Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 26, 2015 | Jan. 22, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document period end date | Dec. 26, 2015 | |
Amendment flag | false | |
Document Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 | |
Current fiscal year end date | --03-31 | |
Entity central index key | 88,948 | |
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 | |
Common Class A Member | ||
Class Of Stock [Line Items] | ||
Entity common stock shares outstanding | 7,905,802 | |
Trading Symbol | SENEA | |
Common Class B Member | ||
Class Of Stock [Line Items] | ||
Entity common stock shares outstanding | 1,967,898 | |
Trading Symbol | SENEB |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 26, 2015 | Mar. 31, 2015 | Dec. 27, 2014 |
Current Assets: | |||
Cash and Cash Equivalents | $ 19,029 | $ 10,608 | $ 23,006 |
Accounts Receivable, Net | 74,981 | 69,837 | 71,652 |
Inventories: | |||
Finished Goods | 482,025 | 301,705 | 405,598 |
Work in Process | 23,352 | 10,167 | 26,304 |
Raw Materials and Supplies | 125,804 | 160,540 | 115,247 |
Total Inventories | 631,181 | 472,412 | 547,149 |
Deferred Income Tax Asset, Net | 0 | 6,997 | 9,549 |
Refundable Income Taxes | 0 | 0 | 0 |
Other Current Assets | 12,387 | 27,439 | 21,824 |
Assets Current | 737,578 | 587,293 | 673,180 |
Deferred Tax Assets, Net, Noncurrent | 14,946 | 14,829 | 4,262 |
Property, Plant and Equipment, Net | 189,765 | 185,557 | 186,358 |
Other Assets | 17,930 | 18,015 | 17,289 |
Total Assets | 960,219 | 805,694 | 881,089 |
Current Liabilities: | |||
Notes Payable | 402 | 9,903 | 5,989 |
Accounts Payable | 99,256 | 68,105 | 102,640 |
Accrued Vacation | 11,761 | 11,347 | 10,993 |
Accrued Payroll | 6,181 | 6,344 | 4,868 |
Other Accrued Expenses | 37,056 | 23,732 | 31,574 |
Income Taxes Payable | 14,188 | 1,787 | 4,881 |
Current Portion of Long-Term Debt | 311,864 | 2,530 | 2,484 |
Liabilities Current | 480,708 | 123,748 | 163,429 |
Pension | 40,622 | 54,960 | 19,790 |
Long-Term Debt, Less Current Portion | 36,650 | 271,634 | 294,303 |
Other Long-Term Liabilities | 11,967 | 3,622 | 11,882 |
Total Liabilities | 569,947 | 453,964 | 489,404 |
Stockholders' Equity: | |||
Preferred Stock | 1,344 | 2,119 | 2,119 |
Common Stock $.25 Par Value Per Share | 3,023 | 3,010 | 3,010 |
Additional Paid-in Capital | 97,373 | 96,578 | 96,553 |
Treasury Stock, at cost | (63,358) | (61,277) | (39,095) |
Accumulated Other Comprehensive Loss | (31,804) | (31,804) | (11,252) |
Retained Earnings | 383,694 | 343,104 | 340,350 |
Total Stockholders' Equity | 390,272 | 351,730 | 391,685 |
Total Liabilities and Stockholders Equity | $ 960,219 | $ 805,694 | $ 881,089 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) | Dec. 26, 2015$ / shares |
Statement Of Financial Position [Abstract] | |
Common Stock Par Or Stated Value Per Share | $ 0.25 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | |
Income Statement [Abstract] | ||||
Net Sales | $ 432,198 | $ 456,207 | $ 971,658 | $ 1,008,411 |
Costs and Expenses: | ||||
Cost of Product Sold | 379,075 | 430,123 | 869,182 | 948,527 |
Selling and Administrative | 19,505 | 18,759 | 51,955 | 50,681 |
Plant Restructuring | 9,624 | 889 | 9,558 | 889 |
Other Operating (Income) Loss | (24,197) | (5,033) | (24,600) | (4,839) |
Total Costs and Expenses | 384,007 | 444,738 | 906,095 | 995,258 |
Operating Income (Loss) | 48,191 | 11,469 | 65,563 | 13,153 |
Interest Expense, Net | 1,932 | 1,431 | 4,894 | 3,917 |
Earnings From Equity Investment | 46 | 55 | 132 | (231) |
Earnings (Loss) Before Income Taxes | 46,213 | 9,983 | 60,537 | 9,467 |
Income Taxes Expense (Benefit) | 15,090 | 2,164 | 19,924 | 2,333 |
Net Earnings (Loss) | 31,123 | 7,819 | 40,613 | 7,134 |
Earnings (Loss) Attributable to Common Stock | $ 30,832 | $ 7,711 | $ 40,180 | $ 6,995 |
Basic Earnings (Loss) per Common Share | $ 3.12 | $ 0.72 | $ 4.06 | $ 0.65 |
Diluted Earnings (Loss) per Common Share | $ 3.1 | $ 0.71 | $ 4.04 | $ 0.65 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | |
Statement of Income and Comprehensive Income [Abstract] | ||||
Net Earnings (Loss) | $ 31,123 | $ 7,819 | $ 40,613 | $ 7,134 |
Change in pension and post retirement benefits adjustment (net of tax) | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), net of Tax | $ 31,123 | $ 7,819 | $ 40,613 | $ 7,134 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 26, 2015 | Dec. 27, 2014 | |
Cash Flows from Operating Activities: | ||
Net Earnings (Loss) | $ 40,613 | $ 7,134 |
Adjustments to Reconcile Net (Loss) Earnings to Net Cash Used in Operations: | ||
Depreciation & Amortization | 15,884 | 16,495 |
Gain on the Sale of Assets | (43) | (89) |
Deferred Income Tax Expense (Benefit) | (966) | (5,738) |
Impairment Provision | 9,558 | 889 |
Earnings From Equity Investment | 132 | (231) |
Changes in Operating Assets and Liabilities (Net of Acquisition): | ||
Accounts Receivable | 1,150 | 5,312 |
Inventories | (130,398) | (95,899) |
Other Current Assets | 15,739 | 11,770 |
Income Taxes | 12,401 | 3,968 |
