Derivative Financial Instruments (Tables)
|
12 Months Ended |
Jun. 30, 2014
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of Notional Amounts of Outstanding Derivative Positions |
The following table summarizes the notional volumes for the coffee-related derivative instruments held by the Company at June 30, 2014 and 2013: | | | | | | | | | | June 30, | (In thousands) | | 2014 | | 2013 | Derivative instruments designated as cash flow hedges: | | | | | Long coffee pounds | | 19,387 |
| | 44,025 |
| Derivative instruments not designated as cash flow hedges: | | | | | Long coffee pounds | | 374 |
| | 5,529 |
| Total | | 19,761 |
| | 49,554 |
|
|
Schedule of Fair Values of Derivative Instruments on the Consolidated Balance Sheets |
Fair values of derivative instruments on the consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | Derivative Instruments Designated as Cash Flow Hedges | | Derivative Instruments Not Designated as Accounting Hedges | | | June 30, | | June 30, | (In thousands) | | 2014 | | 2013 | | 2014 | | 2013 | Financial Statement Location: | | | | | | | | | Short-term derivative assets: | | | | | | | | | Coffee-related derivative instruments | | $ | 5,474 |
| | $ | — |
| | $ | — |
| | $ | 4 |
| Long-term derivative assets(1): | | | | | | | | | Coffee-related derivative instruments | | $ | 862 |
| | $ | — |
| | $ | — |
| | $ | — |
| Short-term derivative liabilities: | | | | | | | | | Coffee-related derivative instruments | | $ | 252 |
| | $ | 9,331 |
| | $ | 69 |
| | $ | 565 |
| Other current liabilities: | | | | | | | | | Interest rate swap | | $ | — |
| | $ | — |
| | $ | — |
| | $ | 25 |
| Long-term derivative liabilities: | | | | | | | | | Coffee-related derivative instruments | | $ | — |
| | $ | 1,129 |
| | $ | — |
| | $ | — |
|
________________ (1) Included in "Other assets" on the consolidated balance sheets. |
Schedule of Pretax Effect of Derivative Instruments on Earnings and OCI |
The following table presents pretax net gains and losses for the Company's coffee-related derivative instruments designated as cash flow hedges, as recognized in "Cost of goods sold," AOCI and "Other, net": | | | | | | | | | | | | | | Year Ended June 30, | | Financial Statement Classification | (In thousands) | | 2014 | | 2013 | | Net gains recognized in earnings (effective portion) | | $ | 1,161 |
| | $ | 55 |
| | Costs of goods sold | Net gains (losses) recognized in other comprehensive income (loss) (effective portion) | | $ | 17,524 |
| | $ | (7,921 | ) | | AOCI | Net losses recognized in earnings (ineffective portion) | | $ | (259 | ) | | $ | (447 | ) | | Other, net |
|
Schedule of Net Realized and Unrealized Gains and Losses Recorded in 'Other, net' |
Net gains and losses recorded in "Other, net" are as follows: | | | | | | | | | | | | | | | | Year Ended June 30, | (In thousands) | | 2014 | | 2013 | | 2012 | Net gains (losses) from coffee-related derivative instruments | | $ | 2,655 |
| | $ | (11,337 | ) | | $ | (7,329 | ) | Net gains on investments | | 464 |
| | 230 |
| | 1,154 |
| Net losses on interest rate swap | | (5 | ) | | (25 | ) | | — |
| Net gains (losses) on derivative instruments and investments(1) | | 3,114 |
| | (11,132 | ) | | (6,175 | ) | Other gains, net | | 563 |
| | 1,700 |
| | 1,790 |
| Other, net | | $ | 3,677 |
| | $ | (9,432 | ) | | $ | (4,385 | ) |
___________ (1) Excludes net losses on coffee-related derivative instruments recorded in cost of goods sold in the years ended 2014 and 2013. |
Schedule of Offsetting Assets |
The following tables present the Company’s net exposure from its offsetting derivative asset and liability positions, as well as cash margins on deposit with each of its counterparties as of the reporting dates indicated: | | | | | | | | | | | | | | | | | | | | (In thousands) | | | | | | | | | | | Counterparty A | | | | Gross Amount Reported on Balance Sheet | | Netting Adjustments | | Cash Collateral Posted | | Net Exposure | June 30, 2014 | | Derivative Assets | | $ | 6,336 |
| | $ | (321 | ) | | $ | — |
| | $ | 6,015 |
| | | Derivative Liabilities | | $ | 321 |
| | $ | (321 | ) | | $ | — |
| | $ | — |
| June 30, 2013 | | Derivative Assets | | $ | 4 |
| | $ | (4 | ) | | $ | — |
| | $ | — |
| | | Derivative Liabilities | | $ | 11,025 |
| | $ | (4 | ) | | $ | 8,084 |
| | $ | 2,937 |
| | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | | | | | | | | | Counterparty B | | | | Gross Amount Reported on Balance Sheet | | Netting Adjustments | | Cash Collateral Posted | | Net Exposure | June 30, 2014 | | Derivative Assets | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | | Derivative Liabilities | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| June 30, 2013 | | Derivative Assets | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | | Derivative Liabilities | | $ | 25 |
| | $ | — |
| | $ | — |
| | $ | 25 |
|
|
Schedule of Offsetting Liabilities |
The following tables present the Company’s net exposure from its offsetting derivative asset and liability positions, as well as cash margins on deposit with each of its counterparties as of the reporting dates indicated: | | | | | | | | | | | | | | | | | | | | (In thousands) | | | | | | | | | | | Counterparty A | | | | Gross Amount Reported on Balance Sheet | | Netting Adjustments | | Cash Collateral Posted | | Net Exposure | June 30, 2014 | | Derivative Assets | | $ | 6,336 |
| | $ | (321 | ) | | $ | — |
| | $ | 6,015 |
| | | Derivative Liabilities | | $ | 321 |
| | $ | (321 | ) | | $ | — |
| | $ | — |
| June 30, 2013 | | Derivative Assets | | $ | 4 |
| | $ | (4 | ) | | $ | — |
| | $ | — |
| | | Derivative Liabilities | | $ | 11,025 |
| | $ | (4 | ) | | $ | 8,084 |
| | $ | 2,937 |
| | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | | | | | | | | | Counterparty B | | | | Gross Amount Reported on Balance Sheet | | Netting Adjustments | | Cash Collateral Posted | | Net Exposure | June 30, 2014 | | Derivative Assets | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | | Derivative Liabilities | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| June 30, 2013 | | Derivative Assets | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | | Derivative Liabilities | | $ | 25 |
| | $ | — |
| | $ | — |
| | $ | 25 |
|
|