Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Oct. 01, 2013 | 21-May-14 | 21-May-14 | |
Common Class A Member | Common Class B Member | |||
Document And Entity Information [Abstract] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document period end date | 31-Mar-14 | ' | ' | ' |
Amendment flag | 'false | ' | ' | ' |
Document Period Focus | 'FY | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Current fiscal year end date | '--03-31 | ' | ' | ' |
Entity central index key | '0000088948 | ' | ' | ' |
Entity current reporting status | 'Yes | ' | ' | ' |
Entity filer category | 'Accelerated Filer | ' | ' | ' |
Entity registrant name | 'SENECA FOODS CORP /NY/ | ' | ' | ' |
Entity voluntary filers | 'No | ' | ' | ' |
Entity well known seasoned issuer | 'No | ' | ' | ' |
Class Of Stock [Line Items] | ' | ' | ' | ' |
Entity common stock shares outstanding | ' | ' | 8,735,789 | 2,013,953 |
Entity public float | ' | $257,158,000 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net Sales | $1,340,208 | $1,276,297 | $1,257,805 |
Costs and Expenses: | ' | ' | ' |
Cost of Product Sold | 1,249,245 | 1,134,985 | 1,164,986 |
Selling and Administrative | 70,129 | 68,852 | 67,971 |
Plant Restructuring | 501 | 3,497 | 39 |
Other Operating (Income) Expense | -3,271 | -1,971 | -814 |
Total Costs and Expenses | 1,316,604 | 1,205,363 | 1,232,182 |
Operating Income (Loss) | 23,604 | 70,934 | 25,623 |
Interest Expense, Net | 6,262 | 7,486 | 8,102 |
Earnings (Loss) Before Income Taxes | 17,342 | 63,448 | 17,521 |
Income Taxes Expense (Benefit) | 3,563 | 22,035 | 6,265 |
Net Earnings (Loss) | 13,779 | 41,413 | 11,256 |
Earnings (Loss) Attributable to Common Stock | $13,318 | $39,984 | $10,851 |
Basic Earnings (Loss) per Common Share | $1.24 | $3.59 | $0.93 |
Diluted Earnings (Loss) per Common Share | $1.23 | $3.57 | $0.92 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (PARENTHETICAL) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Interest Income, Operating | $4 | $179 | $707 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Statement of Income and Comprehensive Income [Abstract] | ' | ' | ' |
Net (Loss) Earnings | $13,779 | $41,413 | $11,256 |
Change in pension and post retirement benefits adjustment (net of tax) | 11,296 | 771 | -9,338 |
Total | $25,075 | $42,184 | $1,918 |
CONSOLIDATED_STATEMENT_OF_COMP1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Statement of Income and Comprehensive Income [Abstract] | ' | ' | ' |
Change in pension and post retirement benefits,tax | $7,222 | $493 | $5,970 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Current Assets: | ' | ' |
Cash and Cash Equivalents | $13,839,000 | $14,104,000 |
Accounts Receivable, Net | 76,964,000 | 78,240,000 |
Inventories: | ' | ' |
Finished Goods | 304,955,000 | 351,231,000 |
Work in Process | 12,353,000 | 10,032,000 |
Raw Materials and Supplies | 133,942,000 | 118,467,000 |
Total Inventories | 451,250,000 | 479,730,000 |
Deferred Income Tax Asset, Net | 8,412,000 | 9,400,000 |
Other Current Assets | 33,594,000 | 25,299,000 |
Assets Current | 584,059,000 | 606,773,000 |
Deferred Tax Assets, Net, Noncurrent | ' | 2,097,000 |
Other Assets | 877,000 | 1,179,000 |
Property, Plant and Equipment: | ' | ' |
Land | 19,639,000 | 19,639,000 |
Buildings and Improvements | 180,202,000 | 178,847,000 |
Machinery and Equipment | 347,935,000 | 337,365,000 |
Property, Plant and Equipment | 547,776,000 | 535,851,000 |
Accumulated Depreciation, Depletion and Amortization | 363,859,000 | 347,444,000 |
Property, Plant and Equipment, Net | 183,917,000 | 188,407,000 |
Total Assets | 768,853,000 | 798,456,000 |
Current Liabilities: | ' | ' |
Notes Payable | 12,255,000 | ' |
Accounts Payable | 71,219,000 | 72,128,000 |
Accrued Vacation | 10,997,000 | 10,877,000 |
Accrued Payroll | 7,516,000 | 7,537,000 |
Other Accrued Expenses | 26,111,000 | 25,062,000 |
Income Taxes Payable | 913,000 | 4,100,000 |
Current Portion of Long-Term Debt | 2,277,000 | 40,170,000 |
Liabilities Current | 131,288,000 | 159,874,000 |
Long-Term Debt, Less Current Portion | 216,239,000 | 230,016,000 |
Deferred Income Taxes, Net | 339,000 | ' |
Other Long-Term Liabilities | 27,355,000 | 41,400,000 |
Total Liabilities | 375,221,000 | 431,290,000 |
Stockholders' Equity: | ' | ' |
Preferred Stock | 5,332,000 | 5,422,000 |
Common Stock | 2,958,000 | 2,955,000 |
Additional Paid-in Capital | 93,260,000 | 93,069,000 |
Treasury Stock, at cost | -29,894,000 | -31,204,000 |
Accumulated Other Comprehensive Loss | -11,252,000 | -22,548,000 |
Retained Earnings | 333,228,000 | 319,472,000 |
Total Stockholders' Equity | 393,632,000 | 367,166,000 |
Total Liabilities and Stockholders Equity | $768,853,000 | $798,456,000 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $160 | $201 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net (Loss) Earnings | $13,779 | $41,413 | $11,256 |
Adjustments to Reconcile Net (Loss) Earnings to Net Cash Used in Operations: | ' | ' | ' |
Depreciation & Amortization | 23,281 | 23,251 | 22,691 |
Gain on the Sale of Assets | -325 | 0 | -814 |
Deferred Income Tax Expense (Benefit) | -3,798 | -2,950 | 1,368 |
Impairment Provision and Other Expenses | 501 | 1,216 | ' |
Changes in Operating Assets and Liabilities (Net of Acquisition): | ' | ' | ' |
Accounts Receivable | 1,276 | 4,485 | 1,431 |
Inventories | 28,320 | -20,134 | 22,803 |
Other Current Assets | -8,295 | -16,238 | 4,929 |
Income Taxes | -3,187 | 4,416 | -805 |
Accounts Payable, Accrued Expenses and Other Liabilities | 6,497 | -5,805 | -20,977 |
Net Cash Provided by (Used in) Operations | 58,049 | 29,654 | 41,882 |
Cash Flows from Investing Activities: | ' | ' | ' |
Additions to Property, Plant and Equipment | -19,448 | -16,371 | -27,425 |
Proceeds from the Sale of Assets | 998 | 370 | 1,042 |
Issuance of loan receivable | ' | 10,000 | -10,000 |
Cash Paid for Acquisition (Net of Cash Acquired) | ' | -5,016 | ' |
Net Cash Provided by (Used in) Investing Activities | -18,450 | -11,017 | -36,383 |
Cash Flow from Financing Activities: | ' | ' | ' |
Long-Term Borrowing | 393,972 | 558,288 | 417,356 |
Payments on Long-Term Debt | -445,642 | -544,047 | -415,766 |
Borrowings on Notes Payable | 12,255 | ' | ' |
Other | 248 | 276 | -1,230 |
Purchase of Treasury Stock | -674 | -28,447 | -1,178 |
Dividends | -23 | -23 | -23 |
Net Cash Provided by (Used in) Financing Activities | -39,864 | -13,953 | -841 |
Net Increase (Decrease) in Cash and Cash Equivalents | -265 | 4,684 | 4,658 |
Cash and Cash Equivalents, Beginning of the Period | 14,104 | 9,420 | 4,762 |
Cash and Cash Equivalents, End of the Period | 13,839 | 14,104 | 9,420 |
Cash Paid During the Year | ' | ' | ' |
Interest Paid | 6,586 | 7,305 | 7,570 |
Income Taxes Paid | $10,695 | $20,352 | $5,455 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] |
Balance at Mar. 31, 2011 | ' | $6,325,000 | $4,118,000 | $90,778,000 | ($257,000) | ($13,981,000) | $266,849,000 |
Net (Loss) Earnings | 11,256,000 | ' | ' | ' | ' | ' | 11,256,000 |
Cash dividends paid on preferred stock | ' | ' | ' | ' | ' | ' | -23,000 |
Equity incentive program | ' | ' | ' | 124,000 | ' | ' | ' |
Common stock stated value adjustment | ' | 0 | -1,181,000 | 1,181,000 | ' | ' | ' |
Treasury stock purchased | ' | ' | ' | ' | -1,178,000 | ' | ' |
Stock conversion | ' | -57,000 | 1,000 | 56,000 | ' | ' | ' |
Change in pension and post retirement benefits adjustment (net of tax) | 9,338,000 | ' | ' | ' | ' | -9,338,000 | ' |
Balance at Mar. 31, 2012 | ' | 6,268,000 | 2,938,000 | 92,139,000 | -1,435,000 | -23,319,000 | 278,082,000 |
Net (Loss) Earnings | 41,413,000 | ' | ' | ' | ' | ' | 41,413,000 |
Cash dividends paid on preferred stock | ' | ' | ' | ' | ' | ' | -23,000 |
Equity incentive program | ' | ' | ' | 72,000 | ' | ' | ' |
Stock issued for bonus program | ' | ' | ' | 29,000 | ' | ' | ' |
Treasury stock purchased | ' | ' | ' | ' | -29,769,000 | ' | ' |
Stock conversion | ' | -846,000 | 17,000 | 829,000 | ' | ' | ' |
Change in pension and post retirement benefits adjustment (net of tax) | -771,000 | ' | ' | ' | ' | 771,000 | ' |
Balance at Mar. 31, 2013 | 367,166,000 | 5,422,000 | 2,955,000 | 93,069,000 | -31,204,000 | -22,548,000 | 319,472,000 |
Net (Loss) Earnings | 13,779,000 | ' | ' | ' | ' | ' | 13,779,000 |
Cash dividends paid on preferred stock | -23,000 | ' | ' | ' | ' | ' | -23,000 |
Equity incentive program | ' | ' | ' | 100,000 | ' | ' | ' |
Stock issued for bonus program | ' | ' | ' | 4,000 | ' | ' | ' |
401 (k) match stock amount | 2,000,000 | ' | ' | ' | 1,984,000 | ' | ' |
Treasury stock purchased | ' | ' | ' | ' | -674,000 | ' | ' |
Stock conversion | ' | -90,000 | 3,000 | 87,000 | ' | ' | ' |
Change in pension and post retirement benefits adjustment (net of tax) | -11,296,000 | ' | ' | ' | ' | 11,296,000 | ' |
Balance at Mar. 31, 2014 | $393,632,000 | $5,332,000 | $2,958,000 | $93,260,000 | ($29,894,000) | ($11,252,000) | $333,228,000 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Change in pension and post retirement benefits,tax | $7,222 | $493 | $5,970 |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (preferred stock common stock) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Preferred Stock | $5,332 | 5,422 | ' |
Common Stock | 2,958 | 2,955 | ' |
6% Cumulative Preferred Stock [Member] | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 6.00% | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.25 | ' | ' |
Preferred Stock, Shares Authorized | 200,000 | ' | ' |
Preferred Stock, Shares Outstanding | 200,000 | 200,000 | 200,000 |
Preferred Stock | 50 | ' | ' |
10% Nonredeemable Convertible Preferred Stock [Member] | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 10.00% | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.03 | ' | ' |
Preferred Stock, Shares Authorized | 1,400,000 | ' | ' |
Preferred Stock, Shares Outstanding | 807,240 | 807,240 | 807,240 |
Preferred Stock | 202 | ' | ' |
Participating Preferred Stock [Member] | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.03 | ' | ' |
Preferred Stock, Shares Authorized | 90,901 | ' | ' |
Preferred Stock, Shares Outstanding | 90,901 | 91,962 | 97,870 |
Preferred Stock | 1,085 | ' | ' |
2003 Series Participating Preferred Stock [Member] | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.03 | ' | ' |
Preferred Stock, Shares Authorized | 257,790 | ' | ' |
Preferred Stock, Shares Outstanding | 257,790 | 262,790 | 312,790 |
Preferred Stock | 3,995 | ' | ' |
Common Class A Member | ' | ' | ' |
Common Stock Par Or Stated Value Per Share | $0.25 | ' | ' |
Common Stock, Shares Authorized | 20,000,000 | ' | ' |
Common Stock, Shares, Outstanding | 8,735,714 | 8,705,243 | 9,591,677 |
Common Stock | 2,454 | ' | ' |
Common Class B Member | ' | ' | ' |
Common Stock Par Or Stated Value Per Share | $0.25 | ' | ' |
Common Stock, Shares Authorized | 10,000,000 | ' | ' |
Common Stock, Shares, Outstanding | 2,013,953 | 2,055,424 | 2,097,312 |
Common Stock | $504 | ' | ' |
Basis_Of_Presentation_Policies
Basis Of Presentation Policies | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Accounting Policies [Abstract] | ' | ||||||
Significant Accounting Policies | ' | ||||||
Seneca Foods Corporation and Subsidiaries | |||||||
1. Summary of Significant Accounting Policies | |||||||
Nature of Operations — Seneca Foods Corporation and subsidiaries (the “Company”) conducts its business almost entirely in food packaging, operating 24 plants and 30 warehouses in eight states. The Company markets private label and branded packaged foods to retailers and institutional food distributors. | |||||||
Principles of Consolidation — The consolidated financial statements include the accounts for the parent company and all of its wholly-owned subsidiaries after elimination of intercompany transactions, profits, and balances. | |||||||
Revenue Recognition — Sales and related cost of product sold are recognized when legal title passes to the purchaser, which is primarily upon shipment of products. When customers, under the terms of specific orders, request that the Company invoice but hold the goods (“Bill and Hold”) for future shipment, the Company recognizes revenue when legal title to the finished goods inventory passes to the purchaser. Generally, the Company receives cash from the purchaser when legal title passes. During the years ended March 31, 2014 and 2013, the Company sold for cash, on a bill and hold basis, $150.3 million and $151.2 million, respectively, of Green Giant finished goods inventory to General Mills Operations, LLC (“GMOL”). At the time of the sale of the Green Giant vegetables to GMOL, title of the specified inventory transferred to GMOL. The Company believes it has met the criteria required by the accounting standards for Bill and Hold treatment. As of March 31, 2014, $71.9 million of 2014 product remained unshipped. | |||||||
Trade promotions are an important component of the sales and marketing of the Company's branded products, and are critical to the support of the business. Trade promotion costs, which are recorded as a reduction of sales, include amounts paid to retailers for shelf space, to obtain favorable display positions and to offer temporary price reductions for the sale of our products to consumers. Accruals for trade promotions are recorded primarily at the time of sale to the retailer based on expected levels of performance. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a retailer from amounts otherwise due to the Company. As a result, the ultimate cost of a trade promotion program is dependent on the relative success of the events and the actions and level of deductions taken by retailers. Final determination of the permissible deductions may take extended periods of time. | |||||||
Concentration of Credit Risk — Financial instruments that potentially subject the Company to credit risk consist of trade receivables and interest-bearing investments. Wholesale and retail food distributors comprise a significant portion of the trade receivables; collateral is generally not required. A relatively limited number of customers account for a large percentage of the Company's total sales. GMOL sales represented 13% of net sales in each of 2014, 2013 and 2012. The top ten customers represented approximately 50%, 47% and 49% of net sales for 2014, 2013 and 2012, respectively. The Company closely monitors the credit risk associated with its customers. The Company places substantially all of its interest-bearing investments with financial institutions and monitors credit exposure. Cash and short-term investments in certain accounts exceed the federal insured limit; however, the Company has not experienced any losses in such accounts. | |||||||
