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Employee Benefit Plans (Tables)
 12 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Obligations and Funded Status of Pension Plan

Obligations and Funded Status 
 
 
Brewmatic Plan
As of June 30,
 
Hourly Employees’ Plan
As of June 30,
 
Farmer Bros. Plan
As of June 30,
 
Total
($ in thousands)
 
2020
 
2019
 
2020
 
2019
 
2019
 
2020
 
2019
Change in projected benefit obligation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at the beginning of the year
 
$
121,752

 
$
3,724

 
$
4,475

 
$
4,040

 
$
137,175

 
$
126,227

 
$
144,939

Interest cost
 
4,084

 
2,339

 
152

 
161

 
2,722

 
4,236

 
5,222

Actuarial (gain) loss
 
13,433

 
8,482

 
561

 
349

 
(1,571
)
 
13,994

 
7,260

Benefits paid
 
(5,943
)
 
(3,097
)
 
(102
)
 
(75
)
 
(3,574
)
 
(6,045
)
 
(6,746
)
Pension settlement
 
—

 
(21,286
)
 
—

 
—

 
(3,162
)
 
—

 
(24,448
)
Other - Plan merger
 
—

 
131,590

 
—

 
—

 
(131,590
)
 
—

 
—

Projected benefit obligation at the end of the year
 
$
133,326

 
$
121,752

 
$
5,086

 
$
4,475

 
$
—

 
$
138,412

 
$
126,227

Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at the beginning of the year
 
$
75,411

 
$
3,719

 
$
3,778

 
$
3,629

 
$
97,211

 
$
79,189

 
$
104,559

Actual return on plan assets
 
3,382

 
9,325

 
239

 
224

 
(6,236
)
 
3,621

 
3,313

Employer contributions
 
3,054

 
1,800

 
—

 
—

 
1,525

 
3,054

 
3,325

Benefits paid
 
(5,943
)
 
(3,097
)
 
(102
)
 
(75
)
 
(3,574
)
 
(6,045
)
 
(6,746
)
Pension settlement
 
—

 
(22,100
)
 
—

 
—

 
$
(3,162
)
 
—

 
(25,262
)
Other - Plan merger
 
—

 
85,764

 
—

 
—

 
$
(85,764
)
 
—

 
—

Fair value of plan assets at the end of the year
 
$
75,904

 
$
75,411

 
$
3,915

 
$
3,778

 
$
—

 
$
79,819

 
$
79,189

Funded status at end of year (underfunded) overfunded
 
$
(57,422
)
 
$
(46,341
)
 
$
(1,171
)
 
$
(697
)
 
$
—

 
$
(58,593
)
 
$
(47,038
)
Amounts recognized in consolidated balance sheets
 
 
 
 
 
 
 
 
 
 
 

 

Non-current liabilities
 
(57,422
)
 
(46,341
)
 
(1,171
)
 
(697
)
 
—

 
(58,593
)
 
(47,038
)
Total
 
$
(57,422
)
 
$
(46,341
)
 
$
(1,171
)
 
$
(697
)
 
$
—

 
$
(58,593
)
 
$
(47,038
)
Amounts recognized in AOCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
62,830

 
50,080

 
1,115

 
565

 
—

 
63,945

 
50,645

Total AOCI (not adjusted for applicable tax)
 
$
62,830

 
$
50,080

 
$
1,115

 
$
565

 
$
—

 
$
63,945

 
$
50,645

Weighted average assumptions used to determine benefit obligations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
2.55
%
 
3.45
%
 
2.55
%
 
3.45
%
 
4.10
%
 
2.55
%
 
4.05
%
Rate of compensation increase
 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A
Schedule of Allocation of Plan Assets
Additional Disclosures
 
Brewmatic Plan
June 30,
 
Hourly Employees’ Plan
June 30,
 
Total
($ in thousands)
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Comparison of obligations to plan assets
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation
$
133,326

