Derivative Instruments (Tables)

3 Months Ended

9 Months Ended

Mar. 31, 2023

Mar. 31, 2023

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 March 31, 2023 and June 30, 2022:

(In thousands)	March 31, 2023	June 30, 2022
Derivative instruments designated as cash flow hedges:
Long coffee pounds	675	4,200
Derivative instruments not designated as cash flow hedges:
Long coffee pounds	412	516
Short coffee pounds	(11,250)	—
Total	(10,163)	4,716

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
(In thousands)	March 31, 2023		June 30, 2022		March 31, 2023		June 30, 2022
Financial Statement Location:
Short-term derivative assets:
Coffee-related derivative instruments (1)	$	106	$	2,144	$	727	$	555
Interest rate swap derivative instruments (1)	—		—		933		323
Long-term derivative assets:
Coffee-related derivative instruments (2)	—		37		—		140
Interest rate swap derivative instruments (2)	—		—		—		166
Short-term derivative liabilities:
Coffee-related derivative instruments (3)	3		3		1,557		2,346

________________

(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.

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 “Interest expense”.

	Three Months Ended March 31,				Nine Months Ended March 31,				Financial Statement Classification
(In thousands)	2023		2022		2023		2022
Net (losses) gains recognized from AOCI to earnings - Interest rate swap	$	(1)	$	(1)	$	385	$	(6)	Interest Expense
Net losses reclassified from AOCI to earnings for de-designated Interest rate swap	(266)		(293)		(1,218)		(910)		Interest Expense
Net gains (losses) recognized in AOCI - Coffee-related	819		383		(1,993)		11,374		AOCI
Net gains recognized in earnings - Coffee - related	331		3,110		2,213		8,742		Cost 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:

	Three Months Ended March 31,				Nine Months Ended March 31,
(In thousands)	2023		2022		2023		2022
Net gains (losses) on coffee-related derivative instruments (1)	$	1,424	$	665	$	(2,181)	$	3,087
Non-operating pension and other postretirement benefits	727		896		2,182		2,685
Other gains, net	302		18		790		18
Other, net	$	2,453	$	1,579	$	791	$	5,790

___________

(1) Excludes net gains and losses on coffee-related derivative instruments designated as cash flow hedges recorded in cost of goods sold in the three and nine months ended March 31, 2023 and 2022.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table provides the balances and changes in accumulated other comprehensive income (loss) related to derivative instruments for the indicated periods:

	Three Months Ended March 31,				Nine Months Ended March 31,
(In thousands)	2023		2022		2023		2022
Accumulated other comprehensive income (loss) beginning balance	$	2,436	$	(10,157)	$	(1,692)	$	(4,176)
Net (losses) gains recognized from AOCI to earnings - Interest rate swap	(1)		(1)		385		(6)
Net losses reclassified from AOCI to earnings for partial unwind of interest swap - Interest rate swap	(266)		(293)		(1,218)		(910)
Net (gains) losses recognized in AOCI - Coffee-related	(819)		(383)		1,993		(11,374)
Net gains recognized in earnings - Coffee - related	331		3,110		2,213		8,742
Accumulated other comprehensive income (loss) ending balance	$	1,681	$	(7,724)	$	1,681	$	(7,724)

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 counterparties as of the reporting dates indicated:

(In thousands)		Gross Amount Reported on Balance Sheet		Netting Adjustments		Cash Collateral Posted		Net Exposure
March 31, 2023	Derivative Assets	$	1,766	$	(833)	$	—	$	933
	Derivative Liabilities	1,560		(833)		—		727
June 30, 2022	Derivative Assets	3,365		(2,349)		—		1,016
	Derivative Liabilities	2,349		(2,349)		—		—

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 counterparties as of the reporting dates indicated:

(In thousands)		Gross Amount Reported on Balance Sheet		Netting Adjustments		Cash Collateral Posted		Net Exposure
March 31, 2023	Derivative Assets	$	1,766	$	(833)	$	—	$	933
	Derivative Liabilities	1,560		(833)		—		727
June 30, 2022	Derivative Assets	3,365		(2,349)		—		1,016
	Derivative Liabilities	2,349		(2,349)		—		—