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Employee Benefit Plans (Tables) | 12 Months Ended
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Jun. 30, 2024
Retirement Benefits [Abstract] |
Obligations and Funded Status of Pension Plan | As of June 30, 2024, the Company has two defined benefit pension plans for certain employees (the "Farmer Bros. Plan" and the “Hourly Employees' Plan”).
|  | Farmer Bros. Plan As of June 30, |  | Hourly Employees’ Plan As of June 30, |  | Total
($ in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in projected benefit obligation |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at the beginning of the year |  | $ | 95,406 |  |  | $ | 102,508 |  |  | $ | 3,801 |  |  | $ | 3,951 |  |  | $ | 99,207 |  |  | $ | 106,459 |
Interest cost |  | 4,631 |  |  | 4,451 |  |  | 186 |  |  | 173 |  |  | 4,817 |  |  | 4,624 |
Actuarial gain |  | (2,119) |  |  | (5,008) |  |  | (310) |  |  | (132) |  |  | (2,429) |  |  | (5,140) |
Benefits paid |  | (6,535) |  |  | (6,545) |  |  | (194) |  |  | (191) |  |  | (6,729) |  |  | (6,736) |
Projected benefit obligation at the end of the year |  | $ | 91,383 |  |  | $ | 95,406 |  |  | $ | 3,483 |  |  | $ | 3,801 |  |  | $ | 94,866 |  |  | $ | 99,207 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at the beginning of the year |  | $ | 75,934 |  |  | $ | 74,250 |  |  | $ | 3,690 |  |  | $ | 3,848 |  |  | $ | 79,624 |  |  | $ | 78,098 |
Actual return on plan assets |  | 7,543 |  |  | 6,147 |  |  | 165 |  |  | 33 |  |  | 7,708 |  |  | 6,180 |
Employer contributions |  | 2,332 |  |  | 2,082 |  |  | — |  |  | — |  |  | 2,332 |  |  | 2,082 |
Benefits paid |  | (6,535) |  |  | (6,545) |  |  | (194) |  |  | (191) |  |  | (6,729) |  |  | (6,736) |
Fair value of plan assets at the end of the year |  | $ | 79,274 |  |  | $ | 75,934 |  |  | $ | 3,661 |  |  | $ | 3,690 |  |  | $ | 82,935 |  |  | $ | 79,624 |
Funded status at end of year (underfunded) |  | $ | (12,109) |  |  | $ | (19,472) |  |  | $ | 178 |  |  | $ | (111) |  |  | $ | (11,931) |  |  | $ | (19,583) |
Amounts recognized in consolidated balance sheets |  |  |  |  |  |
Non-current assets |  | — |  |  | — |  |  | 178 |  |  | — |  |  | 178 |  |  | — |
Noncurrent liabilities |  | (12,109) |  |  | (19,472) |  |  | — |  |  | (111) |  |  | (12,109) |  |  | (19,583) |
Total |  | $ | (12,109) |  |  | $ | (19,472) |  |  | $ | 178 |  |  | $ | (111) |  |  | $ | (11,931) |  |  | $ | (19,583) |
Amounts recognized in AOCI |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | 22,291 |  |  | 28,444 |  |  | (185) |  |  | 137 |  |  | 22,106 |  |  | 28,581 |
Total accumulated OCI (not adjusted for applicable tax) |  | $ | 22,291 |  |  | $ | 28,444 |  |  | $ | (185) |  |  | $ | 137 |  |  | $ | 22,106 |  |  | $ | 28,581 |
Weighted average assumptions used to determine benefit obligations |  |  |  |  |  |
Discount rate |  | 5.35 | % |  | 5.05 | % |  | 5.35 | % |  | 5.05 | % |  | 5.35 | % |  | 5.05 | %
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) | Components of Net Periodic Benefit Cost and Other Changes Recognized in Other Comprehensive Income (Loss) (OCI)
|  | Farmer Bros. Plan June 30, |  | Hourly Employees’ Plan June 30, |  | Total
($ in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | 4,631 |  |  | 4,451 |  |  | 3,262 |  |  | 186 |  |  | 173 |  |  | 129 |  |  | 4,817 |  |  | 4,624 |  |  | 3,391 |
Expected return on plan assets |  | (4,336) |  |  | (3,906) |  |  | (4,734) |  |  | (152) |  |  | (129) |  |  | (214) |  |  | (4,488) |  |  | (4,035) |  |  | (4,948) |
Amortization of net loss |  | 827 |  |  | 1,125 |  |  | 1,356 |  |  | — |  |  | — |  |  | — |  |  | 827 |  |  | 1,125 |  |  | 1,356 |
Net periodic benefit cost |  | $ | 1,122 |  |  | $ | 1,670 |  |  | $ | (116) |  |  | $ | 34 |  |  | $ | 44 |  |  | $ | (85) |  |  | $ | 1,156 |  |  | $ | 1,714 |  |  | $ | (201) |
