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Employee Benefit Plans | 3 Months Ended
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Sep. 30, 2021
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans Single Employer Pension Plans As of September 30, 2021, the Company has two defined benefit pension plans for certain employees, the "Farmer Bros. Plan" and the “Hourly Employees' Plan”. The Company froze benefit accruals and participation in these plans effective June 30, 2011 and October 1, 2016, respectively. After the plan freezes, participants do not accrue any benefits under the plan, and new hires are not eligible to participate in the plan. The net periodic benefit (credit) cost for the defined benefit pension plans is as follows:
|  | Three Months Ended September 30, |  |
|  | 2021 |  | 2020 |  |  |  |
(In thousands) |  |  |  |
Service cost |  | $ | — |  |  | — |  |  |  |  |
Interest cost |  | 848 |  |  | 859 |  |  |  |  |
Expected return on plan assets |  | (1,237) |  |  | (1,038) |  |  |  |  |
Amortization of net loss(1) |  | 339 |  |  | 502 |  |  |  |  |
Net periodic benefit (credit) cost |  | $ | (50) |  |  | $ | 323 |  |  |  |  |
___________ (1) These amounts represent the estimated portion of the net loss in AOCI that is expected to be recognized as a component of net periodic benefit cost over the current fiscal year. Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
|  | September 30, 2021 |  | June 30, 2021
Discount rate |  | 2.60% |  | 2.55%
Expected long-term return on plan assets |  | 6.25% |  | 6.25%
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. Contributions made by the Company to the multiemployer pension plans were as follows:
|  | Three Months Ended September 30, |  |
|  | 2021 |  | 2020 |  |  |  |
(In thousands) |  |  |  |
Contributions to WCTPP |  | $ | 244 |  |  | $ | 224 |  |  |  |  |
Contributions to All Other Plans |  | 7 |  |  | 4 |  |  |  |  |
Multiemployer Plans Other Than Pension Plans The Company participates in nine 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. 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 January 31, 2025. 401(k) Plan The Company's 401(k) Plan is available to all eligible employees. The Company's 401(k) match portion 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. In March 2020, due to the impact the COVID-19 pandemic had on our business and financial results, the Company elected to suspend the 401(k) matching contribution for non-union employees and recorded no matching contributions in the three months ended September 30, 2020. Beginning in July 2021, the Company re-instated a 401(k) matching program for non-union employees, by matching 50% of any non-union employee's annual contribution to the 401(k) Plan, up to 6% of such employee's eligible income, which is substantially similar to the program prior to its suspension in March 2020. The Company recorded matching contributions of $0.6 million in operating expenses in the three months ended September 30, 2021. Additionally, the Company makes an annual safe harbor non-elective contribution of shares of the Company’s common stock equal to 4% of each eligible participant’s annual plan compensation. During the three months ended September 30, 2021 and 2020, the Company contributed a tota l of 51,597 and 76,671 shares of the Company’s common stock with a value of $0.7 million and $0.5 million, respectively, to eligible participant s’ annual plan compensation. Postretirement Benefits Retiree Medical Plan and Death Benefit On March 23, 2020, the Company announced a plan to amend and terminate the postretirement medical benefit plan that covers qualified non-union retirees and certain qualified union retirees (“Retiree Medical Plan”) effective January 1, 2021. As a result, the re-measurement generated a prior service credit. This credit, along with actuarial gains, were amortized over the remaining months of the plan through January 1, 2021. The Retiree Medical Plan is now terminated. The Company provides a postretirement death benefit (“Death Benefit”) to certain 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. In June 2021, the Company amended the Death Benefit Plan effective immediately, which triggered re-measurement of the plan. In conjunction with the amendment, the Company created a new Executive Death Benefit Plan (the “Executive Death Benefit Plan”) for a small group of participants in the Death Benefit Plan. Under the Executive Death Benefit Plan, the participants receive the same benefits they would have received under the Death Benefit Plan. The following table shows the components of net periodic postretirement benefit cost (credit) for the Retiree Medical Plan and Death Benefit for the three months ended September 30, 2021 and 2020.
|  | Three Months Ended September 30, |  |
|  | 2021 |  | 2020 |  |  |  |
(In thousands) |  |  |  |  |  |  |  |
Components of Net Periodic Postretirement Benefit Cost (Credit): |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | 5 |  |  |  |  |
Interest cost |  | 7 |  |  | 73 |  |  |  |  |
Amortization of net gain |  | 3 |  |  | (2,728) |  |  |  |  |
Amortization of prior service credit |  | — |  |  | (4,481) |  |  |  |  |
Net periodic postretirement benefit cost (credit) |  | $ | 10 |  |  | $ | (7,131) |  |  |  |  |
Weighted-Average Assumptions Used to Determine Net Periodic Postretirement Benefit Cost
|  | Three Months Ended September 30,
|  | 2021 |  | 2020
Retiree Medical Plan discount rate |  | N/A |  | 0.06%
Death Benefit discount rate |  | 2.72% |  | 2.87%

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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