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Employee Benefit Plans (Tables)
12 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
Obligations and Funded Status of Pension Plan
Obligations and Funded Status 
 Farmer Bros. Plan
As of June 30,
Hourly Employees’ Plan
As of June 30,
Total
($ in thousands)202320222023202220232022
Change in projected benefit obligation
Benefit obligation at the beginning of the year$102,508 $129,091 $3,951 $5,070 $106,459 $134,161 
Interest cost4,451 3,262 173 129 4,624 3,391 
Actuarial gain(5,008)(23,646)(132)(1,067)(5,140)(24,713)
Benefits paid(6,545)(6,199)(191)(181)(6,736)(6,380)
Projected benefit obligation at the end of the year$95,406 $102,508 $3,801 $3,951 $99,207 $106,459 
Change in plan assets
Fair value of plan assets at the beginning of the year$74,250 $90,508 $3,848 $4,603 $78,098 $95,111 
Actual return on plan assets6,147 (11,371)33 (574)6,180 (11,945)
Employer contributions2,082 1,312 — — 2,082 1,312 
Benefits paid(6,545)(6,199)(191)(181)(6,736)(6,380)
Fair value of plan assets at the end of the year$75,934 $74,250 $3,690 $3,848 $79,624 $78,098 
Funded status at end of year (underfunded)$(19,472)$(28,258)$(111)$(103)$(19,583)$(28,361)
Amounts recognized in consolidated balance sheets
Noncurrent liabilities(19,472)(28,258)(111)(103)(19,583)(28,361)
Total$(19,472)$(28,258)$(111)$(103)$(19,583)$(28,361)
Amounts recognized in AOCI
Net loss28,444 36,818 137 173 28,581 36,991 
Total accumulated OCI (not adjusted for applicable tax)$28,444 $36,818 $137 $173 $28,581 $36,991 
Weighted average assumptions used to determine benefit obligations
Discount rate5.05 %4.50 %5.05 %4.50 %5.05 %4.50 %
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
Schedule of Allocation of Plan Assets
Additional Disclosures
 Farmer Bros. Plan
June 30,
Hourly Employees’ Plan
June 30,
Total
($ in thousands)202320222023202220232022
Comparison of obligations to plan assets
Projected benefit obligation$95,406 $102,508 $3,801 $3,951 $99,207 $106,459 
Accumulated benefit obligation95,406 102,508 3,801 3,951 99,207 106,459 
Fair value of plan assets at measurement date75,934 74,250 3,690 3,848 79,624 78,098 
Plan assets by category
Equity securities49,516 46,121 750 755 50,26646,876 
Debt securities20,765 21,891 2,940 3,093 23,70524,984 
Real estate5,653 6,238 — — 5,6536,238 
Total$75,934 $74,250 $3,690 $3,848 $79,624 $78,098 
Plan assets by category
Equity securities65.2 %62.1 %20.3 %19.6 %63.1 %60.0 %
Debt securities27.3 %29.5 %79.7 %80.4 %29.8 %32.0 %
Real estate7.5 %8.4 %— %— %7.1 %8.0 %
Total100 %100 %100 %100 %100 %100 %
Fair values of plan assets were as follows:
As of June 30, 2023
(In thousands)TotalLevel 1Level 2Level 3Investments measured at NAV
Farmer Bros. Plan$75,934 $— $— $— $75,934 
Hourly Employees’ Plan3,690 — — — 3,690 
As of June 30, 2022
(In thousands)TotalLevel 1Level 2Level 3Investments measured at NAV
Farmer Bros. Plan$74,250 $— $— $— $74,250 
Hourly Employees’ Plan3,848 — — — 3,848 
The following is the target asset allocation for the Company's single employer pension plans— Farmer Bros. Plan and Hourly Employees' Plan—for fiscal 2024:
 Fiscal 2024
U.S. large cap equity securities33.5 %
U.S. small cap equity securities29.6 %
Debt securities29.8 %
Real Asset7.1 %
Total100.0 %
Schedule of Expected Benefit Payments
The following benefit payments are expected to be paid over the next 10 fiscal years:
(In thousands)Farmer Bros. PlanHourly Employees’ Plan
Year Ending:
June 30, 2024$7,410 $250 
June 30, 20257,200 240 
June 30, 20267,200 250 
June 30, 20277,260 270 
June 30, 20287,270 270 
June 30, 2029 to June 30, 203334,780 1,330 
(In thousands)
Estimated Future Benefit Payments: 
Year Ending:
June 30, 2024$62 
June 30, 202564 
June 30, 202666 
June 30, 202768 
June 30, 202869 
June 30, 2029 to June 30, 2033332 
Expected Contributions:
June 30, 2024$62 
Schedule of Multiemployer Plans
Contributions made by the Company to the multiemployer pension plans were as follows:
(In thousands)WCTPP(1)(2)(3)All Other Plans
Year Ended:
June 30, 2023$1,280 $28 
June 30, 2022961 29 
June 30, 20211,049 33 
____________
(1)Individually significant plan.