 
$
121,752

 
$
5,086

 
$
4,475

 
$
138,412

 
$
126,227

Accumulated benefit obligation
$
133,326

 
$
121,752

 
$
5,086

 
$
4,475

 
$
138,412

 
$
126,227

Fair value of plan assets at measurement date
$
75,904

 
$
75,411

 
$
3,915

 
$
3,778

 
$
79,819

 
$
79,189

Plan assets by category
 
 
 
 
 
 
 
 
 
 
 
Equity securities
$
49,744

 
$
48,464

 
$
2,572

 
$
2,440

 
$
52,316

 
$
50,904

Debt securities
21,439

 
22,461

 
1,111

 
1,100

 
22,550

 
23,561

Real estate
4,721

 
4,486

 
232

 
238

 
4,953

 
4,724

Total
$
75,904

 
$
75,411

 
$
3,915

 
$
3,778

 
$
79,819

 
$
79,189

Plan assets by category
 
 
 
 
 
 
 
 
 
 
 
Equity securities
66
%
 
64
%
 
66
%
 
65
%
 
66
%
 
64
%
Debt securities
28
%
 
30
%
 
28
%
 
29
%
 
28
%
 
30
%
Real estate
6
%
 
6
%
 
6
%
 
6
%
 
6
%
 
6
%
Total
100
%
 
100
%
 
100
%
 
100
%
 
100
%
 
100
%


Fair values of plan assets were as follows:
 
 
 
As of June 30, 2020
(In thousands)
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Investments measured at NAV
Brewmatic Plan
 
$
75,904

 
$
—

 
$
—

 
$
—

 
$
75,904

Hourly Employees’ Plan
 
$
3,915

 
$
—

 
$
—

 
$
—

 
$
3,915

 
 
As of June 30, 2019
(In thousands)
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Investments measured at NAV
Brewmatic Plan
 
$
75,411

 
$
—

 
$
—

 
$
—

 
$
75,411

Hourly Employees’ Plan
 
$
3,778

 
$
—

 
$
—

 
$
—

 
$
3,778


The following is the target asset allocation for the Company's single employer pension plans— Brewmatic Plan and Hourly Employees' Plan—for fiscal 2021:
 
Fiscal 2021
U.S. large cap equity securities
37.7
%
U.S. small cap equity securities
4.6
%
International equity securities
23.2
%
Debt securities
28.3
%
Real estate
6.2
%
Total
100.0
%
Schedule of Expected Benefit Payments
The following benefit payments are expected to be paid over the next 10 fiscal years:
(In thousands)
 
 
Brewmatic Plan
 
Hourly Employees’
Plan
Year Ending:
 
 
June 30, 2021
 
 
$
7,100

 
$
160

June 30, 2022
 
 
$
6,820

 
$
160

June 30, 2023
 
 
$
7,010

 
$
180

June 30, 2024
 
 
$
7,110

 
$
190

June 30, 2025
 
 
$
7,200

 
$
200

June 30, 2026 to June 30, 2030
 
 
$
35,510

 
$
1,150


The estimated net gain that will be amortized from AOCI into net periodic benefit cost in fiscal 2021 is $5.6 million. Prior service credit that will be amortized from AOCI into net periodic benefit cost in fiscal 2021 is $9.0 million.
(In thousands)
 
Estimated Future Benefit Payments:
 
Year Ending:
 
June 30, 2021
$
750

June 30, 2022
$
451

June 30, 2023
$
464

June 30, 2024
$
476

June 30, 2025
$
487

June 30, 2026 to June 30, 2030
$
2,538

 
 
Expected Contributions:
 
June 30, 2021
$
750
Schedule of Multiemployer Plans
Contributions made by the Company to the multiemployer pension plans are as follows:
(In thousands)
 
WCTPP(1)(2)(3)(5)
 
All Other Plans(4)
Year Ended:
 
 
 
