SEC Info - Farmer Brothers Co - ‘10-Q’ for 9/30/12

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Farm 10-Q 9.30.2011                                 HTML    405K 
 2: EX-10.3     Farmer Bros. Salaried Employees Pension Plan        HTML    284K 
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     23K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     23K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     19K 
 6: EX-32.2     Certification -- §906 - SOA'02                      HTML     19K 
35: R1          Document and Entity Information                     HTML     39K 
26: R2          Consolidated Balance Sheets                         HTML    163K 
33: R3          Consolidated Balance Sheets (Parenthetical)         HTML     39K 
38: R4          Consolidated Statements of Operations (Unaudited)   HTML     72K 
51: R5          Consolidated Statements of Comprehensive Income     HTML     37K 
                (Unaudited)                                                      
27: R6          Consolidated Statements of Cash Flows (Unaudited)   HTML    115K 
32: R7          Summary of Significant Accounting Policies          HTML     43K 
23: R8          Investments and Derivative Instruments              HTML    104K 
17: R9          Accounts and Notes Receivable, net                  HTML     34K 
52: R10         Inventories                                         HTML     54K 
40: R11         Employee Benefit Plans                              HTML     71K 
39: R12         Bank Loan                                           HTML     31K 
44: R13         Share-Based Compensation                            HTML     82K 
45: R14         Income Taxes                                        HTML     53K 
43: R15         Earnings (Loss) Per Common Share                    HTML     39K 
46: R16         Summary of Significant Accounting Policies          HTML     61K 
                (Policies)                                                       
34: R17         Investments and Derivative Instruments (Tables)     HTML     98K 
36: R18         Accounts and Notes Receivable, net (Tables)         HTML     30K 
42: R19         Inventories (Tables)                                HTML     46K 
56: R20         Employee Benefit Plans (Tables)                     HTML     56K 
48: R21         Share-Based Compensation (Tables)                   HTML     69K 
29: R22         Income Taxes (Tables)                               HTML     49K 
41: R23         Earnings (Loss) Per Common Share (Tables)           HTML     37K 
31: R24         Summary of Significant Accounting Policies -        HTML     26K 
                Coffee Brewing Equipment and Service (Details)                   
15: R25         Summary of Significant Accounting Policies -        HTML     28K 
                Narrative (Details) (Details)                                    
49: R26         Investments and Derivative Instruments - Assets     HTML     38K 
                and Liabilities Measured at Fair Value on                        
                Recurring Basis (Details)                                        
53: R27         Investments and Derivative Instruments - Net        HTML     34K 
                Realized and Unrealized Gains and Losses (Details)               
20: R28         Investments and Derivative Instruments - Narrative  HTML     21K 
                (Details)                                                        
19: R29         Investments and Derivative Instruments - Gross      HTML     25K 
                Unrealized Losses (Details)                                      
21: R30         Accounts and Notes Receivable, net - Schedule of    HTML     30K 
                Accounts Receivable (Details)                                    
22: R31         Inventories (Details)                               HTML     42K 
24: R32         Employee Benefit Plans - Components of Net          HTML     62K 
                Periodic Benefit Cost and Amounts Recognized in                  
                Other Comprehensive Income (Details)                             
14: R33         Employee Benefit Plans - Narrative (Details)        HTML     49K 
47: R34         Bank Loan (Details)                                 HTML     55K 
28: R35         Share-Based Compensation - Narrative (Details)      HTML     55K 
30: R36         Share-Based Compensation - Stock Option Activity    HTML     80K 
                (Details)                                                        
16: R37         Share-Based Compensation - Restricted Stock         HTML     70K 
                Activity (Details)                                               
55: R38         Income Taxes - Narrative (Details)                  HTML     24K 
13: R39         Income Taxes - Summary of Income Tax Expense        HTML     41K 
                (Details)                                                        
25: R40         Income Taxes - Unrecognized Tax Benefits (Details)  HTML     26K 
50: R41         Earnings (Loss) Per Common Share (Details)          HTML     47K 
54: XML         IDEA XML File -- Filing Summary                      XML     80K 
18: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    751K 
 7: EX-101.INS  XBRL Instance -- farm-20120930                       XML   1.09M 
 9: EX-101.CAL  XBRL Calculations -- farm-20120930_cal               XML    163K 
10: EX-101.DEF  XBRL Definitions -- farm-20120930_def                XML    298K 
11: EX-101.LAB  XBRL Labels -- farm-20120930_lab                     XML   1.14M 
12: EX-101.PRE  XBRL Presentations -- farm-20120930_pre              XML    584K 
 8: EX-101.SCH  XBRL Schema -- farm-20120930                         XSD    115K 
37: ZIP         XBRL Zipped Folder -- 0000034563-12-000040-xbrl      Zip    138K

‘R16’ — Summary of Significant Accounting Policies (Policies)

This is an IDEA Financial Report. [ Alternative Formats ]