Cash Equivalents — The Company considers all highly liquid instruments purchased with an original maturity of three months or less as cash equivalents. | |||||||
Fair Value of Financial Instruments — The fair values of cash and cash equivalents (Level 1), accounts receivable, loan receivable, short-term debt (Level 2) and accounts payable approximate cost because of the immediate or short-term maturity of these financial instruments. See Note 10, Fair Value of Financial Instruments, for a discussion of the fair value of long-term debt. | |||||||
The three-tier value hierarchy is utilized to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobserved inputs (Level 3). The three levels are defined as follows: | |||||||
Level 1- Quoted prices for identical instruments in active markets. | |||||||
Level 2- Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable. | |||||||
Level 3- Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable. | |||||||
Deferred Financing Costs — Deferred financing costs incurred in obtaining debt are amortized on a straight-line basis over the term of the debt, which is not materially different than using the effective interest rate method. As of March 31, 2014, there were $0.8 million of deferred financing costs included in other assets on the Consolidated Balance Sheets. | |||||||
Inventories — Substantially all inventories are stated at the lower of cost; determined under the last-in, first-out (“LIFO”) method; or market. | |||||||
Income Taxes — The provision for income taxes includes federal and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities and tax credit carryforwards. The Company uses the flow-through method to account for its investment tax credits. | |||||||
The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company's forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. | |||||||
Shipping and Handling Costs — The Company includes all shipping and handling costs billed to customers in net sales and the corresponding costs in cost of products sold. | |||||||
Advertising Costs — Advertising costs are expensed as incurred. Advertising costs charged to operations were $1.5 million and $1.4 million in 2014 and 2013, respectively. | |||||||
Accounts Receivable and Doubtful Accounts — Accounts receivable is stated at invoice value, which is net of any off invoice promotions. A provision for doubtful accounts is recorded based upon an assessment of credit risk within the accounts receivable portfolio, experience of delinquencies (accounts over 15 days past due) and charge-offs (accounts removed from accounts receivable for expectation of non-payment), and current market conditions. Management believes these provisions are adequate based upon the relevant information presently available. | |||||||
Earnings per Common Share — The Company has three series of convertible preferred stock, which are deemed to be participating securities that are entitled to participate in any dividend on Class A common stock as if the preferred stock had been converted into common stock immediately prior to the record date for such dividend. Basic earnings per share for common stock is calculated using the “two-class” method by dividing the earnings attributable to common stockholders by the weighted average of common shares outstanding during the period. Restricted stock is included in all earnings per share calculations. | |||||||
Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. | |||||||
Years ended March 31, | 2014 | 2013 | 2012 | ||||
(In thousands, except per share amounts) | |||||||
Basic | |||||||
Net earnings | $ | 13,779 | $ | 41,413 | $ | 11,256 | |
Deduct preferred stock dividends | 23 | 23 | 23 | ||||
Undistributed earnings | 13,756 | 41,390 | 11,233 | ||||
Earnings attributable to participating | |||||||
preferred | 438 | 1,406 | 382 | ||||
Earnings attributable to common | |||||||
shareholders | $ | 13,318 | $ | 39,984 | $ | 10,851 | |
Weighted average common shares | |||||||
outstanding | 10,747 | 11,147 | 11,727 | ||||
Basic earnings per common share | $ | 1.24 | $ | 3.59 | $ | 0.93 | |
Diluted | |||||||
Earnings attributable to common | |||||||
shareholders | $ | 13,318 | $ | 39,984 | $ | 10,851 | |
Add dividends on convertible | |||||||
preferred stock | 20 | 20 | 20 | ||||
Earnings attributable to common | |||||||
stock on a diluted basis | $ | 13,338 | $ | 40,004 | $ | 10,871 | |
Weighted average common shares | |||||||
outstanding-basic | 10,747 | 11,147 | 11,727 | ||||
Additional shares to be issued related to | |||||||
the equity compensation plan | 5 | 5 | 5 | ||||
Additional shares to be issued under | |||||||
full conversion of preferred stock | 67 | 67 | 67 | ||||
Total shares for diluted | 10,819 | 11,219 | 11,799 | ||||
Diluted earnings per share | $ | 1.23 | $ | 3.57 | $ | 0.92 | |
Depreciation and Valuation — Property, plant, and equipment are stated at cost. Interest incurred during the construction of major projects is capitalized. For financial reporting, the Company provides for depreciation on the straight-line method at rates based upon the estimated useful lives of the various assets. Depreciation was $22.9 million, $22.8 million, and $22.2 million in 2014, 2013, and 2012, respectively. The estimated useful lives are as follows: buildings and improvements — 30 years; machinery and equipment — 10-15 years; computer software — 3-5 years; vehicles — 3-7 years; and land improvements — 10-20 years. The Company assesses its long-lived assets for impairment whenever there is an indicator of impairment. Impairment losses are evaluated if the estimated undiscounted cash flows from using the assets are less than carrying value. A loss is recognized when the carrying value of an asset exceeds its fair value. There were $1.2 million of impairment losses in 2013 included in Plant Restructuring (see Plant Restructuring, note 15). There were no significant impairment losses in 2014 or 2012. | |||||||
Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimated. | |||||||
Recently Issued Accounting Standards — In July 2013, the Financial Accounting Standards Board ("FASB") issued Account Standards Update ("ASU") 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." The amendments in ASU 2013-11 provide guidance on the financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for fiscal years beginning after December 15, 2013. The Company will reflect the impact of these amendments beginning in the first quarter of Fiscal 2015. The Company does not anticipate a material impact on the Company's financial position, results of operations or cash flows as a result of this change. | |||||||
Reclassifications — Certain previously reported amounts have been reclassified to conform to the current period classification. | |||||||
Acquisitions
Acquisitions | 12 Months Ended | ||
Mar. 31, 2014 | |||
Acquisitions [Abstract] | ' | ||
Business Combination Disclosure Text Block | ' | ||
2. Acquisition | |||
On January 15, 2013, the Company completed its acquisition of 100% of the membership interest in Independent Foods, LLC ("Sunnyside"). The business, based in Sunnyside, Washington, packages canned pears, apples and cherries in the United States. The rationale for the acquisition was twofold: (1) the business is a complementary fit with the Company's existing business and (2) it provides an extension of the Company's product offerings. The purchase price totaled $5.0 million plus the assumption of certain liabilities. In conjunction with the closing, the Company paid $19.5 million of liabilities acquired. This acquisition was financed with proceeds from the Company's revolving credit facility. The purchase price to acquire Sunnyside was allocated based on the internally developed fair value of the assets acquired and liabilities assumed and the independent valuation of property, plant, and equipment. The purchase price of $5.0 million has been allocated as follows (in millions): | |||
Purchase Price (net of cash received) | $ | 5 | |
Allocated as follows: | |||
Current assets | $ | 32.7 | |
Property, plant and equipment | 7.5 | ||
Bargain purchase gain | -2 | ||
Current liabilities | -33.2 | ||
Total | $ | 5 | |
In 2013, the Company recorded a $1.9 million gain as a result of the estimated fair market value of the net assets acquired exceeding the purchase price for Sunnyside. In 2014, the Company determined an adjustment to the net assets acquired was required and, as a result, recorded an increase in the gain on the bargain purchase of $0.1 million to $2.0 million. This gain and subsequent increase is included in other operating income on the Consolidated Statements of Net Earnings. | |||
Loan_Receivable
Loan Receivable | 12 Months Ended |
Mar. 31, 2014 | |
Notes, Loans and Financing Receivable, Net, Current [Abstract] | ' |
Loans Receivables [Text Block] | ' |
3. Loan Receivable | |
The Company acquired $10.0 million of the lending commitments (the "Loan Commitment") made by various lenders under the Third Amended and Restated Credit Agreement dated July 29, 2011 by and among the Borrower ("Borrower"), Bank of America, N.A. as administrative agent and letter of credit issuer, and various other lenders (the "Borrower Credit Facility"), and thus became a co-lender under the Borrower Credit Facility. Upon the closing of such transaction, the Company advanced a total of $10.0 million to fund (i) the Company's then current portion of total advances made to Borrower under the Borrower Credit Facility and (ii) the balance of the Company's $10.0 million Loan Commitment. The Company acquired the Loan Commitment in connection with negotiations between the Company and Borrower concerning the Company's possible acquisition of Borrower through a merger transaction. The Company and the Borrower are no longer pursuing such potential acquisition. All of the Borrower's obligations under the Borrower Credit Facility, including those owing to the Company, were due to mature on March 30, 2012. In April 2012, the Company received a partial repayment or $3.7 million. In June 2012, the Company received the remaining $6.3 million due plus interest accrued and the Company has no further obligations with respect to the Loan Commitment. Interest income was recognized in the period in which it was earned. | |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended |
Mar. 31, 2014 | |
Debt Instruments [Abstract] | ' |
Debt Disclosure Text Block | ' |
4. Short-Term Borrowings | |
The Company completed the closing of a new five year revolving credit facility (“Revolver”) on July 20, 2011. During 2013, the Company executed $50.0 million of the $200.0 million accordion feature of the Revolver to expand available borrowings under the Revolver from $250.0 million to $300.0 million from April through July and $350.0 million to $400.0 million from August through March of each year under the Revolver. The maturity date for the Revolver is July 20, 2016. As of March 31, 2014, the outstanding balance of the Revolver was $175.0 million, with a weighted average interest rate of 1.65%, and is included in the Long-Term Debt on the Consolidated Balance Sheet. The Revolver is secured by accounts receivable and inventories with a carrying value of $528.4 million. The Company had $10.6 million of outstanding standby letters of credit as of March 31, 2014 and 2013, which reduces borrowing availability under the Revolver. See Note 5, Long-Term Debt, for additional comments related to the Revolver. | |
During 2014, the Company entered into some interim lease notes which financed down payments for various equipment orders at market rates. As of March 31, 2014, these interim notes had not been converted into operating leases since the equipment was not yet delivered. These notes, which total $12.3 million as of March 31, 2014, are included in notes payable in the accompanying Consolidated Balance Sheets. These notes are expected to be converted into operating leases within the next twelve months. Until then, they bear interest at an annual rate of 1.65%. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Long-term Debt, Unclassified [Abstract] | ' | ||||
Long-term Debt [Text Block] | ' | ||||
5. Long-Term Debt | |||||
2014 | 2013 | ||||
(In thousands) | |||||
Revolving credit facility, | |||||
1.65% and 1.70%, due through 2017 | $ | 175,000 | $ | 188,000 | |
Secured note payable to insurance company, | |||||
8.03%, paid off in 2014 | 0 | 38,138 | |||
Secured Industrial Revenue Development Bonds, | |||||
3.23%, and 3.29%, due through 2029 | 22,630 | 22,630 | |||
Secured promissory note, | |||||
6.98%, due through 2022 | 15,313 | 16,753 | |||
Secured promissory note, | |||||
6.35%, due through 2020 | 3,731 | 4,303 | |||
Economic development note, | |||||
2.00%, due through 2021 | 1,500 | 0 | |||
Other | 342 | 362 | |||
218,516 | 270,186 | ||||
Less current portion | 2,277 | 40,170 | |||
$ | 216,239 | $ | 230,016 | ||
See Note 4, Short-Term Borrowings, for discussion of the Revolver. | |||||
The Company's debt agreements, including the Revolver, contain covenants that restrict the Company's ability to incur additional indebtedness, pay dividends on the Company's capital stock, make other restricted payments, including investments, sell the Company's assets, incur liens, transfer all or substantially all of the Company's assets and enter into consolidations or mergers. The Company's debt agreements also require the Company to meet certain financial covenants, including a minimum fixed charge coverage ratio. The Revolver also contains borrowing base requirements related to accounts receivable and inventories. These financial requirements and ratios generally become more restrictive over time and are subject to allowances for seasonal fluctuations. The most restrictive financial covenant in the debt agreements is the fixed charge coverage ratio within the Master Reimbursement Agreement with General Electric Commercial Finance, which relates to the Secured Industrial Revenue Development Bonds. In connection with the Company's decision to adopt the LIFO method of inventory accounting, effective December 30, 2007, the Company executed amendments to its debt agreements, which enable the Company to compute its financial covenants as if the Company were on the FIFO method of inventory accounting. The Company was in compliance with all such financial covenants as of March 31, 2014. | |||||
