Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Sep. 12, 2014 | Dec. 31, 2013 |
Document Documentand Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Trading Symbol | 'FARM | ' | ' |
Entity Registrant Name | 'FARMER BROTHERS CO | ' | ' |
Entity Central Index Key | '0000034563 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 16,596,748 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $187.10 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $11,993 | $2,678 | ||
Restricted cash | 0 | 8,084 | ||
Short-term investments | 22,632 | 20,546 | ||
Accounts and notes receivable, net of allowance for doubtful accounts of $651 and $1,115, respectively | 42,230 | 43,922 | ||
Inventories | 71,044 | 60,867 | ||
Income tax receivable | 228 | 409 | ||
Short-term derivative assets | 5,153 | 0 | ||
Prepaid expenses | 4,180 | 3,243 | ||
Total current assets | 157,460 | 139,749 | ||
Property, plant and equipment, net | 95,641 | [1] | 92,159 | [1] |
Intangible assets, net | 5,628 | 6,277 | ||
Other assets | 7,034 | 5,484 | ||
Deferred income taxes | 414 | 467 | ||
Total assets | 266,177 | 244,136 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 44,336 | 27,740 | ||
Accrued payroll expenses | 22,190 | 19,757 | ||
Short-term borrowings under revolving credit facility | 78 | 9,654 | ||
Short-term obligations under capital leases | 3,779 | 3,409 | ||
Short-term derivative liabilities | 0 | 9,896 | ||
Deferred income taxes | 1,169 | 923 | ||
Other current liabilities | 5,318 | 5,171 | ||
Total current liabilities | 76,870 | 76,550 | ||
Long-term borrowings under revolving credit facility | 0 | 10,000 | ||
Long-term derivative liabilities | 0 | 1,129 | ||
Accrued postretirement benefits | 19,970 | 16,076 | ||
Other long-term liabilities—capital leases | 5,924 | 8,759 | ||
Accrued pension liabilities | 40,256 | 43,800 | ||
Accrued workers’ compensation liabilities | 7,604 | 5,132 | ||
Deferred income taxes | 689 | 852 | ||
Total liabilities | 151,313 | 162,298 | ||
Commitments and contingencies | ' | ' | ||
Stockholders’ equity: | ' | ' | ||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | 0 | 0 | ||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,562,450 and 16,454,422 issued and outstanding at June 30, 2014 and 2013, respectively | 16,562 | 16,454 | ||
Additional paid-in capital | 35,917 | 34,654 | ||
Retained earnings | 106,212 | 94,080 | ||
Unearned ESOP shares | -16,035 | -20,836 | ||
Accumulated other comprehensive loss | -27,792 | -42,514 | ||
Total stockholders’ equity | 114,864 | 81,838 | ||
Total liabilities and stockholders’ equity | $266,177 | $244,136 | ||
[1] | Includes in the years ended June 30, 2014 and 2013, expenditures for items that have not been placed in service in the amounts of $2.8 million and $3.1 million, respectively, |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $651 | $1,115 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 16,562,450 | 16,454,422 |
Common stock, shares outstanding | 16,562,450 | 16,454,422 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $130,197 | $125,525 | $143,129 | $129,529 | $129,744 | $127,279 | $136,699 | $120,147 | $528,380 | $513,869 | $498,701 |
Cost of goods sold | ' | 77,473 | 88,755 | 81,524 | 83,749 | 79,833 | 88,105 | 77,006 | 332,466 | 328,693 | 332,309 |
Gross profit | 45,483 | 48,052 | 54,374 | 48,005 | 45,995 | 47,446 | 48,594 | 43,141 | 195,914 | 185,176 | 166,392 |
Selling expenses | ' | 42,592 | 38,322 | 36,614 | 40,662 | 39,066 | 40,276 | 37,029 | 155,088 | 157,033 | 149,209 |
General and administrative expenses | ' | 7,498 | 10,329 | 8,500 | 7,970 | 8,874 | 7,771 | 7,531 | 35,724 | 32,146 | 29,144 |
Net gains from sales of assets | ' | 37 | 73 | -123 | -79 | -1,185 | 11 | -3,213 | -3,814 | -4,467 | -268 |
Impairment losses on goodwill and intangible assets | ' | ' | ' | ' | 92 | ' | ' | ' | 0 | 92 | 5,585 |
Pension withdrawal expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 4,568 |
Operating expenses | ' | 50,127 | 48,724 | 44,991 | 48,645 | 46,755 | 48,058 | 41,347 | 186,998 | 184,804 | 188,238 |
Income (loss) from operations | 2,327 | -2,075 | 5,650 | 3,014 | -2,650 | 691 | 536 | 1,794 | 8,916 | 372 | -21,846 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend income | ' | 276 | 258 | 268 | 274 | 286 | 284 | 259 | 1,073 | 1,103 | 1,231 |
Interest income | ' | 114 | 110 | 108 | 169 | 92 | 99 | 92 | 429 | 452 | 214 |
Interest expense | ' | -277 | -393 | -372 | -396 | -466 | -463 | -457 | -1,258 | -1,782 | -2,137 |
Other, net | ' | 4,664 | -514 | -906 | -1,569 | -1,949 | -7,645 | 1,732 | 3,677 | -9,432 | -4,385 |
Total other income (expense) | ' | 4,777 | -539 | -902 | -1,522 | -2,037 | -7,725 | 1,626 | 3,921 | -9,659 | -5,077 |
Income (loss) before taxes | ' | 2,702 | 5,111 | 2,112 | -4,172 | -1,346 | -7,189 | 3,420 | 12,837 | -9,287 | -26,923 |
Income tax expense (benefit) | ' | 196 | 402 | 306 | -1,194 | -40 | -32 | 441 | 705 | -825 | -347 |
Net income (loss) | $3,111 | $2,506 | $4,709 | $1,806 | ($2,978) | ($1,306) | ($7,157) | $2,979 | $12,132 | ($8,462) | ($26,576) |
Net income (loss) per common share - basic (in US$ per share) | $0.19 | $0.16 | $0.29 | $0.11 | ($0.19) | ($0.08) | ($0.46) | $0.19 | $0.76 | ($0.54) | ($1.72) |
Net income (loss) per common share - diluted (in US$ per share) | $0.19 | $0.16 | $0.29 | $0.11 | ($0.19) | ($0.08) | ($0.46) | $0.19 | $0.76 | ($0.54) | ($1.72) |
Weighted average common shares outstanding - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | 15,909,631 | 15,604,452 | 15,492,314 |
Weighted average common shares outstanding—diluted | ' | ' | ' | ' | ' | ' | ' | ' | 16,014,587 | 15,604,452 | 15,492,314 |
Cash dividends declared per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) | $12,132 | ($8,462) | ($26,576) |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges | 18,685 | -7,866 | 0 |
Gains on derivative instruments designated as cash flow hedges reclassified to cost of goods sold | -1,161 | -55 | 0 |
Change in the funded status of retiree benefit obligations | -2,802 | 10,969 | -26,574 |
Income tax expense | 0 | -1,066 | 0 |
Total comprehensive income (loss), net of tax | $26,854 | ($6,480) | ($53,150) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $12,132 | ($8,462) | ($26,576) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 27,334 | 32,542 | 32,113 |
Provision for (recovery of) doubtful accounts | 80 | -757 | -980 |
Deferred income taxes | 137 | 74 | -78 |
Impairment losses on goodwill and intangible assets | 0 | 92 | 5,585 |
Net gains from sales of assets | -3,814 | -4,467 | -268 |
ESOP and share-based compensation expense | 4,692 | 3,563 | 3,287 |
Net (gains) losses on derivative instruments and investments | -4,276 | 11,132 | 6,175 |
Change in operating assets and liabilities: | ' | ' | ' |
Restricted cash | 8,084 | -6,472 | -1,153 |
Purchases of trading securities held for investment | -5,915 | -9,049 | -13,576 |
Proceeds from sales of trading securities held for investment | 4,290 | 7,633 | 18,267 |
Accounts and notes receivable | 2,248 | -2,429 | 3,745 |
Inventories | -14,439 | 5,115 | 13,236 |
Income tax receivable | 181 | 353 | -314 |
Derivative assets, net | 3,932 | 0 | 0 |
Prepaid expenses and other assets | -661 | -156 | -860 |
Accounts payable | 17,526 | 1,773 | -13,441 |
Accrued payroll expenses and other current liabilities | 2,574 | -8,785 | -4,239 |
Accrued postretirement benefits | -1,905 | -6,451 | 3,530 |
Other long-term liabilities | 695 | 6,678 | -6,320 |
Net cash provided by operating activities | 52,895 | 21,927 | 18,133 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property, plant and equipment | -25,267 | -15,894 | -17,498 |
Proceeds from sales of property, plant and equipment | 4,536 | 5,666 | 3,037 |
Net cash used in investing activities | -20,731 | -10,228 | -14,461 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from revolving credit facility | 44,806 | 43,990 | 17,250 |
Repayments on revolving credit facility | -65,454 | -54,761 | -21,200 |
Payments of capital lease obligations | -3,681 | -3,359 | -1,897 |
Proceeds from stock option exercises | 1,480 | 1,203 | 0 |
Net cash used in financing activities | -22,849 | -12,927 | -5,847 |
Net increase (decrease) in cash and cash equivalents | 9,315 | -1,228 | -2,175 |
Cash and cash equivalents at beginning of year | 2,678 | 3,906 | 6,081 |
Cash and cash equivalents at end of year | 11,993 | 2,678 | 3,906 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest | 1,258 | 1,783 | 2,123 |
Cash paid for income taxes | 361 | 370 | 317 |
Supplemental disclosure of non-cash investing activities: | ' | ' | ' |
Equipment acquired under capital leases | 1,217 | 626 | 9,508 |
Net change in derivative assets and liabilities included in other comprehensive income | 17,524 | -7,921 | 0 |
Non-cash additions to equipment | $142 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data | ||||||
Beginning Balance at Jun. 30, 2011 | $133,415 | $16,186 | $36,470 | $129,118 | ($30,437) | ($17,922) |
Beginning Balance (in shares) at Jun. 30, 2011 | ' | 16,186,372 | ' | ' | ' | ' |
Net income (loss) | -26,576 | ' | ' | -26,576 | ' | ' |
Change in the funded status of retiree benefit obligation net of tax benefits | -26,574 | ' | ' | ' | ' | -26,574 |
ESOP contributions (in shares) | 0 | ' | ' | ' | ' | ' |
ESOP compensation expense, including reclassifications | 1,473 | ' | -3,327 | ' | 4,800 | ' |
Share-based compensation (in shares) | ' | 122,487 | ' | ' | ' | ' |
Share based compensation | 1,814 | 123 | 1,691 | ' | 0 | ' |
Ending Balance at Jun. 30, 2012 | 83,552 | 16,309 | 34,834 | 102,542 | -25,637 | -44,496 |
Ending Balance (in shares) at Jun. 30, 2012 | ' | 16,308,859 | ' | ' | ' | ' |
Net income (loss) | -8,462 | ' | ' | -8,462 | ' | ' |
Unrealized losses on cash flow hedges, net of reclassifications to earnings | -7,921 | ' | ' | ' | ' | -7,921 |
Change in the funded status of retiree benefit obligation net of tax benefits | 9,903 | ' | ' | 0 | ' | 9,903 |
ESOP contributions (in shares) | 0 | ' | ' | ' | ' | ' |
ESOP compensation expense, including reclassifications | 2,063 | ' | -2,738 | ' | 4,801 | ' |
Share-based compensation (in shares) | ' | 28,081 | ' | ' | ' | ' |
Share based compensation | 1,500 | 28 | 1,472 | ' | 0 | ' |
Stock option exercises (in shares) | ' | 117,482 | ' | ' | ' | ' |
Stock option exercises | 1,203 | 117 | 1,086 | ' | 0 | ' |
Ending Balance at Jun. 30, 2013 | 81,838 | 16,454 | 34,654 | 94,080 | -20,836 | -42,514 |
Ending Balance (in shares) at Jun. 30, 2013 | ' | 16,454,422 | ' | ' | ' | ' |
Net income (loss) | 12,132 | ' | ' | 12,132 | ' | ' |
Unrealized losses on cash flow hedges, net of reclassifications to earnings | 17,524 | ' | ' | ' | ' | 17,524 |
Change in the funded status of retiree benefit obligation net of tax benefits | -2,802 | ' | ' | 0 | ' | -2,802 |
ESOP contributions (in shares) | 0 | ' | ' | ' | ' | ' |
ESOP compensation expense, including reclassifications | 3,326 | ' | -1,475 | ' | 4,801 | ' |
Share-based compensation (in shares) | ' | -4,936 | ' | ' | ' | ' |
Share based compensation | 1,366 | -5 | 1,371 | ' | 0 | ' |
Stock option exercises (in shares) | ' | 112,964 | ' | ' | ' | ' |
Stock option exercises | 1,480 | 113 | 1,367 | ' | ' | ' |
Ending Balance at Jun. 30, 2014 | $114,864 | $16,562 | $35,917 | $106,212 | ($16,035) | ($27,792) |
Ending Balance (in shares) at Jun. 30, 2014 | ' | 16,562,450 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Tax benefit on retiree benefits | $0 | ($1,066) |
Dividends per common share | ' | $0 |
Accumulated Other Comprehensive Income (Loss) | ' | ' |
Tax benefit on retiree benefits | ($1,066) | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
Organization | |||||||||||||
Farmer Bros. Co., a Delaware corporation (including its consolidated subsidiaries unless the context otherwise requires, the “Company,” or “Farmer Bros.”), is a manufacturer, wholesaler and distributor of coffee, tea and culinary products. The Company is a direct distributor of coffee to restaurants, hotels, casinos, offices, quick service restaurants ("QSR's"), convenience stores, healthcare facilities and other foodservice providers, as well as private brand retailers in the QSR, grocery, drugstore, restaurant, convenience store and independent coffeehouse channels. The Company was founded in 1912, was incorporated in California in 1923, and reincorporated in Delaware in 2004. The Company operates in one business segment. | |||||||||||||
The Company’s product line includes roasted coffee, liquid coffee, coffee-related products such as coffee filters, sugar and creamers, assorted iced and hot teas, cappuccino, cocoa, spices, gelatins and puddings, soup bases, dressings, gravy and sauce mixes, pancake and biscuit mixes, and jellies and preserves. Most sales are made “off-truck” by the Company to its customers at their places of business. | |||||||||||||
The Company serves its customers from six distribution centers and its distribution trucks are replenished from 111 branch warehouses located throughout the contiguous United States. The Company operates its own trucking fleet to support its long-haul distribution requirements. A portion of the Company’s products is distributed by third parties or is direct shipped via common carrier. | |||||||||||||
Since 2007, Farmer Bros. has achieved growth primarily through the acquisition in 2007 of Coffee Bean Holding Co., Inc., a Delaware corporation ("CBH"), the parent company of Coffee Bean International, Inc., an Oregon corporation (“CBI”), a specialty coffee manufacturer and wholesaler, and the acquisition in 2009 from Sara Lee Corporation (“Sara Lee”) of certain assets used in connection with its DSD coffee business in the United States (the “DSD Coffee Business”). | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company and its direct and indirect wholly owned subsidiaries FBC Finance Company, CBH and CBI. All inter-company balances and transactions have been eliminated. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company reviews its estimates on an ongoing basis using currently available information. Changes in facts and circumstances may result in revised estimates and actual results may differ from those estimates. | |||||||||||||
Corrections to Previously Issued Financial Statements | |||||||||||||
Subsequent to the issuance of the Company’s consolidated financial statements for the year ended June 30, 2013 the Company identified certain errors in the consolidated statements of operations and consolidated statements of cash flows. Accordingly, the Company has corrected the accompanying consolidated statements of operations and consolidated statements of cash flows for the fiscal years ended June 30, 2013 and 2012 and the unaudited quarterly financial data for each of the quarters in the year ended June 30, 2013 and for the first three quarters in the year ended June 30, 2014 in order to comply with GAAP (see Note 17). | |||||||||||||
The corrections to the consolidated statements of operations include: | |||||||||||||
1 | reclassification of fuel surcharges billed to customers previously netted against the Company's fuel expenses in "Selling expenses" to "Net sales"; | ||||||||||||
2 | reclassification of certain labor and overhead expenses previously included in "Selling expenses" and "General and administrative expenses" to "Cost of goods sold"; and | ||||||||||||
3 | reclassification of “Net gains from sales of assets” previously presented within "Other, net" to a separate line item within "Income (loss) from operations.” | ||||||||||||
The corrections to the consolidated statements of cash flows include: | |||||||||||||
1 | presentation of purchases of and proceeds from sales of trading securities held for investment on a gross basis instead of on a net basis as previously presented within the presentation of cash flows from operating activities; and | ||||||||||||
2 | reclassification of an increase in the Company's derivative liabilities previously presented as a reduction in the net activity in "Short-term investments" to a change in "Accrued payroll expenses and other current liabilities" within the presentation of cash flows from operating activities. | ||||||||||||
These errors had no impact on the amounts previously reported in the Company's consolidated balance sheets. Management has evaluated the materiality of these errors quantitatively and qualitatively, including the impact of the errors on gross profit, (loss) income from operations and cash flows activities, and has concluded that the corrections of these errors are immaterial to the consolidated financial statements as a whole. | |||||||||||||
The accompanying consolidated statements of operations and consolidated statements of cash flows for the fiscal years ended June 30, 2013 and 2012 have been corrected for the errors described above. The following tables present the impact of these corrections: | |||||||||||||
Consolidated Statement of Operations Data | Year Ended June 30, 2013 | ||||||||||||
(In thousands) | As Previously Reported | Adjustments | As Corrected | ||||||||||
Net sales | $ | 509,964 | $ | 3,905 | $ | 513,869 | |||||||
Cost of goods sold | 318,825 | 9,868 | 328,693 | ||||||||||
Gross profit | 191,139 | (5,963 | ) | 185,176 | |||||||||
Selling expenses | 158,079 | (1,046 | ) | 157,033 | |||||||||
General and administrative expenses | 37,063 | (4,917 | ) | 32,146 | |||||||||
Net gains from sales of assets | — | (4,467 | ) | (4,467 | ) | ||||||||
Impairment losses on intangible assets | 92 | — | 92 | ||||||||||
Operating expenses | 195,234 | (10,430 | ) | 184,804 | |||||||||
(Loss) income from operations | (4,095 | ) | 4,467 | 372 | |||||||||
Other income (expense): | |||||||||||||
Dividend income | 1,103 | — | 1,103 | ||||||||||
Interest income | 452 | — | 452 | ||||||||||
Interest expense | (1,782 | ) | — | (1,782 | ) | ||||||||
Other, net | (4,965 | ) | (4,467 | ) | (9,432 | ) | |||||||
Total other expense | (5,192 | ) | (4,467 | ) | (9,659 | ) | |||||||
Loss before taxes | (9,287 | ) | — | (9,287 | ) | ||||||||
Income tax benefit | (825 | ) | — | (825 | ) | ||||||||
Net loss | $ | (8,462 | ) | $ | — | $ | (8,462 | ) | |||||
Consolidated Statement of Operations Data | Year Ended June 30, 2012 | ||||||||||||
(In thousands) | As Previously Reported | Adjustments | As Corrected | ||||||||||
Net sales | $ | 495,442 | $ | 3,259 | $ | 498,701 | |||||||
Cost of goods sold | 322,540 | 9,769 | 332,309 | ||||||||||
Gross profit | 172,902 | (6,510 | ) | 166,392 | |||||||||
Selling expenses | 150,641 | (1,432 | ) | 149,209 | |||||||||
General and administrative expenses | 34,222 | (5,078 | ) | 29,144 | |||||||||
Net gains from sales of assets | — | (268 | ) | (268 | ) | ||||||||
Impairment losses on goodwill and intangible assets | 5,585 | — | 5,585 | ||||||||||
Pension withdrawal expense | 4,568 | — | 4,568 | ||||||||||
Operating expenses | 195,016 | (6,778 | ) | 188,238 | |||||||||
(Loss) income from operations | (22,114 | ) | 268 | (21,846 | ) | ||||||||
Other income (expense): | |||||||||||||
Dividend income | 1,231 | — | 1,231 | ||||||||||
Interest income | 214 | — | 214 | ||||||||||
Interest expense | (2,137 | ) | — | (2,137 | ) | ||||||||
Other, net | (4,117 | ) | (268 | ) | (4,385 | ) | |||||||
Total other expense | (4,809 | ) | (268 | ) | (5,077 | ) | |||||||
Loss before taxes | (26,923 | ) | — | (26,923 | ) | ||||||||
Income tax benefit | (347 | ) | — | (347 | ) | ||||||||
Net loss | $ | (26,576 | ) | $ | — | $ | (26,576 | ) | |||||
Cash Flows From Operating Activities | Year Ended June 30, 2013 | ||||||||||||
(In thousands) | As Previously Reported | Adjustments | As Corrected | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net loss | $ | (8,462 | ) | $ | — | $ | (8,462 | ) | |||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 32,542 | — | 32,542 | ||||||||||
Recovery of doubtful accounts | (757 | ) | — | (757 | ) | ||||||||
Deferred income taxes | 74 | — | 74 | ||||||||||
Impairment losses on intangible assets | 92 | — | 92 | ||||||||||
Net gains from sales of assets | (4,467 | ) | — | (4,467 | ) | ||||||||
ESOP and share-based compensation expense | 3,563 | — | 3,563 | ||||||||||
Net losses on derivative instruments and investments | 11,132 | — | 11,132 | ||||||||||
Change in operating assets and liabilities: | |||||||||||||
Restricted cash | (6,472 | ) | — | (6,472 | ) | ||||||||
Purchases of trading securities held for investment | — | (9,049 | ) | (9,049 | ) | ||||||||
Proceeds from sales of trading securities held for | — | 7,633 | 7,633 | ||||||||||
investment | |||||||||||||
Short-term investments | (11,942 | ) | 11,942 | — | |||||||||
Accounts and notes receivable | (2,429 | ) | — | (2,429 | ) | ||||||||
Inventories | 5,115 | — | 5,115 | ||||||||||
Income tax receivable | 353 | — | 353 | ||||||||||
Prepaid expenses and other assets | (156 | ) | — | (156 | ) | ||||||||
Accounts payable | 1,773 | — | 1,773 | ||||||||||
Accrued payroll expenses and other current | 1,741 | (10,526 | ) | (8,785 | ) | ||||||||
liabilities | |||||||||||||
Accrued postretirement benefits | (6,451 | ) | — | (6,451 | ) | ||||||||
Other long-term liabilities | 6,678 | — | 6,678 | ||||||||||
Net cash provided by operating activities | $ | 21,927 | $ | — | $ | 21,927 | |||||||
Cash Flows From Operating Activities | Year Ended June 30, 2012 | ||||||||||||
(In thousands) | As Previously Reported | Adjustments | As Corrected | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net loss | $ | (26,576 | ) | $ | — | $ | (26,576 | ) | |||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 32,113 | — | 32,113 | ||||||||||
Recovery of doubtful accounts | (980 | ) | — | (980 | ) | ||||||||
Deferred income taxes | (78 | ) | — | (78 | ) | ||||||||
Impairment losses on goodwill and intangible assets | 5,585 | — | 5,585 | ||||||||||
Net gains from sales of assets | (268 | ) | — | (268 | ) | ||||||||
ESOP and share-based compensation expense | 3,287 | — | 3,287 | ||||||||||
Net losses on derivative instruments and investments | 6,175 | — | 6,175 | ||||||||||
Change in operating assets and liabilities: | |||||||||||||
Restricted cash | (1,153 | ) | — | (1,153 | ) | ||||||||
Purchases of trading securities held for investment | — | (13,576 | ) | (13,576 | ) | ||||||||
Proceeds from sales of trading securities held for | — | 18,267 | 18,267 | ||||||||||
investment | |||||||||||||
Short-term investments | (1,497 | ) | 1,497 | — | |||||||||
Accounts and notes receivable | 3,745 | — | 3,745 | ||||||||||
Inventories | 13,236 | — | 13,236 | ||||||||||
Income tax receivable | (314 | ) | — | (314 | ) | ||||||||
Prepaid expenses and other assets | (860 | ) | — | (860 | ) | ||||||||
Accounts payable | (13,441 | ) | — | (13,441 | ) | ||||||||
Accrued payroll expenses and other current | 1,949 | (6,188 | ) | (4,239 | ) | ||||||||
liabilities | |||||||||||||
Accrued postretirement benefits | 3,530 | — | 3,530 | ||||||||||
Other long-term liabilities | (6,320 | ) | — | (6,320 | ) | ||||||||
Net cash provided by operating activities | $ | 18,133 | $ | — | $ | 18,133 | |||||||
Cash Equivalents | |||||||||||||
The Company considers all highly liquid investments with original maturity dates of 90 days or less to be cash equivalents. Fair values of cash equivalents approximate cost due to the short period of time to maturity. | |||||||||||||
Investments | |||||||||||||
The Company’s investments consist of money market instruments, marketable debt, equity and hybrid securities. Investments are held for trading purposes and stated at fair value. The cost of investments sold is determined on the specific identification method. Dividend and interest income are accrued as earned. | |||||||||||||
Derivative Instruments | |||||||||||||
The Company purchases various derivative instruments to create economic hedges of its commodity price risk and interest rate risk. These derivative instruments consist primarily of futures and swaps. The Company reports the fair value of derivative instruments on its consolidated balance sheets in "Short-term investments," "Short-term derivative assets," "Other assets," "Short-term derivative liabilities," or "Long-term derivative liabilities." The Company determines the current and noncurrent classification based on the timing of expected future cash flows of individual trades and reports these amounts on a gross basis. Additionally, the Company reports cash held on deposit in margin accounts for coffee-related derivative instruments on a gross basis on its consolidated balance sheet in "Restricted cash." | |||||||||||||
The accounting for the changes in fair value of the Company's derivative instruments can be summarized as follows: | |||||||||||||
Derivative Treatment | Accounting Method | ||||||||||||
Normal purchases and normal sales exception | Accrual accounting | ||||||||||||
Designated in a qualifying hedging relationship | Hedge accounting | ||||||||||||
All other derivative instruments | Mark-to-market accounting | ||||||||||||
The Company enters into green coffee purchase commitments at a fixed price or at a price to be fixed (“PTF”). PTF contracts are purchase commitments whereby the quality, quantity, delivery period, price differential to the coffee "C" market price and other negotiated terms are agreed upon, but the date, and therefore the price at which the base “C” market price will be fixed has not yet been established. The coffee "C" market price is fixed at some point after the purchase contract date and before the futures market closes for the delivery month and may be fixed either at the direction of the Company to the vendor, or by the application of a derivative that was separately purchased as a hedge. For both fixed-price and PTF contracts, the Company expects to take delivery of and to utilize the coffee in a reasonable period of time and in the conduct of normal business. Accordingly, these purchase commitments qualify as normal purchases and are not recorded at fair value on the Company's consolidated balance sheets. | |||||||||||||
Prior to April 1, 2013, the Company had no derivative instruments that were designated as accounting hedges. Beginning April 1, 2013, the Company implemented procedures following the guidelines of Accounting Standards Codification (“ASC”) | |||||||||||||
815, "Derivatives and Hedging" ("ASC 815"), to enable it to account for certain coffee-related derivative instruments as accounting hedges in order to minimize the volatility created in the Company's quarterly results from utilizing these derivative contracts and to improve comparability between reporting periods. For a derivative to qualify for designation in a hedging relationship, it must meet specific criteria and the Company must maintain appropriate documentation. The Company establishes hedging relationships pursuant to its risk management policies. The hedging relationships are evaluated at inception and on an ongoing basis to determine whether the hedging relationship is, and is expected to remain, highly effective in achieving offsetting changes in fair value or cash flows attributable to the underlying risk being hedged. The Company also regularly assesses whether the hedged forecasted transaction is probable of occurring. If a derivative ceases to be or is no longer expected to be highly effective, or if the Company believes the likelihood of occurrence of the hedged forecasted transaction is no longer probable, hedge accounting is discontinued for that derivative, and future changes in the fair value of that derivative are recognized in “Other, net.” | |||||||||||||
For commodity derivative instruments designated as cash flow hedges, the effective portion of the change in fair value of the derivative is reported in accumulated other comprehensive income (“AOCI”) and subsequently reclassified into cost of goods sold in the period or periods when the hedged transaction affects earnings. Any ineffective portion of the derivative's change in fair value is recognized currently in “Other, net.” Gains or losses deferred in AOCI associated with terminated derivative instruments, derivative instruments that cease to be highly effective hedges, derivative instruments for which the forecasted transaction is reasonably possible but no longer probable of occurring, and cash flow hedges that have been otherwise discontinued remain in AOCI until the hedged item affects earnings. If it becomes probable that the forecasted transaction designated as the hedged item in a cash flow hedge will not occur, any gain or loss deferred in AOCI is recognized in “Other, net” at that time. For derivative instruments that are not designated in a hedging relationship, and for which the normal purchases and normal sales exception has not been elected, the changes in fair value are reported in “Other, net.” | |||||||||||||
The following gains and losses on derivative instruments are netted together and reported in “Other, net” in the Company's consolidated statement of operations: | |||||||||||||
• | Gains and losses on all derivative instruments that are not designated as cash flow hedges and for which the normal purchases and normal sales exception has not been elected; and | ||||||||||||
• | The ineffective portion of unrealized gains and losses on derivative instruments that are designated as cash flow hedges. | ||||||||||||
The fair value of derivative instruments is based upon broker quotes. At June 30, 2014 approximately 98% of the Company's outstanding coffee-related derivative instruments were designated as cash flow hedges (see Note 2). At June 30, 2013, approximately 89% of the Company's outstanding coffee-related derivative instruments were designated as cash flow hedges (see Note 2). | |||||||||||||
Concentration of Credit Risk | |||||||||||||
At June 30, 2014, the financial instruments which potentially expose the Company to concentration of credit risk consist of cash in financial institutions (in excess of federally insured limits), short-term investments, investments in the preferred stocks of other companies, derivative instruments and trade receivables. Cash equivalents and short-term investments are not concentrated by issuer, industry or geographic area. Maturities are generally shorter than 180 days. Investments in the preferred stocks of other companies are limited to high quality issuers and are not concentrated by geographic area or issuer. | |||||||||||||
The Company does not have any credit-risk related contingent features that would require it to post additional collateral in support of its net derivative liability positions. At June 30, 2013, the Company had $8.1 million in restricted cash representing cash held on deposit in margin accounts for coffee-related derivative instruments due to a net loss position in such accounts. At June 30, 2014, as the Company had a net gain position in its coffee-related derivative margin accounts, none of the cash in these accounts was restricted. Changes in commodity prices could have a significant impact on cash deposit requirements under the Company's broker and counterparty agreements. | |||||||||||||
Concentration of credit risk with respect to trade receivables for the Company is limited due to the large number of customers comprising the Company’s customer base and their dispersion across many different geographic areas. The trade receivables are generally short-term and all probable bad debt losses have been appropriately considered in establishing the allowance for doubtful accounts. Due to improved collections of outstanding accounts receivable, in fiscal 2013, the Company decreased the allowance for doubtful accounts by $0.8 million, however, in fiscal 2014, the Company increased the allowance for doubtful accounts by $0.1 million. | |||||||||||||
Inventories | |||||||||||||
Inventories are valued at the lower of cost or market. The Company accounts for coffee, tea and culinary products on a last in, first out (“LIFO”) basis, and coffee brewing equipment parts on a first in, first out (“FIFO”) basis. The Company regularly evaluates these inventories to determine whether market conditions are appropriately reflected in the recorded carrying value. At the end of each quarter, the Company records the expected effect of the liquidation of LIFO inventory quantities, if any, and records the actual impact at fiscal year-end. An actual valuation of inventory under the LIFO method is made only at the end of each fiscal year based on the inventory levels and costs at that time. If inventory quantities decline at the end of the fiscal year compared to the beginning of the fiscal year, the reduction results in the liquidation of LIFO inventory quantities carried at the cost prevailing in prior years. This LIFO inventory liquidation may result in a decrease or increase in cost of goods sold depending on whether the cost prevailing in prior years was lower or higher, respectively, than the current year cost. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment is carried at cost, less accumulated depreciation. Depreciation is computed using the straight-line method. The following useful lives are used: | |||||||||||||
Buildings and facilities | 10 to 30 years | ||||||||||||
Machinery and equipment | 3 to 5 years | ||||||||||||
Equipment under capital leases | Term of lease | ||||||||||||
Office furniture and equipment | 5 years | ||||||||||||
Capitalized software | 3 years | ||||||||||||
When assets are sold or retired, the asset and related accumulated depreciation are removed from the respective account balances and any gain or loss on disposal is included in operations. Maintenance and repairs are charged to expense, and betterments are capitalized. | |||||||||||||
Coffee Brewing Equipment and Service | |||||||||||||
The Company classifies certain expenses related to coffee brewing equipment provided to customers as cost of goods sold. These costs include the cost of the equipment as well as the cost of servicing that equipment (including service employees’ salaries, cost of transportation and the cost of supplies and parts) and are considered directly attributable to the generation of revenues from its customers. Accordingly, such costs included in cost of goods sold in the accompanying consolidated financial statements for the years ended June 30, 2014, 2013 and 2012 are $25.9 million, $25.6 million and $24.9 million, respectively. In addition, depreciation expense related to capitalized coffee brewing equipment reported in cost of goods sold in the fiscal years ended June 30, 2014, 2013 and 2012 was $10.9 million, $12.8 million and $12.2 million, respectively. The Company capitalized coffee brewing equipment in the amounts of $13.6 million and $9.3 million in fiscal 2014 and 2013, respectively. | |||||||||||||
Income Taxes | |||||||||||||
Deferred income taxes are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. Estimating the Company’s tax liabilities involves judgments related to uncertainties in the application of complex tax regulations. The Company makes certain estimates and judgments to determine tax expense for financial statement purposes as they evaluate the effect of tax credits, tax benefits and deductions, some of which result from differences in the timing of recognition of revenue or expense for tax and financial statement purposes. Changes to these estimates may result in significant changes to the Company’s tax provision in future periods. Each fiscal quarter the Company re-evaluates its tax provision and reconsiders its estimates and assumptions related to specific tax assets and liabilities, making adjustments as circumstances change. | |||||||||||||
Revenue Recognition | |||||||||||||
Most product sales are made “off-truck” to the Company’s customers at their places of business by the Company’s route sales representatives. Revenue is recognized at the time the Company’s route sales representatives physically deliver products to customers and title passes or when it is accepted by the customer when shipped by third-party delivery. | |||||||||||||
The Company sells roast and ground coffee and tea to The J.M. Smucker Company ("J.M. Smucker") pursuant to a co–packing agreement. The Company recognizes revenue from the co-packing arrangement for the sale of tea on a net basis, net of direct costs of revenue, since the Company acts as an agent of J.M. Smucker in such transactions. As of June 30, 2014 and 2013, the Company had $0.5 million and $0.3 million, respectively, of receivables relating to this arrangement which are included in "Other receivables" (see Note 5). | |||||||||||||
Net Income (Loss) Per Common Share | |||||||||||||
Net income (loss) per share (“EPS”) represents net income (loss) attributable to common stockholders divided by the weighted-average number of common shares outstanding for the period, excluding unallocated shares held by the Company's Employee Stock Ownership Plan ("ESOP") (see Note 11). Diluted EPS represents net income (loss) attributable to common stockholders divided by the weighted-average number of common shares outstanding, inclusive of the dilutive impact of common equivalent shares outstanding during the period. However, nonvested restricted stock awards (referred to as participating securities) are excluded from the dilutive impact of common equivalent shares outstanding in accordance with authoritative guidance under the two-class method. The nonvested restricted stockholders are entitled to participate in dividends declared on common stock as if the shares were fully vested and hence are deemed to be participating securities. Under the two-class method, net income (loss) attributable to nonvested restricted stockholders is excluded from net income (loss) attributable to common stockholders for purposes of calculating basic and diluted EPS. Computation of EPS for the year ended June 30, 2014 includes the dilutive effect of 104,956 shares but excludes the dilutive effect of 22,441 shares, issuable under stock options because their inclusion would be anti-dilutive. Computation of EPS for the years ended June 30, 2013 and 2012 does not include the dilutive effect of 557,427 and 667,235 shares, respectively, issuable under stock options since their inclusion would be anti-dilutive. Accordingly, the consolidated financial statements present only basic net loss per common share for the years ended June 30, 2013 and 2012 (see Note 15). | |||||||||||||
Dividends | |||||||||||||
The Company’s Board of Directors has omitted the payment of a quarterly dividend since the third quarter of fiscal 2011. The amount, if any, of dividends to be paid in the future will depend upon the Company’s then available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, future prospects for earnings and cash flows, as well as other relevant factors. | |||||||||||||
Employee Stock Ownership Plan | |||||||||||||
Compensation cost for the ESOP is based on the fair market value of shares released or deemed to be released for the period. Dividends on allocated shares retain the character of true dividends, but dividends on unallocated shares are considered compensation cost. As a leveraged ESOP with the Company as lender, a contra equity account is established to offset the Company’s note receivable. The contra account will change as compensation expense is recognized. | |||||||||||||
Impairment of Goodwill and Indefinite-lived Intangible Assets | |||||||||||||
The Company performs its annual impairment test of goodwill and/or other indefinite-lived intangible assets as of June 30. Goodwill and other indefinite-lived intangible assets are not amortized but instead are reviewed for impairment annually, as well as on an interim basis if events or changes in circumstances between annual tests indicate that an asset might be impaired. Testing for impairment of goodwill is a two-step process. The first step requires the Company to compare the fair value of its reporting units to the carrying value of the net assets of the respective reporting units, including goodwill. If the fair value of the reporting unit is less than its carrying value, goodwill of the reporting unit is potentially impaired and the Company then completes step two to measure the impairment loss, if any. The second step requires the calculation of the implied fair value of goodwill, which is the residual fair value remaining after deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. If the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment loss is recognized equal to the difference. Indefinite-lived intangible assets are tested for impairment by comparing their fair values to their carrying values. | |||||||||||||
In its annual test of impairment in the fourth quarter of fiscal 2014, the Company determined that the book value of trademarks acquired in connection with the CBI acquisition and DSD Coffee Business acquisition was lower than the present value of the estimated future cash flows and concluded that the trademarks were not impaired. | |||||||||||||