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2012
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S‑X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete consolidated financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals, unless otherwise indicated) considered necessary for a fair presentation of the interim financial data have been included. Operating results for the three months ended September, 2012 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2013. Events occurring subsequent to September 30, 2012 have been evaluated for potential recognition or disclosure in the unaudited consolidated financial statements for the three months ended September 30, 2012. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2012, filed with the Securities and Exchange Commission (the “SEC”) on September 10, 2012.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We review our 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.
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The Company maximizes the use of observable market inputs, minimizes the use of unobservable market inputs and discloses in the form of an outlined hierarchy the details of such fair value measurements. See Note 2 for additional information.
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 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 the Company's customers. Accordingly, such costs included in cost of goods sold in the accompanying unaudited consolidated financial statements for the three months ended September 30, 2012 and 2011 are $5.8 million and $6.0 million, respectively. The Company capitalized coffee brewing equipment in the amounts of $1.9 million and $2.4 million in the three months ended September 30, 2012 and 2011, respectively. Depreciation expense related to capitalized coffee brewing equipment reported as cost of goods sold was $3.3 million and $2.8 million in the three months ended September 30, 2012 and 2011, respectively.
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 sales representatives. Revenue is recognized at the time the Company's sales representatives physically deliver products to customers and title passes or upon acceptance 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, as J.M. Smucker's agent. The co-packing agreement was assigned by Sara Lee Corporation ("Sara Lee") to J.M. Smucker on February 17, 2012, as part of J.M. Smucker's acquisition of Sara Lee's coffee business. The Company recognizes revenue from this arrangement on a net basis, net of direct costs of revenue. As of September 30, 2012 and June 30, 2012, the Company had $0.4 million and $0.8 million, respectively, of receivables related to this arrangement, which are included in “Other receivables” in the consolidated balance sheets (see Note 3).
Earnings (Loss) Per Common Share	Earnings (Loss) Per Common Share Basic earnings (loss) per share ("EPS") represents net earnings 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. Diluted EPS represents net earnings 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, earnings (loss) attributable to nonvested restricted stockholders are excluded from net earnings (loss) attributable to common stockholders for purposes of calculating basic and diluted EPS. Computation of EPS for the three months ended September 30, 2012 does not include the dilutive effect of 206,600 shares issuable under stock options since none of their exercise prices exceeded the average closing price of the Company's common stock for the three months ended September 30, 2012 and their inclusion would be anti-dilutive. Computation of EPS for the three months ended September 30, 2011 does not include the dilutive effect of 403,429 shares issuable under stock options since their inclusion would be anti-dilutive. Accordingly, the unaudited consolidated financial statements present only basic net income (loss) per common share for all periods presented (see Note 9).
Impairment of Intangible Assets	Impairment of Indefinite-lived Intangible Assets The Company performs its annual indefinite-lived intangible assets impairment test as of June 30 of each fiscal year. Indefinite-lived intangible assets are not amortized but instead are reviewed for impairment annually by comparing their fair values to their carrying values. In addition to an annual test, indefinite-lived intangible assets must also be tested on an interim basis if events or circumstances indicate that the estimated fair value of such assets has decreased below their carrying value. There were no such events or circumstances during the three months ended September 30, 2012.
Long-lived Assets, Excluding Goodwill and Indefinite-lived Intangible Assets	Long-lived Assets, Excluding 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 three months ended September 30, 2012.

- Definition

Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.

+ References+ Details

- Definition

Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.

+ References+ Details

- Definition

Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References+ Details

Dates Referenced Herein and Documents Incorporated by Reference

This ‘10-Q’ Filing	Date	Other Filings

	6/30/13	10-K
Filed on:	11/5/12	8-K
For Period end:	9/30/12
	9/10/12	10-K, 8-K
	6/30/12	10-K
	2/17/12	8-K
	9/30/11	10-Q
	9/15/09	10-K/A, 8-K
		List all Filings

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Filing Submission 0000034563-12-000040 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Farmer Brothers Co – ‘10-Q’ for 9/30/12 – ‘R16’

On: Monday, 11/5/12, at 4:33pm ET · For: 9/30/12 · Accession #: 34563-12-40 · File #: 1-34249

Previous ‘10-Q’: ‘10-Q’ on 5/8/12 for 3/31/12 · Next: ‘10-Q’ on 2/6/13 for 12/31/12 · Latest: ‘10-Q’ on 2/8/24 for 12/31/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

‘R16’ — Summary of Significant Accounting Policies (Policies)

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Farmer Brothers Co – ‘10-Q’ for 9/30/12 – ‘R16’

On: Monday, 11/5/12, at 4:33pm ET · For: 9/30/12 · Accession #: 34563-12-40 · File #: 1-34249

Previous ‘10-Q’: ‘10-Q’ on 5/8/12 for 3/31/12 · Next: ‘10-Q’ on 2/6/13 for 12/31/12 · Latest: ‘10-Q’ on 2/8/24 for 12/31/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘R16’ — Summary of Significant Accounting Policies (Policies)

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents