Derivative Instruments (Tables)

12 Months Ended

Jun. 30, 2022

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, 2022 and 2021:

	As of June 30,
(In thousands)	2022	2021
Derivative instruments designated as cash flow hedges:
Long coffee pounds	4,200	14,625
Derivative instruments not designated as cash flow hedges:
Long coffee pounds	516	6,886
Total	4,716	21,511

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)	2022		2021		2022		2021
Financial Statement Location:
Short-term derivative assets:
Coffee-related derivative instruments(1)	$	2,144	$	3,823	$	555	$	528
Interest rate swap derivative instruments(1)	—		—		323		—
Long-term derivative assets:
Coffee-related derivative instruments(2)	37		292		140		—
Interest rate swap derivative instruments(2)	—		—		166		—
Short-term derivative liabilities:
Coffee-related derivative instruments(3)	3		20		2,346		3
Interest rate swap derivative instruments(3)	—		—		—		1,532
Long-term derivative liabilities:
Interest rate swap derivative instruments(4)	—		—		—		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)	2022		2021		2020
Net losses recognized in AOCI - Interest rate swap	$	—	$	(304)	$	(2,863)	AOCI
Net losses recognized from AOCI to earnings - Interest rate swap	(7)		(347)		(383)		Interest Expense
Net losses reclassified from AOCI to earnings for partial unwind of interest swap - Interest rate swap	(1,201)		(1,284)		(407)		Interest Expense
Net gains (losses) recognized in AOCI - Coffee-related	12,172		11,753		(4,655)		AOCI
Net gains (losses) recognized in earnings - Coffee-related	15,865		1,940		(8,073)		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)	2022		2021		2020
Net gains (losses) on coffee-related derivative instruments (1)	$	4,498	$	2,941	$	(1,362)
Non-operating pension and other postretirement benefit plans credits (2)	3,598		16,398		11,651
Other gains, net	86		381		154
Other, net	$	8,182	$	19,720	$	10,443

___________

(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, 2022, 2021 and 2020.

(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, 2022	Derivative Assets	$	3,365	$	(2,349)	$	—	$	1,016
	Derivative Liabilities	2,349		(2,349)		—		—
As of June 30, 2021	Derivative Assets	4,643		(23)		—		4,620
	Derivative Liabilities	3,185		—		—		3,185

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, 2022	Derivative Assets	$	3,365	$	(2,349)	$	—	$	1,016
	Derivative Liabilities	2,349		(2,349)		—		—
As of June 30, 2021	Derivative Assets	4,643		(23)		—		4,620
	Derivative Liabilities	3,185		—		—		3,185