The Company's debt agreements limit the payment of dividends and other distributions. There is an annual total distribution limitation of $50,000, less aggregate annual dividend payments totaling $23,000 that the Company presently pays on two outstanding classes of preferred stock. | |||||
The Company has four outstanding Industrial Revenue Development Bonds (“IRBs”), totaling $22.6 million that are secured by direct pay letters of credit. The interest rates shown for these IRBs in the table above reflect the costs of the direct pay letters of credit and amortization of other related costs of those IRBs. A Master Reimbursement Agreement with General Electric Commercial Finance, which provides for the direct pay letters of credit, expires in July 2016. In 2013, the Company reached an agreement to extend the term of its $5.1 million Wayne County Industrial Revenue Development Bonds included in the IRBs from June 1, 2012 to June 1, 2017. | |||||
The carrying value of assets pledged for secured debt, including the Revolver, is $650.2 million. | |||||
Debt repayment requirements for the next five fiscal years are (in thousands): | |||||
Years ending March 31: | |||||
2015 | $ | 2,277 | |||
2016 | 2,530 | ||||
2017 | 177,667 | ||||
2018 | 7,904 | ||||
2019 | 3,034 | ||||
Thereafter | 25,104 | ||||
Total | $ | 218,516 |
Operating_Leases
Operating Leases | 12 Months Ended | ||
Mar. 31, 2014 | |||
Leases, Operating [Abstract] | ' | ||
Operating Leases Of Lessor Disclosure Text Block | ' | ||
6. Leases | |||
The Company had no capital leases as of March 31, 2014 and 2013. The Company has operating leases expiring at various dates through 2025. Operating leases generally provide for early purchase options one year prior to expiration. | |||
The following is a schedule, by year, of minimum operating lease payments due as of March 31, 2014 (in thousands): | |||
Years ending March 31: | |||
2015 | $ | 36,759 | |
2016 | 32,801 | ||
2017 | 28,431 | ||
2018 | 24,221 | ||
2019 | 19,315 | ||
2020-2025 | 33,647 | ||
Total minimum payment required | $ | 175,174 | |
Lease expense in fiscal 2014, 2013 and 2012 was $43.9 million, $38.1 million and $38.3 million, respectively. | |||
Income_Tax_Disclosure
Income Tax Disclosure | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Tax Disclosure Text Block | ' | |||||||
7. Income Taxes | ||||||||
The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows: | ||||||||
2014 | 2013 | 2012 | ||||||
(In thousands) | ||||||||
Current: | ||||||||
Federal | $ | 7,238 | $ | 21,356 | $ | 4,193 | ||
State | 123 | 3,629 | 704 | |||||
7,361 | 24,985 | 4,897 | ||||||
Deferred: | ||||||||
Federal | -3,231 | -2,770 | 1,430 | |||||
State | -567 | -180 | -62 | |||||
-3,798 | -2,950 | 1,368 | ||||||
Total income taxes | $ | 3,563 | $ | 22,035 | $ | 6,265 | ||
A reconciliation of the expected U.S. statutory rate to the effective rate follows: | ||||||||
2014 | 2013 | 2012 | ||||||
Computed (expected tax rate) | 35 | % | 35 | % | 35 | % | ||
State income taxes (net of federal tax benefit) | 3.4 | 3.8 | 4.5 | |||||
State tax credits | -1.6 | -0.8 | -2.8 | |||||
Federal credits | -3.6 | -0.2 | -0.6 | |||||
Manufacturer’s deduction | -4.6 | -3.4 | -5.1 | |||||
(Reversal of) addition to uncertain tax positions | -0.8 | 0.2 | 0.4 | |||||
State VDA/Nexus Changes | -1.7 | 0 | 0 | |||||
Other permanent differences not deductible | 0.5 | 0.1 | 0.7 | |||||
Change in valuation allowance | -2.1 | 0 | 0 | |||||
Tax effect of pension contribution | 0.4 | 0 | 2.2 | |||||
Other | -4.4 | 0 | 1.5 | |||||
Effective income tax rate | 20.5 | % | 34.7 | % | 35.8 | % | ||
The effective tax rate was 20.5% in 2014 and 34.7% in 2013. Of the 14.2 percentage point decrease in the effective tax rate for the year, the major contributors to this decrease are the following items, 1) with lower pre-tax earnings due in part to a large LIFO charge versus a credit in the prior year, the permanent items have a larger impact on the effective rate, 2) the manufacturers deduction is a higher percentage of current year earnings than the prior year, 3) the reversal of certain tax reserves related to New York State investment tax credit and 4) work opportunity credit, research and experimentation credit and fuel tax credit and miscellaneous permanent items. | ||||||||
The following is a summary of the significant components of the Company's deferred income tax assets and liabilities as of March 31: | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Deferred income tax assets: | ||||||||
Future tax credits | $ | 3,042 | $ | 2,808 | ||||
Inventory valuation | 3,353 | 2,893 | ||||||
Employee benefits | 2,884 | 2,742 | ||||||
Insurance | 1,244 | 3,422 | ||||||
Other comprehensive loss | 7,194 | 14,416 | ||||||
Interest | 138 | 118 | ||||||
Deferred gain on sale/leaseback | 26 | 54 | ||||||
Prepaid revenue | 1,118 | 1,619 | ||||||
Other | 859 | 232 | ||||||
Severance | 87 | 237 | ||||||
19,945 | 28,541 | |||||||
Deferred income tax liabilities: | ||||||||
Property basis and depreciation difference | 10,757 | 13,274 | ||||||
Pension | 725 | 3,012 | ||||||
11,482 | 16,286 | |||||||
Valuation allowance - non-current | 390 | 758 | ||||||
Net deferred income tax asset | $ | 8,073 | $ | 11,497 | ||||
Net current deferred income tax assets of $8.4 million and $9.4 million as of March 31, 2014 and 2013, respectively, are recognized in the Consolidated Balance Sheets. Also recognized are net non-current deferred income tax liabilities of $0.3 million as of March 31, 2014 and net non-current deferred income tax assets of $2.1 million as of March 31, 2013. | ||||||||
The Company has State tax credit carryforwards amounting to $1.4 million (California, net of Federal impact), $0.8 million (New York, net of Federal impact), and $0.8 million (Wisconsin, net of Federal impact), which are available to reduce future taxes payable in each respective state through 2022 (Wisconsin), through 2029 (New York), and through 2024 (California). The Company has performed the required assessment regarding the realization of deferred tax assets and at March 31, 2014, the Company has recorded a valuation allowance amounting to $0.4 million, which relates primarily to tax credit carryforwards which management has concluded it is more likely than not will not be realized in the ordinary course of operations. Although realization is not assured, management has concluded that it is more likely than not that the deferred tax assets for which a valuation allowance was determined to be unnecessary will be realized in the ordinary course of operations. The amount of net deferred tax assets considered realizable, however, could be reduced if actual future income or income taxes rates are lower than estimated or if there are differences in the timing or amount of future reversals of existing taxable or deductible temporary differences. | ||||||||
Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company classifies the liability for uncertain tax positions in other accrued expenses or other long-term liabilities depending on their expected settlement. The change in the liability for the years ended March 31, 2014 and 2013 consists of the following: | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Beginning balance | $ | 2,470 | $ | 2,350 | ||||
Tax positions related to current year: | ||||||||
Additions | 46 | 176 | ||||||
Tax positions related to prior years: | ||||||||
Additions | - | 70 | ||||||
Reductions | -181 | -45 | ||||||
Settlements | - | -81 | ||||||
Lapses in statues of limitations | -62 | - | ||||||
Balance as of March 31, | $ | 2,273 | $ | 2,470 | ||||
Included in the balances at March 31, 2014 and 2013 are $1.9 million and $1.9 million, respectively, of tax positions that are highly certain but for which there is uncertainty about the timing. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of these positions would not impact the annual effective tax rate but would accelerate the payment of cash to the tax authority to an earlier period. | ||||||||
The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. During the years ended March 31, 2014 and 2013, the Company recognized approximately $0.0 million increase and $0.1 million decrease, respectively, in interest and penalties. As of March 31, 2014 and 2013, the Company had approximately $0.2 million and $0.2 million, respectively, of interest and penalties accrued associated with unrecognized tax benefits. | ||||||||
Although management believes that an adequate provision has been made for uncertain tax positions, there is the possibility that the ultimate resolution could have an adverse effect on the earnings of the Company. Conversely, if resolved favorably in the future, the related provisions would be reduced, thus having a positive impact on earnings. It is anticipated that audit settlements will be reached during 2015 with a state taxing authority that could have an impact on earnings. Due to the uncertainty of amounts and in accordance with its accounting policies, the Company has not recorded any potential impact of these settlements. | ||||||||
The federal income tax returns for years after March 31, 2010 are subject to examination. | ||||||||
Stockholders_Equity_Note
Stockholders Equity Note | 12 Months Ended |
Mar. 31, 2014 | |
Stockholders Equity Note [Abstract] | ' |
Stockholders Equity Note Disclosure Text Block | ' |
8. Stockholders' Equity | |
Preferred Stock — The Company has authorized three classes of preferred stock consisting of 200,000 shares of Six Percent (6%) Voting Cumulative Preferred Stock, par value $0.25 (“6% Preferred”); 30,000 shares of Preferred Stock Without Par Value to be issued in series by the Board of Directors, none of which are currently designated or outstanding; and 8,200,000 shares of Preferred Stock with $.025 par value, Class A, to be issued in series by the Board of Directors (“Class A Preferred”). The Board of Directors has designated four series of Class A Preferred including 10% Cumulative Convertible Voting Preferred Stock—Series A (“Series A Preferred”); 10% Cumulative Convertible Voting Preferred Stock—Series B (“Series B Preferred”); Convertible Participating Preferred Stock; and Convertible Participating Preferred Stock, Series 2003. A fifth series of Class A Preferred designated Convertible Participating Preferred Stock, Series 2006, was issued as part of consideration of the purchase price in the Signature Fruit acquisition and was converted to Class A Common Stock in May 2010. | |
The Convertible Participating Preferred Stock and Convertible Participating Preferred Stock, Series 2003 are convertible at the holders' option on a one-for-one basis into shares of Class A Common Stock, subject to antidilution adjustments. These series of preferred stock have the right to receive dividends and distributions at a rate equal to the amount of any dividends and distributions declared or made on the Class A Common Stock. No dividends were declared or paid on this preferred stock in fiscal 2014, 2013 or 2012. In addition, these series of preferred stock have certain distribution rights upon liquidation. Upon conversion, shares of these series of preferred stock become authorized but unissued shares of Class A Preferred and may be reissued as part of another series of Class A Preferred. As of March 31, 2014, the Company has an aggregate of 6,451,309 shares of non-designated Class A Preferred authorized for issuance. | |
The Convertible Participating Preferred Stock has a liquidation preference of $12 per share and a stated value of $11.931 per share. There were 90,901 shares outstanding as of March 31, 2014 after conversions of 1,061 shares into Class A common Stock during the year. The Convertible Participating Preferred Stock, Series 2003 was issued as partial consideration of the purchase price in the Chiquita Processed Foods acquisition. The 967,742 shares issued in that 2003 acquisition were valued at $16.60 per share which represented the then market value of the Class A Common Stock into which the preferred shares were immediately convertible. This series has a liquidation preference of $15.50 per share and has 257,790 shares outstanding as of March 31, 2014 after conversion of 5,000 shares into Class A common Stock during the year. The Convertible Participating Preferred Stock, Series 2006 was issued as partial consideration of the purchase price in the Signature Fruit acquisition. The 1,025,220 shares issued in that acquisition were valued at $24.385 per share which represented the then market value of the Class A Common Stock into which the preferred shares were immediately convertible. All 1,025,220 shares were converted into Class A Common Stock in May 2010. | |
There are 407,240 shares of Series A Preferred outstanding as of March 31, 2014 which are convertible into one share of Class A Common Stock and one share of Class B Common stock for every 20 shares of Series A Preferred. There are 400,000 shares of Series B Preferred outstanding as of March 31, 2014 which are convertible into one share of Class A Common Stock and one share of Class B Common Stock for every 30 shares of Series B preferred. There are 200,000 shares of 6% Preferred outstanding as of March 31, 2014 which are callable at their par value at any time at the option of the Company. The Company paid dividends of $20,000 on the Series A and Series B Preferred and $3,000 on the 6% Preferred during each of fiscal 2014, 2013 and 2012. | |
Common Stock — The Class A Common Stock and the Class B Common Stock have substantially identical rights with respect to any dividends or distributions of cash or property declared on shares of common stock, and rank equally as to the right to receive proceeds on liquidation or dissolution of the Company after payment of the Company's indebtedness and liquidation right to the holders of preferred shares. However, holders of Class B Common Stock retain a full vote per share, whereas the holders of Class A Common Stock have voting rights of 1/20th of one vote per share on all matters as to which shareholders of the Company are entitled to vote. During 2014, there were 108 shares, or $4,000 of Class B Common Stock issued in lieu of cash compensation under the Company's Profit Sharing Bonus Plan. | |
