0000000000-20-001983.txt : 20200417 0000000000-20-001983.hdr.sgml : 20200417 20200304142416 ACCESSION NUMBER: 0000000000-20-001983 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20200304 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: KENNAMETAL INC CENTRAL INDEX KEY: 0000055242 STANDARD INDUSTRIAL CLASSIFICATION: MACHINE TOOLS, METAL CUTTING TYPES [3541] IRS NUMBER: 250900168 STATE OF INCORPORATION: PA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 525 WILLIAM PENN PLACE STREET 2: SUITE 3300 CITY: PITTSBURGH STATE: PA ZIP: 15219 BUSINESS PHONE: 4122488000 MAIL ADDRESS: STREET 1: 525 WILLIAM PENN PLACE STREET 2: SUITE 3300 CITY: PITTSBURGH STATE: PA ZIP: 15219 PUBLIC REFERENCE ACCESSION NUMBER: 0000055242-19-000019 LETTER 1 filename1.pdf begin 644 filename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Audia Chief Financial Officer Kennametal, Inc 525 William Penn Place, Suite 3300 Pittsburgh, PA 15219 Re: Kennametal, Inc Form 10-K for the Year Ended June 30, 2019 Filed August 13, 2019 Form 8-K Furnished on February 3, 2020 File No. 001-05318 Dear Mr. Audia: We have reviewed your filing and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Form 10-K for the Year Ended June 30, 2019 Note 2. Summary of Significant Accounting Policies Inventories, page 39 1. We note your reference to excess and obsolete inventory reserves here and the rollforward analysis in your Schedule II disclosures. Please clarify for us whether you maintain an inventory valuation allowance through which subsequent recoveries are recorded, and if so, explain how that is consistent with the guidance noted in SAB Topic 5.BB and ASC 330-10-35-14. Otherwise, revise your disclosures regarding inventory reserves in future filings. Damon J. Audia FirstName LastNameDamon J. Audia Kennametal, Inc Comapany NameKennametal, Inc March 4, 2020 Page 2 March 4, 2020 Page 2 FirstName LastName Note 11. Income Taxes, page 49 2. We note that you are currently litigating a tax matter with the Italian tax authority. Considering the potential significance, please tell us why you have not included a discussion of this matter in your financial statement footnotes disclosures or revise accordingly. We refer you to ASC 740-10-50-15(d). Form 8-K Furnished on February 3, 2020 Exhibit 99.1, page 1 3. We note your discussion of the various factors impacting adjusted operating income, adjusted effective tax rate and free operating cash flows. Please revise to also include a discussion of the factors that impacted your GAAP measures with equal or greater prominence to the non-GAAP discussion. Refer to Question 102.10 of the Non-GAAP Compliance and Disclosure Interpretations. We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact David Edgar, Staff Accountant, at (202) 551-3459 or Kathleen Collins, Accounting Branch Chief, at (202) 551-3499 if you have any questions. Sincerely, Division of Corporation Finance Office of Technology