(2)Less than 5% of total contribution to WCTPP based on WCTPP's FASB Disclosure Statement
(3)The Company guarantees that one hundred seventy-three (173) hours will be contributed upon for all employees who are compensated for all available straight time hours for each calendar month. An additional 6.5% of the basic contribution must be paid for PEER or the Program for Enhanced Early Retirement.
Schedule of Net Benefit Costs
The following table shows the components of net periodic postretirement benefit cost for the Retiree Medical Plan and Death Benefit Plan for the fiscal years ended June 30, 2023, 2022 and 2021. Net periodic postretirement benefit cost for fiscal 2023 was based on employee census information as of June 30, 2023. 
Year Ended June 30,
(In thousands)202320222021
Components of Net Periodic Postretirement Benefit Cost (Credit):
Service cost$— $— $19 
Interest cost39 27 293 
Amortization of net gain— 11 (5,296)
Amortization of prior service credit— — (8,961)
Settlement credit - Retiree Medical— — (6,669)
Net periodic postretirement benefit (credit) cost$39 $38 $(20,614)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) Components of Net Periodic Benefit Cost and
Other Changes Recognized in Other Comprehensive Income (Loss) (OCI) 
 Farmer Bros. Plan
June 30,
Hourly Employees’ Plan June 30,Total
($ in thousands)202320222021202320222021202320222021
Components of net periodic benefit cost
Interest cost4,451 3,262 3,309 173 129 128 4,624 3,391 3,437 
Expected return on plan assets(3,906)(4,734)(3,959)(129)(214)(192)(4,035)(4,948)(4,151)
Amortization of net loss1,125 1,356 1,987 — — 23 1,125 1,356 2,010 
Net periodic benefit cost$1,670 $(116)$1,337 $44 $(85)$(41)$1,714 $(201)$1,296 
Other changes recognized in OCI
Net (gain) loss (1)$(7,249)$(7,542)$(15,127)$(36)$(279)$(640)$(7,285)$(7,821)$(15,767)
Amortization of net loss(1,125)(1,356)(1,987)— — (23)(1,125)(1,356)(2,010)
Total recognized in other comprehensive income$(8,374)$(8,898)$(17,114)$(36)$(279)$(663)$(8,410)$(9,177)$(17,777)
Total recognized in net periodic benefit cost and OCI$(6,704)$(9,014)$(15,777)$$(364)$(704)$(6,696)$(9,378)$(16,481)
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate4.50 %2.60 %2.55 %4.50 %2.60 %2.55 %4.50 %2.60 %2.55 %
Expected long-term return on plan assets6.50 %6.25 %6.25 %4.75 %6.50 %6.25 %5.63 %6.38 %6.25 %
Rate of compensation increaseN/AN/AN/AN/AN/AN/AN/AN/AN/A
(1) Net gain for fiscal year ended June 30, 2023, 2022 and 2021 was primarily due to plan assets returns.
The following tables provide a reconciliation of the benefit obligation and plan assets for the Retiree Medical Plan, Death Benefit Plan and Executive Death Benefit Plan:
 As of June 30,
(In thousands)20232022
Change in Benefit Obligation:
Projected postretirement benefit obligation at beginning of year$844 $1,012 
Service cost— — 
Interest cost39 27 
Actuarial (gains) losses(57)(195)
Benefits paid— — 
Projected postretirement benefit obligation at end of year$826 $844 
 
 Year Ended June 30,
(In thousands)20232022
Change in Plan Assets:
Fair value of plan assets at beginning of year$— $— 
Employer contributions— — 
Benefits paid— — 
Fair value of plan assets at end of year$— $— 
Projected postretirement benefit obligation at end of year826 844 
Funded status of plan$(826)$(844)
 
 June 30,
(In thousands)20232022
Amounts Recognized in the Consolidated Balance Sheets Consist of:
Current liabilities$(61)$(57)
Noncurrent liabilities(765)(787)
Total$(826)$(844)