Unissued shares of common stock reserved for conversion privileges of designated non-participating preferred stock were 33,695 of both Class A and Class B as of March 31, 2014 and 2013. Additionally, there were 348,691 and 354,752 shares of Class A reserved for conversion of the Participating Preferred Stock as of March 31, 2014 and 2013, respectively. | |
Treasury Stock — During 2014, the Company repurchased $0.7 million or 20,186 shares of its Class A Common Stock. As of March 31, 2014, there is a total of $4.0 million or 150,710 shares of repurchased stock. These shares are not considered outstanding. The Company contributed $2.0 million or 66,756 treasury shares for the 401 (k) match described in Note 9 Retirement Plans. In addition, on August 30, 2012 the Company repurchased 864,334 shares of Class A Common Stock in a Board approved transaction outside of the Company's share repurchase program for $25.9 million. All shares were repurchased as Treasury Stock and are not considered outstanding. |
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ' | |||||||||||
Pension And Other Postretirement Benefits Disclosure Text Block | ' | |||||||||||
9. Retirement Plans | ||||||||||||
The Company has a noncontributory defined benefit pension plan (the “Plan”) covering all employees who meet certain age-entry requirements and work a stated minimum number of hours per year. Annual contributions are made to the Plan sufficient to satisfy legal funding requirements. | ||||||||||||
The following tables provide a reconciliation of the changes in the Plan's benefit obligation and fair value of plan assets over the two-year period ended March 31, 2014 and a statement of the unfunded status as of March 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Change in Benefit Obligation | ||||||||||||
Benefit obligation at beginning of year | $ | 163,531 | $ | 140,570 | ||||||||
Service cost | 7,752 | 6,988 | ||||||||||
Interest cost | 7,592 | 7,265 | ||||||||||
Actuarial (gain) loss | -3,109 | 13,828 | ||||||||||
Benefit payments and expenses | -5,288 | -5,120 | ||||||||||
Benefit obligation at end of year | $ | 170,478 | $ | 163,531 | ||||||||
Change in Plan Assets | ||||||||||||
Fair value of plan assets at beginning of year | $ | 135,016 | $ | 116,798 | ||||||||
Actual gain on plan assets | 22,922 | 20,338 | ||||||||||
Employer contributions | 2,000 | 3,000 | ||||||||||
Benefit payments and expenses | -5,288 | -5,120 | ||||||||||
Fair value of plan assets at end of year | $ | 154,650 | $ | 135,016 | ||||||||
Unfunded Status | $ | -15,828 | $ | -28,515 | ||||||||
The unfunded status decreased by $12.7 million during 2014 reflecting the actual fair value of plan assets as of March 31, 2014 and the current unfunded liability based on the projected benefit obligation, which increased from $163.5 million to $170.5 million. This unfunded status decrease was recognized via the actual gain on plan assets and the decrease in accumulated other comprehensive income of $11.3 million after the income tax benefit of $7.2 million. Plan assets increased from $135.0 million as of March 31, 2013 to $154.7 million as of March 31, 2014 due to a continued recovery in market conditions and the $2.0 million contribution by the Company. The Company made this contribution to maintain our funding status at an acceptable level. The unfunded liability is reflected in other liabilities in the Consolidated Balance Sheets. | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Amounts Recognized in Accumulated Other | ||||||||||||
Comprehensive Pre-Tax Loss | ||||||||||||
Net loss | $ | -18,094 | $ | -36,622 | ||||||||
Accumulated other comprehensive pre-tax loss | $ | -18,094 | $ | -36,622 | ||||||||
Pension and | ||||||||||||
post retirement plan | ||||||||||||
adjustments, net | ||||||||||||
of tax | ||||||||||||
(In thousands) | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Balance at March 31, 2013 | $ | -22,548 | ||||||||||
Other comprehensive gain before reclassifications | 11,296 | |||||||||||
Reclassified from accumulated other comprehensive loss | 0 | |||||||||||
Net current period other comprehensive gain | 11,296 | |||||||||||
Balance at March 31, 2014 | $ | -11,252 | ||||||||||
The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2014, 2013, and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Service cost | $ | 7,752 | $ | 6,988 | $ | 5,424 | ||||||
Interest cost | 7,592 | 7,265 | 6,837 | |||||||||
Expected return on plan assets | -9,938 | -8,603 | -8,140 | |||||||||
Amortization of net loss | 2,434 | 3,190 | 1,350 | |||||||||
Amortization of transition asset | 0 | 0 | -227 | |||||||||
Net periodic benefit cost | $ | 7,840 | $ | 8,840 | $ | 5,244 | ||||||
The Plan's accumulated benefit obligation was $152.2 million at March 31, 2014, and $146.2 million at March 31, 2013. | ||||||||||||
Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants. | ||||||||||||
The assumptions used to measure the Company's benefit obligation and pension expense are shown in the following table: | ||||||||||||
2014 | 2013 | |||||||||||
Discount rate - benefit obligation | 4.85 | % | 4.7 | % | ||||||||
Discount rate - pension expense | 4.7 | % | 5.1 | % | ||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | ||||||||
Rate of compensation increase | 3 | % | 3 | % | ||||||||
The Company's plan assets consist of the following: | ||||||||||||
Target | Percentage of Plan | |||||||||||
Allocation | Assets at March 31, | |||||||||||
2015 | 2014 | 2013 | ||||||||||
Plan Assets | ||||||||||||
Equity securities | 99 | % | 99 | % | 99 | % | ||||||
Debt securities | 0 | 0 | 0 | |||||||||
Real estate | 0 | 0 | 0 | |||||||||
Cash | 1 | 1 | 1 | |||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
All securities, which are valued at fair market value, are considered to be level 1 due to their public active market. | ||||||||||||
Expected Return on Plan Assets | ||||||||||||
The expected long-term rate of return on Plan assets is 7.50%. The Company expects 7.50% to fall within the 40-to-50 percentile range of returns on investment portfolios with asset diversification similar to that of the Plan's target asset allocation. | ||||||||||||
Investment Policy and Strategy | ||||||||||||
The Company maintains an investment policy designed to achieve a long-term rate of return, including investment income through dividends and equity appreciation, sufficient to meet the actuarial requirements of the Plan. The Company seeks to accomplish its return objectives by prudently investing in a diversified portfolio of public company equities with broad industry representation seeking to provide long-term growth consistent with the performance of relevant market indices, as well as maintain an adequate level of liquidity for pension distributions as they fall due. The strategy of being fully invested in equities has historically provided greater rates of return over extended periods of time. The Company's gain on plan assets during 2014 was 17.0% as compared to the S&P 500 unaudited gain (including dividends) of 22.8%. Plan assets include Company common stock with a fair market value of $11.6 million as of March 31, 2014 and $11.6 million as of March 31, 2013. | ||||||||||||
Cash Flows | ||||||||||||
Expected contributions for fiscal year ending March 31, 2015 (in thousands): | ||||||||||||
Expected Employer Contributions | $ | 0 | ||||||||||
Expected Employee Contributions | 0 | |||||||||||
Estimated future benefit payments reflecting expected future | ||||||||||||
service for the fiscal years ending March 31 (in thousands): | ||||||||||||
2015 | $ | 5,860 | ||||||||||
2016 | 6,145 | |||||||||||
2017 | 6,644 | |||||||||||
2018 | 7,255 | |||||||||||
2019 | 7,936 | |||||||||||
2020-2023 | 50,277 | |||||||||||
The Company also has employees' savings 401(k) plans covering all employees who meet certain age-entry requirements and work a stated minimum number of hours per year. Participants may make contributions up to the legal limit. The Company's matching contributions are discretionary. Costs charged to operations for the Company's matching contributions amounted to $2.3 million, $1.7 million, and $1.4 million, in fiscal 2014, 2013, and 2012, respectively. In fiscal 2014, the matching contribution included $2.0 million of treasury stock and $0.1 million of cash match. The stock portion of the matching contribution is valued at current market value while the treasury stock is valued at cost. | ||||||||||||
Multi-employer Plan | ||||||||||||
The Company contributes to the Teamsters California State Council of Cannery and Food Processing Unions, International Brotherhood of Teamsters Pension Fund (Western Conference of Teamsters Pension Plan# 91-6145047/001) ("Teamsters Plan") under the terms of a collective-bargaining agreement with some of its Modesto, California employees. The term of the current collective bargaining agreement is June 1, 2012 through June 30, 2015. | ||||||||||||
For the fiscal years ended March 31, 2014 and March 31, 2013 contributions to the Teamsters Plan were $2.4 million and $2.4 million, respectively. The contributions to this plan are paid monthly based upon the number of hours worked by covered employees. They represent less than 5% of the total contributions received by this plan during the most recent plan year. | ||||||||||||
The risks of participating in multi-employer plans are different from single-employer plans in the following aspects: (a) assets contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, (b) if a participating employer stops contributing to the multi-employer plan, the unfunded obligations of the plan may be borne by the remaining participating employers and (c) if the Company chooses to stop participating in the plan, the Company may be required to pay a withdrawal liability based on the underfunded status of the plan. | ||||||||||||
The Teamsters Plan received a Pension Protection Act “green” zone status for the plan year ended January 1, 2014. The zone status is based on information the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the green zone are at least 80 percent funded. | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Fair Value Disclosures Text Block | ' | ||||||||
10. Fair Value of Financial Instruments | |||||||||
The carrying amount and estimated fair values of the Company's debt are summarized as follows: | |||||||||
2014 | 2013 | ||||||||
Carrying | Estimated | Carrying | Estimated | ||||||
Amount | Fair Value | Amount | Fair Value | ||||||
(In thousands) | |||||||||
Long-term debt, including | |||||||||
current portion | $ | 218,516 | $ | 219,981 | $ | 270,186 | $ | 273,567 | |
The estimated fair value for long-term debt is determined by the quoted market prices for similar debt (comparable to the Company's financial strength) or current rates offered to the Company for debt with the same maturities which is Level 2 from the fair value hierarchy. Since quoted prices for identical instruments in active markets are not available (Level 1), the Company makes use of observable market based inputs to calculate fair value, which is Level 2. |
Inventories
Inventories | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Inventories: | ' | ||||||
Inventory Disclosure [Text Block] | ' | ||||||
11. Inventories | |||||||
Effective December 30, 2007 (beginning of 4th quarter of Fiscal Year 2008), the Company changed its inventory valuation method from the lower of cost, determined under the FIFO method, or market to the lower of cost, determined under the LIFO method, or market. In the high inflation environment that the Company was experiencing, the Company believed that the LIFO inventory method was preferable over the FIFO method because it better compares the cost of current production to current revenue. The effect of LIFO was to reduce net earnings by $13.2 million in 2014, increase net earnings by $2.7 million in 2013 and reduce net earnings by $30.8 million in 2012, compared to what would have been reported using the FIFO inventory method. The reduction in earnings per share was $1.19 ($1.19 diluted) in 2014, increase in earnings per share was $0.24 ($0.24 diluted) in 2013, and the reduction in earnings per share was $2.53 ($2.52 diluted) in 2012. During 2014 and 2012, certain inventory quantities accounted for on the LIFO method were reduced, resulting in the liquidation of certain quantities carried at costs prevailing in prior years. The impact on net earnings of these liquidations was an increase of $4.8 million and $2.9 million during 2014 and 2012, respectively. The inventories by category and the impact of using the LIFO method are shown in the following table: | |||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Finished products | $ | 418,368 | $ | 445,278 | $ | 406,164 | |
In process | 16,056 | 18,107 | 24,451 | ||||
Raw materials and supplies | 170,210 | 149,359 | 139,045 | ||||
604,634 | 612,744 | 569,660 | |||||
Less excess of FIFO cost over LIFO cost | 153,384 | 133,014 | 137,227 | ||||
Total inventories | $ | 451,250 | $ | 479,730 | $ | 432,433 |
Other_Income_And_Expenses
Other Income And Expenses | 12 Months Ended |
Mar. 31, 2014 | |
Other Income and Expenses [Abstract] | ' |
Other Income and Other Expense Disclosure [Text Block] | ' |
12. Other Operating Income and Expense | |
Other operating income in 2014 included a gain of $2.9 million from a break-up fee earned as a result of the Company being named the stalking horse bidder in an attempt to acquire substantially all the operating assets of Allens, Inc. in a bankruptcy court supervised auction, a gain of $0.7 million from the sale of two aircraft and a gain of $0.1 million as a result of adjustments related to the purchase of the Sunnyside facility. The company also recorded a loss of $0.5 million on the disposal of a warehouse located in Sunnyside, Washington and a net gain of $0.2 million from the sale of other fixed assets. | |