 
June 30, 2020
 
$
1,685

 
$
34

June 30, 2019
 
$
3,634

 
$
39

June 30, 2018
 
$
1,605

 
$
35

____________
(1)
Individually significant plan.
(2)
Less than 5% of total contribution to WCTPP based on WCTPP's FASB Disclosure Statement for the calendar year ended December 31, 2019.
(3)
The Company guarantees that one hundred seventy-three (173) hours will be contributed upon for all employees who are compensated for all available straight time hours for each calendar month. An additional 6.5% of the basic contribution must be paid for PEER or the Program for Enhanced Early Retirement.
(4)
Includes one plan that is not individually significant.
(5)
June 30, 2019 includes WCT monthly settlement obligations of $190,507
Schedule of Net Benefit Costs
The following table shows the components of net periodic postretirement benefit cost for the Retiree Medical Plan and Death Benefit for the fiscal years ended June 30, 2020, 2019 and 2018. Net periodic postretirement benefit cost for fiscal 2020 was based on employee census information as of June 30, 2020. 
 
 
Year Ended June 30,
(In thousands)
 
2020
 
2019
 
2018
Components of Net Periodic Postretirement Benefit Cost (Credit):
 
 
 
 
 
 
Service cost
 
$
446

 
$
530

 
$
609

Interest cost
 
725

 
887

 
835

Amortization of net gain
 
(3,067
)
 
(834
)
 
(841
)
Curtailment credit - Retiree Medical
 
(5,750
)
 
—

 
—

Amortization of prior service credit
 
(5,666
)
 
(1,757
)
 
(1,757
)
Net periodic postretirement benefit (credit) cost
 
$
(13,312
)
 
$
(1,174
)
 
$
(1,154
)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) The following tables provide a reconciliation of the benefit obligation and plan assets: 
 
 
As of June 30,
(In thousands)
 
2020
 
2019
Change in Benefit Obligation:
 
 
 
 
Projected postretirement benefit obligation at beginning of year
 
$
24,092

 
$
21,283

Service cost
 
446

 
530

Interest cost
 
725

 
887

Participant contributions
 
593

 
605

Amendments
 
(13,441
)
 
—

Actuarial gains (losses)
 
(621
)
 
2,010

Benefits paid
 
(1,055
)
 
(1,223
)
Projected postretirement benefit obligation at end of year
 
$
10,739

 
$
24,092

 
 
 
Year Ended June 30,
(In thousands)
 
2020
 
2019
Change in Plan Assets:
 
 
 
 
Fair value of plan assets at beginning of year
 
$
—

 
$
—

Employer contributions
 
462

 
618

Participant contributions
 
593

 
605

Benefits paid
 
(1,055
)
 
(1,223
)
Fair value of plan assets at end of year
 
$
—

 
$
—

Projected postretirement benefit obligation at end of year
 
10,739

 
24,092

Funded status of plan
 
$
(10,739
)
 
$
(24,092
)
 
 
 
June 30,
(In thousands)
 
2020
 
2019
Amounts Recognized in the Consolidated Balance Sheets Consist of:
 
 
 
 
Current liabilities
 
$
(744
)
 
$
(1,068
)
Non-current liabilities
 
(9,995
)
 
(23,024
)
Total
 
$
(10,739
)
 
$
(24,092
)
 
 
 
Year Ended June 30,
(In thousands)
 
2020
 
2019
Amounts Recognized in AOCI Consist of:
 
 
 
 
Net gain
 
$
(2,714
)
 
$
(5,160
)
Prior service credit
 
(8,961
)
 
(6,936
)
Total AOCI
 
$
(11,675
)
 
$
(12,096
)

Components of Net Periodic Benefit Cost and
Other Changes Recognized in Other Comprehensive Income (Loss) (OCI) 
 
 
Brewmatic Plan
June 30,
 
Hourly Employees’ Plan
June 30,
 
Farmer Bros. Plan
June 30,
 
Total
($ in thousands)
 
2020
 
2019
 
2020
 
2019
 
2019
 
2020
 
2019
Components of net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest cost
 
4,084

 
2,339

 
152

 
161

 
2,722

 
4,236

 
5,222

Expected return on plan assets
 
(4,174
)
 