Other changes recognized in OCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gain (1) |  | $ | (5,326) |  |  | $ | (7,249) |  |  | $ | (7,542) |  |  | $ | (322) |  |  | $ | (36) |  |  | $ | (279) |  |  | $ | (5,648) |  |  | $ | (7,285) |  |  | $ | (7,821) |
Amortization of net loss |  | (827) |  |  | (1,125) |  |  | (1,356) |  |  | — |  |  | — |  |  | — |  |  | (827) |  |  | (1,125) |  |  | (1,356) |
Total recognized in other comprehensive income (loss) |  | $ | (6,153) |  |  | $ | (8,374) |  |  | $ | (8,898) |  |  | $ | (322) |  |  | $ | (36) |  |  | $ | (279) |  |  | $ | (6,475) |  |  | $ | (8,410) |  |  | $ | (9,177) |
Total recognized in net periodic benefit cost and OCI |  | $ | (5,031) |  |  | $ | (6,704) |  |  | $ | (9,014) |  |  | $ | (288) |  |  | $ | 8 |  |  | $ | (364) |  |  | $ | (5,319) |  |  | $ | (6,696) |  |  | $ | (9,378) |
Weighted-average assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.05 | % |  | 4.50 | % |  | 2.60 | % |  | 5.05 | % |  | 4.50 | % |  | 2.60 | % |  | 5.05 | % |  | 4.50 | % |  | 2.60 | %
Expected long-term return on plan assets |  | 7.00 | % |  | 6.50 | % |  | 6.25 | % |  | 5.50 | % |  | 4.75 | % |  | 6.50 | % |  | 6.25 | % |  | 5.63 | % |  | 6.38 | %
Rate of compensation increase |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
(1) Net gain for fiscal year ended June 30, 2024, 2023 and 2022 was primarily due to plan assets returns. The following tables provide a reconciliation of the benefit obligation and plan assets for the Retiree Medical Plan, Death Benefit Plan and Executive Death Benefit Plan:
|  | As of June 30,
(In thousands) |  | 2024 |  | 2023
Change in Benefit Obligation: |  |  |  |
Projected postretirement benefit obligation at beginning of year |  | $ | 826 |  |  | $ | 844 |
Service cost |  | — |  |  | — |
Interest cost |  | 42 |  |  | 39 |
Actuarial (gains) losses |  | (9) |  |  | (57) |
Benefits paid |  | — |  |  | — |
Projected postretirement benefit obligation at end of year |  | $ | 859 |  |  | $ | 826 |
|  | Year Ended June 30,
(In thousands) |  | 2024 |  | 2023
Change in Plan Assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |
Employer contributions |  | — |  |  | — |
Benefits paid |  | — |  |  | — |
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Projected postretirement benefit obligation at end of year |  | 859 |  |  | 826 |
Funded status of plan |  | $ | (859) |  |  | $ | (826) |
|  | June 30,
(In thousands) |  | 2024 |  | 2023
Amounts Recognized in the Consolidated Balance Sheets Consist of: |  |  |  |
Current liabilities |  | $ | (69) |  |  | $ | (61) |
Noncurrent liabilities |  | (790) |  |  | (765) |
Total |  | $ | (859) |  |  | $ | (826) |
Schedule of Allocation of Plan Assets | Additional Disclosures
|  | Farmer Bros. Plan June 30, |  | Hourly Employees’ Plan June 30, |  | Total
($ in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Comparison of obligations to plan assets |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 91,383 |  |  | $ | 95,406 |  |  | $ | 3,483 |  |  | $ | 3,801 |  |  | $ | 94,866 |  |  | $ | 99,207 |
Accumulated benefit obligation |  | 91,383 |  |  | 95,406 |  |  | 3,483 |  |  | 3,801 |  |  | 94,866 |  |  | 99,207 |
Fair value of plan assets at measurement date |  | 79,274 |  |  | 75,934 |  |  | 3,661 |  |  | 3,690 |  |  | 82,935 |  |  | 79,624 |
Plan assets by category |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | 37,849 |  |  | 49,516 |  |  | — |  |  | 750 |  |  | 37,849 |  | 50,266 |
Debt securities |  | 37,504 |  |  | 20,765 |  |  | 3,661 |  |  | 2,940 |  |  | 41,165 |  | 23,705 |
Real estate |  | 3,921 |  |  | 5,653 |  |  | — |  |  | — |  |  | 3,921 |  | 5,653 |
Total |  | $ | 79,274 |  |  | $ | 75,934 |  |  | $ | 3,661 |  |  | $ | 3,690 |  |  | $ | 82,935 |  |  | $ | 79,624 |
Plan assets by category |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | 47.7 | % |  | 65.2 | % |  | — | % |  | 20.3 | % |  | 45.6 | % |  | 63.1 | %
Debt securities |  | 47.3 | % |  | 27.3 | % |  | 100.0 | % |  | 79.7 | % |  | 49.7 | % |  | 29.8 | %