Other operating income in 2013 included a gain of $1.9 million as a result of the estimated fair market value of the net assets acquired exceeding the purchase price of Sunnyside (see Note 2, Acquisitions). The Company also recorded a gain of $0.3 million from the sale of property located in Cambria, Wisconsin and a net loss of $0.3 million on the disposal of certain other fixed assets. | |
Other operating income in 2012 included a gain of $0.7 million from the sale of property located in LeSueur, MN and a gain of $0.1 million from the sale of other property. | |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
13. Segment Information | |||||||||
The Company manages its business on the basis of two reportable segments — the primary segment is the packaging and sale of fruits and vegetables and secondarily, the packaging and sale of snack products. The Company markets its product almost entirely in the United States. Export sales represented 9.2%, 9.8%, and 9.4% of total sales in 2014, 2013, and 2012, respectively. In 2014, 2013, and 2012, the sale of Green Giant vegetables accounted for 13%, 13%, and 13% of net sales, respectively. “Other” in the table below represents activity related to can sales, trucking, seed sales, and flight operations. | |||||||||
Fruit and | |||||||||
Vegetable | Snack | Other | Total | ||||||
(In thousands) | |||||||||
2014:00:00 | |||||||||
Net sales | $ | 1,302,857 | $ | 11,496 | $ | 25,855 | $ | 1,340,208 | |
Operating income | 21,063 | 872 | 1,669 | 23,604 | |||||
Interest expense, net | 6,113 | 27 | 122 | 6,262 | |||||
Income tax expense | 3,118 | 189 | 256 | 3,563 | |||||
Identifiable assets | 761,078 | 3,770 | 4,005 | 768,853 | |||||
Capital expenditures | 17,339 | 0 | 2,109 | 19,448 | |||||
Depreciation and amortization | 21,842 | 394 | 1,045 | 23,281 | |||||
2013:00:00 | |||||||||
Net sales | $ | 1,243,107 | $ | 11,357 | $ | 21,833 | $ | 1,276,297 | |
Operating income | 70,313 | 174 | 447 | 70,934 | |||||
Interest expense, net | 7,319 | 35 | 132 | 7,486 | |||||
Income tax expense | 21,831 | 53 | 151 | 22,035 | |||||
Identifiable assets | 791,643 | 4,038 | 2,775 | 798,456 | |||||
Capital expenditures | 16,125 | 0 | 246 | 16,371 | |||||
Depreciation and amortization | 22,146 | 404 | 701 | 23,251 | |||||
2012:00:00 | |||||||||
Net sales | $ | 1,226,408 | $ | 11,730 | $ | 19,667 | $ | 1,257,805 | |
Operating income (loss) | 25,955 | -714 | 382 | 25,623 | |||||
Interest expense, net | 7,929 | 47 | 126 | 8,102 | |||||
Income tax expense (benefit) | 6,398 | -247 | 114 | 6,265 | |||||
Identifiable assets | 730,147 | 4,739 | 3,150 | 738,036 | |||||
Capital expenditures | 25,636 | 22 | 1,767 | 27,425 | |||||
Depreciation and amortization | 21,780 | 475 | 436 | 22,691 | |||||
The fruit and vegetable segment, consisting of GMOL, canned fruit and vegetables and frozen products, represented 99%, 99% and 99% of assets and 93%, 101% and 107% of pre-tax earnings in 2014, 2013 and 2012, respectively. | |||||||||
Classes of similar products/services: | 2014 | 2013 | 2012 | ||||||
(In thousands) | |||||||||
Net Sales: | |||||||||
GMOL * | $ | 177,881 | $ | 165,684 | $ | 166,231 | |||
Canned vegetables | 753,318 | 746,892 | 743,123 | ||||||
Frozen * | 107,109 | 84,935 | 96,870 | ||||||
Fruit | 264,549 | 245,596 | 220,184 | ||||||
Snack | 11,496 | 11,357 | 11,730 | ||||||
Other | 25,855 | 21,833 | 19,667 | ||||||
Total | $ | 1,340,208 | $ | 1,276,297 | $ | 1,257,805 | |||
* GMOL includes frozen vegetables exclusively for GMOL. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Mar. 31, 2014 | |
Legal Proceedings [Abstract] | ' |
Commitments And Contingencies Disclosure Text Block | ' |
14. Legal Proceedings and Other Contingencies | |
In the ordinary course of its business, the Company is made a party to certain legal proceedings seeking monetary damages, including proceedings involving product liability claims, workers' compensation along with other employee claims, tort and other general liability claims, for which it carries insurance, as well as patent infringement and related litigation. The Company is in a highly regulated industry and is also periodically involved in government actions for regulatory violations and other matters surrounding the manufacturing of its products, including, but not limited to, environmental, employee, and product safety issues. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company does not believe that an adverse decision in any of these legal proceedings would have a material adverse impact on its financial position, results of operations, or cash flows. | |
In June 2010, the Company received a Notice of Violation of the California Safe Drinking Water and Toxic Enforcement Act of 1986, commonly known as Proposition 65, from the Environmental Law Foundation ("ELF"). This notice was made to the California Attorney General and various other government officials, and to 49 companies including Seneca Foods Corporation whom ELF alleges manufactured, distributed or sold packaged peaches, pears, fruit cocktail and fruit juice that contain lead without providing a clear and reasonable warning to consumers. Under California law, proper notice must be made to the State and involved firms at least 60 days before any suit under Proposition 65 may be filed by private litigants like ELF. That 60-day period has expired and to date neither the California Attorney General nor any appropriate district attorney or city attorney has initiated an action against the Company. However, private litigant ELF filed an action against the Company and 27 other named companies on September 28, 2011, in Superior Court of Alameda County, California, alleging violations of Proposition 65 and seeking various measures of relief, including injunctive and declaratory relief and civil penalties. The Company, along with the other named companies, vigorously defended the claim. A responsive answer was filed, the discovery process was completed and a trial on liability was held beginning in April of 2013 in accordance with court schedules. The trial was completed on May 16, 2013 and, on July 15, 2013 the judge issued a tentative and proposed statement of decision agreeing with the Company, and the other defendants, that the “safe harbor” defense had been met under the regulations relating to Proposition 65 and the Company will not be required to place a Proposition 65 warning label on the products at issue in the case. The trial decision was finalized and the decision was appealed by ELF with a filing dated October 3, 2013. The appeal is progressing in accordance with the schedule set by the California Court of Appeal, First Appellate District, Division One. The Company is unable to determine the scope or the likelihood of success of the appeal. The Company, along with other defendants are planning on vigorously defending the appeal filed by ELF. With the successful defense of the case, the remedies portion of the case was not litigated. So far, our portion of legal fees in defense of this action have been sizable, as would be expected with litigation resulting in trial, and the appeal, but have not had a material adverse impact on the Company's financial position, results of operations, or cash flows. Additionally, in the ordinary course of its business, the Company is made party to certain legal proceedings seeking monetary damages, including proceedings invoking product liability claims, either directly or through indemnification obligations, and we are not able to predict the probability of the outcome or estimate of loss, if any, related to any such matter. | |
Restructuring_And_Related_Acti
Restructuring And Related Activities | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||
Restructuring And Related Activities Disclosure Text Block | ' | ||||||||
15. Plant Restructuring | |||||||||
During 2013, the Company implemented a product rationalization program and recorded a restructuring charge of $3.5 million for related equipment costs (contra fixed assets), lease impairment costs (net of realizable value), and certain inventory costs. During 2014, the Company adjusted the costs of the product rationalization program, started in 2013, by $0.5 million, mostly related to equipment costs. These charges are included under Plant Restructuring in the Consolidated Statements of Net Earnings. | |||||||||
During 2012, there were no material adjustments to Plant Restructuring. | |||||||||
The following table summarizes the restructuring and related asset impairment charges recorded and the accruals established during 2012, 2013 and 2014: | |||||||||
Long-Lived | |||||||||
Asset | Other | ||||||||
Severance | Charges | Costs | Total | ||||||
(In thousands) | |||||||||
Balance March 31, 2011 | $ | 456 | $ | 0 | $ | 520 | $ | 976 | |
First-quarter charge to expense | 54 | 0 | 0 | 54 | |||||
Second-quarter (credit) charge to expense | -19 | 0 | 4 | -15 | |||||
Cash payments/write offs | -454 | 0 | -524 | -978 | |||||
Balance March 31, 2012 | 37 | 0 | 0 | 37 | |||||
Third-quarter charge to expense | 0 | 1,107 | 1,403 | 2,510 | |||||
Fourth-quarter charge to expense | 0 | 109 | 878 | 987 | |||||
Cash payments/write offs | -17 | -42 | -1,974 | -2,033 | |||||
Balance March 31, 2013 | 20 | 1,174 | 307 | 1,501 | |||||
First-quarter charge to expense | 0 | 0 | 154 | 154 | |||||
Second-quarter charge to expense | 0 | 341 | 6 | 347 | |||||
Cash payments/write offs | -10 | -1,515 | -467 | -1,992 | |||||
Balance March 31, 2014 | $ | 10 | $ | 0 | $ | 0 | $ | 10 | |
Certain_Transactions
Certain Transactions | 12 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Certain Transactions Disclosure [Text Block] | ' |
16. Certain Transactions | |
A small percentage (less than 1% in fiscal 2014, 2013 and 2012) of vegetables supplied to the Company's New York packaging plants are grown by a director of Seneca Foods Corporation, which supplied the Company approximately $1.1 million, $1.2 million, and $0.8 million pursuant to a raw vegetable grower contract in fiscal 2014, 2013 and 2012, respectively. The Chairman of the Audit Committee reviewed the relationship and determined that the contract was negotiated at arm's length and on no more favorable terms than to other growers in the marketplace. | |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Event [Abstract] | ' |
Subsequent Events [Text Block] | ' |
17. Subsequent Event | |
Subsequent to March 31, 2014, the Company purchased a 50% equity interest in Truitt Bros. Inc. ("Truitt"). The purchase agreement grants the Company the right to acquire the remaining 50% ownership of Truitt in the future under certain conditions. Truitt is known for its industry innovation related to packing shelf stable foods in trays, pouches and bowls. Truitt has two state-of-the-art plants located in Oregon and Kentucky. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Nature Of Operations [PolicyText Block] | ' |
Nature of Operations — Seneca Foods Corporation and subsidiaries (the “Company”) conducts its business almost entirely in food packaging, operating 24 plants and 30 warehouses in eight states. The Company markets private label and branded packaged foods to retailers and institutional food distributors. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation — The consolidated financial statements include the accounts for the parent company and all of its wholly-owned subsidiaries after elimination of intercompany transactions, profits, and balances. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Value of Financial Instruments — The fair values of cash and cash equivalents (Level 1), accounts receivable, loan receivable, short-term debt (Level 2) and accounts payable approximate cost because of the immediate or short-term maturity of these financial instruments. See Note 10, Fair Value of Financial Instruments, for a discussion of the fair value of long-term debt. | |
The three-tier value hierarchy is utilized to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobserved inputs (Level 3). The three levels are defined as follows: | |
Level 1- Quoted prices for identical instruments in active markets. | |
Level 2- Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable. | |
Level 3- Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable | |
Deferred Charges, Policy [Policy Text Block] | ' |
Deferred Financing Costs — Deferred financing costs incurred in obtaining debt are amortized on a straight-line basis over the term of the debt, which is not materially different than using the effective interest rate method. As of March 31, 2014, there were $0.8 million of deferred financing costs included in other assets on the Consolidated Balance Sheets | |
Inventory, Policy [Policy Text Block] | ' |
Inventories — Substantially all inventories are stated at the lower of cost; determined under the last-in, first-out (“LIFO”) method; or market | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes — The provision for income taxes includes federal and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities and tax credit carryforwards. The Company uses the flow-through method to account for its investment tax credits. | |
The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company's forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. | |
Shipping and Handling Cost, Policy [Policy Text Block] | ' |
Shipping and Handling Costs — The Company includes all shipping and handling costs billed to customers in net sales and the corresponding costs in cost of products sold | |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | ' |
Advertising Costs — Advertising costs are expensed as incurred. Advertising costs charged to operations were $1.5 million and $1.4 million in 2014 and 2013, respectively. | |
Receivables, Policy [Policy Text Block] | ' |
Accounts Receivable and Doubtful Accounts — Accounts receivable is stated at invoice value, which is net of any off invoice promotions. A provision for doubtful accounts is recorded based upon an assessment of credit risk within the accounts receivable portfolio, experience of delinquencies (accounts over 15 days past due) and charge-offs (accounts removed from accounts receivable for expectation of non-payment), and current market conditions. Management believes these provisions are adequate based upon the relevant information presently available | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings per Common Share — The Company has three series of convertible preferred stock, which are deemed to be participating securities that are entitled to participate in any dividend on Class A common stock as if the preferred stock had been converted into common stock immediately prior to the record date for such dividend. Basic earnings per share for common stock is calculated using the “two-class” method by dividing the earnings attributable to common stockholders by the weighted average of common shares outstanding during the period. Restricted stock is included in all earnings per share calculations. | |
Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. | |
Depreciation and Valuation [Policy Text Block] | ' |
Depreciation and Valuation — Property, plant, and equipment are stated at cost. Interest incurred during the construction of major projects is capitalized. For financial reporting, the Company provides for depreciation on the straight-line method at rates based upon the estimated useful lives of the various assets. Depreciation was $22.9 million, $22.8 million, and $22.2 million in 2014, 2013, and 2012, respectively. The estimated useful lives are as follows: buildings and improvements — 30 years; machinery and equipment — 10-15 years; computer software — 3-5 years; vehicles — 3-7 years; and land improvements — 10-20 years. The Company assesses its long-lived assets for impairment whenever there is an indicator of impairment. Impairment losses are evaluated if the estimated undiscounted cash flows from using the assets are less than carrying value. A loss is recognized when the carrying value of an asset exceeds its fair value. There were $1.2 million of impairment losses in 2013 included in Plant Restructuring (see Plant Restructuring, note 15). There were no significant impairment losses in 2014 or 201 | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimated | |
Recently Issued Accounting Standards [Text Block] | ' |
Recently Issued Accounting Standards — In July 2013, the Financial Accounting Standards Board ("FASB") issued Account Standards Update ("ASU") 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." The amendments in ASU 2013-11 provide guidance on the financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for fiscal years beginning after December 15, 2013. The Company will reflect the impact of these amendments beginning in the first quarter of Fiscal 2015. The Company does not anticipate a material impact on the Company's financial position, results of operations or cash flows as a result of this change. | |
Prior Period Reclassification Adjustment, Description | ' |
Reclassifications — Certain previously reported amounts have been reclassified to conform to the current period classification. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Table) ( Earnings Per Share) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
ScheduleOfEarningsPerShareBasicAndDilutedByCommonClassTextBlock | ' | ||||||
Years ended March 31, | 2014 | 2013 | 2012 | ||||
(In thousands, except per share amounts) | |||||||
Basic | |||||||
Net earnings | $ | 13,779 | $ | 41,413 | $ | 11,256 | |
Deduct preferred stock dividends | 23 | 23 | 23 | ||||
Undistributed earnings | 13,756 | 41,390 | 11,233 | ||||
Earnings attributable to participating | |||||||
preferred | 438 | 1,406 | 382 | ||||
Earnings attributable to common | |||||||
shareholders | $ | 13,318 | $ | 39,984 | $ | 10,851 | |
Weighted average common shares | |||||||
outstanding | 10,747 | 11,147 | 11,727 | ||||
Basic earnings per common share | $ | 1.24 | $ | 3.59 | $ | 0.93 | |
Diluted | |||||||
Earnings attributable to common | |||||||
shareholders | $ | 13,318 | $ | 39,984 | $ | 10,851 | |
Add dividends on convertible | |||||||
preferred stock | 20 | 20 | 20 | ||||
Earnings attributable to common | |||||||
stock on a diluted basis | $ | 13,338 | $ | 40,004 | $ | 10,871 | |
Weighted average common shares | |||||||
outstanding-basic | 10,747 | 11,147 | 11,727 | ||||
Additional shares to be issued related to | |||||||
the equity compensation plan | 5 | 5 | 5 | ||||
Additional shares to be issued under | |||||||
full conversion of preferred stock | 67 | 67 | 67 | ||||
Total shares for diluted | 10,819 | 11,219 | 11,799 | ||||
Diluted earnings per share | $ | 1.23 | $ | 3.57 | $ | 0.92 | |
Acquistion_table
Acquistion (table) | 12 Months Ended | ||
Mar. 31, 2014 | |||
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | ' | ||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||
Purchase Price (net of cash received) | $ | 5 | |
Allocated as follows: | |||
Current assets | $ | 32.7 | |
Property, plant and equipment | 7.5 | ||
Bargain purchase gain | -2 | ||
Current liabilities | -33.2 | ||
Total | $ | 5 |
LongTerm_Debt_tables
Long-Term Debt (tables) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Long-term Debt, Unclassified [Abstract] | ' | ||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||
5. Long-Term Debt | |||||
2014 | 2013 | ||||
(In thousands) | |||||
Revolving credit facility, | |||||
1.65% and 1.70%, due through 2017 | $ | 175,000 | $ | 188,000 | |
Secured note payable to insurance company, | |||||
8.03%, paid off in 2014 | 0 | 38,138 | |||
Secured Industrial Revenue Development Bonds, | |||||
3.23%, and 3.29%, due through 2029 | 22,630 | 22,630 | |||
Secured promissory note, | |||||
6.98%, due through 2022 | 15,313 | 16,753 | |||
Secured promissory note, | |||||
6.35%, due through 2020 | 3,731 | 4,303 | |||
Economic development note, | |||||
2.00%, due through 2021 | 1,500 | 0 | |||
Other | 342 | 362 | |||
218,516 | 270,186 | ||||
Less current portion | 2,277 | 40,170 | |||
$ | 216,239 | $ | 230,016 | ||
Long Term Debt Repayement [table text block] | ' | ||||
Years ending March 31: | |||||
2015 | $ | 2,277 | |||
2016 | 2,530 | ||||
2017 | 177,667 | ||||
2018 | 7,904 | ||||
2019 | 3,034 | ||||
Thereafter | 25,104 | ||||
Total | $ | 218,516 |
Leases_table
Leases (table) | 12 Months Ended | ||
Mar. 31, 2014 | |||
Operating Leases, Future Minimum Payments Due [Abstract] | ' | ||
Operating Leases of Lessee Disclosure [Table Text Block] | ' | ||
Years ending March 31: | |||
2015 | $ | 36,759 | |
2016 | 32,801 | ||
2017 | 28,431 | ||
2018 | 24,221 | ||
2019 | 19,315 | ||
2020-2025 | 33,647 | ||
Total minimum payment required | $ | 175,174 | |
Income_Tax_tables
Income Tax (tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||
7. Income Taxes | ||||||||
The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows: | ||||||||
2014 | 2013 | 2012 | ||||||
(In thousands) | ||||||||
Current: | ||||||||
Federal | $ | 7,238 | $ | 21,356 | $ | 4,193 | ||
State | 123 | 3,629 | 704 | |||||
7,361 | 24,985 | 4,897 | ||||||
Deferred: | ||||||||
Federal | -3,231 | -2,770 | 1,430 | |||||
State | -567 | -180 | -62 | |||||
-3,798 | -2,950 | 1,368 | ||||||
Total income taxes | $ | 3,563 | $ | 22,035 | $ | 6,265 | ||
A reconciliation of the expected U.S. statutory rate to the effective rate follows: | ||||||||
2014 | 2013 | 2012 | ||||||
Computed (expected tax rate) | 35 | % | 35 | % | 35 | % | ||
State income taxes (net of federal tax benefit) | 3.4 | 3.8 | 4.5 | |||||
State tax credits | -1.6 | -0.8 | -2.8 | |||||
Federal credits | -3.6 | -0.2 | -0.6 | |||||
Manufacturer’s deduction | -4.6 | -3.4 | -5.1 | |||||
(Reversal of) addition to uncertain tax positions | -0.8 | 0.2 | 0.4 | |||||
State VDA/Nexus Changes | -1.7 | 0 | 0 | |||||
Other permanent differences not deductible | 0.5 | 0.1 | 0.7 | |||||
Change in valuation allowance | -2.1 | 0 | 0 | |||||
Tax effect of pension contribution | 0.4 | 0 | 2.2 | |||||
Other | -4.4 | 0 | 1.5 | |||||
Effective income tax rate | 20.5 | % | 34.7 | % | 35.8 | % | ||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Deferred income tax assets: | ||||||||
Future tax credits | $ | 3,042 | $ | 2,808 | ||||
Inventory valuation | 3,353 | 2,893 | ||||||
Employee benefits | 2,884 | 2,742 | ||||||
Insurance | 1,244 | 3,422 | ||||||
Other comprehensive loss | 7,194 | 14,416 | ||||||
Interest | 138 | 118 | ||||||
Deferred gain on sale/leaseback | 26 | 54 | ||||||
Prepaid revenue | 1,118 | 1,619 | ||||||
Other | 859 | 232 | ||||||
Severance | 87 | 237 | ||||||
19,945 | 28,541 | |||||||
Deferred income tax liabilities: | ||||||||
Property basis and depreciation difference | 10,757 | 13,274 | ||||||
Pension | 725 | 3,012 | ||||||
11,482 | 16,286 | |||||||
Valuation allowance - non-current | 390 | 758 | ||||||
Net deferred income tax asset | $ | 8,073 | $ | 11,497 | ||||
Summary of Income Tax Contingencies [Table Text Block] | ' | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Beginning balance | $ | 2,470 | $ | 2,350 | ||||
Tax positions related to current year: | ||||||||
Additions | 46 | 176 | ||||||
Tax positions related to prior years: | ||||||||
Additions | - | 70 | ||||||
Reductions | -181 | -45 | ||||||
Settlements | - | -81 | ||||||
Lapses in statues of limitations | -62 | - | ||||||
Balance as of March 31, | $ | 2,273 | $ | 2,470 |
Retirement_Plans_tables
Retirement Plans (tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ' | |||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Change in Benefit Obligation | ||||||||||||
Benefit obligation at beginning of year | $ | 163,531 | $ | 140,570 | ||||||||
Service cost | 7,752 | 6,988 | ||||||||||
Interest cost | 7,592 | 7,265 | ||||||||||
Actuarial (gain) loss | -3,109 | 13,828 | ||||||||||
Benefit payments and expenses | -5,288 | -5,120 | ||||||||||
Benefit obligation at end of year | $ | 170,478 | $ | 163,531 | ||||||||
Change in Plan Assets | ||||||||||||
Fair value of plan assets at beginning of year | $ | 135,016 | $ | 116,798 | ||||||||
Actual gain on plan assets | 22,922 | 20,338 | ||||||||||
Employer contributions | 2,000 | 3,000 | ||||||||||
Benefit payments and expenses | -5,288 | -5,120 | ||||||||||
Fair value of plan assets at end of year | $ | 154,650 | $ | 135,016 | ||||||||
Unfunded Status | $ | -15,828 | $ | -28,515 | ||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | ' | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Amounts Recognized in Accumulated Other | ||||||||||||
Comprehensive Pre-Tax Loss | ||||||||||||
Net loss | $ | -18,094 | $ | -36,622 | ||||||||
Accumulated other comprehensive pre-tax loss | $ | -18,094 | $ | -36,622 | ||||||||
Schedule of Amounts Recognized In Other Comprehensive Income Loss [Table Text Block] | ' | |||||||||||
Pension and | ||||||||||||
post retirement plan | ||||||||||||
adjustments, net | ||||||||||||
of tax | ||||||||||||
(In thousands) | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Balance at March 31, 2013 | $ | -22,548 | ||||||||||
Other comprehensive gain before reclassifications | 11,296 | |||||||||||
Reclassified from accumulated other comprehensive loss | 0 | |||||||||||
Net current period other comprehensive gain | 11,296 | |||||||||||
Balance at March 31, 2014 | $ | -11,252 | ||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | ' | |||||||||||
The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2014, 2013, and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Service cost | $ | 7,752 | $ | 6,988 | $ | 5,424 | ||||||
Interest cost | 7,592 | 7,265 | 6,837 | |||||||||
Expected return on plan assets | -9,938 | -8,603 | -8,140 | |||||||||
Amortization of net loss | 2,434 | 3,190 | 1,350 | |||||||||
Amortization of transition asset | 0 | 0 | -227 | |||||||||
Net periodic benefit cost | $ | 7,840 | $ | 8,840 | $ | 5,244 | ||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||
2014 | 2013 | |||||||||||
Discount rate - benefit obligation | 4.85 | % | 4.7 | % | ||||||||
Discount rate - pension expense | 4.7 | % | 5.1 | % | ||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | ||||||||
Rate of compensation increase | 3 | % | 3 | % | ||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | |||||||||||
The Company's plan assets consist of the following: | ||||||||||||
Target | Percentage of Plan | |||||||||||
Allocation | Assets at March 31, | |||||||||||
2015 | 2014 | 2013 | ||||||||||
Plan Assets | ||||||||||||
Equity securities | 99 | % | 99 | % | 99 | % | ||||||
Debt securities | 0 | 0 | 0 | |||||||||
Real estate | 0 | 0 | 0 | |||||||||
Cash | 1 | 1 | 1 | |||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
Schedule of Expected Contributions [Table Text Block] | ' | |||||||||||
Expected Employer Contributions | $ | 0 | ||||||||||
Expected Employee Contributions | 0 | |||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||
Estimated future benefit payments reflecting expected future | ||||||||||||
service for the fiscal years ending March 31 (in thousands): | ||||||||||||
2015 | $ | 5,860 | ||||||||||
2016 | 6,145 | |||||||||||
2017 | 6,644 | |||||||||||
2018 | 7,255 | |||||||||||
2019 | 7,936 | |||||||||||
2020-2023 | 50,277 |
Fair_Value_table
Fair Value (table) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||
10. Fair Value of Financial Instruments | |||||||||
The carrying amount and estimated fair values of the Company's debt are summarized as follows: | |||||||||
2014 | 2013 | ||||||||
Carrying | Estimated | Carrying | Estimated | ||||||
Amount | Fair Value | Amount | Fair Value | ||||||
(In thousands) | |||||||||
Long-term debt, including | |||||||||
current portion | $ | 218,516 | $ | 219,981 | $ | 270,186 | $ | 273,567 |
Inventory_table
Inventory (table) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Finished products | $ | 418,368 | $ | 445,278 | $ | 406,164 | |
In process | 16,056 | 18,107 | 24,451 | ||||
Raw materials and supplies | 170,210 | 149,359 | 139,045 | ||||
604,634 | 612,744 | 569,660 | |||||
Less excess of FIFO cost over LIFO cost | 153,384 | 133,014 | 137,227 | ||||
Total inventories | $ | 451,250 | $ | 479,730 | $ | 432,433 |
Segment_Information_tables
Segment Information (tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
Fruit and | |||||||||
Vegetable | Snack | Other | Total | ||||||
(In thousands) | |||||||||
2014:00:00 | |||||||||
Net sales | $ | 1,302,857 | $ | 11,496 | $ | 25,855 | $ | 1,340,208 | |
Operating income | 21,063 | 872 | 1,669 | 23,604 | |||||
Interest expense, net | 6,113 | 27 | 122 | 6,262 | |||||
Income tax expense | 3,118 | 189 | 256 | 3,563 | |||||
Identifiable assets | 761,078 | 3,770 | 4,005 | 768,853 | |||||
Capital expenditures | 17,339 | 0 | 2,109 | 19,448 | |||||
Depreciation and amortization | 21,842 | 394 | 1,045 | 23,281 | |||||
