Derivative Instruments (Tables)

3 Months Ended

Sep. 30, 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 September 30, 2023 and June 30, 2023:

(In thousands)	September 30, 2023	June 30, 2023
Derivative instruments designated as cash flow hedges:
Long coffee pounds	413	1,538
Derivative instruments not designated as cash flow hedges:
Long coffee pounds	563	6,713
Short coffee pounds	(113)	(4,388)
Total	863	3,863

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)	September 30, 2023		June 30, 2023		September 30, 2023		June 30, 2023
Financial Statement Location:
Short-term derivative assets:
Coffee-related derivative instruments (1)	$	—	$	4	$	5	$	64
Short-term derivative liabilities:
Coffee-related derivative instruments (2)	20		158		870		2,478

________________

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

(2) 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 September 30,				Financial Statement Classification
(In thousands)	2023		2022
Net losses reclassified from AOCI to earnings for de-designated Interest rate swap	$	—	$	(287)	Interest Expense
Net losses recognized in AOCI - Coffee-related	(456)		(527)		AOCI
Net gains recognized in earnings - Coffee - related	172		1,281		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 September 30,
(In thousands)	2023		2022
Net gains on coffee-related derivative instruments (1)	$	1,379	$	562
Non-operating pension and other postretirement benefits	915		728
Other gains, net	577		26
Other, net	$	2,871	$	1,316

___________

(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 months ended September 30, 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 September 30,
(In thousands)	2023		2022
Accumulated other comprehensive loss (income) beginning balance	$	1,175	$	(1,692)
Net losses reclassified from AOCI to earnings for partial unwind of interest swap - Interest rate swap	—		(287)
Net losses recognized in AOCI - Coffee-related	456		527
Net gains recognized in earnings - Coffee - related	172		1,281
Accumulated other comprehensive loss (income) ending balance	$	1,803	$	(171)

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
September 30, 2023	Derivative Assets	$	5	$	(5)	$	—	$	—
	Derivative Liabilities	890		(5)		—		885
June 30, 2023	Derivative Assets	68		(68)		—		—
	Derivative Liabilities	2,636		(68)		—		2,568

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
September 30, 2023	Derivative Assets	$	5	$	(5)	$	—	$	—
	Derivative Liabilities	890		(5)		—		885
June 30, 2023	Derivative Assets	68		(68)		—		—
	Derivative Liabilities	2,636		(68)		—		2,568