800		27,800

Corporate fixed income securities	—		356,263		—		—		356,263
Common stock	14,438		—		—		—		14,438
Government securities:
U.S. government securities	—		105,624		—		—		105,624
Foreign government securities	—		28,050		—		—		28,050
Other fixed income securities	—		55,404		—		—		55,404
Other	717		11,272		—		—		11,989
Total investments	$	15,155	$	556,613	$	—	$	78,412	$	650,180