In its annual test of impairment in the fourth quarter of fiscal 2013, the Company determined that the book value of a certain trademark acquired in connection with the DSD Coffee Business acquisition was higher than the present value of the estimated future cash flows and concluded that the trademark was impaired. As a result, the Company recorded an impairment charge of $0.1 million to earnings in the fourth quarter of fiscal 2013. | |||||||||||||
In its annual test of impairment in the fourth quarter of fiscal 2012, the Company identified indicators of impairment including a decline in market capitalization and continuing losses from operations. The Company performed impairment tests to determine the recoverability of the carrying values of the assets or if impairment should be measured. The Company was required to make estimates of the fair value of the Company's intangible assets, and all assets of CBI, the reporting unit, which were based on the use of the income approach and/or market approach. | |||||||||||||
The Company used the relief from royalty method under the income approach to estimate the fair value of its indefinite-lived intangible assets. Inputs to this method included estimated royalty rates associated with licensing and franchise royalty agreements in related industries, which are Level 3 inputs within the fair value hierarchy. To estimate the fair value of CBI, the Company used discounted cash flow analysis under the income approach and the guideline public company method under the market approach. Inputs to the discounted cash flow analysis included the projection of future cash flows which are Level 3 inputs within the fair value hierarchy. Inputs to the guideline public company analysis included valuation multiples of publicly traded companies similar to CBI, which are Level 2 inputs within the fair value hierarchy. | |||||||||||||
As a result of these impairment tests, the Company determined that the Company's trademarks acquired in connection with the CBI acquisition were impaired and that the carrying value of all of the assets of CBI excluding goodwill exceeded their estimated fair values resulting in an implied fair value of zero for CBI's goodwill. Accordingly, in the fourth quarter of fiscal 2012, the Company recorded total impairment charges of $5.6 million including $5.1 million in impairment losses on goodwill, which was included in operating expenses. As of June 30, 2012, goodwill was written down to zero. | |||||||||||||
Long-Lived Assets, Excluding Goodwill and Indefinite-lived Intangible Assets | |||||||||||||
The Company reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Long-lived assets evaluated for impairment are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. There were no such events or circumstances during the fiscal years ended June 30, 2014 and 2013. | |||||||||||||
Shipping and Handling Costs | |||||||||||||
The Company distributes its products directly to its customers. Shipping and handling costs incurred through outside carriers are recorded as a component of the Company's selling expenses and were $8.4 million, $7.3 million and $6.6 million, respectively, in the years ended June 30, 2014, 2013 and 2012. | |||||||||||||
Collective Bargaining Agreements | |||||||||||||
Certain Company employees are subject to collective bargaining agreements. The duration of these agreements extend to 2017. At June 30, 2014, approximately 36% of the Company's workforce was covered by such agreements. | |||||||||||||
Self-Insurance | |||||||||||||
The Company is self-insured for workers’ compensation insurance subject to specific retention levels and uses historical analysis to determine and record the estimates of expected future expenses resulting from workers’ compensation claims. The estimated outstanding losses are the accrued cost of unpaid claims. The estimated outstanding losses, including allocated loss adjustment expenses (“ALAE”), include case reserves, the development of known claims and incurred but not reported claims. ALAE are the direct expenses for settling specific claims. The amounts reflect per occurrence and annual aggregate limits maintained by the Company. The analysis does not include estimating a provision for unallocated loss adjustment expenses. | |||||||||||||
The Company accounts for its accrued liability relating to workers’ compensation claims on an undiscounted basis. The estimated gross undiscounted workers’ compensation liability relating to such claims was $9.6 million and $9.9 million, respectively, and the estimated recovery from reinsurance was $1.2 million and $1.6 million, respectively, as of June 30, 2014 and 2013. The short-term and long-term accrued liabilities for workers’ compensation claims are presented on the Company's consolidated balance sheets in "Other current liabilities" and in "Accrued workers' compensation liabilities," respectively. The estimated insurance receivable is included in "Other assets" on the Company's consolidated balance sheets. | |||||||||||||
In May 2011, the Company did not meet the minimum credit rating criteria for participation in the alternative security program for California self-insurers for workers' compensation liability. As a result, the Company was required to post a $5.9 million letter of credit as a security deposit with the State of California Department of Industrial Relations Self-Insurance Plans. At June 30, 2014, this letter of credit continues to serve as a security deposit and has been increased to $6.5 million. | |||||||||||||
The estimated liability related to the Company's self-insured group medical insurance at June 30, 2014 and 2013 was $0.8 million and $1.1 million, respectively, recorded on an incurred but not reported basis, within deductible limits, based on actual claims and the average lag time between the date insurance claims are filed and the date those claims are paid. | |||||||||||||
General liability, product liability and commercial auto liability are insured through a captive insurance program. The Company retains the risk within certain aggregate amounts. Cost of the insurance through the captive program is accrued based on estimates of the aggregate liability claims incurred using certain actuarial assumptions and historical claims experience. The Company's liability reserve for such claims was $0.4 million and $0.5 million at June 30, 2014 and 2013, respectively. | |||||||||||||
The estimated liability related to the Company's self-insured group medical insurance, general liability, product liability and commercial auto liability is included on the Company's consolidated balance sheets in "Other current liabilities." | |||||||||||||
Recently Adopted Accounting Standards | |||||||||||||
None. | |||||||||||||
New Accounting Pronouncements | |||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-9, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-9”). ASU 2014-9 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-9 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption prohibited. The Company is in the process of assessing the impact of the adoption of ASU 2014-9 on its consolidated financial statements. | |||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"). An entity is required to present unrecognized tax benefits as a decrease in net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. The determination of whether a deferred tax asset is available is based on the unrecognized tax benefit and the deferred tax asset that exists at the reporting date and presumes disallowance of the tax position at the reporting date. The guidance will eliminate the diversity in practice in the presentation of unrecognized tax benefits but will not alter the way in which entities assess deferred tax assets for realizability. This update is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2013 and will be effective for the Company beginning July 1, 2014. Adoption of ASU 2013-11 is not expected to have a material effect on the results of operations, financial position or cash flows of the Company. |
Derivative_Financial_Instrumen
Derivative Financial Instruments (Notes) | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||
Derivative Instruments | |||||||||||||||||||
Derivative Instruments Held | |||||||||||||||||||
Coffee-Related Derivative Instruments | |||||||||||||||||||
The Company is exposed to commodity price risk associated with its PTF green coffee purchase contracts, which are described further in Note 1. The Company utilizes futures contracts and options to manage exposure to the variability in expected future cash flows from forecasted purchases of green coffee attributable to commodity price risk, in some instances, as much as 24 months or more prior to the actual delivery date. Certain of these coffee-related derivative instruments utilized for risk management purposes have been designated as cash flow hedges, while other coffee-related derivative instruments have not been designated as cash flow hedges or do not qualify for hedge accounting despite hedging the Company's future cash flows on an economic basis. | |||||||||||||||||||
The following table summarizes the notional volumes for the coffee-related derivative instruments held by the Company at June 30, 2014 and 2013: | |||||||||||||||||||
June 30, | |||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||||||
Long coffee pounds | 19,387 | 44,025 | |||||||||||||||||
Derivative instruments not designated as cash flow hedges: | |||||||||||||||||||
Long coffee pounds | 374 | 5,529 | |||||||||||||||||
Total | 19,761 | 49,554 | |||||||||||||||||
Cash flow hedge contracts outstanding as of June 30, 2014 will expire within 18 months. | |||||||||||||||||||
Interest Rate Swap | |||||||||||||||||||
Effective December 1, 2012, the Company entered into an interest rate swap transaction utilizing a notional amount of $10.0 million and a maturity date of March 1, 2015. The Company entered into the swap transaction to effectively fix the future interest rate during the applicable period on a portion of its borrowings under the revolving credit facility. The interest rate swap was not designated as an accounting hedge. The Company terminated the swap transaction on March 5, 2014. | |||||||||||||||||||
Effect of Derivative Instruments on the Financial Statements | |||||||||||||||||||
Balance Sheets | |||||||||||||||||||
Fair values of derivative instruments on the consolidated balance sheets: | |||||||||||||||||||
Derivative Instruments Designated as | Derivative Instruments Not Designated as Accounting Hedges | ||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Financial Statement Location: | |||||||||||||||||||
Short-term derivative assets: | |||||||||||||||||||
Coffee-related derivative instruments | $ | 5,474 | $ | — | $ | — | $ | 4 | |||||||||||
Long-term derivative assets(1): | |||||||||||||||||||
Coffee-related derivative instruments | $ | 862 | $ | — | $ | — | $ | — | |||||||||||
Short-term derivative liabilities: | |||||||||||||||||||
Coffee-related derivative instruments | $ | 252 | $ | 9,331 | $ | 69 | $ | 565 | |||||||||||
Other current liabilities: | |||||||||||||||||||
Interest rate swap | $ | — | $ | — | $ | — | $ | 25 | |||||||||||
Long-term derivative liabilities: | |||||||||||||||||||
Coffee-related derivative instruments | $ | — | $ | 1,129 | $ | — | $ | — | |||||||||||
________________ | |||||||||||||||||||
(1) Included in "Other assets" on the consolidated balance sheets. | |||||||||||||||||||
Statements of Operations | |||||||||||||||||||
The following table presents pretax net gains and losses for the Company's coffee-related derivative instruments designated as cash flow hedges, as recognized in "Cost of goods sold," AOCI and "Other, net": | |||||||||||||||||||
Year Ended June 30, | Financial Statement Classification | ||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||
Net gains recognized in earnings (effective portion) | $ | 1,161 | $ | 55 | Costs of goods sold | ||||||||||||||
Net gains (losses) recognized in other comprehensive income (loss) (effective portion) | $ | 17,524 | $ | (7,921 | ) | AOCI | |||||||||||||
Net losses recognized in earnings (ineffective portion) | $ | (259 | ) | $ | (447 | ) | Other, net | ||||||||||||
For the years ended June 30, 2014 and 2013, there were no gains or losses recognized in earnings as a result of excluding amounts from the assessment of hedge effectiveness or as a result of reclassifications to earnings following the discontinuance of any cash flow hedges. In the year ended June 30, 2012, none of the Company's coffee-related derivative instruments was designated as an accounting hedge. | |||||||||||||||||||
Gains and losses on derivative instruments not designated as accounting hedges are included in "Other, net" in the Company's consolidated statements of operations and in "Net (gains) losses on derivative instruments and investments" in the Company's consolidated statements of cash flows. | |||||||||||||||||||
Net gains and losses recorded in "Other, net" are as follows: | |||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Net gains (losses) from coffee-related derivative instruments | $ | 2,655 | $ | (11,337 | ) | $ | (7,329 | ) | |||||||||||
Net gains on investments | 464 | 230 | 1,154 | ||||||||||||||||
Net losses on interest rate swap | (5 | ) | (25 | ) | — | ||||||||||||||
Net gains (losses) on derivative instruments and investments(1) | 3,114 | (11,132 | ) | (6,175 | ) | ||||||||||||||
Other gains, net | 563 | 1,700 | 1,790 | ||||||||||||||||
Other, net | $ | 3,677 | $ | (9,432 | ) | $ | (4,385 | ) | |||||||||||
___________ | |||||||||||||||||||
(1) Excludes net losses on coffee-related derivative instruments recorded in cost of goods sold in the years ended 2014 and 2013. | |||||||||||||||||||
Offsetting of Derivative Assets and Liabilities | |||||||||||||||||||
The Company has agreements in place that allow for the financial right of offset for derivative assets and liabilities at settlement or in the event of default under the agreements. Additionally, the Company maintains accounts with its brokers to facilitate financial derivative transactions in support of its risk management activities. Based on the value of the Company’s positions in these accounts and the associated margin requirements, the Company may be required to deposit cash into these broker accounts. | |||||||||||||||||||
The following tables present the Company’s net exposure from its offsetting derivative asset and liability positions, as well as cash margins on deposit with each of its counterparties as of the reporting dates indicated: | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Counterparty A | Gross Amount Reported on Balance Sheet | Netting Adjustments | Cash Collateral Posted | Net Exposure | |||||||||||||||
30-Jun-14 | Derivative Assets | $ | 6,336 | $ | (321 | ) | $ | — | $ | 6,015 | |||||||||
Derivative Liabilities | $ | 321 | $ | (321 | ) | $ | — | $ | — | ||||||||||
30-Jun-13 | Derivative Assets | $ | 4 | $ | (4 | ) | $ | — | $ | — | |||||||||
Derivative Liabilities | $ | 11,025 | $ | (4 | ) | $ | 8,084 | $ | 2,937 | ||||||||||
(In thousands) | |||||||||||||||||||
Counterparty B | Gross Amount Reported on Balance Sheet | Netting Adjustments | Cash Collateral Posted | Net Exposure | |||||||||||||||
30-Jun-14 | Derivative Assets | $ | — | $ | — | $ | — | $ | — | ||||||||||
Derivative Liabilities | $ | — | $ | — | $ | — | $ | — | |||||||||||
30-Jun-13 | Derivative Assets | $ | — | $ | — | $ | — | $ | — | ||||||||||
Derivative Liabilities | $ | 25 | $ | — | $ | — | $ | 25 | |||||||||||
Credit-Risk-Related Features | |||||||||||||||||||
The Company does not have any credit-risk-related contingent features that would require it to post additional collateral in support of its net derivative liability positions. At June 30, 2013, the Company had $8.1 million in restricted cash representing cash held on deposit in margin accounts for coffee-related derivative instruments. At June 30, 2014, as the Company had a net gain position in its coffee-related derivative margin accounts, none of the cash in these accounts was restricted. Changes in commodity prices and the number of coffee-related derivative instruments held could have a significant impact on cash deposit requirements under the Company's broker and counterparty agreements. | |||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
Changes in the fair value of the Company's coffee-related derivative instruments designated as cash flow hedges, to the extent effective, are deferred in AOCI and reclassified into cost of goods sold in the same period or periods in which the hedged forecasted purchases affect earnings, or when it is probable that the hedged forecasted transaction will not occur by the end of the originally specified time period. Based on recorded values at June 30, 2014, $8.8 million of net gains are expected to be reclassified into cost of goods sold within the next twelve months. These recorded values are based on market prices of the commodities as of June 30, 2014. Due to the volatile nature of commodity prices, actual gains or losses realized within the next twelve months will likely differ from these values. These gains or losses are expected to substantially offset net losses or gains that will be realized in earnings from previous unfavorable or favorable market movements associated with underlying hedged transactions. |
Investments
Investments | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||
Investments | ' | ||||||||||||
Investments | |||||||||||||
The following table shows gains and losses on trading securities held for investment by the Company: | |||||||||||||
Year Ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Total gains recognized from trading securities held for investment | $ | 464 | $ | 230 | $ | 1,154 | |||||||
Less: Realized gains from sales of trading securities held for investment | 116 | 499 | 1,475 | ||||||||||
Unrealized gains (losses) from trading securities held for investment | $ | 348 | $ | (269 | ) | $ | (321 | ) | |||||
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | |||||||||||||||||
• | Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||||||||||||||
• | Level 2—Valuation is based upon inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Inputs include quoted prices for similar instruments in active markets, and quoted prices for similar instruments in markets that are not active. Level 2 includes those financial instruments that are valued with industry standard valuation models that incorporate inputs that are observable in the marketplace throughout the full term of the instrument, or can otherwise be derived from or supported by observable market data in the marketplace. | ||||||||||||||||
• | Level 3—Valuation is based upon one or more unobservable inputs that are significant in establishing a fair value estimate. These unobservable inputs are used to the extent relevant observable inputs are not available and are developed based on the best information available. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. | ||||||||||||||||
Securities with quotes that are based on actual trades or actionable bids and offers with a sufficient level of activity on or near the measurement date are classified as Level 1. Securities that are priced using quotes derived from implied values, indicative bids and offers, or a limited number of actual trades, or the same information for securities that are similar in many respects to those being valued, are classified as Level 2. If market information is not available for securities being valued, or materially-comparable securities, then those securities are classified as Level 3. In considering market information, management evaluates changes in liquidity, willingness of a broker to execute at the quoted price, the depth and consistency of prices from pricing services, and the existence of observable trades in the market. | |||||||||||||||||
Assets and liabilities measured and recorded at fair value on a recurring basis were as follows: | |||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
30-Jun-14 | |||||||||||||||||
Preferred stock(1) | $ | 22,632 | $ | 18,025 | $ | 4,607 | $ | — | |||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||||
Coffee-related derivative assets | $ | 5,153 | $ | 5,153 | $ | — | $ | — | |||||||||
Derivative instruments not designated as accounting hedges: | |||||||||||||||||
Coffee-related derivative assets | $ | 862 | $ | 862 | $ | — | $ | — | |||||||||
30-Jun-13 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Preferred stock(1) | $ | 20,542 | $ | 15,738 | $ | 4,804 | $ | — | |||||||||
Futures, options and other derivative assets(1) | $ | 4 | $ | — | $ | 4 | $ | — | |||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||||
Coffee-related derivative liabilities | $ | 10,460 | $ | 10,460 | $ | — | $ | — | |||||||||
Derivative instruments not designated as accounting hedges: | |||||||||||||||||
Coffee-related derivative liabilities | $ | 565 | $ | 565 | $ | — | $ | — | |||||||||
Derivative liabilities — interest rate swap | $ | 25 | $ | — | $ | 25 | $ | — | |||||||||
____________________ | |||||||||||||||||
(1) Included in "Short-term investments" on the consolidated balance sheets. | |||||||||||||||||
There were no significant transfers of securities between Level 1 and Level 2. |
Accounts_and_Notes_Receivable_
Accounts and Notes Receivable, net | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts and Notes Receivable, net | ' | ||||||||
Accounts and Notes Receivable, Net | |||||||||
June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Trade receivables | $ | 41,118 | $ | 43,965 | |||||
Other receivables(1) | 1,763 | 1,072 | |||||||
Allowance for doubtful accounts | (651 | ) | (1,115 | ) | |||||
Accounts and notes receivable, net | $ | 42,230 | $ | 43,922 | |||||
_____________ | |||||||||
(1) Includes as of June 30, 2014 and June 30, 2013, $0.5 million and $0.3 million, respectively, of receivables relating to the co-packing arrangement for J.M. Smucker (see Note 1). | |||||||||
In fiscal 2013, due to improved collection of outstanding accounts receivable, the Company reduced its allowance for doubtful accounts by $0.8 million, however, in fiscal 2014, the Company increased the allowance for doubtful accounts by $0.1 million. In fiscal 2014, the Company reclassified $0.5 million of the allowance for doubtful long-term notes receivable to net with the corresponding notes receivable. | |||||||||
Allowance for doubtful accounts: | |||||||||
(In thousands) | |||||||||
Balance at June 30, 2011 | $ | (2,852 | ) | ||||||
Recovery | 980 | ||||||||
Write-offs | — | ||||||||
Balance at June 30, 2012 | $ | (1,872 | ) | ||||||
Recovery | 757 | ||||||||
Write-offs | — | ||||||||
Balance at June 30, 2013 | $ | (1,115 | ) | ||||||
Provision | (80 | ) | |||||||
Reclassification to long-term | 544 | ||||||||
Write-offs | — | ||||||||
Balance at June 30, 2014 | $ | (651 | ) |
Inventories
Inventories | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure | ' | ||||||||
Inventories | |||||||||
June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Coffee | |||||||||
Processed | $ | 17,551 | $ | 12,553 | |||||
Unprocessed | 21,164 | 12,796 | |||||||
Total | $ | 38,715 | $ | 25,349 | |||||
Tea and culinary products | |||||||||
Processed | $ | 22,381 | $ | 21,406 | |||||
Unprocessed | 4,598 | 4,194 | |||||||
Total | $ | 26,979 | $ | 25,600 | |||||
Coffee brewing equipment parts | $ | 5,350 | $ | 9,918 | |||||
Total inventories | $ | 71,044 | $ | 60,867 | |||||
In addition to product cost, inventory costs include expenditures such as labor and certain supply and overhead expenses incurred in bringing the inventory to its existing condition and location. The “Unprocessed” inventory values as stated in the above table represent the value of raw materials and the “Processed” inventory values represent all other products consisting primarily of finished goods. | |||||||||
Inventories are valued at the lower of cost or market. The Company accounts for coffee, tea and culinary products on the LIFO basis and coffee brewing equipment parts on the FIFO basis. The Company regularly evaluates these inventories to determine whether market conditions are appropriately reflected in the recorded carrying value. At the end of each quarter, the Company records the expected effect of the liquidation of LIFO inventory quantities, if any, and records the actual impact at fiscal year-end. An actual valuation of inventory under the LIFO method is made only at the end of each fiscal year based on the inventory levels and costs at that time. If inventory quantities decline at the end of the fiscal year compared to the beginning of the fiscal year, the reduction results in the liquidation of LIFO inventory quantities carried at the cost prevailing in prior years. This LIFO inventory liquidation may result in a decrease or increase in cost of goods sold depending on whether the cost prevailing in prior years was lower or higher, respectively, than the current year cost. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected fiscal year-end inventory levels and costs. Because these estimates are subject to many forces beyond management's control, interim results are subject to the final fiscal year-end LIFO inventory valuation. | |||||||||
Current cost of coffee, tea and culinary product inventories exceeds the LIFO cost by: | |||||||||
June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Coffee | $ | 23,223 | $ | 27,755 | |||||
Tea and culinary products | 8,235 | 7,757 | |||||||
Total | $ | 31,458 | $ | 35,512 | |||||
Inventories increased at the end of fiscal 2014 compared to fiscal 2013 and, therefore, no beneficial effect of liquidation of LIFO inventory quantities was recorded in cost of goods sold in fiscal 2014. The Company recorded $1.1 million and $14.2 million in beneficial effect of LIFO inventory liquidation in cost of goods sold in the fiscal years ended June 30, 2013 and 2012, respectively, which reduced net loss for the fiscal years ended June 30, 2013 and 2012 by $1.1 million and $14.2 million, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure | ' | ||||||||
Property, Plant and Equipment | |||||||||
June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Buildings and facilities | $ | 77,926 | $ | 77,807 | |||||
Machinery and equipment | 162,030 | 138,470 | |||||||
Equipment under capital leases | 19,458 | 18,806 | |||||||
Capitalized software | 18,878 | 17,993 | |||||||
Office furniture and equipment | 15,049 | 15,610 | |||||||
$ | 293,341 | $ | 268,686 | ||||||
Accumulated depreciation | (206,819 | ) | (185,718 | ) | |||||
Land | 9,119 | 9,191 | |||||||
Property, plant and equipment, net(1) | $ | 95,641 | $ | 92,159 | |||||
______________ | |||||||||
(1) Includes in the years ended June 30, 2014 and 2013, expenditures for items that have not been placed in service in the amounts of $2.8 million and $3.1 million, respectively, | |||||||||
Capital leases consisted mainly of vehicle leases at June 30, 2014 and 2013. | |||||||||
The Company capitalized coffee brewing equipment (included in machinery and equipment) in the amounts of $13.6 million and $9.3 million in fiscal 2014 and 2013, respectively. Depreciation expense related to the capitalized coffee brewing equipment reported as cost of goods sold was $10.9 million, $12.8 million and $12.2 million in fiscal 2014, 2013 and 2012, respectively. Depreciation and amortization expense includes amortization expense for assets recorded under capitalized leases. | |||||||||
Maintenance and repairs to property, plant and equipment charged to expense for the years ended June 30, 2014, 2013 and 2012 were $8.7 million, $7.6 million and $7.9 million, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||
The following is a summary of the Company’s amortized and unamortized intangible assets other than goodwill, along with amortization expense on these intangible assets for the past three fiscal years. All amortizable intangible assets are fully amortized. | |||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||
(In thousands) | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer relationships | $ | 10,083 | $ | (10,083 | ) | $ | 10,083 | $ | (9,434 | ) | |||||||
Total amortized intangible assets | $ | 10,083 | $ | (10,083 | ) | $ | 10,083 | $ | (9,434 | ) | |||||||
Unamortized intangible assets: | |||||||||||||||||
Tradenames with indefinite lives | $ | 3,640 | $ | — | $ | 3,640 | $ | — | |||||||||
Trademarks with indefinite lives | 1,988 | — | 1,988 | — | |||||||||||||
Total unamortized intangible assets | $ | 5,628 | $ | — | $ | 5,628 | $ | — | |||||||||
Total intangible assets | $ | 15,711 | $ | (10,083 | ) | $ | 15,711 | $ | (9,434 | ) | |||||||
Aggregate amortization expense for the past three fiscal years | |||||||||||||||||
(In thousands): | |||||||||||||||||
For the fiscal year ended June 30, 2014 | $ | 649 | |||||||||||||||
For the fiscal year ended June 30, 2013 | $ | 1,246 | |||||||||||||||
For the fiscal year ended June 30, 2012 | $ | 1,439 | |||||||||||||||
Following is a summary of changes in the carrying value of goodwill: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at June 30, 2011 | $ | 5,310 | |||||||||||||||
Reclassification | (165 | ) | |||||||||||||||
Impairment loss | (5,145 | ) | |||||||||||||||
Balance at June 30, 2012 | $ | — | |||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||||||||
Employee Benefit Plans | ||||||||||||||||||||||||||
The Company provides pension plans for most full-time employees. Generally the plans provide benefits based on years of service and/or a combination of years of service and earnings. In addition, the Company contributes to two multiemployer defined benefit pension plans, one multiemployer defined contribution pension plan and eight multiemployer defined contribution plans other than pension plans that provide medical, vision, dental and disability benefits for active, union-represented employees subject to collective bargaining agreements. In addition, the Company sponsors a postretirement defined benefit plan that covers qualified non-union retirees and certain qualified union retirees and provides retiree medical coverage and, depending on the age of the retiree, dental and vision coverage. The Company also provides a postretirement death benefit to certain of its employees and retirees. | ||||||||||||||||||||||||||
The Company is required to recognize the funded status of a benefit plan in its consolidated balance sheet. The Company is also required to recognize in other comprehensive income (loss) ("OCI") certain gains and losses that arise during the period but are deferred under pension accounting rules. | ||||||||||||||||||||||||||
Single Employer Pension Plans | ||||||||||||||||||||||||||
The Company has a defined benefit pension plan, the Farmer Bros. Co. Pension Plan for Salaried Employees (the “Farmer Bros. Plan”), for the majority of its employees who are not covered under a collective bargaining agreement. The Company amended the Farmer Bros. Plan, freezing the benefit for all participants effective June 30, 2011. After the plan freeze, participants do not accrue any benefits under the Farmer Bros. Plan, and new hires are not eligible to participate in the Farmer Bros. Plan. As all plan participants became inactive following this pension curtailment, net (gain) loss is now amortized based on the remaining life expectancy of these participants instead of the remaining service period of these participants. | ||||||||||||||||||||||||||
The Company also has two defined benefit pension plans for certain hourly employees covered under collective bargaining agreements (the “Brewmatic Plan” and the “Hourly Employees' Plan”). In the fourth quarter of fiscal 2013, the Company determined that it would shut down its equipment refurbishment operations in Los Angeles, California and move them to its Oklahoma City distribution center effective August 30, 2013. Due to this shut down, all hourly employees responsible for these operations in Los Angeles were terminated and their pension benefits in the Brewmatic Plan were frozen effective August 30, 2013. As a result, the Company recorded a pension curtailment expense of $34,000 in the fourth quarter of fiscal 2013. | ||||||||||||||||||||||||||
Obligations and Funded Status | ||||||||||||||||||||||||||
Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | ||||||||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||
Benefit obligation at the beginning of the year | $ | 126,205 | $ | 124,828 | $ | 3,946 | $ | 4,022 | $ | 2,056 | $ | 1,520 | ||||||||||||||
Service cost | — | — | — | 59 | 401 | 418 | ||||||||||||||||||||
Interest cost | 5,545 | 5,550 | 171 | 176 | 92 | 69 | ||||||||||||||||||||
Actuarial (gain) loss | 7,069 | 1,333 | 153 | (24 | ) | 81 | 56 | |||||||||||||||||||
Benefits paid | (5,683 | ) | (5,506 | ) | (279 | ) | (287 | ) | (11 | ) | (7 | ) | ||||||||||||||
Projected benefit obligation at the end of the year | $ | 133,136 | $ | 126,205 | $ | 3,991 | $ | 3,946 | $ | 2,619 | $ | 2,056 | ||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 88,097 | $ | 82,110 | $ | 3,063 | $ | 2,718 | $ | 1,248 | $ | 1,013 | ||||||||||||||
Actual return on plan assets | 15,046 | 10,145 | 521 | 322 | 207 | 125 | ||||||||||||||||||||
Employer contributions | 966 | 1,348 | 130 | 310 | 185 | 117 | ||||||||||||||||||||
Benefits paid | (5,683 | ) | (5,506 | ) | (279 | ) | (287 | ) | (11 | ) | (7 | ) | ||||||||||||||
Fair value of plan assets at the end of the year | $ | 98,426 | $ | 88,097 | $ | 3,435 | $ | 3,063 | $ | 1,629 | $ | 1,248 | ||||||||||||||
Funded status at end of year (underfunded) overfunded | $ | (34,710 | ) | $ | (38,108 | ) | $ | (556 | ) | $ | (883 | ) | $ | (990 | ) | $ | (808 | ) | ||||||||
Amounts recognized in consolidated balance sheets | ||||||||||||||||||||||||||
Non-current liabilities | (34,710 | ) | (38,108 | ) | (556 | ) | (883 | ) | (990 | ) | (808 | ) | ||||||||||||||
Total | $ | (34,710 | ) | $ | (38,108 | ) | $ | (556 | ) | $ | (883 | ) | $ | (990 | ) | $ | (808 | ) | ||||||||
Amounts recognized in consolidated statements of operations | ||||||||||||||||||||||||||
Total net (gain) loss | $ | 42,093 | $ | 44,841 | $ | 1,665 | $ | 1,878 | $ | 73 | $ | 108 | ||||||||||||||
Total accumulated OCI (not adjusted for applicable tax) | $ | 42,093 | $ | 44,841 | $ | 1,665 | $ | 1,878 | $ | 73 | $ | 108 | ||||||||||||||
Weighted average assumptions used to determine benefit obligations | ||||||||||||||||||||||||||
Discount rate | 4.15 | % | 4.5 | % | 4.15 | % | 4.5 | % | 4.15 | % | 4.5 | % | ||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Components of Net Periodic Benefit Cost and | ||||||||||||||||||||||||||
Other Changes Recognized in Other Comprehensive Income (Loss) (OCI) | ||||||||||||||||||||||||||
Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | ||||||||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 59 | $ | 401 | $ | 418 | ||||||||||||||
Interest cost | 5,545 | 5,550 | 171 | 176 | 92 | 69 | ||||||||||||||||||||
Expected return on plan assets | (6,508 | ) | (6,355 | ) | (221 | ) | (196 | ) | (90 | ) | (87 | ) | ||||||||||||||
Amortization of net (gain) loss | 1,279 | 1,422 | 65 | 126 | — | — | ||||||||||||||||||||
Amortization of prior service cost (credit) | — | — | — | 19 | — | — | ||||||||||||||||||||
Amount recognized due to special event (curtailment) | — | — | — | 34 | — | — | ||||||||||||||||||||
Net periodic benefit cost | $ | 316 | $ | 617 | $ | 15 | $ | 218 | $ | 403 | $ | 400 | ||||||||||||||
Other changes recognized in OCI | ||||||||||||||||||||||||||
Net (gain) loss | $ | (1,469 | ) | $ | (2,456 | ) | $ | (147 | ) | $ | (150 | ) | $ | (35 | ) | $ | 18 | |||||||||
Prior service cost (credit) | — | — | — | — | — | — | ||||||||||||||||||||
Amortization of net gain (loss) | (1,279 | ) | (1,422 | ) | (65 | ) | (126 | ) | — | — | ||||||||||||||||
Amortization of prior service (cost) credit | — | — | — | (19 | ) | — | — | |||||||||||||||||||
Amount recognized due to special event (curtailment) | — | — | — | (34 | ) | — | — | |||||||||||||||||||
Total recognized in OCI | $ | (2,748 | ) | $ | (3,878 | ) | $ | (212 | ) | $ | (329 | ) | $ | (35 | ) | $ | 18 | |||||||||
Total recognized in net periodic benefit cost and OCI | $ | (2,432 | ) | $ | (3,261 | ) | $ | (197 | ) | $ | (111 | ) | $ | 368 | $ | 418 | ||||||||||
Weighted-average assumptions used to determine net periodic benefit cost | ||||||||||||||||||||||||||
Discount rate | 4.5 | % | 4.55 | % | 4.5 | % | 4.55 | % | 4.5 | % | 4.55 | % | ||||||||||||||
Expected long-term return on plan assets | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | ||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Basis Used to Determine Expected Long-term Return on Plan Assets | ||||||||||||||||||||||||||
The expected long-term return on plan assets assumption was developed as a weighted average rate based on the target asset allocation of the plan and the long-term capital market assumptions. The overall rate for each asset class was developed by combining a long-term inflation component and the associated expected real rates. The development of the capital market assumptions utilized a variety of methodologies, including, but not limited to, historical analysis, stock valuation models such as dividend discount models and earnigs yields' models, expected economic growth outlook and market yields analysis. | ||||||||||||||||||||||||||
Description of Investment Policy | ||||||||||||||||||||||||||
The Company’s investment strategy is to build an efficient, well-diversified portfolio based on a long-term, strategic outlook of the investment markets. The investment markets outlook utilizes both the historical-based and forward-looking return forecasts to establish future return expectations for various asset classes. These return expectations are used to develop a core asset allocation based on the specific needs of each plan. The core asset allocation utilizes investment portfolios of various asset classes and multiple investment managers in order to maximize the plan’s return while providing multiple layers of diversification to help minimize risk. | ||||||||||||||||||||||||||
Additional Disclosures | ||||||||||||||||||||||||||
Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | ||||||||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Comparison of obligations to plan assets | ||||||||||||||||||||||||||
Projected benefit obligation | $ | 133,136 | $ | 126,205 | $ | 3,991 | $ | 3,946 | $ | 2,619 | $ | 2,056 | ||||||||||||||
Accumulated benefit obligation | $ | 133,136 | $ | 126,205 | $ | 3,991 | $ | 3,946 | $ | 2,619 | $ | 2,056 | ||||||||||||||
Fair value of plan assets at measurement date | $ | 98,426 | $ | 88,097 | $ | 3,435 | $ | 3,063 | $ | 1,629 | $ | 1,248 | ||||||||||||||
Plan assets by category | ||||||||||||||||||||||||||
Equity securities | $ | 53,355 | $ | 58,681 | $ | 1,861 | $ | 2,059 | $ | 884 | $ | 811 | ||||||||||||||
Debt securities | 35,035 | 24,822 | 1,223 | 843 | 579 | 375 | ||||||||||||||||||||
Real estate | 10,036 | 4,594 | 351 | 161 | 166 | 62 | ||||||||||||||||||||
Total | $ | 98,426 | $ | 88,097 | $ | 3,435 | $ | 3,063 | $ | 1,629 | $ | 1,248 | ||||||||||||||
Plan assets by category | ||||||||||||||||||||||||||
Equity securities | 54 | % | 67 | % | 54 | % | 67 | % | 54 | % | 65 | % | ||||||||||||||
Debt securities | 36 | % | 28 | % | 36 | % | 28 | % | 36 | % | 30 | % | ||||||||||||||
Real estate | 10 | % | 5 | % | 10 | % | 5 | % | 10 | % | 5 | % | ||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||
Fair values of plan assets were as follows: | ||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Farmer Bros. Plan | $ | 98,426 | $ | — | $ | 98,426 | $ | — | ||||||||||||||||||
Brewmatic Plan | $ | 3,435 | $ | — | $ | 3,435 | $ | — | ||||||||||||||||||
Hourly Employees’ Plan | $ | 1,629 | $ | — | $ | 1,629 | $ | — | ||||||||||||||||||
30-Jun-13 | ||||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Farmer Bros. Plan | $ | 88,097 | $ | — | $ | 88,097 | $ | — | ||||||||||||||||||
Brewmatic Plan | $ | 3,063 | $ | — | $ | 3,063 | $ | — | ||||||||||||||||||
Hourly Employees’ Plan | $ | 1,248 | $ | — | $ | 1,248 | $ | — | ||||||||||||||||||
As of June 30, 2014, approximately 5.0% of the assets of the Farmer Bros. Plan, the Brewmatic Plan and the Hourly Employees’ Plan were invested in pooled separate accounts ("PSA's") which invested mainly in commercial real estate and included mortgage loans which were backed by the associated properties. These underlying real estate investments are able to be redeemed at net asset value per share ("NAV"), and therefore, are considered Level 2 assets. The amounts and types of investments within plan assets did not change significantly from June 30, 2012. | ||||||||||||||||||||||||||