2013:00:00 | |||||||||
Net sales | $ | 1,243,107 | $ | 11,357 | $ | 21,833 | $ | 1,276,297 | |
Operating income | 70,313 | 174 | 447 | 70,934 | |||||
Interest expense, net | 7,319 | 35 | 132 | 7,486 | |||||
Income tax expense | 21,831 | 53 | 151 | 22,035 | |||||
Identifiable assets | 791,643 | 4,038 | 2,775 | 798,456 | |||||
Capital expenditures | 16,125 | 0 | 246 | 16,371 | |||||
Depreciation and amortization | 22,146 | 404 | 701 | 23,251 | |||||
2012:00:00 | |||||||||
Net sales | $ | 1,226,408 | $ | 11,730 | $ | 19,667 | $ | 1,257,805 | |
Operating income (loss) | 25,955 | -714 | 382 | 25,623 | |||||
Interest expense, net | 7,929 | 47 | 126 | 8,102 | |||||
Income tax expense (benefit) | 6,398 | -247 | 114 | 6,265 | |||||
Identifiable assets | 730,147 | 4,739 | 3,150 | 738,036 | |||||
Capital expenditures | 25,636 | 22 | 1,767 | 27,425 | |||||
Depreciation and amortization | 21,780 | 475 | 436 | 22,691 | |||||
Schedule Of Classes Of Similar Products And Services [table text Block] | ' | ||||||||
Classes of similar products/services: | 2014 | 2013 | 2012 | ||||||
(In thousands) | |||||||||
Net Sales: | |||||||||
GMOL * | $ | 177,881 | $ | 165,684 | $ | 166,231 | |||
Canned vegetables | 753,318 | 746,892 | 743,123 | ||||||
Frozen * | 107,109 | 84,935 | 96,870 | ||||||
Fruit | 264,549 | 245,596 | 220,184 | ||||||
Snack | 11,496 | 11,357 | 11,730 | ||||||
Other | 25,855 | 21,833 | 19,667 | ||||||
Total | $ | 1,340,208 | $ | 1,276,297 | $ | 1,257,805 | |||
* GMOL includes frozen vegetables exclusively for GMOL. |
Plant_Restructuring_table
Plant Restructuring (table) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ||||||||
Long-Lived | |||||||||
Asset | Other | ||||||||
Severance | Charges | Costs | Total | ||||||
(In thousands) | |||||||||
Balance March 31, 2011 | $ | 456 | $ | 0 | $ | 520 | $ | 976 | |
First-quarter charge to expense | 54 | 0 | 0 | 54 | |||||
Second-quarter (credit) charge to expense | -19 | 0 | 4 | -15 | |||||
Cash payments/write offs | -454 | 0 | -524 | -978 | |||||
Balance March 31, 2012 | 37 | 0 | 0 | 37 | |||||
Third-quarter charge to expense | 0 | 1,107 | 1,403 | 2,510 | |||||
Fourth-quarter charge to expense | 0 | 109 | 878 | 987 | |||||
Cash payments/write offs | -17 | -42 | -1,974 | -2,033 | |||||
Balance March 31, 2013 | 20 | 1,174 | 307 | 1,501 | |||||
First-quarter charge to expense | 0 | 0 | 154 | 154 | |||||
Second-quarter charge to expense | 0 | 341 | 6 | 347 | |||||
Cash payments/write offs | -10 | -1,515 | -467 | -1,992 | |||||
Balance March 31, 2014 | $ | 10 | $ | 0 | $ | 0 | $ | 10 | |
Significant_Accounting_Policie2
Significant Accounting Policies (narrative) (detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Sales Revenue [Line Items] | ' | ' | ' |
Net Sales | $1,340,208,000 | $1,276,297,000 | $1,257,805,000 |
Advertising Expense | 1,500,000 | 1,400,000 | ' |
Dererred Financing Cost | 800,000 | ' | ' |
General Mills Operations LLC [Member] | ' | ' | ' |
Sales Revenue [Line Items] | ' | ' | ' |
Net Sales | 150,300,000 | 151,200,000 | ' |
UnshippedProduct | $71,900,000 | ' | ' |
Net Sales Percentage | 13.00% | ' | ' |
Top Ten Customers [Member] | ' | ' | ' |
Sales Revenue [Line Items] | ' | ' | ' |
Net Sales Percentage | 50.00% | 47.00% | 49.00% |
Seneca Foods Plants [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Number of Real Estate Properties | 24 | ' | ' |
Seneca Foods Warehouses [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Number of Real Estate Properties | 30 | ' | ' |
Significant_Accounting_Policie3
Significant Accounting Policies (narrative) (detail) Depreciation (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | $22.90 | $22.80 | $22.20 |
Impairment Losses | ' | $1.20 | ' |
Building and Building Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '30 years | ' | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '10-15 years | ' | ' |
Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3-5 years | ' | ' |
Vehicles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3-7 years | ' | ' |
Land Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '10-20 years | ' | ' |
Significant_Accouting_Policies
Significant Accouting Policies (Detail) (Earnings Per Share) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' |
Net (Loss) Earnings | $13,779 | $41,413 | $11,256 |
Deduct Preffered Stock Dividends | 23 | 23 | 23 |
Undistributed Earnings, Basic | 13,756 | 41,390 | 11,233 |
Undistributed Earnings Allocated to Participating Securities | 438 | 1,406 | 382 |
Earnings (Loss) Attributable to Common Stock | 13,318 | 39,984 | 10,851 |
Weighted Average Number of Shares Outstanding, Basic | 10,747 | 11,147 | 11,727 |
Basic Earnings (Loss) per Common Share | $1.24 | $3.59 | $0.93 |
Earnings Per Share, Diluted [Abstract] | ' | ' | ' |
Earnings (Loss) Attributable to Common Stock | 13,318 | 39,984 | 10,851 |
Dividends Convertible Preferred Stock Cash | 20 | 20 | 20 |
Net Income (Loss) Available to Common Stockholders, Diluted | $13,338 | $40,004 | $10,871 |
Weighted Average Number of Shares Outstanding, Basic | 10,747 | 11,147 | 11,727 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized | 5 | 5 | 5 |
Incremental Common Shares Attributable to Conversion of Preferred Stock | 67 | 67 | 67 |
Weighted Average Number of Shares Outstanding, Diluted | 10,819 | 11,219 | 11,799 |
Diluted Earnings (Loss) per Common Share | $1.23 | $3.57 | $0.92 |
Acquisition_narrative_detail
Acquisition (narrative) (detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 29, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jan. 15, 2013 |
Independent Foods [Member] | Independent Foods [Member] | Independent Foods [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Purchase Price | ' | ' | ' | $5 | $5 |
Gain on Purchase of Business | 0.1 | 2 | 1.9 | ' | ' |
Liabilities acquired | ' | ' | ' | ' | $19.50 |
Acquisition_purchase_price_tab
Acquisition (purchase price table) (detail) (Independent Foods [Member], USD $) | Mar. 31, 2014 | Jan. 15, 2013 |
In Millions, unless otherwise specified | ||
Independent Foods [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Purchase Price | $5 | $5 |
Current assets | 32.7 | ' |
Property, plant and equipment | 7.5 | ' |
Current liabilities | 33.2 | ' |
Bargain Purchase Price | 2 | ' |
Total | $5 | $5 |
Loan_Receivable_narrative_deta
Loan Receivable (narrative) (detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2012 | Apr. 30, 2012 | Mar. 31, 2012 |
Loans Receivable, Net [Abstract] | ' | ' | ' | ' |
Loans Receivable | ' | ' | ' | $10 |
Loan Receivable Maturity Date | 'March 30, 2012 | ' | ' | ' |
Loans and Leases Receivable, Deferred Income | ' | $6.30 | $3.70 | ' |
ShortTerm_Borrowings_narrative
Short-Term Borrowings (narrative) (detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 |
Production Period [Member] | Production Period [Member] | Nonproduction Period [Member] | Nonproduction Period [Member] | Letter of Credit [Member] | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Accordion Feature Amount Used | ' | $50,000,000 | ' | ' | ' | ' | ' |
Line Of Credit Accordion Feature | ' | 200,000,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | 400,000,000 | 350,000,000 | 300,000,000 | 250,000,000 | 10,600,000 |
Line of Credit Facility, Amount Outstanding | 175,000,000 | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | 1.65% | ' | ' | ' | ' | ' | ' |
Pledged Assets, Not Separately Reported, Other | 528,400,000 | ' | ' | ' | ' | ' | ' |
Notes Payable | $12,255,000 | ' | ' | ' | ' | ' | ' |
Short-term Debt, Weighted Average Interest Rate | 1.65% | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_of_debt
Long-Term Debt (Schedule of debt) (detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $218,516 | $270,186 |
Total | 218,516 | 270,186 |
Current Portion of Long-Term Debt | 2,277 | 40,170 |
Long-Term Debt, Less Current Portion | 216,239 | 230,016 |
Revolving credit facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 175,000 | 188,000 |
Long-term Debt, Weighted Average Interest Rate | 1.65% | 1.70% |
Debt Instrument, Maturity Date | '2017 | ' |
Total | 175,000 | 188,000 |
Secured Note Payable to Insurance Company [Member} | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | ' | 38,138 |
Long-term Debt, Weighted Average Interest Rate | ' | 8.03% |
Debt Instrument, Maturity Date | '2014 | ' |
Total | ' | 38,138 |
Secured Industrial Revenue Development Bonds [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 22,630 | 22,630 |
Long-term Debt, Weighted Average Interest Rate | 3.23% | 3.29% |
Debt Instrument, Maturity Date | '2029 | ' |
Total | 22,630 | 22,630 |
Secured Industrial Revenue Development Bond [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 1,500 | ' |
Long-term Debt, Weighted Average Interest Rate | 2.00% | ' |
Debt Instrument, Maturity Date | '2021 | ' |
Total | 1,500 | ' |
Secured promissory note 1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 15,313 | 16,753 |
Long-term Debt, Weighted Average Interest Rate | 6.98% | 6.98% |
Debt Instrument, Maturity Date | '2022 | ' |
Total | 15,313 | 16,753 |
Secured promissory note 2 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 3,731 | 4,303 |
Long-term Debt, Weighted Average Interest Rate | 6.35% | 6.35% |
Debt Instrument, Maturity Date | '2020 | ' |
Total | 3,731 | 4,303 |
Other [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 342 | 362 |
Total | $342 | $362 |
LongTerm_Debt_Repayment_schedu
Long-Term Debt (Repayment schedule) (detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, by Maturity [Abstract] | ' | ' |
2015 | $2,277 | ' |
2016 | 2,530 | ' |
2017 | 177,667 | ' |
2018 | 7,904 | ' |
2019 | 3,034 | ' |
Thereafter | 25,104 | ' |
Total | $218,516 | $270,186 |
Long_Term_Debt_narrative_detai
Long Term Debt (narrative) (detail) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Debt Instrument [Line Items] | ' |
Other Restrictions on Payment of Dividends | $50,000 |
Cash dividends paid on preferred stock | 23,000 |
Pledged Assets Not Separately Reported Fixed Assets | 650,200,000 |
Secured By Direct Pay Letter Of Credit [Member] | ' |
Debt Instrument [Line Items] | ' |
Special Assessment Bond, Noncurrent | 22,600,000 |
Wayne County [Member] | ' |
Debt Instrument [Line Items] | ' |
Special Assessment Bond, Noncurrent | $5,100,000 |
Leases_table_detail
Leases (table) (detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due [Abstract] | ' |
2015 | $36,759 |
2016 | 32,801 |
2017 | 28,431 |
2018 | 24,221 |
2019 | 19,315 |
2020-2025 | 33,647 |
Total | $175,174 |
Leases_narrative_detail
Leases (narrative) (detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Operating Leases, Rent Expense, Net [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense | $43.90 | $38.10 | $38.30 |
Income_Tax_narrative_detail
Income Tax (narrative) (detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective income tax rate | 20.50% | 34.70% | 35.80% |
Effective Income Tax Rate Continuing Operations Change | 14.20% | ' | ' |
Other Amounts Related To Income Taxes | $1,900,000 | $1,900,000 | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | 0 | 100,000 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 200,000 | 200,000 | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Valuation allowance - non-current | 390,000 | 758,000 | ' |
Deferred Income Tax Asset, Net | 8,412,000 | 9,400,000 | ' |
Deferred Tax Assets, Net, Noncurrent | ' | 2,097,000 | ' |
Deferred Income Taxes, Net | 339,000 | ' | ' |
New York [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Valuation Allowance | 800,000 | ' | ' |
Expiration Date | '2029 | ' | ' |
California [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Valuation Allowance | 1,400,000 | ' | ' |
Expiration Date | '2024 | ' | ' |
Wisconsin [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Valuation Allowance | $800,000 | ' | ' |
Expiration Date | '2022 | ' | ' |
Income_Tax_Effective_Income_Ta
Income Tax (Effective Income Tax Rate) (detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current Federal Tax Expense (Benefit) | $7,238 | $21,356 | $4,193 |
Current State and Local Tax Expense (Benefit) | 123 | 3,629 | 704 |
Total | 7,361 | 24,985 | 4,897 |
Deferred Federal Income Tax Expense (Benefit) | -3,231 | -2,770 | 1,430 |
Deferred State and Local Income Tax Expense (Benefit) | -567 | -180 | -62 |
Total | -3,798 | -2,950 | 1,368 |
Income Tax Expense (Benefit), Total | $3,563 | $22,035 | $6,265 |
Computed | 35.00% | 35.00% | 35.00% |
State income taxes (net of federal tax benefit) | 3.40% | 3.80% | 4.50% |
Federal tax credits | -3.60% | -0.20% | -0.60% |
State tax credits | -1.60% | -0.80% | -2.80% |
Manufacturer's deduction | -4.60% | -3.40% | -5.10% |
Addition to (reversal of) uncertain tax positions | -0.80% | 0.20% | 0.40% |
State VDA/Nexus Changes | -1.70% | 0.00% | 0.00% |
Other permanent differences not (taxable) deductible | 0.50% | 0.10% | 0.70% |
Change in valuation allowance | -2.10% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation Pension Contribution | 0.40% | 0.00% | 2.20% |
Other | -4.40% | 0.00% | 1.50% |
Effective income tax rate | 20.50% | 34.70% | 35.80% |
Income_Tax_Deferred_Income_Tax
Income Tax (Deferred Income Tax Assets and Liabilities) (detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Future tax credits | $3,042 | $2,808 |
Inventory valuation | 3,353 | 2,893 |
Employee benefits | 2,884 | 2,742 |
Insurance | 1,244 | 3,422 |
Otrher comprehensive loss | 7,194 | 14,416 |
Interest | 138 | 118 |
Deferred gain on sale/leaseback | 26 | 54 |
Prepaid revenue | 1,118 | 1,619 |
Other deferred | 859 | 232 |
Severance | 87 | 237 |
Total | 19,945 | 28,541 |
Property basis and depreciation difference | 10,757 | 13,274 |
Pension | 725 | 3,012 |
Total | 11,482 | 16,286 |
Valuation allowance - non-current | 390 | 758 |
Net deferred income tax asset | $8,073 | $11,497 |
Income_Tax_Summary_of_Income_T
Income Tax (Summary of Income Tax Contigencies) (detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Uncertainties [Abstract] | ' | ' |
Beginning Balance | $2,470 | $2,350 |
Additions | 46 | 176 |
Prior year additions | ' | 70 |
Reductions | -181 | -45 |
Settlements | 0 | -81 |
Lapses in statues of limitaions | -62 | ' |
Ending Balance | $2,273 | $2,470 |
Stockholders_Equity_narrative
Stockholders' Equity (narrative) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Aug. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