Real estate |  | 5.0 | % |  | 7.5 | % |  | — | % |  | — | % |  | 4.7 | % |  | 7.1 | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Fair values of plan assets were as follows:
|  | As of June 30, 2024
(In thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Investments measured at NAV
Farmer Bros. Plan |  | $ | 79,274 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 79,274 |
Hourly Employees’ Plan |  | 3,661 |  |  | — |  |  | — |  |  | — |  |  | 3,661 |
|  | As of June 30, 2023
(In thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Investments measured at NAV
Farmer Bros. Plan |  | $ | 75,934 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 75,934 |
Hourly Employees’ Plan |  | 3,690 |  |  | — |  |  | — |  |  | — |  |  | 3,690 |
The Company's single employer pension plan—Hourly Employees' Plan target asset allocation remains in debt securities for fiscal 2025.The following is the target asset allocation for the Company's single employer pension plan— Farmer Bros. Plan—for fiscal 2025:
| Fiscal 2025
U.S. large cap equity securities | 28.0 | %
U.S. small cap equity securities | 10.0 | %
International equity securities | 22.0 | %
Debt securities | 35.0 | %
Real Asset | 5.0 | %
Total | 100.0 | %
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid over the next 10 fiscal years:
(In thousands) |  | Farmer Bros. Plan |  | Hourly Employees’ Plan
Year Ending: |
June 30, 2025 |  | $ | 7,640 |  |  | $ | 260 |
June 30, 2026 |  | 7,210 |  |  | 240 |
June 30, 2027 |  | 7,300 |  |  | 260 |
June 30, 2028 |  | 7,310 |  |  | 260 |
June 30, 2029 |  | 7,270 |  |  | 260 |
June 30, 2030 to June 30, 2034 |  | 34,670 |  |  | 1,270 |
(In thousands) |
Estimated Future Benefit Payments: |
Year Ending: |
June 30, 2025 | $ | 71 |
June 30, 2026 | 73 |
June 30, 2027 | 74 |
June 30, 2028 | 75 |
June 30, 2029 | 75 |
June 30, 2030 to June 30, 2034 | 351 |
Expected Contributions: |
June 30, 2025 | $ | 71 |
Schedule of Multiemployer Plans | Contributions made by the Company to the multiemployer pension plans were as follows:
(In thousands) |  | WCTPP(1)(2)(3) |  | All Other Plans
Year Ended: |  |  |  |
June 30, 2024 |  | $ | 1,248 |  |  | $ | 35 |
June 30, 2023 |  | 1,280 |  |  | 28 |
June 30, 2022 |  | 961 |  |  | 29 |
____________ (1)Individually significant plan. (2)Less than 5% of total contribution to WCTPP based on WCTPP's FASB Disclosure Statement (3)The Company guarantees that one hundred seventy-three (173) hours will be contributed upon for all employees who are compensated for all available straight time hours for each calendar month. An additional 6.5% of the basic contribution must be paid for PEER or the Program for Enhanced Early Retirement.
Schedule of Net Benefit Costs | The following table shows the components of net periodic postretirement benefit cost for the Retiree Medical Plan and Executive Death Benefit Plan for the fiscal years ended June 30, 2024, 2023 and 2022. Net periodic postretirement benefit cost for fiscal 2024 was based on employee census information as of June 30, 2024.
|  | Year Ended June 30,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Components of Net Periodic Postretirement Benefit Cost (Credit): |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 42 |  |  | 39 |  |  | 27 |
Amortization of net gain |  | — |  |  | — |  |  | 11 |
Net periodic postretirement benefit (credit) cost |  | $ | 42 |  |  | $ | 39 |  |  | $ | 38 |
Executive Death Benefit Plan | 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 for the Executive Death Benefit Plan.
|  |  | Year Ended June 30,
($ in thousands) |  |  | 2024 |  | 2023
Amortization of Net (Gain) Loss: |  |  |  |  |
Net loss as of July 1 |  |  | $ | 8 |  |  | $ | 17 |
Net loss subject to amortization |  |  | 8 |  |  | 17 |
Corridor (10% of greater of APBO or assets) |  |  | 86 |  |  | 83 |
Net loss in excess of corridor |  |  | $ | — |  |  | $ | — |
Amortization years |  |  | 14.7 |  | 15.3

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