The following is a reconciliation of asset balances with Level 3 input pricing: | ||||||||||||||||||||||||||
(In thousands) | Beginning | Total Gains | Settlements | Transfers | Ending | |||||||||||||||||||||
Balance at 7/1/2012 | Balance at | |||||||||||||||||||||||||
6/30/13 | ||||||||||||||||||||||||||
Farmer Bros. Plan | $ | 4,104 | $ | — | $ | — | $ | (4,104 | ) | $ | — | |||||||||||||||
Brewmatic Plan | $ | 136 | $ | — | $ | — | $ | (136 | ) | $ | — | |||||||||||||||
Hourly Employees’ Plan | $ | 66 | $ | — | $ | — | $ | (66 | ) | $ | — | |||||||||||||||
The following is the target asset allocation for the Company's single employer pension plans—Farmer Bros. Plan, Brewmatic Plan and Hourly Employees' Plan—for fiscal 2015: | ||||||||||||||||||||||||||
Fiscal 2015 | ||||||||||||||||||||||||||
U.S. large cap equity securities | 29.9 | % | ||||||||||||||||||||||||
U.S. small cap equity securities | 7.6 | % | ||||||||||||||||||||||||
International equity securities | 12.5 | % | ||||||||||||||||||||||||
Debt securities | 40 | % | ||||||||||||||||||||||||
Real estate | 10 | % | ||||||||||||||||||||||||
Total | 100 | % | ||||||||||||||||||||||||
Estimated Amounts in OCI Expected To Be Recognized | ||||||||||||||||||||||||||
In fiscal 2015, the Company expects to recognize as a component of net periodic benefit (credit) cost $(0.4) million for the Farmer Bros. Plan, $(17,000) for the Brewmatic Plan, and $0.4 million for the Hourly Employees’ Plan. | ||||||||||||||||||||||||||
Estimated Future Contributions and Refunds | ||||||||||||||||||||||||||
In fiscal 2015, the Company expects to contribute $1.9 million to the Farmer Bros. Plan, $0.2 million to the Brewmatic Plan, and $0.5 million to the Hourly Employees’ Plan. The Company is not aware of any refunds expected from single employer pension plans. | ||||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||||
The following benefit payments are expected to be paid over the next 10 fiscal years: | ||||||||||||||||||||||||||
(In thousands) | Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ | |||||||||||||||||||||||
Plan | ||||||||||||||||||||||||||
Year Ending: | ||||||||||||||||||||||||||
June 30, 2015 | $ | 6,350 | $ | 280 | $ | 47 | ||||||||||||||||||||
June 30, 2016 | $ | 6,490 | $ | 280 | $ | 62 | ||||||||||||||||||||
June 30, 2017 | $ | 6,650 | $ | 270 | $ | 78 | ||||||||||||||||||||
June 30, 2018 | $ | 6,880 | $ | 280 | $ | 97 | ||||||||||||||||||||
30-Jun-19 | $ | 7,050 | $ | 280 | $ | 110 | ||||||||||||||||||||
June 30, 2020 to June 30, 2024 | $ | 38,860 | $ | 1,290 | $ | 890 | ||||||||||||||||||||
These amounts are based on current data and assumptions and reflect expected future service, as appropriate. | ||||||||||||||||||||||||||
Multiemployer Pension Plans | ||||||||||||||||||||||||||
The Company participates in two multiemployer defined benefit pension plans that are union sponsored and collectively bargained for the benefit of certain employees subject to collective bargaining agreements, of which the Western Conference of Teamsters Pension Plan (“WCTPP”) is individually significant. The Company makes contributions to these plans generally based on the number of hours worked by the participants in accordance with the provisions of negotiated labor contracts. | ||||||||||||||||||||||||||
The risks of participating in multiemployer pension plans are different from single-employer plans in that: (i) assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and (iii) if the Company stops participating in the multiemployer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | ||||||||||||||||||||||||||
The Company's participation in WCTPP is outlined in the table below. The Pension Protection Act (“PPA”) Zone Status available in the Company's fiscal year 2014 and fiscal year 2013 is for the plan's year ended December 31, 2013 and December 31, 2012, respectively. The zone status is based on information obtained from WCTPP and is certified by WCTPP's actuary. Among other factors, plans in the green zone are generally more than 80% funded. Based on WCTPP's annual report on Form 5500, WCTPP was 91.5% and 90.0% funded for its plan year beginning January 1, 2013 and 2012, respectively. The “FIP/RP Status Pending/Implemented” column indicates if a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. | ||||||||||||||||||||||||||
Pension Plan | Employer | Pension | PPA Zone Status | FIP/RP | Surcharge | Expiration Date | ||||||||||||||||||||
Identification | Plan | Status | Imposed | of Collective | ||||||||||||||||||||||
Number | Number | 1-Jul-13 | July 1, | Pending/ | Bargaining | |||||||||||||||||||||
2012 | Implemented | Agreements | ||||||||||||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047 | 1 | Green | Green | No | No | August 2014 to June 2017 | |||||||||||||||||||
Based upon the most recent information available from the trustees managing WCTPP, the Company's share of the unfunded vested benefit liability for the plan was estimated to be approximately $14.4 million if the withdrawal had occurred in calendar year 2013. These estimates were calculated by the trustees managing WCTPP. Although the Company believes the most recent plan data available from WCTPP was used in computing this 2013 estimate, the actual withdrawal liability amount is subject to change based on, among other things, the plan's investment returns and benefit levels, interest rates, financial difficulty of other participating employers in the plan such as bankruptcy, and continued participation by the Company and other employers in the plan, each of which could impact the ultimate withdrawal liability. | ||||||||||||||||||||||||||
If withdrawal liability were to be triggered, the withdrawal liability assessment can be paid in a lump sum or on a monthly basis. The amount of the monthly payment is determined as follows: Average number of hours reported to the pension plan trust during the three consecutive years with highest number of hours in the 10-year period prior to the withdrawal is multiplied by the highest hourly contribution rate during the 10-year period to determine the amount of withdrawal liability that has to be paid annually. The annual amount is divided by 12 to arrive at the monthly payment due. If monthly payments are elected, interest is assessed on the unpaid balance after 12 months at the rate of 7% per annum. | ||||||||||||||||||||||||||
In fiscal 2012, the Company paid a final settlement of $0.3 million towards withdrawal from the Central States Pension Fund that was part of the DSD Coffee Business acquisition and recorded the charge as "Pension withdrawal expense." In addition, in fiscal 2012, the Company withdrew from the Labor Management Pension Fund and recorded a charge of $4.3 million associated with withdrawal from this plan, representing the present value of the estimated withdrawal liability expected to be paid in quarterly installments of $0.1 million over 80 quarters. Installment payments will commence once the final determination of the amount of withdrawal liability is established. Upon withdrawal, the employees covered under this multiemployer pension plan were included in the Company's 401(k) plan (the “401(k) Plan”). The $4.3 million estimated withdrawal charge is included in the Company's consolidated statement of operations for the fiscal year ended June 30, 2012 as “Pension withdrawal expense,” with the short-term and long-term portions reflected in current and long-term liabilities, respectively, on the Company's consolidated balance sheets at June 30, 2014 and June 30, 2013. As of June 30, 2014, a final determination of liability has not been made by the pension plan administrator and installment payments have not commenced. | ||||||||||||||||||||||||||
Future collective bargaining negotiations may result in the Company withdrawing from the remaining multiemployer pension plans in which it participates and, if successful, the Company may incur a withdrawal liability, the amount of which could be material to the Company's results of operations and cash flows. | ||||||||||||||||||||||||||
Company contributions to the multiemployer pension plans: | ||||||||||||||||||||||||||
(In thousands) | WCTPP(1)(2)(3) | All Other Plans(4) | ||||||||||||||||||||||||
Year Ended: | ||||||||||||||||||||||||||
June 30, 2014 | $ | 3,153 | $ | 34 | ||||||||||||||||||||||
June 30, 2013 | $ | 3,064 | $ | 37 | ||||||||||||||||||||||
June 30, 2012 | $ | 3,048 | $ | 113 | ||||||||||||||||||||||
____________ | ||||||||||||||||||||||||||
-1 | Individually significant plan. | |||||||||||||||||||||||||
-2 | Less than 5% of total contribution to WCTPP based on WCTPP's most recent annual report on Form 5500 for the calendar year ended December 31, 2013. | |||||||||||||||||||||||||
-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. | |||||||||||||||||||||||||
-4 | Includes a plan that is not individually significant. | |||||||||||||||||||||||||
The Company expects to contribute an aggregate of $3.3 million towards multiemployer pension plans in fiscal 2015. | ||||||||||||||||||||||||||
Multiemployer Plans Other Than Pension Plans | ||||||||||||||||||||||||||
The Company participates in eight defined contribution multiemployer plans other than pension plans that provide medical, vision, dental and disability benefits for active, union-represented employees subject to collective bargaining agreements. The plans are subject to the provisions of the Employee Retirement Income Security Act of 1974, and provide that participating employers make monthly contributions to the plans in an amount as specified in the collective bargaining agreements. Also, the plans provide that participants make self-payments to the plans, the amounts of which are negotiated through the collective bargaining process. The Company's participation in these plans is governed by collective bargaining agreements which expire on or before September 30, 2017. The Company's aggregate contributions to multiemployer plans other than pension plans in the fiscal years ended June 30, 2014, 2013 and 2012 were $6.6 million, $5.8 million and $5.8 million, respectively. The Company expects to contribute an aggregate of $7.2 million towards multiemployer plans other than pension plans in fiscal 2015. | ||||||||||||||||||||||||||
401(k) Plan | ||||||||||||||||||||||||||
The Company's 401(k) Plan is available to all eligible employees who have worked more than 1,000 hours during a calendar year and were employed at the end of the calendar year. Participants in the 401(k) Plan may choose to contribute a percentage of their annual pay subject to the maximum contribution allowed by the Internal Revenue Service. The Company's matching contribution is discretionary, based on approval by the Company's Board of Directors. For the calendar years 2014, 2013 and 2012, the Company's Board of Directors approved a Company matching contribution of 50% of an employee's annual contribution to the 401(k) Plan, up to 6% of the employee's eligible income. The matching contributions (and any earnings thereon) vest at the rate of 20% for each of the participant's first 5 years of vesting service, so that a participant is fully vested in his or her matching contribution account after 5 years of vesting service. A participant is automatically vested in the event of death, disability or attainment of age 65 while employed by the Company. Employees are 100% vested in their contributions. For employees subject to a collective bargaining agreement, the match is only available if so provided in the labor agreement. | ||||||||||||||||||||||||||
The Company recorded matching contributions of $1.3 million, $1.2 million and $1.4 million in operating expenses for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||||
The Company sponsors a postretirement defined benefit plan that covers qualified non-union retirees and certain qualified union retirees ("Retiree Medical Plan"). The plan provides medical, dental and vision coverage for retirees under age 65 and medical coverage only for retirees age 65 and above. Under this postretirement plan, the Company’s contributions toward premiums for retiree medical, dental and vision coverage for participants and dependents are scaled based on length of service, with greater Company contributions for retirees with greater length of service, subject to a maximum monthly Company contribution. The Company's retiree medical, dental and vision plan is unfunded, and its liability was calculated using an assumed discount rate of 4.3% at June 30, 2014. The Company projects an initial medical trend rate of 8.0% in fiscal 2014, ultimately reducing to 4.5% in 10 years. | ||||||||||||||||||||||||||
The Company also provides a postretirement death benefit ("Death Benefit") to certain of its employees and retirees, subject, in the case of current employees, to continued employment with the Company until retirement and certain other conditions related to the manner of employment termination and manner of death. The Company records the actuarially determined liability for the present value of the postretirement death benefit. The Company has purchased life insurance policies to fund the postretirement death benefit wherein the Company owns the policy but the postretirement death benefit is paid to the employee's or retiree's beneficiary. The Company records an asset for the fair value of the life insurance policies which equates to the cash surrender value of the policies. | ||||||||||||||||||||||||||
Retiree Medical Plan and Death Benefit | ||||||||||||||||||||||||||
The following table shows the components of net periodic postretirement benefit cost for the Retiree Medical Plan and Death Benefit for the fiscal years ended June 30, 2014, 2013 and 2012. Net periodic postretirement benefit cost for fiscal 2014 was based on employee census information as of July 1, 2013 and asset information as of June 30, 2014. | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Components of Net Periodic Postretirement Benefit Cost: | ||||||||||||||||||||||||||
Service cost | $ | 936 | $ | 1,972 | $ | 1,817 | ||||||||||||||||||||
Interest cost | 810 | 969 | 1,100 | |||||||||||||||||||||||
Expected return on plan assets | — | — | — | |||||||||||||||||||||||
Amortization of net gain | (880 | ) | 7 | (164 | ) | |||||||||||||||||||||
Amortization of unrecognized transition (asset) obligation | — | — | — | |||||||||||||||||||||||
Amortization of prior service cost (credit) | (1,757 | ) | (1,757 | ) | (1,757 | ) | ||||||||||||||||||||
Net periodic postretirement benefit cost | $ | (891 | ) | $ | 1,191 | $ | 996 | |||||||||||||||||||
The difference between the assets and the Accumulated Postretirement Benefit Obligation (APBO) at the adoption of ASC 715-60 was established as a transition (asset) obligation and is amortized over the average expected future service for active employees as measured at the date of adoption. Any plan amendments that retroactively increase benefits create prior service cost. The increase in the APBO due to any plan amendment is established as a base and amortized over the average remaining years of service to the full eligibility date of active participants who are not yet fully eligible for benefits at the plan amendment date. Gains and losses due to experience different than that assumed or from changes in actuarial assumptions are not immediately recognized. The tables below show the remaining bases for the transition (asset) obligation, prior service cost (credit), and the calculation of the amortizable gain or loss. | ||||||||||||||||||||||||||
Amortization Schedule | ||||||||||||||||||||||||||
Transition (Asset) Obligation: The transition (asset) obligations have been fully amortized. | ||||||||||||||||||||||||||
Prior service cost (credit) ($ in thousands): | ||||||||||||||||||||||||||
Date Established | Balance at | Annual | Years Remaining | Curtailment | Balance at | |||||||||||||||||||||
1-Jul-13 | Amortization | 30-Jun-14 | ||||||||||||||||||||||||
1-Jan-08 | $ | (1,423 | ) | $ | 230 | 6.2 | — | $ | (1,193 | ) | ||||||||||||||||
July 1, 2012 | (16,054 | ) | 1,527 | 10.5 | — | (14,527 | ) | |||||||||||||||||||
$ | (17,477 | ) | $ | 1,757 | $ | (15,720 | ) | |||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||
Retiree Medical Plan | Death Benefit | |||||||||||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Amortization of Net (Gain) Loss: | ||||||||||||||||||||||||||
Net (gain) loss as of July 1 | $ | (8,006 | ) | $ | (12,087 | ) | $ | 1,791 | $ | 1,850 | ||||||||||||||||
Asset (gains) losses not yet recognized in market related value of assets | — | — | — | — | ||||||||||||||||||||||
Net (gain) loss subject to amortization | (8,006 | ) | (12,087 | ) | 1,791 | 1,850 | ||||||||||||||||||||
Corridor (10% of greater of APBO or assets) | 1,262 | 872 | (826 | ) | (798 | ) | ||||||||||||||||||||
Net (gain) loss in excess of corridor | $ | (6,744 | ) | $ | (11,215 | ) | $ | 965 | $ | 1,052 | ||||||||||||||||
Amortization years | 10.7 | 11.1 | 7.4 | 8 | ||||||||||||||||||||||
The following tables provide a reconciliation of the benefit obligation and plan assets: | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||||||||||||
Projected postretirement benefit obligation at beginning of year | $ | 16,701 | $ | 23,325 | ||||||||||||||||||||||
Service cost | 936 | 1,972 | ||||||||||||||||||||||||
Interest cost | 810 | 969 | ||||||||||||||||||||||||
Participant contributions | 708 | 729 | ||||||||||||||||||||||||
Actuarial (gains) losses | 3,141 | (8,520 | ) | |||||||||||||||||||||||
Benefits paid | (1,407 | ) | (1,774 | ) | ||||||||||||||||||||||
Projected postretirement benefit obligation at end of year | $ | 20,889 | $ | 16,701 | ||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | ||||||||||||||||||||||
Employer contributions | 699 | 1,045 | ||||||||||||||||||||||||
Participant contributions | 708 | 729 | ||||||||||||||||||||||||
Benefits paid | (1,407 | ) | (1,774 | ) | ||||||||||||||||||||||
Fair value of plan assets at end of year | — | — | ||||||||||||||||||||||||
Funded status of plan | $ | (20,889 | ) | $ | (16,701 | ) | ||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet Consist of: | ||||||||||||||||||||||||||
Non-current assets | $ | — | $ | — | ||||||||||||||||||||||
Current liabilities | (919 | ) | (625 | ) | ||||||||||||||||||||||
Non-current liabilities | (19,970 | ) | (16,076 | ) | ||||||||||||||||||||||
Total | $ | (20,889 | ) | $ | (16,701 | ) | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Amounts Recognized in Accumulated OCI Consist of: | ||||||||||||||||||||||||||
Net gain | $ | (6,216 | ) | $ | (10,131 | ) | ||||||||||||||||||||
Transition obligation | (15,720 | ) | — | |||||||||||||||||||||||
Prior service cost (credit) | — | (17,604 | ) | |||||||||||||||||||||||
Total accumulated OCI | $ | (21,936 | ) | $ | (27,735 | ) | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI: | ||||||||||||||||||||||||||
Unrecognized actuarial loss (gain) | $ | 3,141 | $ | (8,520 | ) | |||||||||||||||||||||
Amortization of net loss | 880 | (7 | ) | |||||||||||||||||||||||
Amortization of prior service cost | 1,757 | 1,757 | ||||||||||||||||||||||||
Total recognized in OCI | 5,778 | (6,770 | ) | |||||||||||||||||||||||
Net periodic benefit (credit) cost | (891 | ) | 1,191 | |||||||||||||||||||||||
Total recognized in net periodic benefit cost and OCI | $ | 4,887 | $ | (5,579 | ) | |||||||||||||||||||||
The estimated net gain and prior service credit that will be amortized from accumulated OCI into net periodic benefit cost in fiscal 2015 are $0.5 million and $1.8 million, respectively. | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Estimated Future Benefit Payments: | ||||||||||||||||||||||||||
Year Ending: | ||||||||||||||||||||||||||
30-Jun-15 | $ | 939 | ||||||||||||||||||||||||
30-Jun-16 | $ | 1,029 | ||||||||||||||||||||||||
30-Jun-17 | $ | 1,126 | ||||||||||||||||||||||||
30-Jun-18 | $ | 1,252 | ||||||||||||||||||||||||
30-Jun-19 | $ | 1,405 | ||||||||||||||||||||||||
June 30, 2020 to June 30, 2024 | $ | 8,535 | ||||||||||||||||||||||||
Expected Contributions: | ||||||||||||||||||||||||||
30-Jun-15 | $ | 939 | ||||||||||||||||||||||||
Sensitivity in Fiscal 2015 Results | ||||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one percentage point change in assumed health care cost trend rates would have the following effects in fiscal 2015: | ||||||||||||||||||||||||||
1-Percentage Point | ||||||||||||||||||||||||||
(In thousands) | Increase | Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 220 | $ | (183 | ) | |||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | $ | 1,378 | $ | (1,158 | ) | |||||||||||||||||||||
Bank_Loan
Bank Loan | 12 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Bank Loan | ' |
Bank Loan | |
On September 12, 2011, the Company entered into an Amended and Restated Loan and Security Agreement (the “Loan Agreement”) among the Company and Coffee Bean International, Inc. (“CBI”), as Borrowers, certain of the Company’s other subsidiaries, as Guarantors, the Lenders party thereto, and Wells Fargo Bank, National Association (“Wells Fargo”), as Agent. | |
On January 9, 2012, the Loan Agreement was amended in connection with JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), becoming an additional Lender thereunder. On March 18, 2013, the Loan Agreement was amended further ("Amendment No. 2") to amend the definition of "Maximum Credit" available thereunder to $75.0 million from $85.0 million. Pursuant to Amendment No. 2, Wells Fargo agreed to provide a commitment of $53.0 million and JPMorgan Chase agreed to provide a commitment of $22.0 million. | |
On February 28, 2014, the Company entered into Amendment No. 3 to the Loan Agreement, which, among other things, amended the definition of "Applicable Margin" set forth in the Loan Agreement to provide for interest rates based on modified Monthly Average Excess Availability levels with a range of PRIME + 0% to PRIME + 0.50% or Adjusted Eurodollar Rate + 1.75% to Adjusted Eurodollar Rate + 2.25%. | |
The Loan Agreement provides for a senior secured revolving credit facility of up to $75.0 million, with a letter of credit sublimit of $20.0 million. The revolving credit facility provides for advances of 85% of eligible accounts receivable and 75% of eligible inventory (subject to a $60.0 million inventory loan limit), as defined.The Loan Agreement has an amendment fee of 0.375% and an unused line fee of 0.25%. Outstanding obligations under the Loan Agreement are collateralized by all of the Borrowers’ assets, including the Company’s preferred stock portfolio. The Loan Agreement expires on March 2, 2015. Management cannot provide assurances that the Company will be able to refinance any of its indebtedness under the credit facility on commercially reasonable terms or at all. | |
The Loan Agreement contains a variety of affirmative and negative covenants of types customary in an asset-based lending facility, including those relating to reporting requirements, maintenance of records, properties and corporate existence, compliance with laws, incurrence of other indebtedness and liens, limitations on certain payments, including the payment of dividends and capital expenditures, and transactions and extraordinary corporate events. The Loan Agreement allows the Company to pay dividends, provided, among other things, certain liquidity requirements are met, the aggregate amount of all such payments in any fiscal year is not in excess of $7.0 million ($1.75 million in any fiscal quarter), and no event of default exists or has occurred and is continuing as of the date of any such payment and after giving effect thereto. The Loan Agreement also contains financial covenants requiring the Borrowers to maintain minimum Excess Availability and Total Liquidity levels. The Loan Agreement allows the Lenders to establish reserve requirements, which may reduce the amount of credit otherwise available to the Company, to reflect events, conditions, or risks that would have a reasonable likelihood of adversely affecting the Lender’s collateral or the Company’s assets, including the Company’s green coffee inventory. | |
Effective December 1, 2012, the Company entered into an interest rate swap transaction utilizing a notional amount of $10.0 million and a maturity date of March 1, 2015. The Company entered into the swap transaction to effectively fix the future interest rate during the applicable period on a portion of its borrowings under the revolving credit facility. The swap transaction was intended to manage the Company's interest rate risk related to its revolving credit facility and required the Company to pay a fixed rate of 0.48% per annum in exchange for a variable interest rate based on 1-month USD LIBOR-BBA. The Company terminated the swap transaction on March 5, 2014. As of June 30, 2013, the fair value of the interest rate swap included in "Other current liabilities" was $25,000. As of June 30, 2014, the Company had no interest rate swap transactions in place. | |
The Company had not designated its interest rate swap as an accounting hedge. The Company recorded the interest rate swap on its consolidated balance sheets at fair value with the changes in fair value recorded as gain or loss in "Other, net" in its consolidated statements of operations. In the fiscal year ended June 30, 2014 and 2013, respectively, the Company recorded a loss of $5,000 and $25,000 for the change in fair value of its interest rate swap. No such gains or losses were recorded in fiscal 2012 (see Note 2). | |
On June 30, 2014, the Company was eligible to borrow up to a total of $69.9 million under the credit facility. As of June 30, 2014, the Company had outstanding borrowings of $0.1 million, utilized $10.1 million of the letters of credit sublimit, and had excess availability under the credit facility of $59.7 million. At June 30, 2014, the weighted average interest rate on the Company's outstanding borrowings under the credit facility was 1.76%. |
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Employee Stock Ownership Plan | ' | |||||||||
Employee Stock Ownership Plan | ||||||||||
The Company’s ESOP was established in 2000. The plan is a leveraged ESOP in which the Company is the lender. The loans will be repaid from the Company’s discretionary plan contributions over the original 15 year term with a variable rate of interest. The annual interest rate was 1.67% at June 30, 2014, which is updated on a quarterly basis. | ||||||||||
As of and for the years ended June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Loan amount (in thousands) | $16,035 | $20,836 | $25,637 | |||||||
Shares purchased | — | — | — | |||||||
Shares are held by the plan trustee for allocation among participants as the loan is repaid. The unencumbered shares are allocated to participants using a compensation-based formula. Subject to vesting requirements, allocated shares are owned by participants and shares are held by the plan trustee until the participant retires. | ||||||||||
Historically, the Company used the dividends, if any, on ESOP shares to pay down the loans, and allocated to the ESOP participants shares equivalent to the fair market value of the dividends they would have received. No dividends were paid in fiscal 2014, 2013 and 2012. | ||||||||||
The Company reports compensation expense equal to the fair market value of shares committed to be released to employees in the period in which they are committed. The cost of shares purchased by the ESOP which have not been committed to be released or allocated to participants are shown as a contra-equity account “Unearned ESOP Shares” and are excluded from earnings per share calculations. | ||||||||||
During the fiscal years ended June 30, 2014, 2013 and 2012, the Company charged $3.3 million, $2.1 million and $1.5 million to compensation expense related to the ESOP. The increase in ESOP expense in fiscal 2014 compared to the prior years was due to the increase in the fair market value of the Company's shares which determines the ESOP expense recorded. The difference between cost and fair market value of committed to be released shares, which was $0.3 million, $0.1 million and $0.1 million for the fiscal years ended June 30, 2014, 2013 and 2012, respectively, is recorded as additional paid-in capital. | ||||||||||
June 30, | ||||||||||
2014 | 2013 | |||||||||
Allocated shares | 1,943,882 | 1,885,060 | ||||||||
Committed to be released shares | 175,429 | 173,244 | ||||||||
Unallocated shares | 562,926 | 738,355 | ||||||||
Total ESOP shares | 2,682,237 | 2,796,659 | ||||||||
(In thousands) | ||||||||||
Fair value of ESOP shares | $ | 57,963 | $ | 39,321 | ||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-based Compensation | |||||||||||||
On December 5, 2013, the Company’s stockholders approved the Farmer Bros. Co. Amended and Restated 2007 Long-Term Incentive Plan (the “Amended Equity Plan”). The Amended Equity Plan is an amendment and restatement of, and successor to, the Farmer Bros. Co. 2007 Omnibus Plan (the "Omnibus Plan"), and, among other things, increases the number of shares of the Company’s common stock, par value $1.00 per share, authorized for issuance under the plan by 250,000 from 1,125,000 from 1,375,000. In addition, the Amended Equity Plan provides for the following material changes: limits the types of equity awards available to be granted under the Amended Equity Plan to options, performance-based options and restricted stock; limits participants in the Amended Equity Plan to directors, officers and other employees of the Company; limits the performance criteria that will be used to establish performance goals under the plan to (i) net sales or revenue; (ii) net income before tax and excluding gain or loss on sale of property, plant and equipment; and/or (iii) cash flow (including, but not limited to, operating cash flow and free cash flow); reduces the maximum number of shares of stock with respect to one or more awards that may be granted to any one participant during any calendar year from 250,000 to 75,000; requires that all options issued to employees include performance criteria or performance goals, unless issued in connection with the commencement of employment as an executive of the Company; provides for forfeiture of unvested awards upon termination of employment or termination of directorship, except as otherwise determined by the plan administrator; prohibits awards of restricted stock to employees except in connection with the commencement of employment as an executive of the Company; limits the value of restricted stock awards granted to any non-employee director to an amount not more than $30,000 annually; and prohibits delegation of administration of the plan to another committee or subcommittee of the Board, or authority to grant or amend awards to participants to a committee of one or more members of the Board or one or more officers of the Company. | |||||||||||||
Stock Options | |||||||||||||
The share-based compensation expense recognized in the Company’s consolidated statements of operations for the fiscal years ended June 30, 2014, 2013 and 2012 is based on awards ultimately expected to vest. Compensation expense is recognized on a straight-line basis over the service period based on the estimated fair value of the stock options. The Company estimates the fair value of option awards using the Black-Scholes option valuation model, which requires management to make certain assumptions for estimating the fair value of stock options at the date of grant. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company’s stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimates, in management’s opinion the existing models may not necessarily provide a reliable single measure of the fair value of the Company’s stock options. Although the fair value of stock options is determined using an option valuation model, that value may not be indicative of the fair value observed in a willing buyer/willing seller market transaction. | |||||||||||||
Non-qualified stock options with time-based vesting ("NQOs") | |||||||||||||
In fiscal 2014, the Company granted 1,927 shares issuable upon the exercise of NQOs with an exercise price of $18.68 per share to an eligible employee under the Omnibus Plan prior to its amendment and restatement which vest ratably over a three-year period. | |||||||||||||
Following are the weighted average assumptions used in the Black-Scholes valuation model for NQOs granted during the fiscal years ended June 30, 2014, 2013 and 2012: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average fair value of NQOs | $ | 9.17 | $ | 5.69 | $ | 4.42 | |||||||
Risk-free interest rate | 1.7 | % | 0.9 | % | 1.1 | % | |||||||
Dividend yield | — | % | — | % | — | % | |||||||
Average expected term | 6 years | 6 years | 6 years | ||||||||||
Expected stock price volatility | 50.4 | % | 49.5 | % | 52.5 | % | |||||||
The Company’s assumption regarding expected stock price volatility is based on the historical volatility of the Company’s stock price. The risk-free interest rate is based on U.S. Treasury zero-coupon issues at the date of grant with a remaining term equal to the expected life of the stock options. The average expected term is based on the midpoint between the vesting date and the end of the contractual term of the award. Currently, management estimates an annual forfeiture rate of 6.5% based on actual forfeiture experience. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||
The following table summarizes NQO activity for the three most recent fiscal years: | |||||||||||||
Outstanding NQOs: | Number | Weighted | Weighted | Weighted | Aggregate | ||||||||
of NQOs | Average | Average | Average | Intrinsic | |||||||||
Exercise | Grant Date | Remaining | Value | ||||||||||
Price ($) | Fair Value ($) | Life | ($ in thousands) | ||||||||||
(Years) | |||||||||||||
Outstanding at June 30, 2011 | 497,810 | 17.19 | 6.44 | 5.7 | 61 | ||||||||
Granted | 356,834 | 8.9 | 4.42 | — | — | ||||||||
Cancelled/Forfeited | (187,409 | ) | 16.89 | 5.06 | — | — | |||||||
Outstanding at June 30, 2012 | 667,235 | 12.84 | 4.78 | 4.8 | 143 | ||||||||
Granted | 192,892 | 12.12 | 5.69 | 6.5 | 374 | ||||||||
Exercised | (117,482 | ) | 10.24 | 5.23 | — | 336 | |||||||
Cancelled/Forfeited | (185,218 | ) | 13.83 | 5.92 | — | — | |||||||
Outstanding at June 30, 2013 | 557,427 | 12.81 | 5.44 | 5.1 | 1,620 | ||||||||
Granted | 1,927 | 18.68 | 9.17 | 6.4 | — | ||||||||
Exercised | (112,964 | ) | 13.1 | 5.81 | — | 895 | |||||||
Cancelled/Forfeited | (33,936 | ) | 16.63 | 6.13 | — | — | |||||||
Outstanding at June 30, 2014 | 412,454 | 12.44 | 5.3 | 4.4 | 3,782 | ||||||||
Vested and exercisable, June 30, 2014 | 244,656 | 13.67 | 5.46 | 3.7 | 1,967 | ||||||||
Vested and expected to vest, June 30, 2014 | 402,440 | 12.48 | 5.3 | 4.3 | 3,700 | ||||||||
The aggregate intrinsic values outstanding at the end of each period in the table above represent the total pretax intrinsic value, based on the Company’s closing stock price of $21.61 at June 30, 2014, $14.06 at June 28, 2013 and $7.96 at June 29, 2012, representing the last trading day of the respective fiscal years, which would have been received by NQO holders had all NQO holders exercised their awards that were in-the-money as of those dates. | |||||||||||||
Total fair value of NQOs vested during fiscal 2014, 2013 and 2012 was $0.7 million, $1.0 million and $1.2 million, respectively. The Company received $1.5 million and $1.2 million in proceeds from exercises of vested NQOs in fiscal 2014 and 2013, respectively. | |||||||||||||
Nonvested NQOs: | Number | Weighted | Weighted | Weighted | |||||||||
of | Average | Average | Average | ||||||||||
NQOs | Exercise | Grant Date | Remaining | ||||||||||
Price ($) | Fair Value ($) | Life (Years) | |||||||||||
Outstanding at June 30, 2011 | 322,869 | 15.02 | 6.5 | 1.7 | |||||||||
Granted | 356,834 | 8.9 | 4.42 | 6.6 | |||||||||
Vested | (243,518 | ) | 13 | 5.85 | — | ||||||||
Forfeited | (92,946 | ) | 12.54 | 5.8 | — | ||||||||
Outstanding at June 30, 2012 | 343,239 | 10.76 | 4.2 | 6.3 | |||||||||
Granted | 192,892 | 12.12 | 5.69 | 6.5 | |||||||||
Vested | (188,909 | ) | 11.56 | 5.33 | — | ||||||||
Forfeited | (31,561 | ) | 13.82 | 5.92 | — | ||||||||
Outstanding at June 30, 2013 | 315,661 | 10.8 | 5.12 | 6.1 | |||||||||
Granted | 1,927 | 18.68 | 9.17 | 6.4 | |||||||||
Vested | (133,957 | ) | 11.02 | 5.21 | — | ||||||||
Forfeited | (15,833 | ) | 11.48 | 5.49 | — | ||||||||
Outstanding at June 30, 2014 | 167,798 | 10.65 | 5.06 | 5.3 | |||||||||
As of June 30, 2014, 2013 and 2012, there was $0.7 million, $1.3 million and $1.3 million, respectively, of unrecognized compensation cost related to NQOs. Total compensation expense for NQOs was $0.6 million, $0.9 million and $1.2 million in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||
Non-qualified stock options with performance-based and time-based vesting ("PNQs") | |||||||||||||
In the fiscal year ended June 30, 2014, the Company granted a total of 112,442 shares issuable upon the exercise of PNQs with a weighted average exercise price of $21.27 per share to eligible employees under the Amended Equity Plan. These PNQs vest over a three-year period with one-third of the total number of shares subject to each such PNQ vesting on the first anniversary of the grant date based on the Company’s achievement of a modified net income target for the first fiscal year of the performance period as approved by the Compensation Committee, and the remaining two-thirds of the total number of shares subject to each PNQ vesting on the third anniversary of the grant date based on the Company’s achievement of a cumulative modified net income target for all three years during the performance period as approved by the Compensation Committee, in each case, subject to the participant’s employment by the Company or service on the Board of Directors of the Company on the applicable vesting date. No PNQs were granted prior to fiscal 2014. | |||||||||||||
Following are the assumptions used in the Black-Scholes valuation model for PNQs granted during the fiscal year ended June 30, 2014: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | |||||||||||||
Weighted average fair value of PNQs | $ | 10.49 | |||||||||||
Risk-free interest rate | 1.8 | % | |||||||||||
Dividend yield | — | % | |||||||||||
Average expected term | 6 years | ||||||||||||
Expected stock price volatility | 50.5 | % | |||||||||||
The following table summarizes PNQ activity in fiscal 2014: | |||||||||||||
Outstanding PNQs: | Number | Weighted | Weighted | Weighted | Aggregate | ||||||||
of | Average | Average | Average | Intrinsic | |||||||||
PNQs | Exercise | Grant Date | Remaining | Value | |||||||||
Price ($) | Fair Value ($) | Life | ($ in | ||||||||||
(Years) | thousands) | ||||||||||||
Outstanding at June 30, 2013 | — | — | — | — | — | ||||||||
Granted | 112,442 | 21.27 | 10.49 | 6.5 | — | ||||||||
Cancelled/Forfeited | — | — | — | — | — | ||||||||
Outstanding at June 30, 2014 | 112,442 | 21.27 | 10.49 | 6.5 | 38 | ||||||||
Vested and exercisable, June 30, 2014 | — | — | — | — | — | ||||||||
Vested and expected to vest, June 30, 2014 | 99,727 | 21.28 | 10.49 | 6.5 | 33 | ||||||||
The aggregate intrinsic values outstanding at the end of fiscal 2014 in the table above represent the total pretax intrinsic values, based on the Company’s closing stock price of $21.61 at June 30, 2014 representing the last trading day of fiscal 2014, which would have been received by award holders had all award holders exercised their awards that were in-the-money as of that date. | |||||||||||||
In the fiscal year ended June 30, 2014, the Company recognized $0.3 million in compensation expense for PNQs and as of June 30, 2014, there was approximately $0.9 million of unrecognized compensation cost related to PNQs. | |||||||||||||
As of June 30, 2014, the Company expects that it will achieve the performance targets set forth in the PNQ agreements. | |||||||||||||
Restricted Stock | |||||||||||||
During each of fiscal 2014, 2013 and 2012 the Company granted a total of 9,200 shares, 51,177 shares and 142,070 shares of restricted stock, respectively, with a weighted average grant date fair value of $20.48, $11.67 and $7.70 per share, respectively, to eligible employees, officers and directors. Shares of restricted stock generally vest at the end of three years for eligible employees and officers who are employees. No restricted stock was granted to executive officers in fiscal 2014. Shares of restricted stock generally vest ratably over a period of three years for directors. | |||||||||||||