(2,257
)
 
(232
)
 
(222
)
 
(2,767
)
 
(4,406
)
 
(5,246
)
Amortization of net loss
 
1,475

 
796

 
4

 
—

 
710

 
1,479

 
1,506

Pension settlement charge
 
—

 
9,586

 
—

 
—

 
1,356

 
—

 
10,942

Net periodic benefit cost
 
$
1,385

 
$
10,464

 
$
(76
)
 
$
(61
)
 
$
2,021

 
$
1,309

 
$
12,424

Other changes recognized in OCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss (1)
 
$
14,225

 
$
1,413

 
$
554

 
$
347

 
$
7,433

 
$
14,779

 
$
9,193

Prior service cost (credit)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Amortization of net loss
 
(1,475
)
 
(796
)
 
(4
)
 
—

 
(710
)
 
(1,479
)
 
(1,506
)
Pension settlement charge
 
—

 
(9,586
)
 
—

 
—

 
(1,356
)
 
—

 
(10,942
)
Allocation of net Loss - Plan merger
 
—

 
56,446

 
—

 
—

 
(56,446
)
 
—

 
—

Net loss due to annuity purchase
 
—

 
814

 
—

 
—

 
—

 
—

 
814

Total recognized in OCI
 
$
12,750

 
$
48,291

 
$
550

 
$
347

 
$
(51,079
)
 
$
13,300

 
$
(2,441
)
Total recognized in net periodic benefit cost and OCI
 
$
14,135

 
$
58,755

 
$
474

 
$
286

 
$
(49,058
)
 
$
14,609

 
$
9,983

Weighted-average assumptions used to determine net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
3.45
%
 
4.10
%
 
3.45
%
 
4.05
%
 
4.05
%
 
3.45
%
 
4.05
%
Expected long-term return on plan assets
 
6.75
%
 
6.75
%
 
6.75
%
 
6.75
%
 
—
%
 
6.75
%
 
6.75
%
Rate of compensation increase
 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
 
Year Ended June 30,
(In thousands)
 
2020
 
2019
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI:
 
 
 
 
Unrecognized actuarial gains (loss)
 
$
(621
)
 
$
2,010

Prior service (credit) cost
 
(13,441
)
 
—

Unrecognized prior service cost
 
—

 
—

Amortization of net loss
 
3,068

 
835

Amortization of prior service cost
 
11,416

 
1,757

Total recognized in OCI
 
422

 
4,602

Net periodic benefit cost
 
(13,312
)
 
(1,174
)
Total recognized in net periodic benefit credit and OCI
 
$
(12,890
)
 
$
3,428
Postretrement Prior Service Cost
The tables below show the remaining bases for the transition (asset) obligation, prior service cost (credit), and the calculation of the amortizable gain or loss. 

 
 
Retiree Medical Plan
 
Death Benefit
 
 
Year Ended June 30,
 
Year Ended June 30,
($ in thousands)
 
2020(1)
 
2019
 
2020
 
2019
Amortization of Net (Gain) Loss:
 
 
 
 
 
 
 
 
Net (gain) loss as of July 1
 
$
—

 
$
(7,039
)
 
$
2,903

 
$
1,878

Net (gain) loss subject to amortization
 
—

 
(7,039
)
 
2,903

 
1,878

Corridor (10% of greater of APBO or assets)
 
—

 
1,490

 
1,043

 
919

Net (gain) loss in excess of corridor
 
$
—

 
$
(5,549
)
 
$
1,860

 
$
959

Amortization years
 
—

 
8.6

 
5.8

 
6.5
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates A one percentage point change in assumed health care cost trend rates would have the following effects in fiscal 2021: 
 
 
1-Percentage Point
(In thousands)
 
Increase
 
Decrease
Effect on total of service and interest cost components
 
$
50

 
$
(43
)
Effect on accumulated postretirement benefit obligation
 
$
—

 
$
—