6% Cumulative Preferred Stock [Member] | 6% Cumulative Preferred Stock [Member] | 6% Cumulative Preferred Stock [Member] | 10% Nonredeemable Convertible Preferred Stock [Member] | 10% Nonredeemable Convertible Preferred Stock [Member] | 10% Nonredeemable Convertible Preferred Stock [Member] | 10% Series A Nonredeemable Convertible Preferred Stock [Member] | 10% Series B Nonredeemable Convertible Preferred Stock [Member] | Participating Preferred Stock [Member] | Participating Preferred Stock [Member] | Participating Preferred Stock [Member] | 2003 Series Participating Preferred Stock [Member] | 2003 Series Participating Preferred Stock [Member] | 2003 Series Participating Preferred Stock [Member] | 2006 Series Participating Preferred Stock [Member] | 2006 Series Participating Preferred Stock [Member] | Class A Preferred Stock [Member] | Common Class A Member | Common Class A Member | Common Class B Member | Treasury Stock [Member] | ||
Preferred Stock, Dividend Rate, Percentage | ' | 6.00% | ' | ' | 10.00% | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Liquidation Preference | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12 | ' | ' | $15.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | ' | $0.25 | ' | ' | $0.03 | ' | ' | ' | ' | $0.03 | ' | ' | $0.03 | ' | ' | ' | ' | $0.03 | ' | ' | ' | ' |
Stated Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.93 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share For Share Conversion Number | ' | ' | ' | ' | ' | ' | ' | 20 | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Voting Right Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | ' | ' |
Preferred Stock, Shares Authorized | ' | 200,000 | ' | ' | 1,400,000 | ' | ' | ' | ' | 90,901 | ' | ' | 257,790 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | ' | 200,000 | 200,000 | 200,000 | 807,240 | 807,240 | 807,240 | 407,240 | 400,000 | 90,901 | 91,962 | 97,870 | 257,790 | 262,790 | 312,790 | ' | ' | ' | ' | ' | ' | ' |
Stock Conversions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,061 | ' | ' | 5,000 | ' | ' | 1,025,220 | ' | ' | ' | ' | ' | ' |
Cash dividends paid on preferred stock | $23,000 | $3,000 | ' | ' | ' | ' | ' | ' | ' | $20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,900,000 | 700,000 | ' | 4,000,000 |
Treasury Stock Shares Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 864,334 | 20,186 | ' | 150,710 |
Stock Issued For Bonus Program Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108 | ' |
Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.60 | ' | ' | ' | $24.39 | ' | ' | ' | ' | ' |
Preferred Stock Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 967,742 | ' | ' | ' | 1,025,220 | ' | ' | ' | ' | ' |
401 (k) match shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,756 |
401 (k) match stock amount | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 |
Retirement_Plans_narrative_det
Retirement Plans (narrative) (detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ' | ' | ' |
Decrease In Unfunded Status | $12,700,000 | ' | ' |
Defined Benefit Plan, Benefit Obligation | 170,478,000 | 163,531,000 | 140,570,000 |
Employer contributions | 2,000,000 | 3,000,000 | ' |
Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities | -11,296,000 | -771,000 | 9,338,000 |
Fair value of plan assets at end of year | 154,650,000 | 135,016,000 | 116,798,000 |
Defined Benefit Plan, Accumulated Benefit Obligation | 152,200,000 | 146,200,000 | ' |
Expected return | 7.50% | 7.50% | ' |
Gain on plan assets | 17.00% | ' | ' |
Common stock included in plan assets | 11,600,000 | 11,600,000 | ' |
401 (k) match | 2,300,000 | 1,700,000 | 1,400,000 |
401 (k) match stock amount | 2,000,000 | ' | ' |
401 (k) match amount in cash | 100,000 | ' | ' |
Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities | 7,222,000 | 493,000 | 5,970,000 |
Teamsters Plan Contributions | $2,400,000 | $2,400,000 | ' |
Contribution Percentage | 5.00% | ' | ' |
Retirement_Plans_Schedule_of_C
Retirement Plans (Schedule of Changes in Projected Benefit Obligations) (detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' |
Benefit obligations at beginning of year | $163,531 | $140,570 | ' |
Service cost | 7,752 | 6,988 | 5,424 |
Interest cost | 7,592 | 7,265 | 6,837 |
Actuarial (gain) losse | -3,109 | 13,828 | ' |
Benefits payments and expenses | -5,288 | -5,120 | ' |
Benefit obligation at end of year | 170,478 | 163,531 | 140,570 |
Fair value of plan assets at beginning of year | 135,016 | 116,798 | ' |
Actual gain on plan assets | 22,922 | 20,338 | ' |
Employer contributions | 2,000 | 3,000 | ' |
Benefits payments and expenses | -5,288 | -5,120 | ' |
Fair value of plan assets at end of year | 154,650 | 135,016 | 116,798 |
Unfunded Status | ($15,828) | ($28,515) | ' |
Retirement_Plans_Schedule_of_A
Retirement Plans (Schedule of Amoutns Included in Accumulated Other Comprehensive Income/Loss (detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amounts Included in Accumulated Other Comprehensive Pre-Tax Loss [Abstract] | ' | ' |
Net loss | $18,094 | $36,622 |
Accumulated other comprehensive pre-tax loss | ($18,094) | ($36,622) |
Retirement_Plans_Schedule_of_A1
Retirement Plans (Schedule of Accumulated Other Comprehensive Loss) (detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract | ' | ' | ' |
Beginning Balance | ($22,548) | ' | ' |
Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities | -11,296 | -771 | 9,338 |
Net Current Period Other Comprehensive Gain | -11,296 | ' | ' |
Ending Balance | ($11,252) | ($22,548) | ' |
Retirement_Plans_Schedule_of_C1
Retirement Plans (Schedule of Cost of Retirement Plans) (detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | $7,752 | $6,988 | $5,424 |
Interest cost | 7,592 | 7,265 | 6,837 |
Expected return on plan assets | 9,938 | 8,603 | 8,140 |
Amortization of net loss | -2,434 | -3,190 | -1,350 |
Amortization of transition assets | 0 | 0 | -227 |
Net periodic benefit cost | $7,840 | $8,840 | $5,244 |
Retirement_Plans_Schedule_of_A2
Retirement Plans (Schedule of Assumptions Used) (detail) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule of Assumbptions Used [Abstract] | ' | ' |
Discount rate - benefit obligation | 4.85% | 4.70% |
Discount rate - pension expense | 4.70% | 5.10% |
Expected return on plan assets | 7.50% | 7.50% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement_Plans_Schedule_of_A3
Retirement Plans (Schedule of Allocation of Plan Assets) (detail) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 100.00% | ' |
Percentage of Plan Assets | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 99.00% | ' |
Percentage of Plan Assets | 99.00% | 99.00% |
Cash [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 1.00% | ' |
Percentage of Plan Assets | 1.00% | 1.00% |
Retirement_Plans_Schedule_of_E
Retirement Plans (Schedule of Estimated Benefit Payments) (detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' |
2015 | $5,860 |
2016 | 6,145 |
2017 | 6,644 |
2018 | 7,255 |
2019 | 7,936 |
2020-2023 | $50,277 |
Fair_Value_table_detail
Fair Value (table) (detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Long-term Debt, Gross | $218,516 | $270,186 |
Long-term Debt, Fair Value | $219,981 | $273,567 |
Inventory_narrative_detail
Inventory (narrative) (detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Inventory, LIFO Reserve, Effect on Income, Net | $13.20 | $2.70 | $30.80 |
Effect of LIFO Inventory Liquidation on Income | $4.80 | ' | $2.90 |
Effect Of LIFO Earnings Per Share Basic | $1.19 | $0.24 | $2.53 |
Effect Of LIFO Earnings Per Share Diluted | $1.19 | $0.24 | $2.52 |
Inventory_table_detail
Inventory (table) (detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Finished products | $418,368 | $445,278 | $406,164 |
In process | 16,056 | 18,107 | 24,451 |
Raw material and supplies | 170,210 | 149,359 | 139,045 |
Total | 604,634 | 612,744 | 569,660 |
Inventory, LIFO Reserve | 153,384 | 133,014 | 137,227 |
Total Inventories | $451,250 | $479,730 | $432,433 |
Other_Operating_Income_and_Exp
Other Operating Income and Expenses (detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Jun. 29, 2013 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
LeSueur Mn [Member] | Other Operating Expense [Member] | Other Operating Expense [Member] | Other Operating Expense [Member] | Allens, Inc [Member] | Independent Foods [Member] | Independent Foods [Member] | Cambria, WI [Member] | Aircraft [Member] | Sunnyside, WA [Member] | |||
Component of Operating Other Cost and Expense [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of other assets | ' | ' | ' | ' | ' | $0.20 | ' | ' | ' | ' | $0.70 | ' |
Gain on Disposition of Property | ' | ' | 0.7 | ' | 0.1 | ' | ' | ' | ' | 0.3 | ' | ' |
Gain (Loss) on Disposition of Assets | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | 0.5 |
Gain on Purchase of Business | 0.1 | 2 | ' | ' | ' | ' | ' | 0.1 | 1.9 | ' | ' | ' |
OtherNonrecurringIncome | ' | ' | ' | ' | ' | ' | $2.90 | ' | ' | ' | ' | ' |
Segment_Information_narrative_
Segment Information (narrative) (detail) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Export [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales Percentage | 9.20% | 9.80% | 9.40% |
Green Giant Vegetables [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales Percentage | 13.00% | 13.00% | 13.00% |
Fruit And Vegetable Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets Percentage | 99.00% | 99.00% | 99.00% |
Income Loss Fom Continuing Operations Before Income Taxes Percentage | 93.00% | 101.00% | 107.00% |
Segment_Information_table_deta
Segment Information (table) (detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | $1,340,208 | $1,276,297 | $1,257,805 |
Operating Income | 23,604 | 70,934 | 25,623 |
Interest Expense, Net | 6,262 | 7,486 | 8,102 |
Income Taxes Expense (Benefit) | 3,563 | 22,035 | 6,265 |
Total Assets | 768,853 | 798,456 | 738,036 |
Additions to Property, Plant and Equipment | -19,448 | -16,371 | -27,425 |
Depreciation & Amortization | 23,281 | 23,251 | 22,691 |
Fruit And Vegetable [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 1,302,857 | 1,243,107 | 1,226,408 |
Operating Income | 21,063 | 70,313 | 25,955 |
Interest Expense, Net | 6,113 | 7,319 | 7,929 |
Income Taxes Expense (Benefit) | 3,118 | 21,831 | 6,398 |
Total Assets | 761,078 | 791,643 | 730,147 |
Additions to Property, Plant and Equipment | 17,339 | 16,125 | 25,636 |
Depreciation & Amortization | 21,842 | 22,146 | 21,780 |
Snack [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 11,496 | 11,357 | 11,730 |
Operating Income | 872 | 174 | -714 |
Interest Expense, Net | 27 | 35 | 47 |
Income Taxes Expense (Benefit) | 189 | 53 | -247 |
Total Assets | 3,770 | 4,038 | 4,739 |
Additions to Property, Plant and Equipment | ' | 0 | 22 |
Depreciation & Amortization | 394 | 404 | 475 |
Other Products [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 25,855 | 21,833 | 19,667 |
Operating Income | 1,669 | 447 | 382 |
Interest Expense, Net | 122 | 132 | 126 |
Income Taxes Expense (Benefit) | 256 | 151 | 114 |
Total Assets | 4,005 | 2,775 | 3,150 |
Additions to Property, Plant and Equipment | 2,109 | 246 | 1,767 |
Depreciation & Amortization | $1,045 | $701 | $436 |
Segment_Information_classes_of
Segment Information (classes of similar products/services) (table) (detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | $1,340,208 | $1,276,297 | $1,257,805 |
General Mills Operations LLC [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 177,881 | 165,684 | 166,231 |
Canned Vegetables [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 753,318 | 746,892 | 743,123 |
Frozen [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 107,109 | 84,935 | 96,870 |
Fruit [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 264,549 | 245,596 | 220,184 |
Snack [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 11,496 | 11,357 | 11,730 |
Other Products [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | $25,855 | $21,833 | $19,667 |
Plant_Restructuring_narrative_
Plant Restructuring (narrative) (detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2012 | Oct. 01, 2011 | Jul. 02, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Restructuring Charges [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plant Restructuring | $347 | $154 | $987 | $2,510 | ($15) | $54 | $501 | $3,497 | $39 |
Plant_Restructuring_table_deta
Plant Restructuring (table) (detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2012 | Oct. 01, 2011 | Jul. 02, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Oct. 01, 2011 | Jul. 02, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Sep. 28, 2013 | Mar. 31, 2013 | Dec. 29, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2011 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2012 | Oct. 01, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Long Lived Asset Charges [Member] | Long Lived Asset Charges [Member] | Long Lived Asset Charges [Member] | Long Lived Asset Charges [Member] | Long Lived Asset Charges [Member] | Long Lived Asset Charges [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | $1,501 | ' | ' | ' | $976 | $1,501 | $37 | $976 | ' | $456 | $20 | $37 | $456 | ' | ' | ' | $1,174 | $0 | $0 | ' | $307 | ' | ' | ' | $307 | $0 | $520 |
Plant Restructuring | 347 | 154 | 987 | 2,510 | -15 | 54 | 501 | 3,497 | 39 | -19 | 54 | ' | ' | ' | 341 | 109 | 1,107 | ' | ' | ' | 6 | 154 | 878 | 1,403 | 4 | ' | ' | ' |
Cash payment/write offs | ' | ' | ' | ' | ' | ' | -1,992 | -2,033 | -978 | ' | ' | -10 | -17 | -454 | ' | ' | ' | -1,515 | -42 | ' | ' | ' | ' | ' | ' | -467 | -1,974 | -524 |
Balance | ' | ' | $1,501 | ' | ' | ' | $10 | $1,501 | $37 | ' | ' | $10 | $20 | $37 | ' | $1,174 | ' | $0 | $1,174 | $0 | ' | ' | $307 | ' | ' | $0 | $307 | $0 |
Certain_Transactions_detail
Certain Transactions (detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | |||
Related Party [Line Items] | ' | ' | ' |
Raw Materials and Supplies | $133,942 | $118,467 | ' |
Director [Member] | ' | ' | ' |
Related Party [Line Items] | ' | ' | ' |
Raw Materials and Supplies | $1,100 | $1,200 | $800 |
Subsequent_Event_detail
Subsequent Event (detail) | Mar. 31, 2014 |
Subsequent Event [Abstract] | ' |
Business Combination Step Acquisition Equity Interest In Acquiree Percentage | 50.00% |