Compensation expense is recognized on a straight-line basis over the service period based on the estimated fair value of the restricted stock. Compensation expense recognized in general and administrative expenses was $0.5 million, $0.6 million and $0.6 million, for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. As of June 30, 2014, 2013 and 2012, there was approximately $0.6 million, $1.0 million and $1.3 million, respectively, of unrecognized compensation cost related to restricted stock. | |||||||||||||
The following table summarizes restricted stock activity: | |||||||||||||
Outstanding and Nonvested Restricted Stock Awards: | Shares | Weighted | Weighted | Aggregate | |||||||||
Awarded | Average | Average | Intrinsic | ||||||||||
Grant Date | Remaining | Value | |||||||||||
Fair Value | Life | ($ in thousands) | |||||||||||
($) | (Years) | ||||||||||||
Outstanding at June 30, 2011 | 80,687 | 17.31 | 2.6 | 818 | |||||||||
Granted | 142,070 | 7.7 | 2.1 | 1,094 | |||||||||
Exercised/Released | (27,227 | ) | 15.8 | — | 202 | ||||||||
Cancelled/Forfeited | (19,583 | ) | 13.92 | — | — | ||||||||
Outstanding June 30, 2012 | 175,947 | 10.16 | 1.9 | 1,401 | |||||||||
Granted | 51,177 | 11.67 | — | 597 | |||||||||
Exercised/Released | (64,668 | ) | 11.27 | — | 832 | ||||||||
Cancelled/Forfeited | (23,096 | ) | 12.21 | — | — | ||||||||
Outstanding at June 30, 2013 | 139,360 | 9.87 | 1.9 | 1,959 | |||||||||
Granted | 9,200 | 20.48 | — | 188 | |||||||||
Exercised/Released | (38,212 | ) | 11.59 | — | 820 | ||||||||
Cancelled/Forfeited | (14,136 | ) | 9.38 | — | — | ||||||||
Outstanding at June 30, 2014 | 96,212 | 10.27 | 1.5 | 2,079 | |||||||||
Expected to vest, June 30, 2014 | 90,359 | 12.61 | 1.5 | 1,953 | |||||||||
Aggregate intrinsic values outstanding at the end of fiscal 2014 in the table above represent the total pretax intrinsic values, based on the Company’s closing stock price of $21.61 at June 30, 2014 representing the last trading day of fiscal 2014. |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Other Current Liabilities | ' | ||||||||
Other Current Liabilities | |||||||||
Other current liabilities consist of the following: | |||||||||
June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Accrued postretirement benefits | $ | 919 | $ | 625 | |||||
Accrued workers’ compensation liabilities | 1,947 | 1,496 | |||||||
Short-term pension liabilities | 347 | 347 | |||||||
Other (including net taxes payable) | 2,105 | 2,703 | |||||||
Other current liabilities | $ | 5,318 | $ | 5,171 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The current and deferred components of the provision for income taxes consist of the following: | |||||||||||||
June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 293 | $ | (24 | ) | $ | (385 | ) | |||||
State | 275 | 191 | 115 | ||||||||||
Total current income tax expense (benefit) | 568 | 167 | (270 | ) | |||||||||
Deferred: | |||||||||||||
Federal | 99 | (819 | ) | (63 | ) | ||||||||
State | 38 | (173 | ) | (14 | ) | ||||||||
Total deferred income tax expense (benefit) | 137 | (992 | ) | (77 | ) | ||||||||
Income tax expense (benefit) | $ | 705 | $ | (825 | ) | $ | (347 | ) | |||||
Income tax expense or benefit from continuing operations is generally determined without regard to other categories of earnings, such as discontinued operations and OCI. An exception is provided in ASC 740, "Tax Provisions," when there is aggregate income from categories other than continuing operations and a loss from continuing operations in the current year. In this case, the income tax benefit allocated to continuing operations is the amount by which the loss from continuing operations reduces the income tax expense recorded with respect to the other categories of earnings, even when a valuation allowance has been established against the deferred tax assets. In instances where a valuation allowance is established against current year losses, income from other sources, including gain from postretirement benefits recorded as a component of OCI, is considered when determining whether sufficient future taxable income exists to realize the deferred tax assets. As a result, for the fiscal years ended June 30, 2014, 2013 and 2012, the Company recorded income tax expense of $0, $1.1 million and $0, respectively, in OCI related to the gain on postretirement benefits, and recorded a corresponding income tax benefit of $0, $1.1 million and $0, respectively, in continuing operations. | |||||||||||||
A reconciliation of income tax expense (benefit) to the federal statutory tax rate is as follows: | |||||||||||||
June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Statutory tax rate | 34% | 34% | 34% | ||||||||||
Income tax expense (benefit) at statutory rate | $ | 4,365 | $ | (3,158 | ) | $ | (9,154 | ) | |||||
State income tax expense (benefit), net of federal tax benefit | 749 | (223 | ) | (1,023 | ) | ||||||||
Valuation allowance | (4,292 | ) | 3,074 | 10,588 | |||||||||
Change in contingency reserve (net) | (39 | ) | (7 | ) | (561 | ) | |||||||
Other (net) | (78 | ) | (511 | ) | (197 | ) | |||||||
Income tax expense (benefit) | $ | 705 | $ | (825 | ) | $ | (347 | ) | |||||
The primary components of the temporary differences which give rise to the Company’s net deferred tax liabilities are as follows: | |||||||||||||
June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Deferred tax assets: | |||||||||||||
Postretirement benefits | $ | 19,800 | $ | 26,014 | $ | 27,568 | |||||||
Accrued liabilities | 6,156 | 4,477 | 3,958 | ||||||||||
Net operating loss carryforward | 40,275 | 44,607 | 44,736 | ||||||||||
Intangible assets | 1,126 | 694 | 919 | ||||||||||
Other | 7,253 | 8,945 | 5,945 | ||||||||||
Total deferred tax assets | 74,610 | 84,737 | 83,126 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Fixed assets | (1,902 | ) | (2,641 | ) | (4,117 | ) | |||||||
Other | (1,538 | ) | (882 | ) | (794 | ) | |||||||
Total deferred tax liabilities | (3,440 | ) | (3,523 | ) | (4,911 | ) | |||||||
Valuation allowance | (72,613 | ) | (82,522 | ) | (79,448 | ) | |||||||
Net deferred tax liability | $ | (1,443 | ) | $ | (1,308 | ) | $ | (1,233 | ) | ||||
The Company has approximately $102.9 million and $99.2 million of federal and state net operating loss carryforwards that will begin to expire in the years ending June 30, 2030 and June 30, 2025, respectively. The Company has no federal or state capital loss carryforwards. Additionally, the Company has $0.8 million of federal business tax credits that begin expiring in June 30, 2025 and $2.5 million of charitable contribution carryforwards. | |||||||||||||
The Company has generated approximately $0.2 million of excess tax benefits related to stock compensation, the benefit of which will be recorded to additional paid in capital if and when realized. | |||||||||||||
At June 30, 2014, the Company had total deferred tax assets of $74.6 million and net deferred tax assets before valuation allowance of $71.2 million. In fiscal 2014, deferred tax assets decreased primarily due to the utilization of net operating losses to offset taxable income. Additionally, a cumulative loss in OCI related to coffee hedging, which previously represented a deferred tax asset, became a cumulative gain as of the end of the year which lowered the total net deferred tax assets. In fiscal 2013, deferred tax assets increased primarily due to net loss carryovers and a decrease in expected pension asset values related to a change in actuarial assumptions. | |||||||||||||
The Company considered whether a valuation allowance should be recorded against deferred tax assets based on the likelihood that the benefits of the deferred tax assets would or would not ultimately be realized in future periods. In making such assessment, significant weight was given to evidence that could be objectively verified, such as recent operating results, and less consideration was given to less objective indicators such as future earnings projections. After consideration of positive and negative evidence, including the recent history of losses, the Company cannot conclude that it is more likely than not that it will generate future earnings sufficient to realize the Company’s deferred tax assets as of June 30, 2014. Accordingly, a valuation allowance of $72.6 million has been recorded to offset this deferred tax asset. The valuation allowance decreased by $9.9 million in fiscal year ended June 30, 2014 and increased by $3.1 million, and $20.7 million, in the fiscal years ended June 30, 2013 and 2012, respectively. | |||||||||||||
A tabular reconciliation of the total amounts (in absolute values) of unrecognized tax benefits is as follows: | |||||||||||||
Year Ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefits at beginning of year | $ | 3,211 | $ | 3,211 | $ | 3,902 | |||||||
Increases in tax positions for prior years | (30 | ) | — | — | |||||||||
Settlements | (3,181 | ) | — | (691 | ) | ||||||||
Unrecognized tax benefits at end of year | $ | — | $ | 3,211 | $ | 3,211 | |||||||
At June 30, 2014 and 2013, the Company has approximately $0 and $3.1 million, respectively, of unrecognized tax benefits that, if recognized, would affect the effective tax rate, subject to the valuation allowance. The Company believes it is reasonably possible that none of its total unrecognized tax benefits could be released in the next 12 months. | |||||||||||||
The Company made a determination in the quarter ended June 30, 2014 that it would not, at this time, pursue certain refund claims requested on its amended tax returns for the fiscal year ended June 30, 2003 through June 30, 2008. The Internal Revenue Service previously denied these refund claims upon audit and maintained that decision upon appeal. The Company released its tax reserve related to these refunds in the fourth quarter of fiscal 2014. | |||||||||||||
The Company files income tax returns in the U.S. and in various state jurisdictions with varying statutes of limitations. The Company is no longer subject to U.S. income tax examinations for the fiscal years prior to June 30, 2011. | |||||||||||||
The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. In each of the fiscal years ended June 30, 2014 and 2013, the Company recorded $0 in accrued interest and penalties associated with uncertain tax positions. Additionally, the Company recorded income (expense) of $0, $10,000, and $37,000, related to interest and penalties on uncertain tax positions in the years ended June 30, 2014, 2013 and 2012, respectively. |
Earnings_Loss_Per_Common_Share
Earnings (Loss) Per Common Share | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings (Loss) Per Common Share | ' | ||||||||||||
Earnings (Loss) Per Common Share | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands, except share and per share amounts) | |||||||||||||
Net income (loss) attributable to common stockholders—basic | $ | 12,063 | $ | (8,401 | ) | $ | (26,274 | ) | |||||
Net income (loss) attributable to nonvested restricted stockholders | 69 | (61 | ) | (302 | ) | ||||||||
Total net income (loss) | $ | 12,132 | $ | (8,462 | ) | $ | (26,576 | ) | |||||
Weighted average shares outstanding—basic | 15,909,631 | 15,604,452 | 15,492,314 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Shares issuable under stock options | 104,956 | — | — | ||||||||||
Weighted average shares outstanding—diluted | 16,014,587 | 15,604,452 | 15,492,314 | ||||||||||
Net loss per common share—basic | $ | 0.76 | $ | (0.54 | ) | $ | (1.72 | ) | |||||
Net loss per common share—diluted | $ | 0.76 | $ | (0.54 | ) | $ | (1.72 | ) | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||
With the acquisition of the DSD Coffee Business in the fiscal year ended June 30, 2009, the Company assumed some of the operating lease obligations associated with the acquired vehicles. The Company also refinanced some of the existing leases and entered into new capital leases for certain vehicles. The terms of the capital leases vary from 12 months to 84 months with varying expiration dates through 2021. | |||||||||||||||||||||||||
The Company is also obligated under operating leases for branch warehouses, distribution centers and its production facility in Portland, Oregon. Some operating leases have renewal options that allow the Company, as lessee, to extend the leases. The Company has one operating lease with a term greater than five years that expires in 2018 and has a ten year renewal option, and operating leases for computer hardware with terms that do not exceed five years. Rent expense for the fiscal years ended June 30, 2014, 2013 and 2012 was $3.7 million, $3.6 million and $4.5 million, respectively. | |||||||||||||||||||||||||
In May 2011, the Company did not meet the minimum credit rating criteria for participation in the alternative security program for California self-insurers for workers' compensation liability. As a result, the Company was required to post a $5.9 million letter of credit as a security deposit with the State of California Department of Industrial Relations Self-Insurance Plans. At June 30, 2014, this letter of credit continues to serve as a security deposit and has been increased to $6.5 million. | |||||||||||||||||||||||||
Contractual obligations for future fiscal years are as follows: | |||||||||||||||||||||||||
(In thousands) | Contractual Obligations | ||||||||||||||||||||||||
Year Ended June 30, | Capital Lease | Operating | Pension Plan | Postretirement | Revolving Credit Facility | Purchase Commitments (1)(2) | |||||||||||||||||||
Obligations | Lease | Obligations | Benefits Other | ||||||||||||||||||||||
Obligations | Than Pension Plans | ||||||||||||||||||||||||
2015 | $ | 4,205 | $ | 3,527 | $ | 7,024 | $ | 939 | $ | 78 | $ | 43,448 | |||||||||||||
2016 | 3,520 | 2,503 | 7,179 | 1,029 | — | — | |||||||||||||||||||
2017 | 1,614 | 1,608 | 7,345 | 1,126 | — | — | |||||||||||||||||||
2018 | 905 | 1,350 | 7,604 | 1,252 | — | — | |||||||||||||||||||
2019 | 143 | 861 | 7,787 | 1,405 | — | — | |||||||||||||||||||
Thereafter | 54 | 187 | 43,653 | 8,535 | — | — | |||||||||||||||||||
$ | 10,036 | $ | 80,592 | $ | 14,286 | $ | 78 | $ | 43,448 | ||||||||||||||||
Total minimum lease payments | $ | 10,441 | |||||||||||||||||||||||
Less: imputed interest | (738 | ) | |||||||||||||||||||||||
(0.82% to 10.7%) | |||||||||||||||||||||||||
Present value of future minimum lease payments | $ | 9,703 | |||||||||||||||||||||||
Less: current portion | 3,779 | ||||||||||||||||||||||||
Long-term capital lease obligations | $ | 5,924 | |||||||||||||||||||||||
___________ | |||||||||||||||||||||||||
(1) Includes all coffee purchase contracts that the Company considers to be for normal purchases. | |||||||||||||||||||||||||
(2) Does not include amounts related to derivative instruments that are recorded at fair value on the Company's consolidated balance sheets. | |||||||||||||||||||||||||
On August 31, 2012, the Council for Education and Research on Toxics (“CERT”) filed an amendment to a private enforcement action adding a number of companies as defendants, including CBI, which sell coffee in California. The suit alleges that the defendants have failed to issue clear and reasonable warnings in accordance with Proposition 65 that the coffee they produce, distribute and sell contains acrylamide. This lawsuit was filed in Los Angeles Superior Court (the “Court”). CERT has demanded that the alleged violators remove acrylamide from their coffee or provide Proposition 65 warnings on their products and pay $2,500 per day for each and every violation while they are in violation of Proposition 65. | |||||||||||||||||||||||||
Acrylamide is produced naturally in connection with the heating of many foods, especially starchy foods, and is believed to be caused by the Maillard reaction, though it has also been found in unheated foods such as olives. With respect to coffee, acrylamide is produced when coffee beans are heated during the roasting process-it is the roasting itself that produces the acrylamide. While there has been a significant amount of research concerning proposals for treatments and other processes aimed at reducing acrylamide content of different types of foods, to our knowledge there is currently no known strategy for reducing acrylamide in coffee without negatively impacting the sensorial properties of the product. | |||||||||||||||||||||||||
The Company has joined a Joint Defense Group and, along with the other co-defendants, has answered the complaint, denying, generally, the allegations of the complaint, including the claimed violation of Proposition 65 and further denying CERT’s right to any relief or damages, including the right to require a warning on products. The Joint Defense Group contends that based on proper scientific analysis and proper application of the standards set forth in Proposition 65, exposures to acrylamide from the coffee products pose no significant risk of cancer and, thus, these exposures are exempt from Proposition 65’s warning requirement. | |||||||||||||||||||||||||
To date, the pleadings stage of case has been completed. The Court has phased trial so that the “no significant risk level” defense, the First Amendment defense, and the preemption defense will be tried first. Fact discovery and expert discovery on these issues have been completed, and the parties filed trial briefs. Trial commenced on September 8, 2014 for these first phase defenses. At this time, the Company is not able to predict the probability of the outcome or estimate of loss, if any, related to this matter. | |||||||||||||||||||||||||
The Company is a party to various other pending legal and administrative proceedings. It is management’s opinion that the outcome of such proceedings will not have a material impact on the Company’s financial position, results of operations, or cash flows. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Selected Quarterly Financial Information | ' | ||||||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||||||||||
The following tables set forth certain unaudited quarterly information for each of the eight fiscal quarters in the two year period ended June 30, 2014. This quarterly information has been prepared on a consistent basis with the audited consolidated financial statements and, in the opinion of management, includes all adjustments which management believes are necessary for a fair presentation of the information for the periods presented. The unaudited quarterly data presented below, with the exception of the quarter ended June 30, 2014, include correction of errors related to the reclassification of fuel surcharges billed to customers previously netted against the Company's fuel expenses in "Selling expenses" to "Net sales; reclassification of certain labor and overhead expenses previously included in "Selling expenses" and "General and administrative expenses" to "Cost of goods sold"; and reclassification of “Net gains from sales of assets” previously presented within "Other, net" to a separate line item within "Income (loss) from operations.” See Note 1 for additional information. In addition, reconciliations from the amounts as originally reported to the applicable corrected amounts for the quarters ended March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012 can be found in the unaudited consolidated statements of operations data immediately following the unaudited quarterly financial data in the tables below. See Note 1 for additional information. | |||||||||||||||||||||||||
The Company's quarterly operating results may fluctuate significantly as a result of a variety of factors, and operating results for any fiscal quarter are not necessarily indicative of results for a full fiscal year or future fiscal quarters. | |||||||||||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||
2013 | 2013 | 2014 | 2014 | ||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
Net sales | $ | 129,529 | $ | 143,129 | $ | 125,525 | $ | 130,197 | |||||||||||||||||
Gross profit | $ | 48,005 | $ | 54,374 | $ | 48,052 | $ | 45,483 | |||||||||||||||||
Income (loss) from operations | $ | 3,014 | $ | 5,650 | $ | (2,075 | ) | $ | 2,327 | ||||||||||||||||
Net income | $ | 1,806 | $ | 4,709 | $ | 2,506 | $ | 3,111 | |||||||||||||||||
Net income per common share—basic | $ | 0.11 | $ | 0.29 | $ | 0.16 | $ | 0.19 | |||||||||||||||||
Net income per common share—diluted | $ | 0.11 | $ | 0.29 | $ | 0.16 | $ | 0.19 | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||
2012 | 2012 | 2013 | 2013 | ||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
Net sales | $ | 120,147 | $ | 136,699 | $ | 127,279 | $ | 129,744 | |||||||||||||||||
Gross profit | $ | 43,141 | $ | 48,594 | $ | 47,446 | $ | 45,995 | |||||||||||||||||
Income (loss) from operations | $ | 1,794 | $ | 536 | $ | 691 | $ | (2,650 | ) | ||||||||||||||||
Net income (loss) | $ | 2,979 | $ | (7,157 | ) | $ | (1,306 | ) | $ | (2,978 | ) | ||||||||||||||
Net income (loss) per common share—basic | $ | 0.19 | $ | (0.46 | ) | $ | (0.08 | ) | $ | (0.19 | ) | ||||||||||||||
Net income (loss) per common share—diluted | $ | 0.19 | $ | (0.46 | ) | $ | (0.08 | ) | $ | (0.19 | ) | ||||||||||||||
In the fourth quarter and for the fiscal year ended June 30, 2013, the Company recorded $0.1 million in impairment loss on indefinite-lived intangible assets (see Note 1). | |||||||||||||||||||||||||
The following tables present the effects of adjustments made to the Company's previously reported unaudited consolidated quarterly financial statements for the quarters ended March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012. For further information regarding these adjustments, see Note 1. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS DATA | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In thousands) | As Previously Reported | Adjustments(1) | As Corrected | As Previously Reported | Adjustments(1) | As Corrected | |||||||||||||||||||
Net sales | $ | 128,561 | $ | 968 | $ | 129,529 | $ | 119,153 | $ | 994 | $ | 120,147 | |||||||||||||
Cost of goods sold | 79,089 | 2,435 | 81,524 | 74,532 | 2,474 | 77,006 | |||||||||||||||||||
Gross profit | 49,472 | (1,467 | ) | 48,005 | 44,621 | (1,480 | ) | 43,141 | |||||||||||||||||
Selling expenses | 37,335 | (721 | ) | 36,614 | 37,271 | (242 | ) | 37,029 | |||||||||||||||||
General and administrative expenses | 9,246 | (746 | ) | 8,500 | 8,769 | (1,238 | ) | 7,531 | |||||||||||||||||
Net gains from sales of assets | — | (123 | ) | (123 | ) | — | (3,213 | ) | (3,213 | ) | |||||||||||||||
Operating expenses | 46,581 | (1,590 | ) | 44,991 | 46,040 | (4,693 | ) | 41,347 | |||||||||||||||||
Income (loss) from operations | 2,891 | 123 | 3,014 | (1,419 | ) | 3,213 | 1,794 | ||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 268 | — | 268 | 259 | — | 259 | |||||||||||||||||||
Interest income | 108 | — | 108 | 92 | — | 92 | |||||||||||||||||||
Interest expense | (372 | ) | — | (372 | ) | (457 | ) | — | (457 | ) | |||||||||||||||
Other, net | (783 | ) | (123 | ) | (906 | ) | 4,945 | (3,213 | ) | 1,732 | |||||||||||||||
Total other (expense) income | (779 | ) | (123 | ) | (902 | ) | 4,839 | (3,213 | ) | 1,626 | |||||||||||||||
Income before taxes | 2,112 | — | 2,112 | 3,420 | — | 3,420 | |||||||||||||||||||
Income tax expense | 306 | — | 306 | 441 | — | 441 | |||||||||||||||||||
Net income | $ | 1,806 | $ | — | $ | 1,806 | $ | 2,979 | $ | — | $ | 2,979 | |||||||||||||
_____________ | |||||||||||||||||||||||||
(1) For details, see Note 1. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS DATA | |||||||||||||||||||||||||
Three Months Ended December 31, 2013 | Three Months Ended December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | As Previously Reported | Adjustments(1) | As Corrected | As Previously Reported | Adjustments(1) | As Corrected | |||||||||||||||||||
Net sales | $ | 142,151 | $ | 978 | $ | 143,129 | $ | 135,705 | $ | 994 | $ | 136,699 | |||||||||||||
Cost of goods sold | 86,713 | 2,042 | 88,755 | 85,352 | 2,753 | 88,105 | |||||||||||||||||||
Gross profit | 55,438 | (1,064 | ) | 54,374 | 50,353 | (1,759 | ) | 48,594 | |||||||||||||||||
Selling expenses | 38,991 | (669 | ) | 38,322 | 40,765 | (489 | ) | 40,276 | |||||||||||||||||
General and administrative expenses | 10,724 | (395 | ) | 10,329 | 9,041 | (1,270 | ) | 7,771 | |||||||||||||||||
Net gains from sales of assets | — | 73 | 73 | — | 11 | 11 | |||||||||||||||||||
Operating expenses | 49,715 | (991 | ) | 48,724 | 49,806 | (1,748 | ) | 48,058 | |||||||||||||||||
Income (loss) from operations | 5,723 | (73 | ) | 5,650 | 547 | (11 | ) | 536 | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 258 | — | 258 | 284 | — | 284 | |||||||||||||||||||
Interest income | 110 | — | 110 | 99 | — | 99 | |||||||||||||||||||
Interest expense | (393 | ) | — | (393 | ) | (463 | ) | — | (463 | ) | |||||||||||||||
Other, net | (587 | ) | 73 | (514 | ) | (7,656 | ) | 11 | (7,645 | ) | |||||||||||||||
Total other (expense) income | (612 | ) | 73 | (539 | ) | (7,736 | ) | 11 | (7,725 | ) | |||||||||||||||
Income (loss) before taxes | 5,111 | — | 5,111 | (7,189 | ) | — | (7,189 | ) | |||||||||||||||||
Income tax expense (benefit) | 402 | — | 402 | (32 | ) | — | (32 | ) | |||||||||||||||||
Net income (loss) | $ | 4,709 | $ | — | $ | 4,709 | $ | (7,157 | ) | $ | — | $ | (7,157 | ) | |||||||||||
_____________ | |||||||||||||||||||||||||
(1) For details, see Note 1. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS DATA | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
(In thousands) | As Previously Reported | Adjustments(1) | As Corrected | As Previously Reported | Adjustments(1) | As Corrected | |||||||||||||||||||
Net sales | $ | 124,600 | $ | 925 | $ | 125,525 | 126,343 | 936 | 127,279 | ||||||||||||||||
Cost of goods sold | 76,810 | 663 | 77,473 | 78,761 | 1,072 | 79,833 | |||||||||||||||||||
Gross profit | 47,790 | 262 | 48,052 | 47,582 | (136 | ) | 47,446 | ||||||||||||||||||
Selling expenses | 42,161 | 431 | 42,592 | 39,135 | (69 | ) | 39,066 | ||||||||||||||||||
General and administrative expenses | 7,667 | (169 | ) | 7,498 | 8,941 | (67 | ) | 8,874 | |||||||||||||||||
Net gains from sales of assets | 37 | — | 37 | (1,185 | ) | — | (1,185 | ) | |||||||||||||||||
Operating expenses | 49,865 | 262 | 50,127 | 46,891 | (136 | ) | 46,755 | ||||||||||||||||||
(Loss) income from operations | (2,075 | ) | — | (2,075 | ) | 691 | — | 691 | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 276 | — | 276 | 286 | — | 286 | |||||||||||||||||||
Interest income | 114 | — | 114 | 92 | — | 92 | |||||||||||||||||||
Interest expense | (277 | ) | — | (277 | ) | (466 | ) | — | (466 | ) | |||||||||||||||
Other, net | 4,664 | — | 4,664 | (1,949 | ) | — | (1,949 | ) | |||||||||||||||||
Total other income | 4,777 | — | 4,777 | (2,037 | ) | — | (2,037 | ) | |||||||||||||||||
Income before taxes | 2,702 | — | 2,702 | (1,346 | ) | — | (1,346 | ) | |||||||||||||||||
Income tax benefit | 196 | — | 196 | (40 | ) | — | (40 | ) | |||||||||||||||||
Net income | $ | 2,506 | $ | — | $ | 2,506 | $ | (1,306 | ) | $ | — | $ | (1,306 | ) | |||||||||||
_____________ | |||||||||||||||||||||||||
(1) For details, see Note 1. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS DATA | |||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
(In thousands) | Previously Reported | Adjustments(1) | As Corrected | ||||||||||||||||||||||
Net sales | $ | 128,763 | $ | 981 | $ | 129,744 | |||||||||||||||||||
Cost of goods sold | 81,273 | 2,476 | 83,749 | ||||||||||||||||||||||
Gross profit | 47,490 | (1,495 | ) | 45,995 | |||||||||||||||||||||
Selling expenses | 40,908 | (246 | ) | 40,662 | |||||||||||||||||||||
General and administrative expenses | 9,219 | (1,249 | ) | 7,970 | |||||||||||||||||||||
Net gains from sales of assets | — | (79 | ) | (79 | ) | ||||||||||||||||||||
Impairment losses on intangible assets | 92 | — | 92 | ||||||||||||||||||||||
Operating expenses | 50,219 | (1,574 | ) | 48,645 | |||||||||||||||||||||
Loss from operations | (2,729 | ) | 79 | (2,650 | ) | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 274 | — | 274 | ||||||||||||||||||||||
Interest income | 169 | — | 169 | ||||||||||||||||||||||
Interest expense | (396 | ) | — | (396 | ) | ||||||||||||||||||||
Other, net | (1,490 | ) | (79 | ) | (1,569 | ) | |||||||||||||||||||
Total other income | (1,443 | ) | (79 | ) | (1,522 | ) | |||||||||||||||||||
Income before taxes | (4,172 | ) | — | (4,172 | ) | ||||||||||||||||||||
Income tax benefit | (1,194 | ) | — | (1,194 | ) | ||||||||||||||||||||
Net income | $ | (2,978 | ) | $ | — | $ | (2,978 | ) | |||||||||||||||||
_________________ | |||||||||||||||||||||||||
(1) For details, see Note 1. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Organization and Principles of Consolidation | ' | ||
Organization | |||
Farmer Bros. Co., a Delaware corporation (including its consolidated subsidiaries unless the context otherwise requires, the “Company,” or “Farmer Bros.”), is a manufacturer, wholesaler and distributor of coffee, tea and culinary products. The Company is a direct distributor of coffee to restaurants, hotels, casinos, offices, quick service restaurants ("QSR's"), convenience stores, healthcare facilities and other foodservice providers, as well as private brand retailers in the QSR, grocery, drugstore, restaurant, convenience store and independent coffeehouse channels. The Company was founded in 1912, was incorporated in California in 1923, and reincorporated in Delaware in 2004. The Company operates in one business segment. | |||
The Company’s product line includes roasted coffee, liquid coffee, coffee-related products such as coffee filters, sugar and creamers, assorted iced and hot teas, cappuccino, cocoa, spices, gelatins and puddings, soup bases, dressings, gravy and sauce mixes, pancake and biscuit mixes, and jellies and preserves. Most sales are made “off-truck” by the Company to its customers at their places of business. | |||
The Company serves its customers from six distribution centers and its distribution trucks are replenished from 111 branch warehouses located throughout the contiguous United States. The Company operates its own trucking fleet to support its long-haul distribution requirements. A portion of the Company’s products is distributed by third parties or is direct shipped via common carrier. | |||
Since 2007, Farmer Bros. has achieved growth primarily through the acquisition in 2007 of Coffee Bean Holding Co., Inc., a Delaware corporation ("CBH"), the parent company of Coffee Bean International, Inc., an Oregon corporation (“CBI”), a specialty coffee manufacturer and wholesaler, and the acquisition in 2009 from Sara Lee Corporation (“Sara Lee”) of certain assets used in connection with its DSD coffee business in the United States (the “DSD Coffee Business”). | |||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company and its direct and indirect wholly owned subsidiaries FBC Finance Company, CBH and CBI. All inter-company balances and transactions have been eliminated. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company reviews its estimates on an ongoing basis using currently available information. Changes in facts and circumstances may result in revised estimates and actual results may differ from those estimates. | |||
Correction of Previously Issued Financial Statements | ' | ||
Corrections to Previously Issued Financial Statements | |||
Subsequent to the issuance of the Company’s consolidated financial statements for the year ended June 30, 2013 the Company identified certain errors in the consolidated statements of operations and consolidated statements of cash flows. Accordingly, the Company has corrected the accompanying consolidated statements of operations and consolidated statements of cash flows for the fiscal years ended June 30, 2013 and 2012 and the unaudited quarterly financial data for each of the quarters in the year ended June 30, 2013 and for the first three quarters in the year ended June 30, 2014 in order to comply with GAAP (see Note 17). | |||
The corrections to the consolidated statements of operations include: | |||
1 | reclassification of fuel surcharges billed to customers previously netted against the Company's fuel expenses in "Selling expenses" to "Net sales"; | ||
2 | reclassification of certain labor and overhead expenses previously included in "Selling expenses" and "General and administrative expenses" to "Cost of goods sold"; and | ||
3 | reclassification of “Net gains from sales of assets” previously presented within "Other, net" to a separate line item within "Income (loss) from operations.” | ||
The corrections to the consolidated statements of cash flows include: | |||
1 | presentation of purchases of and proceeds from sales of trading securities held for investment on a gross basis instead of on a net basis as previously presented within the presentation of cash flows from operating activities; and | ||
2 | reclassification of an increase in the Company's derivative liabilities previously presented as a reduction in the net activity in "Short-term investments" to a change in "Accrued payroll expenses and other current liabilities" within the presentation of cash flows from operating activities. | ||
These errors had no impact on the amounts previously reported in the Company's consolidated balance sheets. Management has evaluated the materiality of these errors quantitatively and qualitatively, including the impact of the errors on gross profit, (loss) income from operations and cash flows activities, and has concluded that the corrections of these errors are immaterial to the consolidated financial statements as a whole. | |||
Cash Equivalents | ' | ||
Cash Equivalents | |||
The Company considers all highly liquid investments with original maturity dates of 90 days or less to be cash equivalents. Fair values of cash equivalents approximate cost due to the short period of time to maturity. | |||
Investments | ' | ||
Investments | |||
The Company’s investments consist of money market instruments, marketable debt, equity and hybrid securities. Investments are held for trading purposes and stated at fair value. The cost of investments sold is determined on the specific identification method. Dividend and interest income are accrued as earned. | |||
Derivative Instruments | ' | ||
Derivative Instruments | |||
The Company purchases various derivative instruments to create economic hedges of its commodity price risk and interest rate risk. These derivative instruments consist primarily of futures and swaps. The Company reports the fair value of derivative instruments on its consolidated balance sheets in "Short-term investments," "Short-term derivative assets," "Other assets," "Short-term derivative liabilities," or "Long-term derivative liabilities." The Company determines the current and noncurrent classification based on the timing of expected future cash flows of individual trades and reports these amounts on a gross basis. Additionally, the Company reports cash held on deposit in margin accounts for coffee-related derivative instruments on a gross basis on its consolidated balance sheet in "Restricted cash." | |||
The accounting for the changes in fair value of the Company's derivative instruments can be summarized as follows: | |||
Derivative Treatment | Accounting Method | ||
Normal purchases and normal sales exception | Accrual accounting | ||
Designated in a qualifying hedging relationship | Hedge accounting | ||
All other derivative instruments | Mark-to-market accounting | ||
The Company enters into green coffee purchase commitments at a fixed price or at a price to be fixed (“PTF”). PTF contracts are purchase commitments whereby the quality, quantity, delivery period, price differential to the coffee "C" market price and other negotiated terms are agreed upon, but the date, and therefore the price at which the base “C” market price will be fixed has not yet been established. The coffee "C" market price is fixed at some point after the purchase contract date and before the futures market closes for the delivery month and may be fixed either at the direction of the Company to the vendor, or by the application of a derivative that was separately purchased as a hedge. For both fixed-price and PTF contracts, the Company expects to take delivery of and to utilize the coffee in a reasonable period of time and in the conduct of normal business. Accordingly, these purchase commitments qualify as normal purchases and are not recorded at fair value on the Company's consolidated balance sheets. | |||
Prior to April 1, 2013, the Company had no derivative instruments that were designated as accounting hedges. Beginning April 1, 2013, the Company implemented procedures following the guidelines of Accounting Standards Codification (“ASC”) | |||
815, "Derivatives and Hedging" ("ASC 815"), to enable it to account for certain coffee-related derivative instruments as accounting hedges in order to minimize the volatility created in the Company's quarterly results from utilizing these derivative contracts and to improve comparability between reporting periods. For a derivative to qualify for designation in a hedging relationship, it must meet specific criteria and the Company must maintain appropriate documentation. The Company establishes hedging relationships pursuant to its risk management policies. The hedging relationships are evaluated at inception and on an ongoing basis to determine whether the hedging relationship is, and is expected to remain, highly effective in achieving offsetting changes in fair value or cash flows attributable to the underlying risk being hedged. The Company also regularly assesses whether the hedged forecasted transaction is probable of occurring. If a derivative ceases to be or is no longer expected to be highly effective, or if the Company believes the likelihood of occurrence of the hedged forecasted transaction is no longer probable, hedge accounting is discontinued for that derivative, and future changes in the fair value of that derivative are recognized in “Other, net.” | |||
For commodity derivative instruments designated as cash flow hedges, the effective portion of the change in fair value of the derivative is reported in accumulated other comprehensive income (“AOCI”) and subsequently reclassified into cost of goods sold in the period or periods when the hedged transaction affects earnings. Any ineffective portion of the derivative's change in fair value is recognized currently in “Other, net.” Gains or losses deferred in AOCI associated with terminated derivative instruments, derivative instruments that cease to be highly effective hedges, derivative instruments for which the forecasted transaction is reasonably possible but no longer probable of occurring, and cash flow hedges that have been otherwise discontinued remain in AOCI until the hedged item affects earnings. If it becomes probable that the forecasted transaction designated as the hedged item in a cash flow hedge will not occur, any gain or loss deferred in AOCI is recognized in “Other, net” at that time. For derivative instruments that are not designated in a hedging relationship, and for which the normal purchases and normal sales exception has not been elected, the changes in fair value are reported in “Other, net.” | |||
The following gains and losses on derivative instruments are netted together and reported in “Other, net” in the Company's consolidated statement of operations: | |||
• | Gains and losses on all derivative instruments that are not designated as cash flow hedges and for which the normal purchases and normal sales exception has not been elected; and | ||
• | The ineffective portion of unrealized gains and losses on derivative instruments that are designated as cash flow hedges. | ||
The fair value of derivative instruments is based upon broker quotes. At June 30, 2014 approximately 98% of the Company's outstanding coffee-related derivative instruments were designated as cash flow hedges (see Note 2). At June 30, 2013, approximately 89% of the Company's outstanding coffee-related derivative instruments were designated as cash flow hedges (see Note 2). | |||
Concentration of Credit Risk | ' | ||
Concentration of Credit Risk | |||
At June 30, 2014, the financial instruments which potentially expose the Company to concentration of credit risk consist of cash in financial institutions (in excess of federally insured limits), short-term investments, investments in the preferred stocks of other companies, derivative instruments and trade receivables. Cash equivalents and short-term investments are not concentrated by issuer, industry or geographic area. Maturities are generally shorter than 180 days. Investments in the preferred stocks of other companies are limited to high quality issuers and are not concentrated by geographic area or issuer. | |||
