Derivative Instruments (Tables)

12 Months Ended

Jun. 30, 2021

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, 2021 and 2020:

	As of June 30,
(In thousands)	2021	2020
Derivative instruments designated as cash flow hedges:
Long coffee pounds	14,625	36,413
Derivative instruments not designated as cash flow hedges:
Long coffee pounds	6,886	8,348
Total	21,511	44,761

Schedule of Fair Values of Derivative Instruments on the Consolidated Balance Sheets

Fair values of derivative instruments on the Company's consolidated balance sheets:

	Derivative Instruments Designated as Cash Flow Hedges				Derivative Instruments Not Designated as Accounting Hedges
	As of June 30,				As of June 30,
(In thousands)	2021		2020		2021		2020
Financial Statement Location:
Short-term derivative assets:
Coffee-related derivative instruments(1)	$	3,823	$	35	$	528	$	130
Long-term derivative assets:
Coffee-related derivative instruments(2)	$	292	$	10	$	—	$	—
Short-term derivative liabilities:
Coffee-related derivative instruments(3)	$	20	$	3,322	$	3	$	706
Interest rate swap derivative instruments(3)	$	—	$	1,228	$	1,532	$	—
Long-term derivative liabilities:
Coffee-related derivative instruments(4)	$	—	$	246	$	—	$	—
Interest rate swap derivative instruments(4)	$	—	$	2,613	$	1,653	$	—

________________

(1) Included in “Short-term derivative assets” on the Company's consolidated balance sheets.

(2) Included in “Long-term derivative assets” on the Company's consolidated balance sheets.

(3) Included in “Short-term derivative liabilities” on the Company's consolidated balance sheets.

(4) Included in “Other long-term liabilities” on the Company's 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 derivative instruments designated as cash flow hedges, as recognized in “AOCI,” “Cost of goods sold” and “Other, net”.

	Year Ended June 30,						Financial Statement Classification
(In thousands)	2021		2020		2019
Net losses recognized in AOCI - Interest rate swap	$	(304)	$	(2,863)	$	(1,791)	AOCI
Net (losses) gains recognized from AOCI to earnings - Interest rate swap	$	(347)	$	(383)	$	45	Interest Expense
Net losses reclassified from AOCI to earnings for partial unwind of interest swap - Interest rate swap	$	(1,284)	$	(407)	$	—	Interest Expense
Net gains (losses) recognized in AOCI - Coffee-related	$	11,753	$	(4,655)	$	(7,407)	AOCI
Net gains (losses) recognized in earnings - Coffee-related	$	1,940	$	(8,073)	$	(9,242)	Costs of goods sold

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)	2021		2020		2019
Net gains (losses) on coffee-related derivative instruments (1)	$	2,941	$	(1,362)	$	(2,252)
Non-operating pension and other postretirement benefit plans credits (2)	16,398		11,651		6,315
Other gains, net	381		154		103
Other, net	$	19,720	$	10,443	$	4,166

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(1) Excludes net losses and net gains on coffee-related derivative instruments designated as cash flow hedges recorded in cost of goods sold in the fiscal years ended June 30, 2021, 2020 and 2019.

(2) Presented in accordance with implementation of ASU 2017-07. Includes amortized gains on postretirement medical benefit plan due to the curtailment announced in March 2020.

Schedule of Offsetting Assets

The following table presents the Company’s net exposure from its offsetting derivative asset and liability positions, as well as cash collateral on deposit with its counterparty as of the reporting dates indicated:

(In thousands)		Gross Amount Reported on Balance Sheet		Netting Adjustments		Cash Collateral Posted		Net Exposure
As of June 30, 2021	Derivative Assets	$	4,643	$	(23)	$	—	$	4,620
	Derivative Liabilities	$	3,185	$	—	$	—	$	3,185
As of June 30, 2020	Derivative Assets	$	175	$	(175)	$	—	$	—
	Derivative Liabilities	$	8,115	$	(176)	$	—	$	7,939

Schedule of Offsetting Liabilities

The following table presents the Company’s net exposure from its offsetting derivative asset and liability positions, as well as cash collateral on deposit with its counterparty as of the reporting dates indicated:

(In thousands)		Gross Amount Reported on Balance Sheet		Netting Adjustments		Cash Collateral Posted		Net Exposure
As of June 30, 2021	Derivative Assets	$	4,643	$	(23)	$	—	$	4,620
	Derivative Liabilities	$	3,185	$	—	$	—	$	3,185
As of June 30, 2020	Derivative Assets	$	175	$	(175)	$	—	$	—
	Derivative Liabilities	$	8,115	$	(176)	$	—	$	7,939