The Company does not have any credit-risk related contingent features that would require it to post additional collateral in support of its net derivative liability positions. At June 30, 2013, the Company had $8.1 million in restricted cash representing cash held on deposit in margin accounts for coffee-related derivative instruments due to a net loss position in such accounts. At June 30, 2014, as the Company had a net gain position in its coffee-related derivative margin accounts, none of the cash in these accounts was restricted. Changes in commodity prices could have a significant impact on cash deposit requirements under the Company's broker and counterparty agreements. | |||
Concentration of credit risk with respect to trade receivables for the Company is limited due to the large number of customers comprising the Company’s customer base and their dispersion across many different geographic areas. The trade receivables are generally short-term and all probable bad debt losses have been appropriately considered in establishing the allowance for doubtful accounts. Due to improved collections of outstanding accounts receivable, in fiscal 2013, the Company decreased the allowance for doubtful accounts by $0.8 million, however, in fiscal 2014, the Company increased the allowance for doubtful accounts by $0.1 million. | |||
Inventories | ' | ||
Inventories | |||
Inventories are valued at the lower of cost or market. The Company accounts for coffee, tea and culinary products on a last in, first out (“LIFO”) basis, and coffee brewing equipment parts on a first in, first out (“FIFO”) basis. The Company regularly evaluates these inventories to determine whether market conditions are appropriately reflected in the recorded carrying value. At the end of each quarter, the Company records the expected effect of the liquidation of LIFO inventory quantities, if any, and records the actual impact at fiscal year-end. An actual valuation of inventory under the LIFO method is made only at the end of each fiscal year based on the inventory levels and costs at that time. If inventory quantities decline at the end of the fiscal year compared to the beginning of the fiscal year, the reduction results in the liquidation of LIFO inventory quantities carried at the cost prevailing in prior years. This LIFO inventory liquidation may result in a decrease or increase in cost of goods sold depending on whether the cost prevailing in prior years was lower or higher, respectively, than the current year cost. | |||
Property, Plant and Equipment | ' | ||
Property, Plant and Equipment | |||
Property, plant and equipment is carried at cost, less accumulated depreciation. Depreciation is computed using the straight-line method. The following useful lives are used: | |||
Buildings and facilities | 10 to 30 years | ||
Machinery and equipment | 3 to 5 years | ||
Equipment under capital leases | Term of lease | ||
Office furniture and equipment | 5 years | ||
Capitalized software | 3 years | ||
When assets are sold or retired, the asset and related accumulated depreciation are removed from the respective account balances and any gain or loss on disposal is included in operations. Maintenance and repairs are charged to expense, and betterments are capitalized. | |||
Coffee Brewing Equipment and Service | ' | ||
Coffee Brewing Equipment and Service | |||
The Company classifies certain expenses related to coffee brewing equipment provided to customers as cost of goods sold. These costs include the cost of the equipment as well as the cost of servicing that equipment (including service employees’ salaries, cost of transportation and the cost of supplies and parts) and are considered directly attributable to the generation of revenues from its customers. | |||
Income Taxes | ' | ||
Income Taxes | |||
Deferred income taxes are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. Estimating the Company’s tax liabilities involves judgments related to uncertainties in the application of complex tax regulations. The Company makes certain estimates and judgments to determine tax expense for financial statement purposes as they evaluate the effect of tax credits, tax benefits and deductions, some of which result from differences in the timing of recognition of revenue or expense for tax and financial statement purposes. Changes to these estimates may result in significant changes to the Company’s tax provision in future periods. Each fiscal quarter the Company re-evaluates its tax provision and reconsiders its estimates and assumptions related to specific tax assets and liabilities, making adjustments as circumstances change. | |||
The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Most product sales are made “off-truck” to the Company’s customers at their places of business by the Company’s route sales representatives. Revenue is recognized at the time the Company’s route sales representatives physically deliver products to customers and title passes or when it is accepted by the customer when shipped by third-party delivery. | |||
The Company sells roast and ground coffee and tea to The J.M. Smucker Company ("J.M. Smucker") pursuant to a co–packing agreement. The Company recognizes revenue from the co-packing arrangement for the sale of tea on a net basis, net of direct costs of revenue, since the Company acts as an agent of J.M. Smucker in such transactions. As of June 30, 2014 and 2013, the Company had $0.5 million and $0.3 million, respectively, of receivables relating to this arrangement which are included in "Other receivables" (see Note 5). | |||
Net Income (Loss) per Common Share | ' | ||
Net Income (Loss) Per Common Share | |||
Net income (loss) per share (“EPS”) represents net income (loss) attributable to common stockholders divided by the weighted-average number of common shares outstanding for the period, excluding unallocated shares held by the Company's Employee Stock Ownership Plan ("ESOP") (see Note 11). Diluted EPS represents net income (loss) attributable to common stockholders divided by the weighted-average number of common shares outstanding, inclusive of the dilutive impact of common equivalent shares outstanding during the period. However, nonvested restricted stock awards (referred to as participating securities) are excluded from the dilutive impact of common equivalent shares outstanding in accordance with authoritative guidance under the two-class method. The nonvested restricted stockholders are entitled to participate in dividends declared on common stock as if the shares were fully vested and hence are deemed to be participating securities. Under the two-class method, net income (loss) attributable to nonvested restricted stockholders is excluded from net income (loss) attributable to common stockholders for purposes of calculating basic and diluted EPS. Computation of EPS for the year ended June 30, 2014 includes the dilutive effect of 104,956 shares but excludes the dilutive effect of 22,441 shares, issuable under stock options because their inclusion would be anti-dilutive. Computation of EPS for the years ended June 30, 2013 and 2012 does not include the dilutive effect of 557,427 and 667,235 shares, respectively, issuable under stock options since their inclusion would be anti-dilutive. Accordingly, the consolidated financial statements present only basic net loss per common share for the years ended June 30, 2013 and 2012 (see Note 15). | |||
Dividends | ' | ||
Dividends | |||
The Company’s Board of Directors has omitted the payment of a quarterly dividend since the third quarter of fiscal 2011. The amount, if any, of dividends to be paid in the future will depend upon the Company’s then available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, future prospects for earnings and cash flows, as well as other relevant factors. | |||
Employee Stock Ownership Plan | ' | ||
Employee Stock Ownership Plan | |||
Compensation cost for the ESOP is based on the fair market value of shares released or deemed to be released for the period. Dividends on allocated shares retain the character of true dividends, but dividends on unallocated shares are considered compensation cost. As a leveraged ESOP with the Company as lender, a contra equity account is established to offset the Company’s note receivable. The contra account will change as compensation expense is recognized. | |||
Impairment of Goodwill and Indefinite-lived Intangible Assets, Intangible Assets | ' | ||
Impairment of Goodwill and Indefinite-lived Intangible Assets | |||
The Company performs its annual impairment test of goodwill and/or other indefinite-lived intangible assets as of June 30. Goodwill and other indefinite-lived intangible assets are not amortized but instead are reviewed for impairment annually, as well as on an interim basis if events or changes in circumstances between annual tests indicate that an asset might be impaired. Testing for impairment of goodwill is a two-step process. The first step requires the Company to compare the fair value of its reporting units to the carrying value of the net assets of the respective reporting units, including goodwill. If the fair value of the reporting unit is less than its carrying value, goodwill of the reporting unit is potentially impaired and the Company then completes step two to measure the impairment loss, if any. The second step requires the calculation of the implied fair value of goodwill, which is the residual fair value remaining after deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. If the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment loss is recognized equal to the difference. Indefinite-lived intangible assets are tested for impairment by comparing their fair values to their carrying values. | |||
In its annual test of impairment in the fourth quarter of fiscal 2014, the Company determined that the book value of trademarks acquired in connection with the CBI acquisition and DSD Coffee Business acquisition was lower than the present value of the estimated future cash flows and concluded that the trademarks were not impaired. | |||
In its annual test of impairment in the fourth quarter of fiscal 2013, the Company determined that the book value of a certain trademark acquired in connection with the DSD Coffee Business acquisition was higher than the present value of the estimated future cash flows and concluded that the trademark was impaired. As a result, the Company recorded an impairment charge of $0.1 million to earnings in the fourth quarter of fiscal 2013. | |||
In its annual test of impairment in the fourth quarter of fiscal 2012, the Company identified indicators of impairment including a decline in market capitalization and continuing losses from operations. The Company performed impairment tests to determine the recoverability of the carrying values of the assets or if impairment should be measured. The Company was required to make estimates of the fair value of the Company's intangible assets, and all assets of CBI, the reporting unit, which were based on the use of the income approach and/or market approach. | |||
The Company used the relief from royalty method under the income approach to estimate the fair value of its indefinite-lived intangible assets. Inputs to this method included estimated royalty rates associated with licensing and franchise royalty agreements in related industries, which are Level 3 inputs within the fair value hierarchy. To estimate the fair value of CBI, the Company used discounted cash flow analysis under the income approach and the guideline public company method under the market approach. Inputs to the discounted cash flow analysis included the projection of future cash flows which are Level 3 inputs within the fair value hierarchy. Inputs to the guideline public company analysis included valuation multiples of publicly traded companies similar to CBI, which are Level 2 inputs within the fair value hierarchy. | |||
As a result of these impairment tests, the Company determined that the Company's trademarks acquired in connection with the CBI acquisition were impaired and that the carrying value of all of the assets of CBI excluding goodwill exceeded their estimated fair values resulting in an implied fair value of zero for CBI's goodwill. Accordingly, in the fourth quarter of fiscal 2012, the Company | |||
Long-Lived Assets, Excluding Goodwill and Indefinite-lived Assets | ' | ||
Long-Lived Assets, Excluding Goodwill and Indefinite-lived Intangible Assets | |||
The Company reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Long-lived assets evaluated for impairment are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. | |||
Shipping and Handling Cost | ' | ||
Shipping and Handling Costs | |||
The Company distributes its products directly to its customers. Shipping and handling costs incurred through outside carriers are recorded as a component of the Company's selling expenses and were $8.4 million, $7.3 million and $6.6 million, respectively, in the years ended June 30, 2014, 2013 and 2012. | |||
Self Insurance | ' | ||
Self-Insurance | |||
The Company is self-insured for workers’ compensation insurance subject to specific retention levels and uses historical analysis to determine and record the estimates of expected future expenses resulting from workers’ compensation claims. The estimated outstanding losses are the accrued cost of unpaid claims. The estimated outstanding losses, including allocated loss adjustment expenses (“ALAE”), include case reserves, the development of known claims and incurred but not reported claims. ALAE are the direct expenses for settling specific claims. The amounts reflect per occurrence and annual aggregate limits maintained by the Company. The analysis does not include estimating a provision for unallocated loss adjustment expenses. | |||
The Company accounts for its accrued liability relating to workers’ compensation claims on an undiscounted basis. The estimated gross undiscounted workers’ compensation liability relating to such claims was $9.6 million and $9.9 million, respectively, and the estimated recovery from reinsurance was $1.2 million and $1.6 million, respectively, as of June 30, 2014 and 2013. The short-term and long-term accrued liabilities for workers’ compensation claims are presented on the Company's consolidated balance sheets in "Other current liabilities" and in "Accrued workers' compensation liabilities," respectively. The estimated insurance receivable is included in "Other assets" on the Company's consolidated balance sheets. | |||
In May 2011, the Company did not meet the minimum credit rating criteria for participation in the alternative security program for California self-insurers for workers' compensation liability. As a result, the Company was required to post a $5.9 million letter of credit as a security deposit with the State of California Department of Industrial Relations Self-Insurance Plans. At June 30, 2014, this letter of credit continues to serve as a security deposit and has been increased to $6.5 million. | |||
The estimated liability related to the Company's self-insured group medical insurance at June 30, 2014 and 2013 was $0.8 million and $1.1 million, respectively, recorded on an incurred but not reported basis, within deductible limits, based on actual claims and the average lag time between the date insurance claims are filed and the date those claims are paid. | |||
General liability, product liability and commercial auto liability are insured through a captive insurance program. The Company retains the risk within certain aggregate amounts. Cost of the insurance through the captive program is accrued based on estimates of the aggregate liability claims incurred using certain actuarial assumptions and historical claims experience. The Company's liability reserve for such claims was $0.4 million and $0.5 million at June 30, 2014 and 2013, respectively. | |||
The estimated liability related to the Company's self-insured group medical insurance, general liability, product liability and commercial auto liability is included on the Company's consolidated balance sheets in "Other current liabilities." | |||
Recently Adopted Accounting Standards and New Accounting Pronouncements | ' | ||
Recently Adopted Accounting Standards | |||
None. | |||
New Accounting Pronouncements | |||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-9, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-9”). ASU 2014-9 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-9 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption prohibited. The Company is in the process of assessing the impact of the adoption of ASU 2014-9 on its consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Impact of Reclassification Adjustments | ' | ||||||||||||
The accompanying consolidated statements of operations and consolidated statements of cash flows for the fiscal years ended June 30, 2013 and 2012 have been corrected for the errors described above. The following tables present the impact of these corrections: | |||||||||||||
Consolidated Statement of Operations Data | Year Ended June 30, 2013 | ||||||||||||
(In thousands) | As Previously Reported | Adjustments | As Corrected | ||||||||||
Net sales | $ | 509,964 | $ | 3,905 | $ | 513,869 | |||||||
Cost of goods sold | 318,825 | 9,868 | 328,693 | ||||||||||
Gross profit | 191,139 | (5,963 | ) | 185,176 | |||||||||
Selling expenses | 158,079 | (1,046 | ) | 157,033 | |||||||||
General and administrative expenses | 37,063 | (4,917 | ) | 32,146 | |||||||||
Net gains from sales of assets | — | (4,467 | ) | (4,467 | ) | ||||||||
Impairment losses on intangible assets | 92 | — | 92 | ||||||||||
Operating expenses | 195,234 | (10,430 | ) | 184,804 | |||||||||
(Loss) income from operations | (4,095 | ) | 4,467 | 372 | |||||||||
Other income (expense): | |||||||||||||
Dividend income | 1,103 | — | 1,103 | ||||||||||
Interest income | 452 | — | 452 | ||||||||||
Interest expense | (1,782 | ) | — | (1,782 | ) | ||||||||
Other, net | (4,965 | ) | (4,467 | ) | (9,432 | ) | |||||||
Total other expense | (5,192 | ) | (4,467 | ) | (9,659 | ) | |||||||
Loss before taxes | (9,287 | ) | — | (9,287 | ) | ||||||||
Income tax benefit | (825 | ) | — | (825 | ) | ||||||||
Net loss | $ | (8,462 | ) | $ | — | $ | (8,462 | ) | |||||
Consolidated Statement of Operations Data | Year Ended June 30, 2012 | ||||||||||||
(In thousands) | As Previously Reported | Adjustments | As Corrected | ||||||||||
Net sales | $ | 495,442 | $ | 3,259 | $ | 498,701 | |||||||
Cost of goods sold | 322,540 | 9,769 | 332,309 | ||||||||||
Gross profit | 172,902 | (6,510 | ) | 166,392 | |||||||||
Selling expenses | 150,641 | (1,432 | ) | 149,209 | |||||||||
General and administrative expenses | 34,222 | (5,078 | ) | 29,144 | |||||||||
Net gains from sales of assets | — | (268 | ) | (268 | ) | ||||||||
Impairment losses on goodwill and intangible assets | 5,585 | — | 5,585 | ||||||||||
Pension withdrawal expense | 4,568 | — | 4,568 | ||||||||||
Operating expenses | 195,016 | (6,778 | ) | 188,238 | |||||||||
(Loss) income from operations | (22,114 | ) | 268 | (21,846 | ) | ||||||||
Other income (expense): | |||||||||||||
Dividend income | 1,231 | — | 1,231 | ||||||||||
Interest income | 214 | — | 214 | ||||||||||
Interest expense | (2,137 | ) | — | (2,137 | ) | ||||||||
Other, net | (4,117 | ) | (268 | ) | (4,385 | ) | |||||||
Total other expense | (4,809 | ) | (268 | ) | (5,077 | ) | |||||||
Loss before taxes | (26,923 | ) | — | (26,923 | ) | ||||||||
Income tax benefit | (347 | ) | — | (347 | ) | ||||||||
Net loss | $ | (26,576 | ) | $ | — | $ | (26,576 | ) | |||||
Cash Flows From Operating Activities | Year Ended June 30, 2013 | ||||||||||||
(In thousands) | As Previously Reported | Adjustments | As Corrected | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net loss | $ | (8,462 | ) | $ | — | $ | (8,462 | ) | |||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 32,542 | — | 32,542 | ||||||||||
Recovery of doubtful accounts | (757 | ) | — | (757 | ) | ||||||||
Deferred income taxes | 74 | — | 74 | ||||||||||
Impairment losses on intangible assets | 92 | — | 92 | ||||||||||
Net gains from sales of assets | (4,467 | ) | — | (4,467 | ) | ||||||||
ESOP and share-based compensation expense | 3,563 | — | 3,563 | ||||||||||
Net losses on derivative instruments and investments | 11,132 | — | 11,132 | ||||||||||
Change in operating assets and liabilities: | |||||||||||||
Restricted cash | (6,472 | ) | — | (6,472 | ) | ||||||||
Purchases of trading securities held for investment | — | (9,049 | ) | (9,049 | ) | ||||||||
Proceeds from sales of trading securities held for | — | 7,633 | 7,633 | ||||||||||
investment | |||||||||||||
Short-term investments | (11,942 | ) | 11,942 | — | |||||||||
Accounts and notes receivable | (2,429 | ) | — | (2,429 | ) | ||||||||
Inventories | 5,115 | — | 5,115 | ||||||||||
Income tax receivable | 353 | — | 353 | ||||||||||
Prepaid expenses and other assets | (156 | ) | — | (156 | ) | ||||||||
Accounts payable | 1,773 | — | 1,773 | ||||||||||
Accrued payroll expenses and other current | 1,741 | (10,526 | ) | (8,785 | ) | ||||||||
liabilities | |||||||||||||
Accrued postretirement benefits | (6,451 | ) | — | (6,451 | ) | ||||||||
Other long-term liabilities | 6,678 | — | 6,678 | ||||||||||
Net cash provided by operating activities | $ | 21,927 | $ | — | $ | 21,927 | |||||||
Cash Flows From Operating Activities | Year Ended June 30, 2012 | ||||||||||||
(In thousands) | As Previously Reported | Adjustments | As Corrected | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net loss | $ | (26,576 | ) | $ | — | $ | (26,576 | ) | |||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 32,113 | — | 32,113 | ||||||||||
Recovery of doubtful accounts | (980 | ) | — | (980 | ) | ||||||||
Deferred income taxes | (78 | ) | — | (78 | ) | ||||||||
Impairment losses on goodwill and intangible assets | 5,585 | — | 5,585 | ||||||||||
Net gains from sales of assets | (268 | ) | — | (268 | ) | ||||||||
ESOP and share-based compensation expense | 3,287 | — | 3,287 | ||||||||||
Net losses on derivative instruments and investments | 6,175 | — | 6,175 | ||||||||||
Change in operating assets and liabilities: | |||||||||||||
Restricted cash | (1,153 | ) | — | (1,153 | ) | ||||||||
Purchases of trading securities held for investment | — | (13,576 | ) | (13,576 | ) | ||||||||
Proceeds from sales of trading securities held for | — | 18,267 | 18,267 | ||||||||||
investment | |||||||||||||
Short-term investments | (1,497 | ) | 1,497 | — | |||||||||
Accounts and notes receivable | 3,745 | — | 3,745 | ||||||||||
Inventories | 13,236 | — | 13,236 | ||||||||||
Income tax receivable | (314 | ) | — | (314 | ) | ||||||||
Prepaid expenses and other assets | (860 | ) | — | (860 | ) | ||||||||
Accounts payable | (13,441 | ) | — | (13,441 | ) | ||||||||
Accrued payroll expenses and other current | 1,949 | (6,188 | ) | (4,239 | ) | ||||||||
liabilities | |||||||||||||
Accrued postretirement benefits | 3,530 | — | 3,530 | ||||||||||
Other long-term liabilities | (6,320 | ) | — | (6,320 | ) | ||||||||
Net cash provided by operating activities | $ | 18,133 | $ | — | $ | 18,133 | |||||||
Property, Plant and Equipment | ' | ||||||||||||
The following useful lives are used: | |||||||||||||
Buildings and facilities | 10 to 30 years | ||||||||||||
Machinery and equipment | 3 to 5 years | ||||||||||||
Equipment under capital leases | Term of lease | ||||||||||||
Office furniture and equipment | 5 years | ||||||||||||
Capitalized software | 3 years | ||||||||||||
June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Buildings and facilities | $ | 77,926 | $ | 77,807 | |||||||||
Machinery and equipment | 162,030 | 138,470 | |||||||||||
Equipment under capital leases | 19,458 | 18,806 | |||||||||||
Capitalized software | 18,878 | 17,993 | |||||||||||
Office furniture and equipment | 15,049 | 15,610 | |||||||||||
$ | 293,341 | $ | 268,686 | ||||||||||
Accumulated depreciation | (206,819 | ) | (185,718 | ) | |||||||||
Land | 9,119 | 9,191 | |||||||||||
Property, plant and equipment, net(1) | $ | 95,641 | $ | 92,159 | |||||||||
______________ | |||||||||||||
(1) Includes in the years ended June 30, 2014 and 2013, expenditures for items that have not been placed in service in the amounts of $2.8 million and $3.1 million, respectively, |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
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, 2014 and 2013: | |||||||||||||||||||
June 30, | |||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||||||
Long coffee pounds | 19,387 | 44,025 | |||||||||||||||||
Derivative instruments not designated as cash flow hedges: | |||||||||||||||||||
Long coffee pounds | 374 | 5,529 | |||||||||||||||||
Total | 19,761 | 49,554 | |||||||||||||||||
Schedule of Fair Values of Derivative Instruments on the Consolidated Balance Sheets | ' | ||||||||||||||||||
Fair values of derivative instruments on the consolidated balance sheets: | |||||||||||||||||||
Derivative Instruments Designated as | Derivative Instruments Not Designated as Accounting Hedges | ||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Financial Statement Location: | |||||||||||||||||||
Short-term derivative assets: | |||||||||||||||||||
Coffee-related derivative instruments | $ | 5,474 | $ | — | $ | — | $ | 4 | |||||||||||
Long-term derivative assets(1): | |||||||||||||||||||
Coffee-related derivative instruments | $ | 862 | $ | — | $ | — | $ | — | |||||||||||
Short-term derivative liabilities: | |||||||||||||||||||
Coffee-related derivative instruments | $ | 252 | $ | 9,331 | $ | 69 | $ | 565 | |||||||||||
Other current liabilities: | |||||||||||||||||||
Interest rate swap | $ | — | $ | — | $ | — | $ | 25 | |||||||||||
Long-term derivative liabilities: | |||||||||||||||||||
Coffee-related derivative instruments | $ | — | $ | 1,129 | $ | — | $ | — | |||||||||||
________________ | |||||||||||||||||||
(1) Included in "Other assets" on the 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 coffee-related derivative instruments designated as cash flow hedges, as recognized in "Cost of goods sold," AOCI and "Other, net": | |||||||||||||||||||
Year Ended June 30, | Financial Statement Classification | ||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||
Net gains recognized in earnings (effective portion) | $ | 1,161 | $ | 55 | Costs of goods sold | ||||||||||||||
Net gains (losses) recognized in other comprehensive income (loss) (effective portion) | $ | 17,524 | $ | (7,921 | ) | AOCI | |||||||||||||
Net losses recognized in earnings (ineffective portion) | $ | (259 | ) | $ | (447 | ) | Other, net | ||||||||||||
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) | 2014 | 2013 | 2012 | ||||||||||||||||
Net gains (losses) from coffee-related derivative instruments | $ | 2,655 | $ | (11,337 | ) | $ | (7,329 | ) | |||||||||||
Net gains on investments | 464 | 230 | 1,154 | ||||||||||||||||
Net losses on interest rate swap | (5 | ) | (25 | ) | — | ||||||||||||||
Net gains (losses) on derivative instruments and investments(1) | 3,114 | (11,132 | ) | (6,175 | ) | ||||||||||||||
Other gains, net | 563 | 1,700 | 1,790 | ||||||||||||||||
Other, net | $ | 3,677 | $ | (9,432 | ) | $ | (4,385 | ) | |||||||||||
___________ | |||||||||||||||||||
(1) Excludes net losses on coffee-related derivative instruments recorded in cost of goods sold in the years ended 2014 and 2013. | |||||||||||||||||||
Schedule of Offsetting Assets | ' | ||||||||||||||||||
The following tables present the Company’s net exposure from its offsetting derivative asset and liability positions, as well as cash margins on deposit with each of its counterparties as of the reporting dates indicated: | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Counterparty A | Gross Amount Reported on Balance Sheet | Netting Adjustments | Cash Collateral Posted | Net Exposure | |||||||||||||||
30-Jun-14 | Derivative Assets | $ | 6,336 | $ | (321 | ) | $ | — | $ | 6,015 | |||||||||
Derivative Liabilities | $ | 321 | $ | (321 | ) | $ | — | $ | — | ||||||||||
30-Jun-13 | Derivative Assets | $ | 4 | $ | (4 | ) | $ | — | $ | — | |||||||||
Derivative Liabilities | $ | 11,025 | $ | (4 | ) | $ | 8,084 | $ | 2,937 | ||||||||||
(In thousands) | |||||||||||||||||||
Counterparty B | Gross Amount Reported on Balance Sheet | Netting Adjustments | Cash Collateral Posted | Net Exposure | |||||||||||||||
30-Jun-14 | Derivative Assets | $ | — | $ | — | $ | — | $ | — | ||||||||||
Derivative Liabilities | $ | — | $ | — | $ | — | $ | — | |||||||||||
30-Jun-13 | Derivative Assets | $ | — | $ | — | $ | — | $ | — | ||||||||||
Derivative Liabilities | $ | 25 | $ | — | $ | — | $ | 25 | |||||||||||
Schedule of Offsetting Liabilities | ' | ||||||||||||||||||
The following tables present the Company’s net exposure from its offsetting derivative asset and liability positions, as well as cash margins on deposit with each of its counterparties as of the reporting dates indicated: | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Counterparty A | Gross Amount Reported on Balance Sheet | Netting Adjustments | Cash Collateral Posted | Net Exposure | |||||||||||||||
30-Jun-14 | Derivative Assets | $ | 6,336 | $ | (321 | ) | $ | — | $ | 6,015 | |||||||||
Derivative Liabilities | $ | 321 | $ | (321 | ) | $ | — | $ | — | ||||||||||
30-Jun-13 | Derivative Assets | $ | 4 | $ | (4 | ) | $ | — | $ | — | |||||||||
Derivative Liabilities | $ | 11,025 | $ | (4 | ) | $ | 8,084 | $ | 2,937 | ||||||||||
(In thousands) | |||||||||||||||||||
Counterparty B | Gross Amount Reported on Balance Sheet | Netting Adjustments | Cash Collateral Posted | Net Exposure | |||||||||||||||
30-Jun-14 | Derivative Assets | $ | — | $ | — | $ | — | $ | — | ||||||||||
Derivative Liabilities | $ | — | $ | — | $ | — | $ | — | |||||||||||
30-Jun-13 | Derivative Assets | $ | — | $ | — | $ | — | $ | — | ||||||||||
Derivative Liabilities | $ | 25 | $ | — | $ | — | $ | 25 | |||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||
Schedule of Investments | ' | ||||||||||||
Investments | |||||||||||||
The following table shows gains and losses on trading securities held for investment by the Company: | |||||||||||||
Year Ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Total gains recognized from trading securities held for investment | $ | 464 | $ | 230 | $ | 1,154 | |||||||
Less: Realized gains from sales of trading securities held for investment | 116 | 499 | 1,475 | ||||||||||
Unrealized gains (losses) from trading securities held for investment | $ | 348 | $ | (269 | ) | $ | (321 | ) | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis | ' | ||||||||||||||||
Assets and liabilities measured and recorded at fair value on a recurring basis were as follows: | |||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
30-Jun-14 | |||||||||||||||||
Preferred stock(1) | $ | 22,632 | $ | 18,025 | $ | 4,607 | $ | — | |||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||||
Coffee-related derivative assets | $ | 5,153 | $ | 5,153 | $ | — | $ | — | |||||||||
Derivative instruments not designated as accounting hedges: | |||||||||||||||||
Coffee-related derivative assets | $ | 862 | $ | 862 | $ | — | $ | — | |||||||||
30-Jun-13 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Preferred stock(1) | $ | 20,542 | $ | 15,738 | $ | 4,804 | $ | — | |||||||||
Futures, options and other derivative assets(1) | $ | 4 | $ | — | $ | 4 | $ | — | |||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||||
Coffee-related derivative liabilities | $ | 10,460 | $ | 10,460 | $ | — | $ | — | |||||||||
Derivative instruments not designated as accounting hedges: | |||||||||||||||||
Coffee-related derivative liabilities | $ | 565 | $ | 565 | $ | — | $ | — | |||||||||
Derivative liabilities — interest rate swap | $ | 25 | $ | — | $ | 25 | $ | — | |||||||||
____________________ | |||||||||||||||||
(1) Included in "Short-term investments" on the consolidated balance sheets. |
Accounts_and_Notes_Receivable_1
Accounts and Notes Receivable, net (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | ||||||||
June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Trade receivables | $ | 41,118 | $ | 43,965 | |||||
Other receivables(1) | 1,763 | 1,072 | |||||||
Allowance for doubtful accounts | (651 | ) | (1,115 | ) | |||||
Accounts and notes receivable, net | $ | 42,230 | $ | 43,922 | |||||
_____________ | |||||||||
(1) Includes as of June 30, 2014 and June 30, 2013, $0.5 million and $0.3 million, respectively, of receivables relating to the co-packing arrangement for J.M. Smucker (see Note 1). | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable, Valuation Allowance | ' | ||||||||
Allowance for doubtful accounts: | |||||||||
(In thousands) | |||||||||
Balance at June 30, 2011 | $ | (2,852 | ) | ||||||
Recovery | 980 | ||||||||
Write-offs | — | ||||||||
Balance at June 30, 2012 | $ | (1,872 | ) | ||||||
Recovery | 757 | ||||||||
Write-offs | — | ||||||||
Balance at June 30, 2013 | $ | (1,115 | ) | ||||||
Provision | (80 | ) | |||||||
Reclassification to long-term | 544 | ||||||||
Write-offs | — | ||||||||
Balance at June 30, 2014 | $ | (651 | ) |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Coffee | |||||||||
Processed | $ | 17,551 | $ | 12,553 | |||||
Unprocessed | 21,164 | 12,796 | |||||||
Total | $ | 38,715 | $ | 25,349 | |||||
Tea and culinary products | |||||||||
Processed | $ | 22,381 | $ | 21,406 | |||||
Unprocessed | 4,598 | 4,194 | |||||||
Total | $ | 26,979 | $ | 25,600 | |||||
Coffee brewing equipment parts | $ | 5,350 | $ | 9,918 | |||||
Total inventories | $ | 71,044 | $ | 60,867 | |||||
Current Cost in Excess of LIFO | ' | ||||||||
Current cost of coffee, tea and culinary product inventories exceeds the LIFO cost by: | |||||||||
June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Coffee | $ | 23,223 | $ | 27,755 | |||||
Tea and culinary products | 8,235 | 7,757 | |||||||
Total | $ | 31,458 | $ | 35,512 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
The following useful lives are used: | |||||||||
Buildings and facilities | 10 to 30 years | ||||||||
Machinery and equipment | 3 to 5 years | ||||||||
Equipment under capital leases | Term of lease | ||||||||
Office furniture and equipment | 5 years | ||||||||
Capitalized software | 3 years | ||||||||
June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Buildings and facilities | $ | 77,926 | $ | 77,807 | |||||
Machinery and equipment | 162,030 | 138,470 | |||||||
Equipment under capital leases | 19,458 | 18,806 | |||||||
Capitalized software | 18,878 | 17,993 | |||||||
Office furniture and equipment | 15,049 | 15,610 | |||||||
$ | 293,341 | $ | 268,686 | ||||||
Accumulated depreciation | (206,819 | ) | (185,718 | ) | |||||
Land | 9,119 | 9,191 | |||||||
Property, plant and equipment, net(1) | $ | 95,641 | $ | 92,159 | |||||
______________ | |||||||||
(1) Includes in the years ended June 30, 2014 and 2013, expenditures for items that have not been placed in service in the amounts of $2.8 million and $3.1 million, respectively, |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Intangible Assets and Goodwill | ' | ||||||||||||||||
The following is a summary of the Company’s amortized and unamortized intangible assets other than goodwill, along with amortization expense on these intangible assets for the past three fiscal years. All amortizable intangible assets are fully amortized. | |||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||
(In thousands) | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer relationships | $ | 10,083 | $ | (10,083 | ) | $ | 10,083 | $ | (9,434 | ) | |||||||
Total amortized intangible assets | $ | 10,083 | $ | (10,083 | ) | $ | 10,083 | $ | (9,434 | ) | |||||||
Unamortized intangible assets: | |||||||||||||||||
Tradenames with indefinite lives | $ | 3,640 | $ | — | $ | 3,640 | $ | — | |||||||||
Trademarks with indefinite lives | 1,988 | — | 1,988 | — | |||||||||||||
Total unamortized intangible assets | $ | 5,628 | $ | — | $ | 5,628 | $ | — | |||||||||
Total intangible assets | $ | 15,711 | $ | (10,083 | ) | $ | 15,711 | $ | (9,434 | ) | |||||||
Aggregate amortization expense for the past three fiscal years | |||||||||||||||||
(In thousands): | |||||||||||||||||
For the fiscal year ended June 30, 2014 | $ | 649 | |||||||||||||||
For the fiscal year ended June 30, 2013 | $ | 1,246 | |||||||||||||||
For the fiscal year ended June 30, 2012 | $ | 1,439 | |||||||||||||||
Summary of the Changes in the Carrying Value of Goodwill | ' | ||||||||||||||||
Following is a summary of changes in the carrying value of goodwill: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at June 30, 2011 | $ | 5,310 | |||||||||||||||
Reclassification | (165 | ) | |||||||||||||||
Impairment loss | (5,145 | ) | |||||||||||||||
Balance at June 30, 2012 | $ | — | |||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Obligations and Funded Status of Pension Plan | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||||||||||||||||||||||||||||||||
Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligation at the beginning of the year | $ | 126,205 | $ | 124,828 | $ | 3,946 | $ | 4,022 | $ | 2,056 | $ | 1,520 | |||||||||||||||||||||||||||||||||||||||
Service cost | — | — | — | 59 | 401 | 418 | |||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 5,545 | 5,550 | 171 | 176 | 92 | 69 | |||||||||||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | 7,069 | 1,333 | 153 | (24 | ) | 81 | 56 | ||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (5,683 | ) | (5,506 | ) | (279 | ) | (287 | ) | (11 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||||
Projected benefit obligation at the end of the year | $ | 133,136 | $ | 126,205 | $ | 3,991 | $ | 3,946 | $ | 2,619 | $ | 2,056 | |||||||||||||||||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 88,097 | $ | 82,110 | $ | 3,063 | $ | 2,718 | $ | 1,248 | $ | 1,013 | |||||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 15,046 | 10,145 | 521 | 322 | 207 | 125 | |||||||||||||||||||||||||||||||||||||||||||||
Employer contributions | 966 | 1,348 | 130 | 310 | 185 | 117 | |||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (5,683 | ) | (5,506 | ) | (279 | ) | (287 | ) | (11 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at the end of the year | $ | 98,426 | $ | 88,097 | $ | 3,435 | $ | 3,063 | $ | 1,629 | $ | 1,248 | |||||||||||||||||||||||||||||||||||||||
Funded status at end of year (underfunded) overfunded | $ | (34,710 | ) | $ | (38,108 | ) | $ | (556 | ) | $ | (883 | ) | $ | (990 | ) | $ | (808 | ) | |||||||||||||||||||||||||||||||||
Amounts recognized in consolidated balance sheets | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | (34,710 | ) | (38,108 | ) | (556 | ) | (883 | ) | (990 | ) | (808 | ) | |||||||||||||||||||||||||||||||||||||||
Total | $ | (34,710 | ) | $ | (38,108 | ) | $ | (556 | ) | $ | (883 | ) | $ | (990 | ) | $ | (808 | ) | |||||||||||||||||||||||||||||||||
Amounts recognized in consolidated statements of operations | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total net (gain) loss | $ | 42,093 | $ | 44,841 | $ | 1,665 | $ | 1,878 | $ | 73 | $ | 108 | |||||||||||||||||||||||||||||||||||||||
Total accumulated OCI (not adjusted for applicable tax) | $ | 42,093 | $ | 44,841 | $ | 1,665 | $ | 1,878 | $ | 73 | $ | 108 | |||||||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations | |||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.15 | % | 4.5 | % | 4.15 | % | 4.5 | % | 4.15 | % | 4.5 | % | |||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide a reconciliation of the benefit obligation and plan assets: | Components of Net Periodic Benefit Cost and | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other Changes Recognized in Other Comprehensive Income (Loss) (OCI) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | ||||||||||||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation: | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
Projected postretirement benefit obligation at beginning of year | $ | 16,701 | $ | 23,325 | ($ in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | 936 | 1,972 | Service cost | $ | — | $ | — | $ | — | $ | 59 | $ | 401 | $ | 418 | ||||||||||||||||||||||||||||||||||||
Interest cost | 810 | 969 | Interest cost | 5,545 | 5,550 | 171 | 176 | 92 | 69 | ||||||||||||||||||||||||||||||||||||||||||
Participant contributions | 708 | 729 | Expected return on plan assets | (6,508 | ) | (6,355 | ) | (221 | ) | (196 | ) | (90 | ) | (87 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of net (gain) loss | 1,279 | 1,422 | 65 | 126 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Actuarial (gains) losses | 3,141 | (8,520 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | — | — | — | 19 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (1,407 | ) | (1,774 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Projected postretirement benefit obligation at end of year | $ | 20,889 | $ | 16,701 | Amount recognized due to special event (curtailment) | — | — | — | 34 | — | — | ||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 316 | $ | 617 | $ | 15 | $ | 218 | $ | 403 | $ | 400 | |||||||||||||||||||||||||||||||||||||||
Other changes recognized in OCI | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | Net (gain) loss | $ | (1,469 | ) | $ | (2,456 | ) | $ | (147 | ) | $ | (150 | ) | $ | (35 | ) | $ | 18 | |||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in Plan Assets: | Prior service cost (credit) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net gain (loss) | (1,279 | ) | (1,422 | ) | (65 | ) | (126 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Employer contributions | 699 | 1,045 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service (cost) credit | — | — | — | (19 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Participant contributions | 708 | 729 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount recognized due to special event (curtailment) | — | — | — | (34 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (1,407 | ) | (1,774 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | — | — | Total recognized in OCI | $ | (2,748 | ) | $ | (3,878 | ) | $ | (212 | ) | $ | (329 | ) | $ | (35 | ) | $ | 18 | |||||||||||||||||||||||||||||||
Funded status of plan | $ | (20,889 | ) | $ | (16,701 | ) | Total recognized in net periodic benefit cost and OCI | $ | (2,432 | ) | $ | (3,261 | ) | $ | (197 | ) | $ | (111 | ) | $ | 368 | $ | 418 | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost | |||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 4.55 | % | 4.5 | % | 4.55 | % | 4.5 | % | 4.55 | % | |||||||||||||||||||||||||||||||||||||||
June 30, | Expected long-term return on plan assets | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | ||||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet Consist of: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | (919 | ) | (625 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | (19,970 | ) | (16,076 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (20,889 | ) | $ | (16,701 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Recognized in Accumulated OCI Consist of: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain | $ | (6,216 | ) | $ | (10,131 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Transition obligation | (15,720 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | — | (17,604 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total accumulated OCI | $ | (21,936 | ) | $ | (27,735 | ) | |||||||||||||||||||||||||||||||||||||||||||||
The following table shows the components of net periodic postretirement benefit cost for the Retiree Medical Plan and Death Benefit for the fiscal years ended June 30, 2014, 2013 and 2012. Net periodic postretirement benefit cost for fiscal 2014 was based on employee census information as of July 1, 2013 and asset information as of June 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Postretirement Benefit Cost: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 936 | $ | 1,972 | $ | 1,817 | |||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 810 | 969 | 1,100 | ||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net gain | (880 | ) | 7 | (164 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized transition (asset) obligation | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | (1,757 | ) | (1,757 | ) | (1,757 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | (891 | ) | $ | 1,191 | $ | 996 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized actuarial loss (gain) | $ | 3,141 | $ | (8,520 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net loss | 880 | (7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 1,757 | 1,757 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in OCI | 5,778 | (6,770 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit (credit) cost | (891 | ) | 1,191 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and OCI | $ | 4,887 | $ | (5,579 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Additional Disclosures | |||||||||||||||||||||||||||||||||||||||||||||||||||
Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Comparison of obligations to plan assets | |||||||||||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 133,136 | $ | 126,205 | $ | 3,991 | $ | 3,946 | $ | 2,619 | $ | 2,056 | |||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 133,136 | $ | 126,205 | $ | 3,991 | $ | 3,946 | $ | 2,619 | $ | 2,056 | |||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at measurement date | $ | 98,426 | $ | 88,097 | $ | 3,435 | $ | 3,063 | $ | 1,629 | $ | 1,248 | |||||||||||||||||||||||||||||||||||||||
Plan assets by category | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 53,355 | $ | 58,681 | $ | 1,861 | $ | 2,059 | $ | 884 | $ | 811 | |||||||||||||||||||||||||||||||||||||||
Debt securities | 35,035 | 24,822 | 1,223 | 843 | 579 | 375 | |||||||||||||||||||||||||||||||||||||||||||||
Real estate | 10,036 | 4,594 | 351 | 161 | 166 | 62 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 98,426 | $ | 88,097 | $ | 3,435 | $ | 3,063 | $ | 1,629 | $ | 1,248 | |||||||||||||||||||||||||||||||||||||||
Plan assets by category | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 54 | % | 67 | % | 54 | % | 67 | % | 54 | % | 65 | % | |||||||||||||||||||||||||||||||||||||||
Debt securities | 36 | % | 28 | % | 36 | % | 28 | % | 36 | % | 30 | % | |||||||||||||||||||||||||||||||||||||||
Real estate | 10 | % | 5 | % | 10 | % | 5 | % | 10 | % | 5 | % | |||||||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||
Fair values of plan assets were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Farmer Bros. Plan | $ | 98,426 | $ | — | $ | 98,426 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Brewmatic Plan | $ | 3,435 | $ | — | $ | 3,435 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Hourly Employees’ Plan | $ | 1,629 | $ | — | $ | 1,629 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Farmer Bros. Plan | $ | 88,097 | $ | — | $ | 88,097 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Brewmatic Plan | $ | 3,063 | $ | — | $ | 3,063 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Hourly Employees’ Plan | $ | 1,248 | $ | — | $ | 1,248 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Level Three Defined Benefit Plan Assets Roll Forward | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
The following is a reconciliation of asset balances with Level 3 input pricing: | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Beginning | Total Gains | Settlements | Transfers | Ending | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at 7/1/2012 | Balance at | ||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/13 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Farmer Bros. Plan | $ | 4,104 | $ | — | $ | — | $ | (4,104 | ) | $ | — | ||||||||||||||||||||||||||||||||||||||||
Brewmatic Plan | $ | 136 | $ | — | $ | — | $ | (136 | ) | $ | — | ||||||||||||||||||||||||||||||||||||||||
Hourly Employees’ Plan | $ | 66 | $ | — | $ | — | $ | (66 | ) | $ | — | ||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
The following is the target asset allocation for the Company's single employer pension plans—Farmer Bros. Plan, Brewmatic Plan and Hourly Employees' Plan—for fiscal 2015: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. large cap equity securities | 29.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. small cap equity securities | 7.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
International equity securities | 12.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | 40 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | 10 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
The following benefit payments are expected to be paid over the next 10 fiscal years: | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ | ||||||||||||||||||||||||||||||||||||||||||||||||
Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ending: | |||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2015 | $ | 6,350 | $ | 280 | $ | 47 | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2016 | $ | 6,490 | $ | 280 | $ | 62 | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2017 | $ | 6,650 | $ | 270 | $ | 78 | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | $ | 6,880 | $ | 280 | $ | 97 | |||||||||||||||||||||||||||||||||||||||||||||
30-Jun-19 | $ | 7,050 | $ | 280 | $ | 110 | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 to June 30, 2024 | $ | 38,860 | $ | 1,290 | $ | 890 | |||||||||||||||||||||||||||||||||||||||||||||
The estimated net gain and prior service credit that will be amortized from accumulated OCI into net periodic benefit cost in fiscal 2015 are $0.5 million and $1.8 million, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ending: | |||||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-15 | $ | 939 | |||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-16 | $ | 1,029 | |||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-17 | $ | 1,126 | |||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-18 | $ | 1,252 | |||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-19 | $ | 1,405 | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 to June 30, 2024 | $ | 8,535 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected Contributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-15 | $ | 939 | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Multiemployer Plans | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company's participation in WCTPP is outlined in the table below. The Pension Protection Act (“PPA”) Zone Status available in the Company's fiscal year 2014 and fiscal year 2013 is for the plan's year ended December 31, 2013 and December 31, 2012, respectively. The zone status is based on information obtained from WCTPP and is certified by WCTPP's actuary. Among other factors, plans in the green zone are generally more than 80% funded. Based on WCTPP's annual report on Form 5500, WCTPP was 91.5% and 90.0% funded for its plan year beginning January 1, 2013 and 2012, respectively. The “FIP/RP Status Pending/Implemented” column indicates if a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan | Employer | Pension | PPA Zone Status | FIP/RP | Surcharge | Expiration Date | |||||||||||||||||||||||||||||||||||||||||||||
Identification | Plan | Status | Imposed | of Collective | |||||||||||||||||||||||||||||||||||||||||||||||
Number | Number | 1-Jul-13 | July 1, | Pending/ | Bargaining | ||||||||||||||||||||||||||||||||||||||||||||||
2012 | Implemented | Agreements | |||||||||||||||||||||||||||||||||||||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047 | 1 | Green | Green | No | No | August 2014 to June 2017 | ||||||||||||||||||||||||||||||||||||||||||||
Company contributions to the multiemployer pension plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | WCTPP(1)(2)(3) | All Other Plans(4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended: | |||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | $ | 3,153 | $ | 34 | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | $ | 3,064 | $ | 37 | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2012 | $ | 3,048 | $ | 113 | |||||||||||||||||||||||||||||||||||||||||||||||
____________ | |||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Individually significant plan. | ||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Less than 5% of total contribution to WCTPP based on WCTPP's most recent annual report on Form 5500 for the calendar year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||||||||||||||||||||||||||||
-4 | Includes a plan that is not individually significant. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Postretrement Prior Service Cost | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
The tables below show the remaining bases for the transition (asset) obligation, prior service cost (credit), and the calculation of the amortizable gain or loss. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization Schedule | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transition (Asset) Obligation: The transition (asset) obligations have been fully amortized. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) ($ in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Date Established | Balance at | Annual | Years Remaining | Curtailment | Balance at | ||||||||||||||||||||||||||||||||||||||||||||||
1-Jul-13 | Amortization | 30-Jun-14 | |||||||||||||||||||||||||||||||||||||||||||||||||
1-Jan-08 | $ | (1,423 | ) | $ | 230 | 6.2 | — | $ | (1,193 | ) | |||||||||||||||||||||||||||||||||||||||||
July 1, 2012 | (16,054 | ) | 1,527 | 10.5 | — | (14,527 | ) | ||||||||||||||||||||||||||||||||||||||||||||
$ | (17,477 | ) | $ | 1,757 | $ | (15,720 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
Retiree Medical Plan | Death Benefit | ||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of Net (Gain) Loss: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net (gain) loss as of July 1 | $ | (8,006 | ) | $ | (12,087 | ) | $ | 1,791 | $ | 1,850 | |||||||||||||||||||||||||||||||||||||||||
Asset (gains) losses not yet recognized in market related value of assets | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net (gain) loss subject to amortization | (8,006 | ) | (12,087 | ) | 1,791 | 1,850 | |||||||||||||||||||||||||||||||||||||||||||||
Corridor (10% of greater of APBO or assets) | 1,262 | 872 | (826 | ) | (798 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Net (gain) loss in excess of corridor | $ | (6,744 | ) | $ | (11,215 | ) | $ | 965 | $ | 1,052 | |||||||||||||||||||||||||||||||||||||||||
Amortization years | 10.7 | 11.1 | 7.4 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
A one percentage point change in assumed health care cost trend rates would have the following effects in fiscal 2015: | |||||||||||||||||||||||||||||||||||||||||||||||||||
1-Percentage Point | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Increase | Decrease | |||||||||||||||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 220 | $ | (183 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | $ | 1,378 | $ | (1,158 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Schedule of Employee Stock Ownership Plan (ESOP) Disclosures | ' | |||||||||
As of and for the years ended June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Loan amount (in thousands) | $16,035 | $20,836 | $25,637 | |||||||
Shares purchased | — | — | — | |||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | ' | |||||||||
June 30, | ||||||||||
2014 | 2013 | |||||||||
Allocated shares | 1,943,882 | 1,885,060 | ||||||||
Committed to be released shares | 175,429 | 173,244 | ||||||||
Unallocated shares | 562,926 | 738,355 | ||||||||
Total ESOP shares | 2,682,237 | 2,796,659 | ||||||||
(In thousands) | ||||||||||
Fair value of ESOP shares | $ | 57,963 | $ | 39,321 | ||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ' | ||||||||||||||||||||||||
Following are the assumptions used in the Black-Scholes valuation model for PNQs granted during the fiscal year ended June 30, 2014: | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Weighted average fair value of PNQs | $ | 10.49 | ||||||||||||||||||||||||
Risk-free interest rate | 1.8 | % | ||||||||||||||||||||||||
Dividend yield | — | % | ||||||||||||||||||||||||
Average expected term | 6 years | |||||||||||||||||||||||||
Expected stock price volatility | 50.5 | % | ||||||||||||||||||||||||
Following are the weighted average assumptions used in the Black-Scholes valuation model for NQOs granted during the fiscal years ended June 30, 2014, 2013 and 2012: | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Weighted average fair value of NQOs | $ | 9.17 | $ | 5.69 | $ | 4.42 | ||||||||||||||||||||
Risk-free interest rate | 1.7 | % | 0.9 | % | 1.1 | % | ||||||||||||||||||||
Dividend yield | — | % | — | % | — | % | ||||||||||||||||||||
Average expected term | 6 years | 6 years | 6 years | |||||||||||||||||||||||
Expected stock price volatility | 50.4 | % | 49.5 | % | 52.5 | % | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ' | ||||||||||||||||||||||||
The following table summarizes PNQ activity in fiscal 2014: | ||||||||||||||||||||||||||
Outstanding PNQs: | Number | Weighted | Weighted | Weighted | Aggregate | |||||||||||||||||||||
of | Average | Average | Average | Intrinsic | ||||||||||||||||||||||
PNQs | Exercise | Grant Date | Remaining | Value | ||||||||||||||||||||||
Price ($) | Fair Value ($) | Life | ($ in | |||||||||||||||||||||||
(Years) | thousands) | |||||||||||||||||||||||||
Outstanding at June 30, 2013 | — | — | — | — | — | |||||||||||||||||||||
Granted | 112,442 | 21.27 | 10.49 | 6.5 | — | |||||||||||||||||||||
Cancelled/Forfeited | — | — | — | — | — | |||||||||||||||||||||
Outstanding at June 30, 2014 | 112,442 | 21.27 | 10.49 | 6.5 | 38 | |||||||||||||||||||||
Vested and exercisable, June 30, 2014 | — | — | — | — | — | |||||||||||||||||||||
Vested and expected to vest, June 30, 2014 | 99,727 | 21.28 | 10.49 | 6.5 | 33 | |||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | ' | ||||||||||||||||||||||||
The following table summarizes restricted stock activity: | ||||||||||||||||||||||||||
Outstanding and Nonvested Restricted Stock Awards: | Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||||||
Awarded | Average | Average | Intrinsic | |||||||||||||||||||||||
Grant Date | Remaining | Value | ||||||||||||||||||||||||
Fair Value | Life | ($ in thousands) | ||||||||||||||||||||||||
($) | (Years) | |||||||||||||||||||||||||
Outstanding at June 30, 2011 | 80,687 | 17.31 | 2.6 | 818 | ||||||||||||||||||||||
Granted | 142,070 | 7.7 | 2.1 | 1,094 | ||||||||||||||||||||||
Exercised/Released | (27,227 | ) | 15.8 | — | 202 | |||||||||||||||||||||
Cancelled/Forfeited | (19,583 | ) | 13.92 | — | — | |||||||||||||||||||||
Outstanding June 30, 2012 | 175,947 | 10.16 | 1.9 | 1,401 | ||||||||||||||||||||||
Granted | 51,177 | 11.67 | — | 597 | ||||||||||||||||||||||
Exercised/Released | (64,668 | ) | 11.27 | — | 832 | |||||||||||||||||||||
Cancelled/Forfeited | (23,096 | ) | 12.21 | — | — | |||||||||||||||||||||
Outstanding at June 30, 2013 | 139,360 | 9.87 | 1.9 | 1,959 | ||||||||||||||||||||||
Granted | 9,200 | 20.48 | — | 188 | ||||||||||||||||||||||
Exercised/Released | (38,212 | ) | 11.59 | — | 820 | |||||||||||||||||||||
Cancelled/Forfeited | (14,136 | ) | 9.38 | — | — | |||||||||||||||||||||
Outstanding at June 30, 2014 | 96,212 | 10.27 | 1.5 | 2,079 | ||||||||||||||||||||||
Expected to vest, June 30, 2014 | 90,359 | 12.61 | 1.5 | 1,953 | ||||||||||||||||||||||
Nonvested | ' | ' | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ' | ||||||||||||||||||||||||
Nonvested NQOs: | Number | Weighted | Weighted | Weighted | ||||||||||||||||||||||
of | Average | Average | Average | |||||||||||||||||||||||
NQOs | Exercise | Grant Date | Remaining | |||||||||||||||||||||||
Price ($) | Fair Value ($) | Life (Years) | ||||||||||||||||||||||||
Outstanding at June 30, 2011 | 322,869 | 15.02 | 6.5 | 1.7 | ||||||||||||||||||||||
Granted | 356,834 | 8.9 | 4.42 | 6.6 | ||||||||||||||||||||||
Vested | (243,518 | ) | 13 | 5.85 | — | |||||||||||||||||||||
Forfeited | (92,946 | ) | 12.54 | 5.8 | — | |||||||||||||||||||||
Outstanding at June 30, 2012 | 343,239 | 10.76 | 4.2 | 6.3 | ||||||||||||||||||||||
Granted | 192,892 | 12.12 | 5.69 | 6.5 | ||||||||||||||||||||||
Vested | (188,909 | ) | 11.56 | 5.33 | — | |||||||||||||||||||||
Forfeited | (31,561 | ) | 13.82 | 5.92 | — | |||||||||||||||||||||
Outstanding at June 30, 2013 | 315,661 | 10.8 | 5.12 | 6.1 | ||||||||||||||||||||||
Granted | 1,927 | 18.68 | 9.17 | 6.4 | ||||||||||||||||||||||
Vested | (133,957 | ) | 11.02 | 5.21 | — | |||||||||||||||||||||
Forfeited | (15,833 | ) | 11.48 | 5.49 | — | |||||||||||||||||||||
Outstanding at June 30, 2014 | 167,798 | 10.65 | 5.06 | 5.3 | ||||||||||||||||||||||
Vested | ' | ' | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ' | ||||||||||||||||||||||||
The following table summarizes NQO activity for the three most recent fiscal years: | ||||||||||||||||||||||||||
Outstanding NQOs: | Number | Weighted | Weighted | Weighted | Aggregate | |||||||||||||||||||||
of NQOs | Average | Average | Average | Intrinsic | ||||||||||||||||||||||
Exercise | Grant Date | Remaining | Value | |||||||||||||||||||||||
Price ($) | Fair Value ($) | Life | ($ in thousands) | |||||||||||||||||||||||
(Years) | ||||||||||||||||||||||||||
Outstanding at June 30, 2011 | 497,810 | 17.19 | 6.44 | 5.7 | 61 | |||||||||||||||||||||
Granted | 356,834 | 8.9 | 4.42 | — | — | |||||||||||||||||||||
Cancelled/Forfeited | (187,409 | ) | 16.89 | 5.06 | — | — | ||||||||||||||||||||
Outstanding at June 30, 2012 | 667,235 | 12.84 | 4.78 | 4.8 | 143 | |||||||||||||||||||||
Granted | 192,892 | 12.12 | 5.69 | 6.5 | 374 | |||||||||||||||||||||
Exercised | (117,482 | ) | 10.24 | 5.23 | — | 336 | ||||||||||||||||||||
Cancelled/Forfeited | (185,218 | ) | 13.83 | 5.92 | — | — | ||||||||||||||||||||
Outstanding at June 30, 2013 | 557,427 | 12.81 | 5.44 | 5.1 | 1,620 | |||||||||||||||||||||
Granted | 1,927 | 18.68 | 9.17 | 6.4 | — | |||||||||||||||||||||
Exercised | (112,964 | ) | 13.1 | 5.81 | — | 895 | ||||||||||||||||||||
Cancelled/Forfeited | (33,936 | ) | 16.63 | 6.13 | — | — | ||||||||||||||||||||
Outstanding at June 30, 2014 | 412,454 | 12.44 | 5.3 | 4.4 | 3,782 | |||||||||||||||||||||
Vested and exercisable, June 30, 2014 | 244,656 | 13.67 | 5.46 | 3.7 | 1,967 | |||||||||||||||||||||
Vested and expected to vest, June 30, 2014 | 402,440 | 12.48 | 5.3 | 4.3 | 3,700 | |||||||||||||||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Other Current Liabilities | ' | ||||||||
Other current liabilities consist of the following: | |||||||||
June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Accrued postretirement benefits | $ | 919 | $ | 625 | |||||
Accrued workers’ compensation liabilities | 1,947 | 1,496 | |||||||
Short-term pension liabilities | 347 | 347 | |||||||
Other (including net taxes payable) | 2,105 | 2,703 | |||||||
Other current liabilities | $ | 5,318 | $ | 5,171 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The current and deferred components of the provision for income taxes consist of the following: | |||||||||||||
June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 293 | $ | (24 | ) | $ | (385 | ) | |||||
State | 275 | 191 | 115 | ||||||||||
Total current income tax expense (benefit) | 568 | 167 | (270 | ) | |||||||||
Deferred: | |||||||||||||
Federal | 99 | (819 | ) | (63 | ) | ||||||||
State | 38 | (173 | ) | (14 | ) | ||||||||
Total deferred income tax expense (benefit) | 137 | (992 | ) | (77 | ) | ||||||||
Income tax expense (benefit) | $ | 705 | $ | (825 | ) | $ | (347 | ) | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
A reconciliation of income tax expense (benefit) to the federal statutory tax rate is as follows: | |||||||||||||
June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Statutory tax rate | 34% | 34% | 34% | ||||||||||
Income tax expense (benefit) at statutory rate | $ | 4,365 | $ | (3,158 | ) | $ | (9,154 | ) | |||||
State income tax expense (benefit), net of federal tax benefit | 749 | (223 | ) | (1,023 | ) | ||||||||
Valuation allowance | (4,292 | ) | 3,074 | 10,588 | |||||||||
Change in contingency reserve (net) | (39 | ) | (7 | ) | (561 | ) | |||||||
Other (net) | (78 | ) | (511 | ) | (197 | ) | |||||||
Income tax expense (benefit) | $ | 705 | $ | (825 | ) | $ | (347 | ) | |||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The primary components of the temporary differences which give rise to the Company’s net deferred tax liabilities are as follows: | |||||||||||||
June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Deferred tax assets: | |||||||||||||
Postretirement benefits | $ | 19,800 | $ | 26,014 | $ | 27,568 | |||||||
Accrued liabilities | 6,156 | 4,477 | 3,958 | ||||||||||
Net operating loss carryforward | 40,275 | 44,607 | 44,736 | ||||||||||
Intangible assets | 1,126 | 694 | 919 | ||||||||||
Other | 7,253 | 8,945 | 5,945 | ||||||||||
Total deferred tax assets | 74,610 | 84,737 | 83,126 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Fixed assets | (1,902 | ) | (2,641 | ) | (4,117 | ) | |||||||
Other | (1,538 | ) | (882 | ) | (794 | ) | |||||||
Total deferred tax liabilities | (3,440 | ) | (3,523 | ) | (4,911 | ) | |||||||
Valuation allowance | (72,613 | ) | (82,522 | ) | (79,448 | ) | |||||||
Net deferred tax liability | $ | (1,443 | ) | $ | (1,308 | ) | $ | (1,233 | ) | ||||
Summary of Income Tax Contingencies | ' | ||||||||||||
A tabular reconciliation of the total amounts (in absolute values) of unrecognized tax benefits is as follows: | |||||||||||||
Year Ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefits at beginning of year | $ | 3,211 | $ | 3,211 | $ | 3,902 | |||||||
Increases in tax positions for prior years | (30 | ) | — | — | |||||||||
Settlements | (3,181 | ) | — | (691 | ) | ||||||||
Unrecognized tax benefits at end of year | $ | — | $ | 3,211 | $ | 3,211 | |||||||
Earnings_Loss_Per_Common_Share1
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings (Loss) Per Common Share, Basic and Diluted | ' | ||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands, except share and per share amounts) | |||||||||||||
Net income (loss) attributable to common stockholders—basic | $ | 12,063 | $ | (8,401 | ) | $ | (26,274 | ) | |||||
Net income (loss) attributable to nonvested restricted stockholders | 69 | (61 | ) | (302 | ) | ||||||||
Total net income (loss) | $ | 12,132 | $ | (8,462 | ) | $ | (26,576 | ) | |||||
Weighted average shares outstanding—basic | 15,909,631 | 15,604,452 | 15,492,314 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Shares issuable under stock options | 104,956 | — | — | ||||||||||
Weighted average shares outstanding—diluted | 16,014,587 | 15,604,452 | 15,492,314 | ||||||||||
Net loss per common share—basic | $ | 0.76 | $ | (0.54 | ) | $ | (1.72 | ) | |||||
Net loss per common share—diluted | $ | 0.76 | $ | (0.54 | ) | $ | (1.72 | ) | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Contractual Obligation, Fiscal Year Maturity Schedule | ' | ||||||||||||||||||||||||
Contractual obligations for future fiscal years are as follows: | |||||||||||||||||||||||||
(In thousands) | Contractual Obligations | ||||||||||||||||||||||||
Year Ended June 30, | Capital Lease | Operating | Pension Plan | Postretirement | Revolving Credit Facility | Purchase Commitments (1)(2) | |||||||||||||||||||
Obligations | Lease | Obligations | Benefits Other | ||||||||||||||||||||||
Obligations | Than Pension Plans | ||||||||||||||||||||||||
2015 | $ | 4,205 | $ | 3,527 | $ | 7,024 | $ | 939 | $ | 78 | $ | 43,448 | |||||||||||||
2016 | 3,520 | 2,503 | 7,179 | 1,029 | — | — | |||||||||||||||||||
2017 | 1,614 | 1,608 | 7,345 | 1,126 | — | — | |||||||||||||||||||
2018 | 905 | 1,350 | 7,604 | 1,252 | — | — | |||||||||||||||||||
2019 | 143 | 861 | 7,787 | 1,405 | — | — | |||||||||||||||||||
Thereafter | 54 | 187 | 43,653 | 8,535 | — | — | |||||||||||||||||||
$ | 10,036 | $ | 80,592 | $ | 14,286 | $ | 78 | $ | 43,448 | ||||||||||||||||
Total minimum lease payments | $ | 10,441 | |||||||||||||||||||||||
Less: imputed interest | (738 | ) | |||||||||||||||||||||||
(0.82% to 10.7%) | |||||||||||||||||||||||||
Present value of future minimum lease payments | $ | 9,703 | |||||||||||||||||||||||
Less: current portion | 3,779 | ||||||||||||||||||||||||
Long-term capital lease obligations | $ | 5,924 | |||||||||||||||||||||||
___________ | |||||||||||||||||||||||||
(1) Includes all coffee purchase contracts that the Company considers to be for normal purchases. | |||||||||||||||||||||||||
(2) Does not include amounts related to derivative instruments that are recorded at fair value on the Company's consolidated balance sheets. |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||||||
The following tables set forth certain unaudited quarterly information for each of the eight fiscal quarters in the two year period ended June 30, 2014. This quarterly information has been prepared on a consistent basis with the audited consolidated financial statements and, in the opinion of management, includes all adjustments which management believes are necessary for a fair presentation of the information for the periods presented. The unaudited quarterly data presented below, with the exception of the quarter ended June 30, 2014, include correction of errors related to the reclassification of fuel surcharges billed to customers previously netted against the Company's fuel expenses in "Selling expenses" to "Net sales; reclassification of certain labor and overhead expenses previously included in "Selling expenses" and "General and administrative expenses" to "Cost of goods sold"; and reclassification of “Net gains from sales of assets” previously presented within "Other, net" to a separate line item within "Income (loss) from operations.” See Note 1 for additional information. In addition, reconciliations from the amounts as originally reported to the applicable corrected amounts for the quarters ended March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012 can be found in the unaudited consolidated statements of operations data immediately following the unaudited quarterly financial data in the tables below. See Note 1 for additional information. | |||||||||||||||||||||||||
The Company's quarterly operating results may fluctuate significantly as a result of a variety of factors, and operating results for any fiscal quarter are not necessarily indicative of results for a full fiscal year or future fiscal quarters. | |||||||||||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||
2013 | 2013 | 2014 | 2014 | ||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
Net sales | $ | 129,529 | $ | 143,129 | $ | 125,525 | $ | 130,197 | |||||||||||||||||
Gross profit | $ | 48,005 | $ | 54,374 | $ | 48,052 | $ | 45,483 | |||||||||||||||||
Income (loss) from operations | $ | 3,014 | $ | 5,650 | $ | (2,075 | ) | $ | 2,327 | ||||||||||||||||
Net income | $ | 1,806 | $ | 4,709 | $ | 2,506 | $ | 3,111 | |||||||||||||||||
Net income per common share—basic | $ | 0.11 | $ | 0.29 | $ | 0.16 | $ | 0.19 | |||||||||||||||||
Net income per common share—diluted | $ | 0.11 | $ | 0.29 | $ | 0.16 | $ | 0.19 | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||
2012 | 2012 | 2013 | 2013 | ||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
Net sales | $ | 120,147 | $ | 136,699 | $ | 127,279 | $ | 129,744 | |||||||||||||||||
Gross profit | $ | 43,141 | $ | 48,594 | $ | 47,446 | $ | 45,995 | |||||||||||||||||
Income (loss) from operations | $ | 1,794 | $ | 536 | $ | 691 | $ | (2,650 | ) | ||||||||||||||||
Net income (loss) | $ | 2,979 | $ | (7,157 | ) | $ | (1,306 | ) | $ | (2,978 | ) | ||||||||||||||
Net income (loss) per common share—basic | $ | 0.19 | $ | (0.46 | ) | $ | (0.08 | ) | $ | (0.19 | ) | ||||||||||||||
Net income (loss) per common share—diluted | $ | 0.19 | $ | (0.46 | ) | $ | (0.08 | ) | $ | (0.19 | ) | ||||||||||||||
In the fourth quarter and for the fiscal year ended June 30, 2013, the Company recorded $0.1 million in impairment loss on indefinite-lived intangible assets (see Note 1). | |||||||||||||||||||||||||
The following tables present the effects of adjustments made to the Company's previously reported unaudited consolidated quarterly financial statements for the quarters ended March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012. For further information regarding these adjustments, see Note 1. | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
(In thousands) | As Previously Reported | Adjustments(1) | As Corrected | As Previously Reported | Adjustments(1) | As Corrected | |||||||||||||||||||
Net sales | $ | 128,561 | $ | 968 | $ | 129,529 | $ | 119,153 | $ | 994 | $ | 120,147 | |||||||||||||
Cost of goods sold | 79,089 | 2,435 | 81,524 | 74,532 | 2,474 | 77,006 | |||||||||||||||||||
Gross profit | 49,472 | (1,467 | ) | 48,005 | 44,621 | (1,480 | ) | 43,141 | |||||||||||||||||
Selling expenses | 37,335 | (721 | ) | 36,614 | 37,271 | (242 | ) | 37,029 | |||||||||||||||||
General and administrative expenses | 9,246 | (746 | ) | 8,500 | 8,769 | (1,238 | ) | 7,531 | |||||||||||||||||
Net gains from sales of assets | — | (123 | ) | (123 | ) | — | (3,213 | ) | (3,213 | ) | |||||||||||||||
Operating expenses | 46,581 | (1,590 | ) | 44,991 | 46,040 | (4,693 | ) | 41,347 | |||||||||||||||||
Income (loss) from operations | 2,891 | 123 | 3,014 | (1,419 | ) | 3,213 | 1,794 | ||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 268 | — | 268 | 259 | — | 259 | |||||||||||||||||||
Interest income | 108 | — | 108 | 92 | — | 92 | |||||||||||||||||||
Interest expense | (372 | ) | — | (372 | ) | (457 | ) | — | (457 | ) | |||||||||||||||
Other, net | (783 | ) | (123 | ) | (906 | ) | 4,945 | (3,213 | ) | 1,732 | |||||||||||||||
Total other (expense) income | (779 | ) | (123 | ) | (902 | ) | 4,839 | (3,213 | ) | 1,626 | |||||||||||||||
Income before taxes | 2,112 | — | 2,112 | 3,420 | — | 3,420 | |||||||||||||||||||
Income tax expense | 306 | — | 306 | 441 | — | 441 | |||||||||||||||||||
Net income | $ | 1,806 | $ | — | $ | 1,806 | $ | 2,979 | $ | — | $ | 2,979 | |||||||||||||
_____________ | |||||||||||||||||||||||||
(1) For details, see Note 1. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS DATA | |||||||||||||||||||||||||
Three Months Ended December 31, 2013 | Three Months Ended December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | As Previously Reported | Adjustments(1) | As Corrected | As Previously Reported | Adjustments(1) | As Corrected | |||||||||||||||||||
Net sales | $ | 142,151 | $ | 978 | $ | 143,129 | $ | 135,705 | $ | 994 | $ | 136,699 | |||||||||||||
Cost of goods sold | 86,713 | 2,042 | 88,755 | 85,352 | 2,753 | 88,105 | |||||||||||||||||||
Gross profit | 55,438 | (1,064 | ) | 54,374 | 50,353 | (1,759 | ) | 48,594 | |||||||||||||||||
Selling expenses | 38,991 | (669 | ) | 38,322 | 40,765 | (489 | ) | 40,276 | |||||||||||||||||
General and administrative expenses | 10,724 | (395 | ) | 10,329 | 9,041 | (1,270 | ) | 7,771 | |||||||||||||||||
Net gains from sales of assets | — | 73 | 73 | — | 11 | 11 | |||||||||||||||||||
Operating expenses | 49,715 | (991 | ) | 48,724 | 49,806 | (1,748 | ) | 48,058 | |||||||||||||||||
Income (loss) from operations | 5,723 | (73 | ) | 5,650 | 547 | (11 | ) | 536 | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 258 | — | 258 | 284 | — | 284 | |||||||||||||||||||
Interest income | 110 | — | 110 | 99 | — | 99 | |||||||||||||||||||
Interest expense | (393 | ) | — | (393 | ) | (463 | ) | — | (463 | ) | |||||||||||||||
Other, net | (587 | ) | 73 | (514 | ) | (7,656 | ) | 11 | (7,645 | ) | |||||||||||||||
Total other (expense) income | (612 | ) | 73 | (539 | ) | (7,736 | ) | 11 | (7,725 | ) | |||||||||||||||
Income (loss) before taxes | 5,111 | — | 5,111 | (7,189 | ) | — | (7,189 | ) | |||||||||||||||||
Income tax expense (benefit) | 402 | — | 402 | (32 | ) | — | (32 | ) | |||||||||||||||||
Net income (loss) | $ | 4,709 | $ | — | $ | 4,709 | $ | (7,157 | ) | $ | — | $ | (7,157 | ) | |||||||||||
_____________ | |||||||||||||||||||||||||
(1) For details, see Note 1. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS DATA | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
(In thousands) | As Previously Reported | Adjustments(1) | As Corrected | As Previously Reported | Adjustments(1) | As Corrected | |||||||||||||||||||
Net sales | $ | 124,600 | $ | 925 | $ | 125,525 | 126,343 | 936 | 127,279 | ||||||||||||||||
Cost of goods sold | 76,810 | 663 | 77,473 | 78,761 | 1,072 | 79,833 | |||||||||||||||||||
Gross profit | 47,790 | 262 | 48,052 | 47,582 | (136 | ) | 47,446 | ||||||||||||||||||
Selling expenses | 42,161 | 431 | 42,592 | 39,135 | (69 | ) | 39,066 | ||||||||||||||||||
General and administrative expenses | 7,667 | (169 | ) | 7,498 | 8,941 | (67 | ) | 8,874 | |||||||||||||||||
Net gains from sales of assets | 37 | — | 37 | (1,185 | ) | — | (1,185 | ) | |||||||||||||||||
Operating expenses | 49,865 | 262 | 50,127 | 46,891 | (136 | ) | 46,755 | ||||||||||||||||||
(Loss) income from operations | (2,075 | ) | — | (2,075 | ) | 691 | — | 691 | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 276 | — | 276 | 286 | — | 286 | |||||||||||||||||||
Interest income | 114 | — | 114 | 92 | — | 92 | |||||||||||||||||||
Interest expense | (277 | ) | — | (277 | ) | (466 | ) | — | (466 | ) | |||||||||||||||
Other, net | 4,664 | — | 4,664 | (1,949 | ) | — | (1,949 | ) | |||||||||||||||||
Total other income | 4,777 | — | 4,777 | (2,037 | ) | — | (2,037 | ) | |||||||||||||||||
Income before taxes | 2,702 | — | 2,702 | (1,346 | ) | — | (1,346 | ) | |||||||||||||||||
Income tax benefit | 196 | — | 196 | (40 | ) | — | (40 | ) | |||||||||||||||||
Net income | $ | 2,506 | $ | — | $ | 2,506 | $ | (1,306 | ) | $ | — | $ | (1,306 | ) | |||||||||||
_____________ | |||||||||||||||||||||||||
(1) For details, see Note 1. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS DATA | |||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
(In thousands) | Previously Reported | Adjustments(1) | As Corrected | ||||||||||||||||||||||
Net sales | $ | 128,763 | $ | 981 | $ | 129,744 | |||||||||||||||||||
Cost of goods sold | 81,273 | 2,476 | 83,749 | ||||||||||||||||||||||
Gross profit | 47,490 | (1,495 | ) | 45,995 | |||||||||||||||||||||
Selling expenses | 40,908 | (246 | ) | 40,662 | |||||||||||||||||||||
General and administrative expenses | 9,219 | (1,249 | ) | 7,970 | |||||||||||||||||||||
Net gains from sales of assets | — | (79 | ) | (79 | ) | ||||||||||||||||||||
Impairment losses on intangible assets | 92 | — | 92 | ||||||||||||||||||||||
Operating expenses | 50,219 | (1,574 | ) | 48,645 | |||||||||||||||||||||
Loss from operations | (2,729 | ) | 79 | (2,650 | ) | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 274 | — | 274 | ||||||||||||||||||||||
Interest income | 169 | — | 169 | ||||||||||||||||||||||
Interest expense | (396 | ) | — | (396 | ) | ||||||||||||||||||||
Other, net | (1,490 | ) | (79 | ) | (1,569 | ) | |||||||||||||||||||
Total other income | (1,443 | ) | (79 | ) | (1,522 | ) | |||||||||||||||||||
Income before taxes | (4,172 | ) | — | (4,172 | ) | ||||||||||||||||||||
Income tax benefit | (1,194 | ) | — | (1,194 | ) | ||||||||||||||||||||
Net income | $ | (2,978 | ) | $ | — | $ | (2,978 | ) | |||||||||||||||||
_________________ | |||||||||||||||||||||||||
(1) For details, see Not |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | 31-May-11 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Maximum | Office Equipment [Member] | Office Equipment [Member] | Building | Building | Building | Building | Distribution Center [Member] | Branch Warehouses [Member] | Coffee Brewing Equipment | Coffee Brewing Equipment | Coffee Brewing Equipment | Machinery and Equipment | Machinery and Equipment | Machinery and Equipment | Machinery and Equipment | Software and Software Development Costs [Member] | Software and Software Development Costs [Member] | Deposits Held At CommodityTrading Accounts [Member] | Coffee Brewing Equipment and Service | Coffee Brewing Equipment and Service | Coffee Brewing Equipment and Service | J. M. Smucker | J. M. Smucker | Workforce Subject to Collective Bargaining Arrangements [Member] | Security Deposit - Letter of Credit | Security Deposit - Letter of Credit | Health Insurance Product Line [Member] | Health Insurance Product Line [Member] | |||||||||||
Maximum | Minimum | center | warehouse | Maximum | Minimum | ||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 111 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Percentage Designated As Cash Flow Hedges | ' | ' | ' | 89.00% | ' | ' | ' | 98.00% | 89.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Equivalents and Short-term Investments, Maturity Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | ' | ' | ' | $8,084,000 | ' | ' | ' | $0 | $8,084,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | 80,000 | -800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | '30 years | '10 years | ' | ' | ' | ' | ' | ' | ' | '5 years | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of goods sold | 77,473,000 | 88,755,000 | 81,524,000 | 83,749,000 | 79,833,000 | 88,105,000 | 77,006,000 | 332,466,000 | 328,693,000 | 332,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,900,000 | 25,600,000 | 24,900,000 | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,900,000 | 12,800,000 | 12,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | ' | ' | ' | 268,686,000 | ' | ' | ' | 293,341,000 | 268,686,000 | ' | ' | 15,049,000 | 15,610,000 | 77,926,000 | 77,807,000 | ' | ' | ' | ' | 13,600,000 | 9,300,000 | ' | 162,030,000 | 138,470,000 | ' | ' | 18,878,000 | 17,993,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 300,000 | ' | ' | ' | ' | ' |
Shares issuable under stock options | ' | ' | ' | ' | ' | ' | ' | 104,956 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | 22,441 | 557,427 | 667,235 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment losses on goodwill and intangible assets | ' | ' | ' | 92,000 | ' | ' | ' | 0 | 92,000 | 5,585,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,145,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shipping, Handling and Transportation Costs | ' | ' | ' | ' | ' | ' | ' | 8,400,000 | 7,300,000 | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' |
Undiscounted workers' compensation liability | ' | ' | ' | 9,900,000 | ' | ' | ' | 9,600,000 | 9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reinsurance recoverables | ' | ' | ' | 1,600,000 | ' | ' | ' | 1,200,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit posted as security deposit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | 6,500,000 | ' | ' |
Estimated liability related to Company's self-insured group medical insurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 1,100,000 |
Liability reserve for claims incurred | ' | ' | ' | $500,000 | ' | ' | ' | $400,000 | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Error Corrections (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Net sales | $130,197 | $125,525 | $143,129 | $129,529 | $129,744 | $127,279 | $136,699 | $120,147 | $528,380 | $513,869 | $498,701 |
Cost of goods sold | ' | 77,473 | 88,755 | 81,524 | 83,749 | 79,833 | 88,105 | 77,006 | 332,466 | 328,693 | 332,309 |
Gross profit | 45,483 | 48,052 | 54,374 | 48,005 | 45,995 | 47,446 | 48,594 | 43,141 | 195,914 | 185,176 | 166,392 |
Selling expenses | ' | 42,592 | 38,322 | 36,614 | 40,662 | 39,066 | 40,276 | 37,029 | 155,088 | 157,033 | 149,209 |
General and administrative expenses | ' | 7,498 | 10,329 | 8,500 | 7,970 | 8,874 | 7,771 | 7,531 | 35,724 | 32,146 | 29,144 |
Net gains from sales of assets | ' | 37 | 73 | -123 | -79 | -1,185 | 11 | -3,213 | -3,814 | -4,467 | -268 |
Impairment losses on goodwill and intangible assets | ' | ' | ' | ' | 92 | ' | ' | ' | 0 | 92 | 5,585 |
Pension withdrawal expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 4,568 |
Operating expenses | ' | 50,127 | 48,724 | 44,991 | 48,645 | 46,755 | 48,058 | 41,347 | 186,998 | 184,804 | 188,238 |
(Loss) income from operations | 2,327 | -2,075 | 5,650 | 3,014 | -2,650 | 691 | 536 | 1,794 | 8,916 | 372 | -21,846 |
Dividend income | ' | 276 | 258 | 268 | 274 | 286 | 284 | 259 | 1,073 | 1,103 | 1,231 |
Interest income | ' | 114 | 110 | 108 | 169 | 92 | 99 | 92 | 429 | 452 | 214 |
Interest expense | ' | -277 | -393 | -372 | -396 | -466 | -463 | -457 | -1,258 | -1,782 | -2,137 |
Other, net | ' | 4,664 | -514 | -906 | -1,569 | -1,949 | -7,645 | 1,732 | 3,677 | -9,432 | -4,385 |
Total other expense | ' | 4,777 | -539 | -902 | -1,522 | -2,037 | -7,725 | 1,626 | 3,921 | -9,659 | -5,077 |
Loss before taxes | ' | 2,702 | 5,111 | 2,112 | -4,172 | -1,346 | -7,189 | 3,420 | 12,837 | -9,287 | -26,923 |
Loss before taxes | ' | 196 | 402 | 306 | -1,194 | -40 | -32 | 441 | 705 | -825 | -347 |
Net income (loss) | 3,111 | 2,506 | 4,709 | 1,806 | -2,978 | -1,306 | -7,157 | 2,979 | 12,132 | -8,462 | -26,576 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 27,334 | 32,542 | 32,113 |
Recovery of doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | -757 | -980 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -137 | -74 | 78 |
Net gains from sales of assets | ' | ' | ' | ' | ' | ' | ' | ' | 3,814 | 4,467 | 268 |
ESOP and share-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,692 | 3,563 | 3,287 |
Net losses on derivative instruments and investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,132 | -6,175 |
Restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,472 | 1,153 |
Purchases of trading securities held for investment | ' | ' | ' | ' | ' | ' | ' | ' | -5,915 | -9,049 | -13,576 |
Proceeds from sales of trading securities held for investment | ' | ' | ' | ' | ' | ' | ' | ' | 4,290 | 7,633 | 18,267 |
Short-term investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Accounts and notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | -2,248 | 2,429 | -3,745 |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | 14,439 | -5,115 | -13,236 |
Income tax receivable | ' | ' | ' | ' | ' | ' | ' | ' | -181 | -353 | 314 |
Prepaid expenses and other assets | ' | ' | ' | ' | ' | ' | ' | ' | 661 | 156 | 860 |
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | 17,526 | 1,773 | -13,441 |
Accrued payroll expenses and other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 2,574 | -8,785 | -4,239 |
Accrued postretirement benefits | ' | ' | ' | ' | ' | ' | ' | ' | -1,905 | -6,451 | 3,530 |
Other long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 695 | 6,678 | -6,320 |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 52,895 | 21,927 | 18,133 |
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | 124,600 | 142,151 | 128,561 | 128,763 | 126,343 | 135,705 | 119,153 | ' | 509,964 | 495,442 |
Cost of goods sold | ' | 76,810 | 86,713 | 79,089 | 81,273 | 78,761 | 85,352 | 74,532 | ' | 318,825 | 322,540 |
Gross profit | ' | 47,790 | 55,438 | 49,472 | 47,490 | 47,582 | 50,353 | 44,621 | ' | 191,139 | 172,902 |
Selling expenses | ' | 42,161 | 38,991 | 37,335 | 40,908 | 39,135 | 40,765 | 37,271 | ' | 158,079 | 150,641 |
General and administrative expenses | ' | 7,667 | 10,724 | 9,246 | 9,219 | 8,941 | 9,041 | 8,769 | ' | 37,063 | 34,222 |
Net gains from sales of assets | ' | 37 | 0 | 0 | 0 | -1,185 | 0 | 0 | ' | 0 | 0 |
Impairment losses on goodwill and intangible assets | ' | ' | ' | ' | 92 | ' | ' | ' | ' | 92 | 5,585 |
Pension withdrawal expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,568 |
Operating expenses | ' | 49,865 | 49,715 | 46,581 | 50,219 | 46,891 | 49,806 | 46,040 | ' | 195,234 | 195,016 |
(Loss) income from operations | ' | -2,075 | 5,723 | 2,891 | -2,729 | 691 | 547 | -1,419 | ' | -4,095 | -22,114 |
Dividend income | ' | 276 | 258 | 268 | 274 | 286 | 284 | 259 | ' | 1,103 | 1,231 |
Interest income | ' | 114 | 110 | 108 | 169 | 92 | 99 | 92 | ' | 452 | 214 |
Interest expense | ' | -277 | -393 | -372 | -396 | -466 | -463 | -457 | ' | -1,782 | -2,137 |
Other, net | ' | 4,664 | -587 | -783 | -1,490 | -1,949 | -7,656 | 4,945 | ' | -4,965 | -4,117 |
Total other expense | ' | 4,777 | -612 | -779 | -1,443 | -2,037 | -7,736 | 4,839 | ' | -5,192 | -4,809 |
Loss before taxes | ' | 2,702 | 5,111 | 2,112 | -4,172 | -1,346 | -7,189 | 3,420 | ' | -9,287 | -26,923 |
Loss before taxes | ' | 196 | 402 | 306 | -1,194 | -40 | -32 | 441 | ' | -825 | -347 |
Net income (loss) | ' | 2,506 | 4,709 | 1,806 | -2,978 | -1,306 | -7,157 | 2,979 | ' | -8,462 | -26,576 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,542 | 32,113 |
Recovery of doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | -757 | -980 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -74 | 78 |
Net gains from sales of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,467 | 268 |
ESOP and share-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,563 | 3,287 |
Net losses on derivative instruments and investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,132 | -6,175 |
Restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,472 | 1,153 |
Purchases of trading securities held for investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Proceeds from sales of trading securities held for investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Short-term investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,942 | 1,497 |
Accounts and notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,429 | -3,745 |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,115 | -13,236 |
Income tax receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -353 | 314 |
Prepaid expenses and other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156 | 860 |
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,773 | -13,441 |
Accrued payroll expenses and other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,741 | 1,949 |
Accrued postretirement benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,451 | 3,530 |
Other long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,678 | -6,320 |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,927 | 18,133 |
Scenario, Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,905 | 3,259 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,868 | 9,769 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,963 | -6,510 |
Selling expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,046 | -1,432 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,917 | -5,078 |
Net gains from sales of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,467 | -268 |
Impairment losses on goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Pension withdrawal expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,430 | -6,778 |
(Loss) income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,467 | 268 |
Dividend income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,467 | -268 |
Total other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,467 | -268 |
Loss before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Loss before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Recovery of doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net gains from sales of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
ESOP and share-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net losses on derivative instruments and investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Purchases of trading securities held for investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,049 | -13,576 |
Proceeds from sales of trading securities held for investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,633 | 18,267 |
Short-term investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,942 | -1,497 |
Accounts and notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Income tax receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Prepaid expenses and other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Accrued payroll expenses and other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,526 | -6,188 |
Accrued postretirement benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Other long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Schedule of Notional Volumes of Derivative Instruments (Details) | Jun. 30, 2014 | Jun. 30, 2013 |
lb | lb | |
Derivative [Line Items] | ' | ' |
Notional volume of coffee derivatives (in pounds) | 19,761,000 | 49,554,000 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional volume of coffee derivatives (in pounds) | 374,000 | 5,529,000 |
Cash Flow Hedging [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional volume of coffee derivatives (in pounds) | 19,387,000 | 44,025,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Narrative (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Derivative [Line Items] | ' | ' |
Notional Amount of Interest Rate Derivatives | $10,000,000 | ' |
Restricted cash | 0 | 8,084,000 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -8,800,000 | ' |
Deposits Held At CommodityTrading Accounts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Restricted cash | $8,100,000 | ' |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Fair Value of Derivative Instruments on the Consolidated Balance Sheets (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Designated as Cash Flow Hedges | Short-term Investments [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | $5,474 | $0 | ||
Designated as Cash Flow Hedges | Long-term Derivative Assets [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 862 | [1] | 0 | [1] |
Designated as Cash Flow Hedges | Short-Term Derivative Liabilities [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 252 | 9,331 | ||
Designated as Cash Flow Hedges | Other Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Designated as Cash Flow Hedges | Other Long Term Liabilities [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 1,129 | ||
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Short-term Investments [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 4 | ||
Not Designated as Hedging Instrument [Member] | Long-term Derivative Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | 0 | [1] |
Not Designated as Hedging Instrument [Member] | Short-Term Derivative Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 69 | 565 | ||
Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | $0 | $25 | ||
[1] | Included in "Other assets" on the consolidated balance sheets. |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Pretax Effect of Derivative Instruments on Earnings and OCI (Details) (Cash Flow Hedging [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flow Hedging [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net gains recognized in earnings (effective portion) | $1,161 | $55 |
Net gains (losses) recognized in other comprehensive income (loss) (effective portion) | 17,524 | -7,921 |
Net losses recognized in earnings (ineffective portion) | ($259) | ($447) |
Derivative_Financial_Instrumen6
Derivative Financial Instruments - Net Realized and Unrealized Gains and Losses Recorded in "Other, net" (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net (losses) gains on derivatives and investments | ' | ' | ' | ' | ' | ' | ' | ' | ($11,132,000) | ($6,175,000) | ||
Other, net | 4,664,000 | -514,000 | -906,000 | -1,569,000 | -1,949,000 | -7,645,000 | 1,732,000 | 3,677,000 | -9,432,000 | -4,385,000 | ||
Coffee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net realized and unrealized losses from coffee-related derivatives not designated as accounting hedges | ' | ' | ' | ' | ' | ' | ' | 2,655,000 | -11,337,000 | -7,329,000 | ||
Net realized and unrealized gains from investments | ' | ' | ' | ' | ' | ' | ' | 464,000 | 230,000 | 1,154,000 | ||
Net unrealized losses from interest rate swap | ' | ' | ' | ' | ' | ' | ' | -5,000 | -25,000 | 0 | ||
Net (losses) gains on derivatives and investments | ' | ' | ' | ' | ' | ' | ' | 3,114,000 | [1] | -11,132,000 | [1] | -6,175,000 |
Other gains, net | ' | ' | ' | ' | ' | ' | ' | 563,000 | 1,700,000 | 1,790,000 | ||
Other, net | ' | ' | ' | ' | ' | ' | ' | $3,677,000 | ($9,432,000) | ($4,385,000) | ||
[1] | Excludes net losses on coffee-related derivative instruments recorded in cost of goods sold in the years ended 2014 and 2013. |
Derivative_Financial_Instrumen7
Derivative Financial Instruments - Schedule of Offsetting Derivative Asset and Liability Positions (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Counterparty A | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $6,336 | $4 |
Derivative Asset, Fair Value, Gross Liability | -321 | -4 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset | 6,015 | 0 |
Derivative Liability, Fair Value, Gross Liability | 321 | 11,025 |
Derivative Liability, Fair Value, Gross Asset | -321 | -4 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 8,084 |
Derivative Liability | 0 | 2,937 |
Counterparty B | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 25 |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | $0 | $25 |
Investments_Narrative_Details
Investments - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Schedule of Trading Securities and Other Trading Assets | ' | ' | ' |
Total gain recognized on trading securities held for investment | $464 | $230 | $1,154 |
Less: Realized gain on sales of trading securities held for investment | 116 | 499 | 1,475 |
Unrealized gain (loss) on trading securities held for investment | 348 | -269 | -321 |
Cash Flow Hedging [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $17,524 | ($7,921) | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Preferred stock | $22,632,000 | $20,546,000 | ||
Estimate of Fair Value Measurement [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Preferred stock | 22,632,000 | [1] | 20,542,000 | [1] |
Futures, options and other derivative assets | ' | 4,000 | [1] | |
Estimate of Fair Value Measurement [Member] | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Preferred stock | 18,025,000 | [1] | 15,738,000 | [1] |
Futures, options and other derivative assets | ' | 0 | [1] | |
Estimate of Fair Value Measurement [Member] | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Preferred stock | 4,607,000 | [1] | 4,804,000 | [1] |
Futures, options and other derivative assets | ' | 4,000 | [1] | |
Estimate of Fair Value Measurement [Member] | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Preferred stock | 0 | [1] | 0 | [1] |
Futures, options and other derivative assets | ' | 0 | [1] | |
Estimate of Fair Value Measurement [Member] | Coffee-related Derivative Instruments [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Coffee-related derivative assets | 5,153,000 | ' | ||
Coffee-related derivative liabilities | ' | 10,460,000 | ||
Coffee-related derivative | 862,000 | 565,000 | ||
Estimate of Fair Value Measurement [Member] | Coffee-related Derivative Instruments [Member] | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Coffee-related derivative assets | 5,153,000 | ' | ||
Coffee-related derivative liabilities | ' | 10,460,000 | ||
Coffee-related derivative | 862,000 | 565,000 | ||
Estimate of Fair Value Measurement [Member] | Coffee-related Derivative Instruments [Member] | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Coffee-related derivative assets | 0 | ' | ||
Coffee-related derivative liabilities | ' | 0 | ||
Coffee-related derivative | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Coffee-related Derivative Instruments [Member] | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Coffee-related derivative assets | 0 | ' | ||
Coffee-related derivative liabilities | ' | 0 | ||
Coffee-related derivative | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Derivative Liabilities - Interest Rate Swap | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative liabilities — interest rate swap | ' | 25,000 | ||
Estimate of Fair Value Measurement [Member] | Derivative Liabilities - Interest Rate Swap | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative liabilities — interest rate swap | ' | 0 | ||
Estimate of Fair Value Measurement [Member] | Derivative Liabilities - Interest Rate Swap | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative liabilities — interest rate swap | ' | 25,000 | ||
Estimate of Fair Value Measurement [Member] | Derivative Liabilities - Interest Rate Swap | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative liabilities — interest rate swap | ' | $0 | ||
[1] | Included in "Short-term investments" on the consolidated balance sheets. |
Accounts_and_Notes_Receivable_2
Accounts and Notes Receivable, net - Schedule of Accounts Receivable (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Receivables [Abstract] | ' | ' | ||
Trade receivables | $41,118 | $43,965 | ||
Other Receivables | 1,763 | [1] | 1,072 | [1] |
Allowance for doubtful accounts | -651 | -1,115 | ||
Accounts and notes receivable, net | $42,230 | $43,922 | ||
[1] | Includes as of June 30, 2014 and June 30, 2013, $0.5 million and $0.3 million, respectively, of receivables relating to the co-packing arrangement for J.M. Smucker (see Note 1). |
Accounts_and_Notes_Receivable_3
Accounts and Notes Receivable, net - Narrative (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Increase (decrease) in allowance for doubtful accounts | $80,000 | ($800,000) |
Allowance for doubtful accounts reclassified to long-term | 544,000 | ' |
J. M. Smucker | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables related to co-packing arrangement | $500,000 | $300,000 |
Accounts_and_Notes_Receivable_4
Accounts and Notes Receivable, net - Allowance For Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Beginning Balance | ($1,115) | ($1,872) | ($2,852) |
Recovery | ' | 757 | 980 |
Provision | -80 | 800 | ' |
Reclassification to long-term | 544 | ' | ' |
Write-offs | 0 | 0 | 0 |
Ending Balance | ($651) | ($1,115) | ($1,872) |
Inventories_Narrative_Details
Inventories - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Schedule of Inventory [Line Items] | ' | ' | ' | ' |
Beneficial effect of LIFO inventory liquidation | ($1.10) | ($14.20) | ' | ' |
Reduction to net loss resulting from effect of LIFO inventory liquidation | ' | ' | $1.10 | $14.20 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventory (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Product Information | ' | ' |
Total | $71,044 | $60,867 |
Coffee | ' | ' |
Product Information | ' | ' |
Processed | 17,551 | 12,553 |
Unprocessed | 21,164 | 12,796 |
Total | 38,715 | 25,349 |
Tea and Culinary Products | ' | ' |
Product Information | ' | ' |
Processed | 22,381 | 21,406 |
Unprocessed | 4,598 | 4,194 |
Total | 26,979 | 25,600 |
Coffee Brewing Equipment | ' | ' |
Product Information | ' | ' |
Total | $5,350 | $9,918 |
Inventories_Current_Costs_in_E
Inventories - Current Costs in Excess of LIFO (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Costs in Excess of LIFO | ' | ' |
Excess of Replacement or Current Costs over Stated LIFO Value | $31,458 | $35,512 |
Coffee | ' | ' |
Current Costs in Excess of LIFO | ' | ' |
Excess of Replacement or Current Costs over Stated LIFO Value | 23,223 | 27,755 |
Tea and Culinary Products | ' | ' |
Current Costs in Excess of LIFO | ' | ' |
Excess of Replacement or Current Costs over Stated LIFO Value | $8,235 | $7,757 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Property, Plant and Equipment | ' | ' | ' | ||
Property, Plant and Equipment, Gross | $293,341,000 | $268,686,000 | ' | ||
Accumulated depreciation | -206,819,000 | -185,718,000 | ' | ||
Land | 9,119,000 | 9,191,000 | ' | ||
Property, plant and equipment, net | 95,641,000 | [1] | 92,159,000 | [1] | ' |
Construction in Progress, Gross | 2,800,000 | 3,100,000 | ' | ||
Maintenance Costs | 8,700,000 | 7,600,000 | 7,900,000 | ||
Building and Facilities | ' | ' | ' | ||
Property, Plant and Equipment | ' | ' | ' | ||
Property, Plant and Equipment, Gross | 77,926,000 | 77,807,000 | ' | ||
Machinery and Equipment | ' | ' | ' | ||
Property, Plant and Equipment | ' | ' | ' | ||
Property, Plant and Equipment, Gross | 162,030,000 | 138,470,000 | ' | ||
Coffee Brewing Equipment | ' | ' | ' | ||
Property, Plant and Equipment | ' | ' | ' | ||
Property, Plant and Equipment, Gross | 13,600,000 | 9,300,000 | ' | ||
Depreciation | 10,900,000 | 12,800,000 | 12,200,000 | ||
Equipment under Capital Leases | ' | ' | ' | ||
Property, Plant and Equipment | ' | ' | ' | ||
Property, Plant and Equipment, Gross | 19,458,000 | 18,806,000 | ' | ||
Capitalized Software Costs | ' | ' | ' | ||
Property, Plant and Equipment | ' | ' | ' | ||
Property, Plant and Equipment, Gross | 18,878,000 | 17,993,000 | ' | ||
Office Furniture and Equipment | ' | ' | ' | ||
Property, Plant and Equipment | ' | ' | ' | ||
Property, Plant and Equipment, Gross | $15,049,000 | $15,610,000 | ' | ||
[1] | Includes in the years ended June 30, 2014 and 2013, expenditures for items that have not been placed in service in the amounts of $2.8 million and $3.1 million, respectively, |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Goodwill | ' | ' | ' |
Amortizable intangible assets | $10,083 | $10,083 | ' |
Accumulated amortization | -10,083 | -9,434 | ' |
Intangible assets, net | 5,628 | 5,628 | ' |
Intangible Assets, Gross (Excluding Goodwill) | 15,711 | 15,711 | ' |
Goodwill | ' | ' | 0 |
Amortization of Intangible Assets | 649 | 1,246 | 1,439 |
The following is a summary of the changes in the carrying value of goodwill | ' | ' | ' |
Beginning Balance | ' | 0 | 5,310 |
Reclassification | ' | ' | -165 |
Goodwill, Impairment Loss | ' | ' | 5,145 |
Ending Balance | ' | ' | 0 |
Trade Names | ' | ' | ' |
Goodwill | ' | ' | ' |
Intangible assets, net | 3,640 | 3,640 | ' |
Trademarks | ' | ' | ' |
Goodwill | ' | ' | ' |
Intangible assets, net | 1,988 | 1,988 | ' |
Customer Relationships | ' | ' | ' |
Goodwill | ' | ' | ' |
Amortizable intangible assets | 10,083 | 10,083 | ' |
Accumulated amortization | ($10,083) | ($9,434) | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | |
Farmer Brothers Plan | Farmer Brothers Plan | Brewmatic Plan | Brewmatic Plan | Hourly Employees' Plan | Hourly Employees' Plan | Postretirement Benefits Other Than Pension | Postretirement Benefits Other Than Pension | Postretirement Benefits Other Than Pension | Real Estate | Real Estate | Real Estate | Real Estate | Real Estate | Real Estate | Real Estate | Minimum | Maximum | Program for Enhanced Early Retirement | Green Zone [Member] | Western Conference of Teamsters Pension Plan | Western Conference of Teamsters Pension Plan | Western Conference of Teamsters Pension Plan | Labor Management Pension Fund | Labor Management Pension Fund | Central States Pension Fund | Multiemployer Plans, Pension | Other Postretirement Benefit Plans, Defined Contribution [Member] | Other Postretirement Benefit Plans, Defined Contribution [Member] | Other Postretirement Benefit Plans, Defined Contribution [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||||
Farmer Bros. Plan, the Brewmatic Plan and the Hourly Employees’ Plan [Member] | Farmer Brothers Plan | Farmer Brothers Plan | Brewmatic Plan | Brewmatic Plan | Hourly Employees' Plan | Hourly Employees' Plan | Minimum | quarter | plan | Farmer Brothers Plan | Brewmatic Plan | Hourly Employees' Plan | |||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of net (gain) loss for the period | ' | ' | ' | ' | ($1,279,000) | ($1,422,000) | ($65,000) | ($126,000) | $0 | $0 | $880,000 | ($7,000) | $164,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Curtailments | 34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan assets by category | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ' | ' | ' | 5.00% | 10.00% | 5.00% | 10.00% | 5.00% | 10.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount expected to be recognized as a component of net periodic benefit cost in the next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -400,000 | 0 | 400,000 |
Expected employer contributions in the next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 939,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 200,000 | 500,000 |
Funded status of multiemployer plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | 91.50% | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's share of multiemployer plan's unfunded vested benefit liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average hour calculation period for monthly payments in the case of withdrawal from multiemployer plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Window for average hour calculation period in the case of withdrawal from multiemployer plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on monthly payments in the case of withdrawal from multiemployer plan, after interest free period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withdrawal obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly installment payments on estimated withdrawal liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' |
Number of quarters relating to installment payments on estimated withdrawal liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' |
Pension withdrawal expense | ' | 0 | 0 | 4,568,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected contributions to multiemployer pension plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | 7,200,000 | ' | ' | ' | ' | ' |
Number of non-pension multiemployer plans that the Company participates in | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' |
Multiemployer Plan, Period Contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | 5,800,000 | 5,800,000 | ' | ' | ' |
Hours required for plan qualification | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'T1000H | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Elective employee contribution, as a percentage of their annual pay, range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of employee contribution eligible for Company matching | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company contribution, maximum percentage of employee's eligible income | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan periodic vesting percentage | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan, periodic vesting period | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Automatic vesting age | ' | '65 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current employees, percent vested | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of net gain (loss) | ' | -500,000 | ' | ' | -1,279,000 | -1,422,000 | -65,000 | -126,000 | 0 | 0 | 3,141,000 | -8,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service (cost)/credit | ' | -1,800,000 | ' | ' | 0 | 0 | 0 | 19,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Amount | ' | $1,300,000 | $1,200,000 | $1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contributions (hours) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'T173H | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | 4.30% | ' | ' | 4.15% | 4.50% | 4.15% | 4.50% | 4.15% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Change_
Employee Benefit Plans - Change in Projected Benefit Obligation, Plan Assets and Net Funded Status (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Farmer Brothers Plan | Farmer Brothers Plan | Brewmatic Plan | Brewmatic Plan | Hourly Employees' Plan | Hourly Employees' Plan | Postretirement Benefits Other Than Pension | Postretirement Benefits Other Than Pension | Postretirement Benefits Other Than Pension | |||
Change in projected benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation at the beginning of the year | ' | ' | $126,205 | $124,828 | $3,946 | $4,022 | $2,056 | $1,520 | $16,701 | $23,325 | ' |
Service cost | ' | ' | 0 | 0 | 0 | 59 | 401 | 418 | 936 | 1,972 | 1,817 |
Interest cost | ' | ' | 5,545 | 5,550 | 171 | 176 | 92 | 69 | 810 | 969 | 1,100 |
Plan participants contributions | ' | ' | ' | ' | ' | ' | ' | ' | 708 | 729 | ' |
Actuarial Gain/Loss | ' | ' | 7,069 | 1,333 | 153 | -24 | 81 | 56 | 3,141 | -8,520 | ' |
Benefits paid | ' | ' | -5,683 | -5,506 | -279 | -287 | -11 | -7 | -1,407 | -1,774 | ' |
Effect of Curtailments | -34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation at the end of the year | ' | ' | 133,136 | 126,205 | 3,991 | 3,946 | 2,619 | 2,056 | 20,889 | 16,701 | 23,325 |
Change in plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at the beginning of the year | ' | ' | 88,097 | 82,110 | 3,063 | 2,718 | 1,248 | 1,013 | 0 | 0 | ' |
Actual return on plan assets | ' | ' | 15,046 | 10,145 | 521 | 322 | 207 | 125 | ' | ' | ' |
Employer contributions | ' | ' | 966 | 1,348 | 130 | 310 | 185 | 117 | 699 | 1,045 | ' |
Plan participants contributions | ' | ' | ' | ' | ' | ' | ' | ' | 708 | 729 | ' |
Benefits paid | ' | ' | -5,683 | -5,506 | -279 | -287 | -11 | -7 | -1,407 | -1,774 | ' |
Fair value of plan assets at the ending of the year | ' | ' | 98,426 | 88,097 | 3,435 | 3,063 | 1,629 | 1,248 | 0 | 0 | 0 |
Funded status at end of year (underfunded)/overfunded | ' | ' | -34,710 | -38,108 | -556 | -883 | -990 | -808 | -20,889 | -16,701 | ' |
Amounts recognized in balance sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncurrent assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Current liabilities | -347 | -347 | ' | ' | ' | ' | ' | ' | -919 | -625 | ' |
Noncurrent liabilities | ' | ' | -34,710 | -38,108 | -556 | -883 | -990 | -808 | -19,970 | -16,076 | ' |
Amounts Recognized in Balance Sheet | ' | ' | -34,710 | -38,108 | -556 | -883 | -990 | -808 | -20,889 | -16,701 | ' |
Amounts recognized in balance sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net (gain) loss | ' | ' | 42,093 | 44,841 | 1,665 | 1,878 | 73 | 108 | ' | ' | ' |
Total accumulated OCI (not adjusted for applicable tax) | ' | ' | 42,093 | 44,841 | 1,665 | 1,878 | 73 | 108 | ' | ' | ' |
Net (gain) loss subject to amortization | ' | ' | ' | ' | ' | ' | ' | ' | -6,216 | -10,131 | ' |
Transition (asset) obligation | ' | ' | ' | ' | ' | ' | ' | ' | -15,720 | 0 | ' |
Prior service cost (credit) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -17,604 | ' |
Total accumulated OCI (not adjusted for applicable tax) | ' | ' | ' | ' | ' | ' | ' | ' | ($21,936) | ($27,735) | ' |
Weighted average assumptions used to determine benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | 4.30% | 4.15% | 4.50% | 4.15% | 4.50% | 4.15% | 4.50% | ' | ' | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Other changes recognized in OCI | ' | ' | ' |
Amortization of net gain (loss) | ($500) | ' | ' |
Amortization of prior service (cost)/credit | 1,800 | ' | ' |
Postretirement Benefits Other Than Pension | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 936 | 1,972 | 1,817 |
Interest cost | 810 | 969 | 1,100 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net (gain) loss | -880 | 7 | -164 |
Amortization of prior service cost (credit) | -1,757 | -1,757 | -1,757 |
Net periodic benefit cost | -891 | 1,191 | 996 |
Other changes recognized in OCI | ' | ' | ' |
Amortization of net gain (loss) | 3,141 | -8,520 | ' |
Amortization of transition asset/(obligation) | 0 | 0 | 0 |
Total recognized in OCI | 5,778 | -6,770 | ' |
Total recognized in net periodic benefit cost and OCI | 4,887 | -5,579 | ' |
Farmer Brothers Plan | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 0 | 0 | ' |
Interest cost | 5,545 | 5,550 | ' |
Expected return on plan assets | -6,508 | -6,355 | ' |
Amortization of net (gain) loss | 1,279 | 1,422 | ' |
Amortization of prior service cost (credit) | 0 | 0 | ' |
Amount recognized due to special event (curtailment) | 0 | 0 | ' |
Net periodic benefit cost | 316 | 617 | ' |
Other changes recognized in OCI | ' | ' | ' |
Net (gain)/loss | -1,469 | -2,456 | ' |
Prior service cost/(credit) | 0 | 0 | ' |
Amortization of net gain (loss) | -1,279 | -1,422 | ' |
Amortization of prior service (cost)/credit | 0 | 0 | ' |
Amount recognized due to special event (curtailment) | 0 | 0 | ' |
Total recognized in OCI | -2,748 | -3,878 | ' |
Total recognized in net periodic benefit cost and OCI | -2,432 | -3,261 | ' |
Weighted average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate | 4.50% | 4.55% | ' |
Expected long-term return on plan assets | 8.00% | 8.00% | ' |
Brewmatic Plan | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 0 | 59 | ' |
Interest cost | 171 | 176 | ' |
Expected return on plan assets | -221 | -196 | ' |
Amortization of net (gain) loss | 65 | 126 | ' |
Amortization of prior service cost (credit) | 0 | 19 | ' |
Amount recognized due to special event (curtailment) | 0 | 34 | ' |
Net periodic benefit cost | 15 | 218 | ' |
Other changes recognized in OCI | ' | ' | ' |
Net (gain)/loss | -147 | -150 | ' |
Prior service cost/(credit) | 0 | 0 | ' |
Amortization of net gain (loss) | -65 | -126 | ' |
Amortization of prior service (cost)/credit | 0 | -19 | ' |
Amount recognized due to special event (curtailment) | 0 | -34 | ' |
Total recognized in OCI | -212 | -329 | ' |
Total recognized in net periodic benefit cost and OCI | -197 | -111 | ' |
Weighted average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate | 4.50% | 4.55% | ' |
Expected long-term return on plan assets | 8.00% | 8.00% | ' |
Hourly Employees' Plan | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 401 | 418 | ' |
Interest cost | 92 | 69 | ' |
Expected return on plan assets | -90 | -87 | ' |
Amortization of net (gain) loss | 0 | 0 | ' |
Amortization of prior service cost (credit) | 0 | 0 | ' |
Amount recognized due to special event (curtailment) | 0 | 0 | ' |
Net periodic benefit cost | 403 | 400 | ' |
Other changes recognized in OCI | ' | ' | ' |
Net (gain)/loss | -35 | 18 | ' |
Prior service cost/(credit) | 0 | 0 | ' |
Amortization of net gain (loss) | 0 | 0 | ' |
Amortization of prior service (cost)/credit | 0 | 0 | ' |
Amount recognized due to special event (curtailment) | 0 | 0 | ' |
Total recognized in OCI | -35 | 18 | ' |
Total recognized in net periodic benefit cost and OCI | $368 | $418 | ' |
Weighted average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate | 4.50% | 4.55% | ' |
Expected long-term return on plan assets | 8.00% | 8.00% | ' |
Employee_Benefit_Plans_Descrip
Employee Benefit Plans - Description of Investment Policy (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Farmer Brothers Plan | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Projected benefit obligation | $133,136 | $126,205 | $124,828 |
Accumulated benefit obligation | 133,136 | 126,205 | ' |
Fair value of plan assets at measurement date | 98,426 | 88,097 | 82,110 |
Plan assets by category | 100.00% | 100.00% | ' |
Farmer Brothers Plan | Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair value of plan assets at measurement date | 53,355 | 58,681 | ' |
Plan assets by category | 54.00% | 67.00% | ' |
Farmer Brothers Plan | Debt Securities | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair value of plan assets at measurement date | 35,035 | 24,822 | ' |
Plan assets by category | 36.00% | 28.00% | ' |
Farmer Brothers Plan | Real Estate | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair value of plan assets at measurement date | 10,036 | 4,594 | ' |
Plan assets by category | 10.00% | 5.00% | ' |
Brewmatic Plan | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Projected benefit obligation | 3,991 | 3,946 | 4,022 |
Accumulated benefit obligation | 3,991 | 3,946 | ' |
Fair value of plan assets at measurement date | 3,435 | 3,063 | 2,718 |
Plan assets by category | 100.00% | 100.00% | ' |
Brewmatic Plan | Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair value of plan assets at measurement date | 1,861 | 2,059 | ' |
Plan assets by category | 54.00% | 67.00% | ' |
Brewmatic Plan | Debt Securities | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair value of plan assets at measurement date | 1,223 | 843 | ' |
Plan assets by category | 36.00% | 28.00% | ' |
Brewmatic Plan | Real Estate | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair value of plan assets at measurement date | 351 | 161 | ' |
Plan assets by category | 10.00% | 5.00% | ' |
Hourly Employees' Plan | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Projected benefit obligation | 2,619 | 2,056 | 1,520 |
Accumulated benefit obligation | 2,619 | 2,056 | ' |
Fair value of plan assets at measurement date | 1,629 | 1,248 | 1,013 |
Plan assets by category | 100.00% | 100.00% | ' |
Hourly Employees' Plan | Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair value of plan assets at measurement date | 884 | 811 | ' |
Plan assets by category | 54.00% | 65.00% | ' |
Hourly Employees' Plan | Debt Securities | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair value of plan assets at measurement date | 579 | 375 | ' |
Plan assets by category | 36.00% | 30.00% | ' |
Hourly Employees' Plan | Real Estate | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair value of plan assets at measurement date | $166 | $62 | ' |
Plan assets by category | 10.00% | 5.00% | ' |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value of Plan Assets (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Farmer Brothers Plan | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | $98,426 | $88,097 | $82,110 |
Farmer Brothers Plan | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Farmer Brothers Plan | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | 98,426 | 88,097 | ' |
Farmer Brothers Plan | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | 4,104 |
Brewmatic Plan | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | 3,435 | 3,063 | 2,718 |
Brewmatic Plan | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Brewmatic Plan | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | 3,435 | 3,063 | ' |
Brewmatic Plan | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | 136 |
Hourly Employees' Plan | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | 1,629 | 1,248 | 1,013 |
Hourly Employees' Plan | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Hourly Employees' Plan | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | 1,629 | 1,248 | ' |
Hourly Employees' Plan | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Fair Value of Plan Assets | $0 | $0 | $66 |
Employee_Benefit_Plans_Reconci
Employee Benefit Plans - Reconciliation of Asset Balances (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Farmer Brothers Plan | ' | ' |
Change in plan assets | ' | ' |
Fair value of plan assets at the beginning of the year | $88,097 | $82,110 |
Total gains | 15,046 | 10,145 |
Fair value of plan assets at the ending of the year | 98,426 | 88,097 |
Farmer Brothers Plan | Level 3 | ' | ' |
Change in plan assets | ' | ' |
Fair value of plan assets at the beginning of the year | ' | 4,104 |
Total gains | ' | 0 |
Settlements | ' | 0 |
Transfers | ' | -4,104 |
Fair value of plan assets at the ending of the year | 0 | 0 |
Brewmatic Plan | ' | ' |
Change in plan assets | ' | ' |
Fair value of plan assets at the beginning of the year | 3,063 | 2,718 |
Total gains | 521 | 322 |
Fair value of plan assets at the ending of the year | 3,435 | 3,063 |
Brewmatic Plan | Level 3 | ' | ' |
Change in plan assets | ' | ' |
Fair value of plan assets at the beginning of the year | ' | 136 |
Total gains | ' | 0 |
Settlements | ' | 0 |
Transfers | ' | -136 |
Fair value of plan assets at the ending of the year | 0 | 0 |
Hourly Employees' Plan | ' | ' |
Change in plan assets | ' | ' |
Fair value of plan assets at the beginning of the year | 1,248 | 1,013 |
Total gains | 207 | 125 |
Fair value of plan assets at the ending of the year | 1,629 | 1,248 |
Hourly Employees' Plan | Level 3 | ' | ' |
Change in plan assets | ' | ' |
Fair value of plan assets at the beginning of the year | ' | 66 |
Total gains | ' | 0 |
Settlements | ' | 0 |
Transfers | ' | -66 |
Fair value of plan assets at the ending of the year | $0 | $0 |
Employee_Benefit_Plans_Target_
Employee Benefit Plans - Target Plan Asset Allocation (Details) (Scenario, Forecast [Member]) | 12 Months Ended |
Jun. 30, 2015 | |
Defined Benefit Plan Disclosure | ' |
Target Plan Asset Allocations | 100.00% |
U.S. Large Cap Equity Securities | ' |
Defined Benefit Plan Disclosure | ' |
Target Plan Asset Allocations | 29.90% |
U.S. Small Cap Equity Securities | ' |
Defined Benefit Plan Disclosure | ' |
Target Plan Asset Allocations | 7.60% |
International Equity Securities | ' |
Defined Benefit Plan Disclosure | ' |
Target Plan Asset Allocations | 12.50% |
Debt Securities | ' |
Defined Benefit Plan Disclosure | ' |
Target Plan Asset Allocations | 40.00% |
Real Estate | ' |
Defined Benefit Plan Disclosure | ' |
Target Plan Asset Allocations | 10.00% |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans - Estimated Future Benefit Payments (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Farmer Brothers Plan | ' |
Defined Benefit Plan Disclosure | ' |
30-Jun-15 | $6,350 |
30-Jun-16 | 6,490 |
30-Jun-17 | 6,650 |
30-Jun-18 | 6,880 |
30-Jun-19 | 7,050 |
June 30, 2020 to June 30, 2024 | 38,860 |
Brewmatic Plan | ' |
Defined Benefit Plan Disclosure | ' |
30-Jun-15 | 280 |
30-Jun-16 | 280 |
30-Jun-17 | 270 |
30-Jun-18 | 280 |
30-Jun-19 | 280 |
June 30, 2020 to June 30, 2024 | 1,290 |
Hourly Employees' Plan | ' |
Defined Benefit Plan Disclosure | ' |
30-Jun-15 | 47 |
30-Jun-16 | 62 |
30-Jun-17 | 78 |
30-Jun-18 | 97 |
30-Jun-19 | 110 |
June 30, 2020 to June 30, 2024 | 890 |
Postretirement Benefits Other Than Pension | ' |
Defined Benefit Plan Disclosure | ' |
30-Jun-15 | 939 |
30-Jun-16 | 1,029 |
30-Jun-17 | 1,126 |
30-Jun-18 | 1,252 |
30-Jun-19 | 1,405 |
June 30, 2020 to June 30, 2024 | $8,535 |
Employee_Benefit_Plans_MultiEm
Employee Benefit Plans - Multi-Employer Plan (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||||
Western Conference of Teamsters Pension Plan | Western Conference of Teamsters Pension Plan | Western Conference of Teamsters Pension Plan | Program for Enhanced Early Retirement | Multiemployer Plans, Pension | Multiemployer Plans, Pension | Multiemployer Plans, Pension | Multiemployer Plans, Pension | Multiemployer Plans, Pension | Multiemployer Plans, Pension | Other Postretirement Benefit Plans, Defined Contribution [Member] | Other Postretirement Benefit Plans, Defined Contribution [Member] | Other Postretirement Benefit Plans, Defined Contribution [Member] | ||||||||||
Western Conference of Teamsters Pension Plan | Western Conference of Teamsters Pension Plan | Western Conference of Teamsters Pension Plan | All Other Plans | All Other Plans | All Other Plans | |||||||||||||||||
Multiemployer Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Funded status of multiemployer plans | ' | ' | ' | 91.50% | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Multiemployer Plan, Period Contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,600,000 | $5,800,000 | $5,800,000 | ||||||
Employer contributions | ' | ' | ' | ' | ' | ' | ' | 3,153,000 | [1],[2],[3] | 3,064,000 | [1],[2],[3] | 3,048,000 | [1],[2],[3] | 34,000 | [4] | 37,000 | [4] | 113,000 | [4] | ' | ' | ' |
Employer contributions (percentage) | ' | ' | ' | ' | ' | 5.00% | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Employer contributions (hours) | ' | ' | ' | ' | ' | ' | 'T173H | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Pension withdrawal expense | $0 | $0 | $4,568,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Less than 5% of total contribution to WCTPP based on WCTPP's most recent annual report on Form 5500 for the calendar year ended December 31, 2013. | |||||||||||||||||||||
[2] | Individually significant plan. | |||||||||||||||||||||
[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. | |||||||||||||||||||||
[4] | Includes a plan that is not individually significant. |
Employee_Benefit_Plans_Amortiz
Employee Benefit Plans - Amortization Schedule (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 |
Retiree Medical Plan | Retiree Medical Plan | Other Postretirement Benefit Plans, Defined Benefit Plan Established January 1, 2008 [Member] | Other Postretirement Benefit Plans, Defined Benefit Plan Established January 1, 2008 [Member] | Other Postretirement Benefit Plans, Defined Benefit Plan Established July 1, 2012 [Member] | Other Postretirement Benefit Plans, Defined Benefit Plan Established July 1, 2012 [Member] | Death Benefit Plan | Death Benefit Plan | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net Prior Service Cost (Credit), beginning of period | ' | ($17,477) | ' | ($1,423) | ' | ($16,054) | ' | ' |
Annual Amortization | 1,757 | ' | 230 | ' | 1,527 | ' | ' | ' |
Years Remaining | ' | ' | '6 years 2 months 12 days | ' | '10 years 6 months | ' | ' | ' |
Curtailment | ' | ' | 0 | ' | 0 | ' | ' | ' |
Net Prior Service Cost (Credit), end of period | -15,720 | ' | -1,193 | -1,423 | -14,527 | -16,054 | ' | ' |
Amortization of Net (Gain) Loss Calculation | ' | ' | ' | ' | ' | ' | ' | ' |
Net (gain) loss | -8,006 | -12,087 | ' | ' | ' | ' | 1,791 | 1,850 |
Asset (gains)/losses not yet recognized in market related value of assets | 0 | 0 | ' | ' | ' | ' | 0 | 0 |
Net (gain) loss subject to amortization | -8,006 | -12,087 | ' | ' | ' | ' | 1,791 | 1,850 |
Corridor (10% of greater of APBO or assets) | 1,262 | 872 | ' | ' | ' | ' | -826 | -798 |
Net (gain)/loss in excess of corridor | ($6,744) | ($11,215) | ' | ' | ' | ' | $965 | $1,052 |
Amortization years | '10 years 8 months 0 days | '11 years 1 month 3 days | ' | ' | ' | ' | '7 years 4 months 24 days | '8 years 0 months 15 days |
Employee_Benefit_Plans_Sensiti
Employee Benefit Plans - Sensitivity in Results (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Compensation and Retirement Disclosure [Abstract] | ' |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | ($183) |
Effect on total service and interest cost components | -220 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | -1,158 |
Effect on accumulated postretirement benefit obligation | ($1,378) |
Bank_Loan_Details
Bank Loan (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 09, 2012 | Jan. 08, 2012 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Jan. 09, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 09, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 |
Revolving Credit Facility | Letter of Credit | Amendment Number 1 [Member] | Amendment Number 1 [Member] | The Loan Agreement | The Loan Agreement | The Loan Agreement | The Loan Agreement | The Loan Agreement | The Loan Agreement | Wells Fargo | Wells Fargo | Wells Fargo | Wells Fargo | JP Morgan Chase | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||
Revolving Credit Facility | Revolving Credit Facility | Option One | Option One | Option One | Option Two | Option Two | Option Two | Amendment Number 1 [Member] | New Loan Agreement | New Loan Agreement | New Loan Agreement | Amendment Number 1 [Member] | ||||||||
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Letter of Credit | Revolving Credit Facility | ||||||||||
Minimum | Maximum | Minimum | Maximum | |||||||||||||||||
Line of Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $75,000,000 | $85,000,000 | ' | ' | ' | ' | ' | ' | $53,000,000 | $75,000,000 | $75,000,000 | $20,000,000 | $22,000,000 | ' | ' | ' |
Percentage of receivables eligible for advance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' |
Percentage of inventory eligible for advance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' |
Inventory loan limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | 60,000,000 | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | 'Prime | ' | ' | 'Adjusted Euro Dollar | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.75% | ' | 2.00% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amendment Fee, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' |
Unused line fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' |
Line Of Credit Facility, Maximum Periodic Payment Under Covenant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,750,000 | 7,000,000 | ' | ' | ' | ' | ' |
Notional amount of interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.48% |
Net loss recorded from interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | 0 | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | 69,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings under revolving credit facility | 78,000 | 9,654,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | 59,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | 1.76% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net | $25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Stock_Ownership_Plan_1
Employee Stock Ownership Plan - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Initial term of employer loan | '15 years | ' | ' |
Related party transaction, Interest rate | 1.67% | ' | ' |
Compensation Expense | $3.30 | $2.10 | $1.50 |
Difference between cost and market value of committed to be released shares | $0.30 | $0.10 | $0.10 |
Employee_Stock_Ownership_Plan_2
Employee Stock Ownership Plan - ESOP Plan Contributions (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Loan amount (in thousands) | $16,035 | $20,836 | $25,637 |
Shares purchased | 0 | 0 | 0 |
Employee_Stock_Ownership_Plan_3
Employee Stock Ownership Plan - Number and Value of ESOP Shares (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Allocated shares | 1,943,882 | 1,885,060 |
Committed to be released shares | 175,429 | 173,244 |
Unallocated shares | 562,926 | 738,355 |
Total ESOP shares | 2,682,237 | 2,796,659 |
Fair value of ESOP shares | $57,963 | $39,321 |
ShareBased_Compensation_Narrat
Share-Based Compensation - Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 06, 2012 | Dec. 05, 2012 | Dec. 05, 2013 | Dec. 03, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Farmer Bros. Co. Amended and Restated 2007 Long-Term Incentive Plan | Farmer Bros. Co. Amended and Restated 2007 Long-Term Incentive Plan | 2007 Amended and Restated Long-term Incentive Plan [Member] | 2007 Amended and Restated Long-term Incentive Plan [Member] | NQOs | NQOs | NQOs | NQOs | Stock Options | Stock Options | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Restricted Stock | PNQs | PNQs | Vested | Vested | Vested | Vested | Vested | Vested | Vested | ||||
General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | 2007 Amended and Restated Long-term Incentive Plan [Member] | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | Farmer Bros. Co. Amended and Restated 2007 Long-Term Incentive Plan | Farmer Bros. Co. Amended and Restated 2007 Long-Term Incentive Plan | 2007 Amended and Restated Long-term Incentive Plan [Member] | 2007 Amended and Restated Long-term Incentive Plan [Member] | NQOs | NQOs | NQOs | NQOs | Restricted Stock | Restricted Stock | Restricted Stock | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $1 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Contingent Number of Additional Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,125,000 | 1,375,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options granted (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,927 | ' | ' | ' | ' | ' | ' | ' | 112,442 | ' | 1,927 | 192,892 | 356,834 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21.27 | $0 | $12.44 | $12.81 | $12.84 | $17.19 | ' | ' | ' |
Weighted Average Exercise Price, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.68 | ' | ' | ' | ' | ' | ' | ' | $21.27 | ' | $18.68 | $12.12 | $8.90 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Forfeiture Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21.61 | $14.06 | $7.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 | $1,000,000 | $1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | 700,000 | 1,300,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense recognized | ' | ' | ' | ' | ' | ' | 500,000 | 600,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 900,000 | 1,200,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Awarded, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200 | 142,070 | ' | ' | ' | ' | ' | ' | 9,200 | 51,177 | 142,070 |
Restricted stock, Granted, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.48 | $7.70 | ' | ' | ' | ' | ' | ' | $20.48 | $11.67 | $7.70 |
Unrecognized compensation cost related to restricted stock | ' | ' | ' | 600,000 | 1,000,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock option exercises | 1,480,000 | 1,203,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized For Issuance, Per Participant, Per Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Value of Awards Authorized for Grant, Per Participant, Per Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Weight
Share-Based Compensation - Weighted-average assumptions using Black-Scholes model (Details) (2007 Amended and Restated Long-term Incentive Plan [Member], USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
NQOs | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average fair value | $9.17 | $5.69 | $4.42 |
Risk-free interest rate | 1.70% | 0.90% | 1.10% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Average expected term | '6 years | '6 years | '6 years |
Expected stock price volatility | 50.40% | 49.50% | 52.50% |
PNQs | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average fair value | $10.49 | ' | ' |
Risk-free interest rate | 1.80% | ' | ' |
Dividend yield | 0.00% | ' | ' |
Average expected term | '6 years | ' | ' |
Expected stock price volatility | 50.50% | ' | ' |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Option Activity (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
NQOs | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Number of options exercised (shares) | -112,964 | -117,482 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $895 | $336 | ' | ' |
Weighted Average Exercise Price, Exercised | $13.10 | $10.24 | ' | ' |
Weighted Average Grant Date Fair Value, Exercised | $5.81 | $5.23 | ' | ' |
Weighted Average Remaining Life, Granted | '6 years 4 months 24 days | '6 years 6 months 0 days | '6 years 7 months 6 days | ' |
Aggregate Intrinsic Value, Granted | 0 | 374 | ' | ' |
NQOs | Nonvested | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Number of options - Beginning balance | 315,661 | 343,239 | 322,869 | ' |
Number of options granted (shares) | 1,927 | 192,892 | 356,834 | ' |
Number of options vested (shares) | -133,957 | -188,909 | -243,518 | ' |
Number of options cancelled/forfeited (shares) | -15,833 | -31,561 | -92,946 | ' |
Number of options - Ending balance | 167,798 | 315,661 | 343,239 | 322,869 |
Weighted Average Exercise Price, Beginning balance | $10.80 | $10.76 | $15.02 | ' |
Weighted Average Exercise Price, Granted | $18.68 | $12.12 | $8.90 | ' |
Weighted Average Exercise Price, Vested | $11.02 | $11.56 | $13 | ' |
Weighted Average Exercise Price, Cancelled/Forfeited | $11.48 | $13.82 | $12.54 | ' |
Weighted Average Exercise Price, Ending balance | $10.65 | $10.80 | $10.76 | $15.02 |
Weighted Average Grant Date Fair Value, Beginning balance | $5.12 | $4.20 | $6.50 | ' |
Weighted Average Grant Date Fair Value, Granted | $9.17 | $5.69 | $4.42 | ' |
Weighted Average Grant Date Fair Value, Vested | $5.21 | $5.33 | $5.85 | ' |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $5.49 | $5.92 | $5.80 | ' |
Weighted Average Grant Date Fair Value, Ending balance | $5.06 | $5.12 | $4.20 | $6.50 |
Nonvested Awards, Weighted Average Remaining Amortization Period, Beginning balance | '5 years 3 months 18 days | '6 years 1 month 6 days | '6 years 3 months 18 days | '1 year 8 months 12 days |
NQOs | Vested | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Number of options - Beginning balance | 557,427 | 667,235 | 497,810 | ' |
Number of options granted (shares) | 1,927 | 192,892 | 356,834 | ' |
Number of options cancelled/forfeited (shares) | -33,936 | -185,218 | -187,409 | ' |
Number of options - Ending balance | 412,454 | 557,427 | 667,235 | 497,810 |
Weighted Average Exercise Price, Beginning balance | $12.81 | $12.84 | $17.19 | ' |
Weighted Average Exercise Price, Granted | $18.68 | $12.12 | $8.90 | ' |
Weighted Average Exercise Price, Cancelled/Forfeited | $16.63 | $13.83 | $16.89 | ' |
Weighted Average Exercise Price, Ending balance | $12.44 | $12.81 | $12.84 | $17.19 |
Weighted Average Grant Date Fair Value, Beginning balance | $5.44 | $4.78 | $6.44 | ' |
Weighted Average Grant Date Fair Value, Granted | $9.17 | $5.69 | $4.42 | ' |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $6.13 | $5.92 | $5.06 | ' |
Weighted Average Grant Date Fair Value, Ending balance | $5.30 | $5.44 | $4.78 | $6.44 |
Weighted Average Remaining Life, Beginning balance | '4 years 4 months 24 days | '5 years 1 month 6 days | '4 years 9 months 18 days | '5 years 8 months 12 days |
Weighted Average Remaining Life, Ending balance | '4 years 4 months 24 days | '5 years 1 month 6 days | '4 years 9 months 18 days | '5 years 8 months 12 days |
Aggregate Intrinsic Value, Beginning balance | 3,782 | 1,620 | 143 | 61 |
Aggregate Intrinsic Value, Ending balance | 3,782 | 1,620 | 143 | 61 |
Options, Vested and exercisable, Outstanding | 244,656 | ' | ' | ' |
Options, Vested and exercisable, Weighted Average Exercise Price | $13.67 | ' | ' | ' |
Options, Vested and exercisable, Weighted Average Grant Date Fair Value | $5.46 | ' | ' | ' |
Options, Vested and exercisable, Weighted Average Remaining Contractual Term | '3 years 8 months 12 days | ' | ' | ' |
Options, Vested and exercisable, Aggregate Intrinsic Value | 1,967 | ' | ' | ' |
Options, Vested and expected to vest, Outstanding | 402,440 | ' | ' | ' |
Options, Vested and expected to vest, Weighted Average Exercise Price | $12.48 | ' | ' | ' |
Options, Vested and expected to vest, Weighted Average Grant Date Fair Value | $5.30 | ' | ' | ' |
Options, Vested and expected to vest, Exercisable, Weighted Average Remaining Life | '4 years 3 months 18 days | ' | ' | ' |
Options, Vested and expected to vest, Aggregate Intrinsic Value | 3,700 | ' | ' | ' |
NQOs | 2007 Amended and Restated Long-term Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Number of options granted (shares) | 1,927 | ' | ' | ' |
Weighted Average Exercise Price, Granted | $18.68 | ' | ' | ' |
Weighted Average Grant Date Fair Value, Granted | $9.17 | $5.69 | $4.42 | ' |
PNQs | 2007 Amended and Restated Long-term Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Number of options - Beginning balance | 0 | ' | ' | ' |
Number of options granted (shares) | 112,442 | ' | ' | ' |
Number of options cancelled/forfeited (shares) | 0 | ' | ' | ' |
Number of options - Ending balance | 112,442 | ' | ' | ' |
Weighted Average Exercise Price, Beginning balance | $0 | ' | ' | ' |
Weighted Average Exercise Price, Granted | $21.27 | ' | ' | ' |
Weighted Average Exercise Price, Cancelled/Forfeited | $0 | ' | ' | ' |
Weighted Average Exercise Price, Ending balance | $21.27 | ' | ' | ' |
Weighted Average Grant Date Fair Value, Beginning balance | $0 | ' | ' | ' |
Weighted Average Grant Date Fair Value, Granted | $10.49 | ' | ' | ' |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $0 | ' | ' | ' |
Weighted Average Grant Date Fair Value, Ending balance | $10.49 | ' | ' | ' |
Weighted Average Remaining Life, Beginning balance | '6 years 6 months 0 days | ' | ' | ' |
Weighted Average Remaining Life, Granted | '6 years 6 months 0 days | ' | ' | ' |
Weighted Average Remaining Life, Ending balance | '6 years 6 months 0 days | ' | ' | ' |
Aggregate Intrinsic Value, Beginning balance | 38 | 0 | ' | ' |
Aggregate Intrinsic Value, Cancelled/Forfeited | 0 | ' | ' | ' |
Aggregate Intrinsic Value, Ending balance | 38 | 0 | ' | ' |
Options, Vested and exercisable, Outstanding | 0 | ' | ' | ' |
Options, Vested and exercisable, Weighted Average Exercise Price | $0 | ' | ' | ' |
Options, Vested and exercisable, Weighted Average Grant Date Fair Value | $0 | ' | ' | ' |
Options, Vested and exercisable, Aggregate Intrinsic Value | 0 | ' | ' | ' |
Options, Vested and expected to vest, Outstanding | 99,727 | ' | ' | ' |
Options, Vested and expected to vest, Weighted Average Exercise Price | $21.28 | ' | ' | ' |
Options, Vested and expected to vest, Weighted Average Grant Date Fair Value | $10.49 | ' | ' | ' |
Options, Vested and expected to vest, Exercisable, Weighted Average Remaining Life | '6 years 6 months | ' | ' | ' |
Options, Vested and expected to vest, Aggregate Intrinsic Value | $33 | ' | ' | ' |
ShareBased_Compensation_Restri
Share-Based Compensation - Restricted Stock Activity (Details) (Restricted Stock, Vested, USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Restricted Stock | Vested | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Shares Awarded, Beginning balance | ' | ' | 80,687 | ' |
Shares Awarded, Granted | 9,200 | 51,177 | 142,070 | ' |
Shares Awarded, Exercised/Released | -38,212 | -64,668 | -27,227 | ' |
Shares Awarded, Cancelled/Forfeited | -14,136 | -23,096 | -19,583 | ' |
Shares Awarded, Ending balance | 96,212 | 139,360 | 175,947 | ' |
Weighted Average Grant Date Fair Value, Beginning balance | $9.87 | $10.16 | $17.31 | ' |
Weighted Average Grant Date Fair Value, Granted | $20.48 | $11.67 | $7.70 | ' |
Weighted Average Grant Date Fair Value, Exercised/Released | $11.59 | $11.27 | $15.80 | ' |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $9.38 | $12.21 | $13.92 | ' |
Weighted Average Grant Date Fair Value, Ending balance | $10.27 | $9.87 | $10.16 | $17.31 |
Weighted Average Remaining Life, Beginning balance | '1 year 6 months 0 days | '1 year 10 months 24 days | '1 year 10 months 24 days | '2 years 7 months 6 days |
Weighted Average Remaining Life, Granted | ' | ' | '2 years 1 month 6 days | ' |
Weighted Average Remaining Life, Ending balance | '1 year 6 months 0 days | '1 year 10 months 24 days | '1 year 10 months 24 days | '2 years 7 months 6 days |
Aggregate Intrinsic Value, Beginning Balance | $1,959 | $1,401 | $818 | ' |
Aggregate Intrinsic Value, Exercised/Released | 820 | 832 | 202 | ' |
Aggregate Intrinsic Value, Granted | 188 | 597 | 1,094 | ' |
Aggregate Intrinsic Value, Cancelled/Forfeited | 0 | 0 | 0 | ' |
Aggregate Intrinsic Value, Ending Balance | 2,079 | 1,959 | 1,401 | 818 |
Vested and Expected to Vest, Outstanding, Number | 90,359 | ' | ' | ' |
Vested and Expected to Vest, Weighted Average Exercise Price | $12.61 | ' | ' | ' |
Vested and Expected to Vest, Weighted Average Remaining Life | '1 year 6 months 0 days | ' | ' | ' |
Vested and Expected to Vest, Aggregate Intrinsic Value | $1,953 | ' | ' | ' |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued postretirement benefits | $919 | $625 |
Accrued workers’ compensation liabilities | 1,947 | 1,496 |
Short-term pension liabilities | 347 | 347 |
Other (including net taxes payable) | 2,105 | 2,703 |
Other current liabilities | $5,318 | $5,171 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure | ' | ' | ' |
Income tax expense | $0 | ($1,066,000) | $0 |
Tax Benefit from Gain on Postretirement Benefits, Continuing Operations | 0 | 1,100,000 | 0 |
Federal capital loss carryforward | 0 | ' | ' |
State capital loss carryforward | 0 | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 200,000 | ' | ' |
Deferred tax assets | 74,610,000 | 84,737,000 | 83,126,000 |
Deferred Tax Assets, Net | 71,200,000 | ' | ' |
Valuation allowance | -72,613,000 | -82,522,000 | -79,448,000 |
Valuation allowance increase (decrease) | -9,900,000 | 3,100,000 | 20,700,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0 | 3,100,000 | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate, Next Twelve Months | 0 | ' | ' |
Settlements | 3,181,000 | 0 | 691,000 |
Income tax penalties and interest accrued on unrecognized tax benefits | 0 | 0 | ' |
Income tax penalties and interest expense on unrecognized tax benefits | 0 | -10,000 | -37,000 |
Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Income Tax Disclosure | ' | ' | ' |
Operating loss carryforwards | 102,900,000 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Tax Disclosure | ' | ' | ' |
Operating loss carryforwards | 99,200,000 | ' | ' |
General Business Tax Credit Carryforward [Member] | ' | ' | ' |
Income Tax Disclosure | ' | ' | ' |
Federal business tax credits | 800,000 | ' | ' |
Charitable Contribution Carryfoward [Member] | ' | ' | ' |
Income Tax Disclosure | ' | ' | ' |
Federal business tax credits | $2,500,000 | ' | ' |
Income_Taxes_Current_and_Defer
Income Taxes - Current and Deferred Components of Provision For Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax Benefit from Gain on Postretirement Benefits, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | $0 | ($1,100,000) | $0 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | 293,000 | -24,000 | -385,000 |
State | ' | ' | ' | ' | ' | ' | ' | 275,000 | 191,000 | 115,000 |
Total current income tax benefit | ' | ' | ' | ' | ' | ' | ' | 568,000 | 167,000 | -270,000 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | 99,000 | -819,000 | -63,000 |
State | ' | ' | ' | ' | ' | ' | ' | 38,000 | -173,000 | -14,000 |
Total deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | 137,000 | -992,000 | -77,000 |
Income tax (benefit) expense | $196,000 | $402,000 | $306,000 | ($1,194,000) | ($40,000) | ($32,000) | $441,000 | $705,000 | ($825,000) | ($347,000) |
Income_Taxes_Reconciliation_to
Income Taxes - Reconciliation to Fedreal Statutory Rate (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory tax rate | ' | ' | ' | ' | ' | ' | ' | 34.00% | 34.00% | 34.00% |
Income tax benefit at statutory rate | ' | ' | ' | ' | ' | ' | ' | $4,365 | ($3,158) | ($9,154) |
State income tax (net of federal tax benefit) | ' | ' | ' | ' | ' | ' | ' | 749 | -223 | -1,023 |
Valuation allowance | ' | ' | ' | ' | ' | ' | ' | -4,292 | 3,074 | 10,588 |
Change in contingency reserve (net) | ' | ' | ' | ' | ' | ' | ' | -39 | -7 | -561 |
Other (net) | ' | ' | ' | ' | ' | ' | ' | -78 | -511 | -197 |
Income tax (benefit) expense | $196 | $402 | $306 | ($1,194) | ($40) | ($32) | $441 | $705 | ($825) | ($347) |
Income_Taxes_Components_of_the
Income Taxes - Components of the Temporary Differences (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Deferred Tax Assets: [Abstract] | ' | ' | ' |
Postretirement benefits | $19,800 | $26,014 | $27,568 |
Accrued liabilities | 6,156 | 4,477 | 3,958 |
Net operating loss carryforward | 40,275 | 44,607 | 44,736 |
Intangible assets | 1,126 | 694 | 919 |
Other | 7,253 | 8,945 | 5,945 |
Total deferred tax assets | 74,610 | 84,737 | 83,126 |
Deferred tax liabilities: [Abstract] | ' | ' | ' |
Fixed assets | -1,902 | -2,641 | -4,117 |
Other | -1,538 | -882 | -794 |
Total deferred tax liabilities | -3,440 | -3,523 | -4,911 |
Valuation allowance | -72,613 | -82,522 | -79,448 |
Net deferred tax liability | ($1,443) | ($1,308) | ($1,233) |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $0 | $3,100,000 | ' |
Changes in unrecognized tax benefits | ' | ' | ' |
Unrecognized tax benefits at beginning of year | 3,211,000 | 3,211,000 | 3,902,000 |
Increases in tax positionsfor prior periods | -30,000 | 0 | 0 |
Settlements | -3,181,000 | 0 | -691,000 |
Unrecognized tax benefits at end of year | $0 | $3,211,000 | $3,211,000 |
Earnings_Loss_Per_Common_Share2
Earnings (Loss) Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to common stockholders—basic | ' | ' | ' | ' | ' | ' | ' | ' | $12,063 | ($8,401) | ($26,274) |
Net income (loss) attributable to nonvested restricted stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 69 | -61 | -302 |
Weighted average shares outstanding—basic | ' | ' | ' | ' | ' | ' | ' | ' | 15,909,631 | 15,604,452 | 15,492,314 |
Net income (loss) | $3,111 | $2,506 | $4,709 | $1,806 | ($2,978) | ($1,306) | ($7,157) | $2,979 | $12,132 | ($8,462) | ($26,576) |
Shares issuable under stock options | ' | ' | ' | ' | ' | ' | ' | ' | 104,956 | 0 | 0 |
Weighted average shares outstanding—diluted | ' | ' | ' | ' | ' | ' | ' | ' | 16,014,587 | 15,604,452 | 15,492,314 |
Net loss per common share—basic | $0.19 | $0.16 | $0.29 | $0.11 | ($0.19) | ($0.08) | ($0.46) | $0.19 | $0.76 | ($0.54) | ($1.72) |
Net loss per common share—diluted | $0.19 | $0.16 | $0.29 | $0.11 | ($0.19) | ($0.08) | ($0.46) | $0.19 | $0.76 | ($0.54) | ($1.72) |
Commitments_and_Contingencies_1
Commitments and Contingencies - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | 31-May-11 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
lease | Security Deposit - Letter of Credit | Security Deposit - Letter of Credit | Minimum | Maximum | Computer Equipment | |||
Maximum | ||||||||
Contractual Obligations | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease, Term | ' | ' | ' | ' | ' | '12 months | '84 months | ' |
Operating Leases of Lessee, Number of Leases, Term Greater than Five Years | 1 | ' | ' | ' | ' | ' | ' | ' |
Operating Lease, Term | ' | ' | ' | ' | ' | '5 years | ' | '5 years |
Operating Lease, Renewal Option | '10 years | ' | ' | ' | ' | ' | ' | ' |
Rent Expense | $3.70 | $3.60 | $4.50 | ' | ' | ' | ' | ' |
Letter of credit posted as security deposit | ' | ' | ' | $5.90 | $6.50 | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Contractual Obligations (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | |
In Thousands, unless otherwise specified | |||
Capital Lease Obligations | ' | ' | |
2015 | $4,205 | ' | |
2016 | 3,520 | ' | |
2017 | 1,614 | ' | |
2018 | 905 | ' | |
2019 | 143 | ' | |
Thereafter | 54 | ' | |
Total minimum lease payments | 10,441 | ' | |
Less: imputed interest (0.82% to 10.7%) | -738 | ' | |
Present value of future minimum lease payments | 9,703 | ' | |
Less: current portion | 3,779 | 3,409 | |
Long-term capital lease obligation | 5,924 | 8,759 | |
Operating Lease Obligations [Abstract] | ' | ' | |
2015 | 3,527 | ' | |
2016 | 2,503 | ' | |
2017 | 1,608 | ' | |
2018 | 1,350 | ' | |
2019 | 861 | ' | |
Thereafter | 187 | ' | |
Future Minimum Payments Due | 10,036 | ' | |
Purchase Commitments | ' | ' | |
2015 | 43,448 | [1],[2] | ' |
2016 | 0 | [1],[2] | ' |
2017 | 0 | [1],[2] | ' |
2018 | 0 | [1],[2] | ' |
2019 | 0 | [1],[2] | ' |
Thereafter | 0 | [1],[2] | ' |
Future minimum purchase commitments | 43,448 | [1],[2] | ' |
Pension Plan | ' | ' | |
Defined Benefit Plan Obligations | ' | ' | |
2015 | 7,024 | ' | |
2016 | 7,179 | ' | |
2017 | 7,345 | ' | |
2018 | 7,604 | ' | |
2019 | 7,787 | ' | |
Thereafter | 43,653 | ' | |
Future payments due | 80,592 | ' | |
Postretirement Benefits Other Than Pension | ' | ' | |
Defined Benefit Plan Obligations | ' | ' | |
2015 | 939 | ' | |
2016 | 1,029 | ' | |
2017 | 1,126 | ' | |
2018 | 1,252 | ' | |
2019 | 1,405 | ' | |
Thereafter | 8,535 | ' | |
Future payments due | 14,286 | ' | |
Minimum | ' | ' | |
Capital Lease Obligations | ' | ' | |
Imputed interest rate on capital leases | 0.82% | ' | |
Maximum | ' | ' | |
Capital Lease Obligations | ' | ' | |
Imputed interest rate on capital leases | 10.70% | ' | |
Revolving Credit Facility | ' | ' | |
Revolving Credit Facility | ' | ' | |
2015 | 78 | ' | |
2016 | 0 | ' | |
2017 | 0 | ' | |
2018 | 0 | ' | |
2019 | 0 | ' | |
Thereafter | 0 | ' | |
Future minimum debt maturities | $78 | ' | |
[1] | oes not include amounts related to derivative instruments that are recorded at fair value on the Company's consolidated balance sheets. | ||
[2] | Includes all coffee purchase contracts that the Company considers to be for normal purchases. |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | |
Coffee Bean International | |||||||||||
Effect of Fourth Quarter Events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,145,000 | ' |
Intangible assets impairment losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 |
Income tax benefit | ($196,000) | ($402,000) | ($306,000) | $1,194,000 | $40,000 | $32,000 | ($441,000) | ($705,000) | $825,000 | $347,000 | ' |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) - Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $130,197 | $125,525 | $143,129 | $129,529 | $129,744 | $127,279 | $136,699 | $120,147 | $528,380 | $513,869 | $498,701 |
Gross profit | 45,483 | 48,052 | 54,374 | 48,005 | 45,995 | 47,446 | 48,594 | 43,141 | 195,914 | 185,176 | 166,392 |
(Loss) income from operations | 2,327 | -2,075 | 5,650 | 3,014 | -2,650 | 691 | 536 | 1,794 | 8,916 | 372 | -21,846 |
Net loss | $3,111 | $2,506 | $4,709 | $1,806 | ($2,978) | ($1,306) | ($7,157) | $2,979 | $12,132 | ($8,462) | ($26,576) |
Net income (loss) per common share - basic (in US$ per share) | $0.19 | $0.16 | $0.29 | $0.11 | ($0.19) | ($0.08) | ($0.46) | $0.19 | $0.76 | ($0.54) | ($1.72) |
Net income (loss) per common share - diluted (in US$ per share) | $0.19 | $0.16 | $0.29 | $0.11 | ($0.19) | ($0.08) | ($0.46) | $0.19 | $0.76 | ($0.54) | ($1.72) |
Quarterly_Financial_Data_Unaud4
Quarterly Financial Data (Unaudited) - Consolidated Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||||
Net sales | $130,197 | $125,525 | $143,129 | $129,529 | $129,744 | $127,279 | $136,699 | $120,147 | $528,380 | $513,869 | $498,701 | |||||||
Cost of goods sold | ' | 77,473 | 88,755 | 81,524 | 83,749 | 79,833 | 88,105 | 77,006 | 332,466 | 328,693 | 332,309 | |||||||
Gross profit | 45,483 | 48,052 | 54,374 | 48,005 | 45,995 | 47,446 | 48,594 | 43,141 | 195,914 | 185,176 | 166,392 | |||||||
Selling expenses | ' | 42,592 | 38,322 | 36,614 | 40,662 | 39,066 | 40,276 | 37,029 | 155,088 | 157,033 | 149,209 | |||||||
General and administrative expenses | ' | 7,498 | 10,329 | 8,500 | 7,970 | 8,874 | 7,771 | 7,531 | 35,724 | 32,146 | 29,144 | |||||||
Net gains from sales of assets | ' | 37 | 73 | -123 | -79 | -1,185 | 11 | -3,213 | -3,814 | -4,467 | -268 | |||||||
Goodwill and intangible assets impairment losses | ' | ' | ' | ' | 92 | ' | ' | ' | 0 | 92 | 5,585 | |||||||
Pension curtailment expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 4,568 | |||||||
Operating expenses | ' | 50,127 | 48,724 | 44,991 | 48,645 | 46,755 | 48,058 | 41,347 | 186,998 | 184,804 | 188,238 | |||||||
Income (loss) from operations | 2,327 | -2,075 | 5,650 | 3,014 | -2,650 | 691 | 536 | 1,794 | 8,916 | 372 | -21,846 | |||||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Dividend income | ' | 276 | 258 | 268 | 274 | 286 | 284 | 259 | 1,073 | 1,103 | 1,231 | |||||||
Interest income | ' | 114 | 110 | 108 | 169 | 92 | 99 | 92 | 429 | 452 | 214 | |||||||
Interest expense | ' | -277 | -393 | -372 | -396 | -466 | -463 | -457 | -1,258 | -1,782 | -2,137 | |||||||
Other, net | ' | 4,664 | -514 | -906 | -1,569 | -1,949 | -7,645 | 1,732 | 3,677 | -9,432 | -4,385 | |||||||
Total other income (expense) | ' | 4,777 | -539 | -902 | -1,522 | -2,037 | -7,725 | 1,626 | 3,921 | -9,659 | -5,077 | |||||||
Income (loss) before taxes | ' | 2,702 | 5,111 | 2,112 | -4,172 | -1,346 | -7,189 | 3,420 | 12,837 | -9,287 | -26,923 | |||||||
Loss before taxes | ' | 196 | 402 | 306 | -1,194 | -40 | -32 | 441 | 705 | -825 | -347 | |||||||
Net income (loss) | 3,111 | 2,506 | 4,709 | 1,806 | -2,978 | -1,306 | -7,157 | 2,979 | 12,132 | -8,462 | -26,576 | |||||||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net sales | ' | 124,600 | 142,151 | 128,561 | 128,763 | 126,343 | 135,705 | 119,153 | ' | 509,964 | 495,442 | |||||||
Cost of goods sold | ' | 76,810 | 86,713 | 79,089 | 81,273 | 78,761 | 85,352 | 74,532 | ' | 318,825 | 322,540 | |||||||
Gross profit | ' | 47,790 | 55,438 | 49,472 | 47,490 | 47,582 | 50,353 | 44,621 | ' | 191,139 | 172,902 | |||||||
Selling expenses | ' | 42,161 | 38,991 | 37,335 | 40,908 | 39,135 | 40,765 | 37,271 | ' | 158,079 | 150,641 | |||||||
General and administrative expenses | ' | 7,667 | 10,724 | 9,246 | 9,219 | 8,941 | 9,041 | 8,769 | ' | 37,063 | 34,222 | |||||||
Net gains from sales of assets | ' | 37 | 0 | 0 | 0 | -1,185 | 0 | 0 | ' | 0 | 0 | |||||||
Goodwill and intangible assets impairment losses | ' | ' | ' | ' | 92 | ' | ' | ' | ' | 92 | 5,585 | |||||||
Pension curtailment expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,568 | |||||||
Operating expenses | ' | 49,865 | 49,715 | 46,581 | 50,219 | 46,891 | 49,806 | 46,040 | ' | 195,234 | 195,016 | |||||||
Income (loss) from operations | ' | -2,075 | 5,723 | 2,891 | -2,729 | 691 | 547 | -1,419 | ' | -4,095 | -22,114 | |||||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Dividend income | ' | 276 | 258 | 268 | 274 | 286 | 284 | 259 | ' | 1,103 | 1,231 | |||||||
Interest income | ' | 114 | 110 | 108 | 169 | 92 | 99 | 92 | ' | 452 | 214 | |||||||
Interest expense | ' | -277 | -393 | -372 | -396 | -466 | -463 | -457 | ' | -1,782 | -2,137 | |||||||
Other, net | ' | 4,664 | -587 | -783 | -1,490 | -1,949 | -7,656 | 4,945 | ' | -4,965 | -4,117 | |||||||
Total other income (expense) | ' | 4,777 | -612 | -779 | -1,443 | -2,037 | -7,736 | 4,839 | ' | -5,192 | -4,809 | |||||||
Income (loss) before taxes | ' | 2,702 | 5,111 | 2,112 | -4,172 | -1,346 | -7,189 | 3,420 | ' | -9,287 | -26,923 | |||||||
Loss before taxes | ' | 196 | 402 | 306 | -1,194 | -40 | -32 | 441 | ' | -825 | -347 | |||||||
Net income (loss) | ' | 2,506 | 4,709 | 1,806 | -2,978 | -1,306 | -7,157 | 2,979 | ' | -8,462 | -26,576 | |||||||
Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net sales | ' | 925 | [1] | 978 | [1] | 968 | [1] | 981 | [1] | 936 | [1] | 994 | [1] | 994 | [1] | ' | ' | ' |
Cost of goods sold | ' | 663 | [1] | 2,042 | [1] | 2,435 | [1] | 2,476 | [1] | 1,072 | [1] | 2,753 | [1] | 2,474 | [1] | ' | ' | ' |
Gross profit | ' | 262 | [1] | -1,064 | [1] | -1,467 | [1] | -1,495 | [1] | -136 | [1] | -1,759 | [1] | -1,480 | [1] | ' | ' | ' |
Selling expenses | ' | 431 | [1] | -669 | [1] | -721 | [1] | -246 | [1] | -69 | [1] | -489 | [1] | -242 | [1] | ' | ' | ' |
General and administrative expenses | ' | -169 | [1] | -395 | [1] | -746 | [1] | -1,249 | [1] | -67 | [1] | -1,270 | [1] | -1,238 | [1] | ' | ' | ' |
Net gains from sales of assets | ' | 0 | [1] | 73 | [1] | -123 | [1] | -79 | [1] | 0 | [1] | 11 | [1] | -3,213 | [1] | ' | ' | ' |
Goodwill and intangible assets impairment losses | ' | ' | ' | ' | 0 | [1] | ' | ' | ' | ' | ' | ' | ||||||
Operating expenses | ' | 262 | [1] | -991 | [1] | -1,590 | [1] | -1,574 | [1] | -136 | [1] | -1,748 | [1] | -4,693 | [1] | ' | ' | ' |
Income (loss) from operations | ' | 0 | [1] | -73 | [1] | 123 | [1] | 79 | [1] | 0 | [1] | -11 | [1] | 3,213 | [1] | ' | ' | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Dividend income | ' | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' |
Interest income | ' | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' |
Interest expense | ' | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' |
Other, net | ' | 0 | [1] | 73 | [1] | -123 | [1] | -79 | [1] | 0 | [1] | 11 | [1] | -3,213 | [1] | ' | ' | ' |
Total other income (expense) | ' | 0 | [1] | 73 | [1] | -123 | [1] | -79 | [1] | 0 | [1] | 11 | [1] | -3,213 | [1] | ' | ' | ' |
Income (loss) before taxes | ' | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' |
Loss before taxes | ' | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' |
Net income (loss) | ' | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | ' | ' | ' |
[1] | For details, see Note 1. |