Accounts Payable, Accrued Expenses and Other Liabilities | 23,465 | 40,557 |
Net Cash Used in Operations | (12,465) | (15,832) |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (6,396) | (21,905) |
Proceeds from the Sale of Assets | 156 | 326 |
Cash Paid for Acquisition (Net of Cash Acquired) | (23,784) | |
Purchase Equity Method Investment | 16,308 | |
Net Cash Used in Investing Activities | (30,024) | (37,887) |
Cash Flow from Financing Activities: | ||
Long-Term Borrowing | 301,232 | 326,381 |
Payments on Long-Term Debt | (238,871) | (248,110) |
Payments on Notes Payable | (9,501) | (6,266) |
Other | 143 | 94 |
Purchase of Treasury Stock | (2,081) | (9,201) |
Dividends | (12) | (12) |
Net Cash Provided by Financing Activities | 50,910 | 62,886 |
Net Increase in Cash and Cash Equivalents | 8,421 | 9,167 |
Cash and Cash Equivalents, Beginning of the Period | 10,608 | 13,839 |
Cash and Cash Equivalents, End of the Period | $ 19,029 | $ 23,006 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 9 months ended Dec. 26, 2015 - USD ($) $ in Thousands | 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, 2015 | $ 351,730 | $ 2,119 | $ 3,010 | $ 96,578 | $ (61,277) | $ (31,804) | $ 343,104 |
Net Earnings (Loss) | 40,613 | 40,613 | |||||
Cash dividends paid on preferred stock | (23) | ||||||
Equity incentive program | 33 | ||||||
Purchase Treasury Stock | (2,081) | ||||||
Stock conversion | (775) | 13 | 762 | ||||
Change in pension and post retirement benefits adjustment (net of tax) | 0 | ||||||
Balance at Dec. 26, 2015 | $ 390,272 | $ 1,344 | $ 3,023 | $ 97,373 | $ (63,358) | $ (31,804) | $ 383,694 |
Basis Of Presentation Policies
Basis Of Presentation Policies | 9 Months Ended |
Dec. 26, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | 1. Unaudited Condensed Consolidated Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of Seneca Foods Corporation (the “Company”) as of December 26, 2015 and results of its operations and its cash flows for the interim periods presented. All significant intercompany transactions and accounts have been eliminated in consolidat ion. The March 31, 2015 balance sheet was derived from the audited consolidated financial statements. The results of operations for the three and nine month periods ended December 26, 2015 are not necessarily indicative of the results to be expected for the full year. The accounting policies followed by the Company are set forth in Note 1 to the Company's Consolidated Financial Statements in the Company’s 2015 Annual Report on Form 10-K. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes which requires that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and be presented as a single noncurrent amount in a classified balance she et. The Company adopted this standard during the third quarter of fiscal 2016 on a prospective basis. Prior periods were not retrospectively adjusted. Other footnote disclosures normally included in annual financial statements prepared in accordance wi th accounting principles generally accepted in the United States have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and note s included in the Company's 20 15 Annual Report on Form 10-K. All references to years are fiscal years ended or ending March 31 unless otherwise indicated. Certain percentage tables may not foot due to rounding. Reclassifications—Certain previously reported amounts have been recla ssified to conform to the current period classification. On October 30, 2015, the Company, B&G Foods North America (“B&G”), General Mills, Inc. and GMOL entered into a Relationship Transfer Agreement. Pursuant to the terms of the Relationship Transfer Agreement ( i ) the Company has consented to the assignment by GMOL of the Second Amended and Restated Alliance Agreement (“Alliance Agreement”) and certain related agreements to B&G in connection with the sale by GMOL of its Green Giant and Le Sueur busines ses to B&G, (ii) effective upon such assignment, each of the Company and General Mills have released the other party from any future obligations under the Alliance Agreement and certain related agreements; (iii) effective upon such assignment, the Company and B&G have agreed to amend certain terms of the Alliance Agreement; (iv) the Company and B&G have agreed to cooperate and negotiate in good faith to enter into new agreements to replace or supplement the Alliance Agreement and certain related agreements as soon as practicable and (v) GMOL has agreed to pay Seneca for this assignment $ 24,275,000 at the closing of the sale of GMOL’s Green Giant and Le Sueur business to B&G. The effective date of the assignment was November 2, 2015. During the nine months ended December 26, 2015 , the Company sold $ 126,050 ,000 of Green Giant finished goods inventory to General Mills Operations, LLC (“GMOL”) for cash, on a bill and hold basis, as compared to $ 138,641 ,000 for the nine months ended December 27, 2014 . Under the terms of the bill and hold agre ement, title to the specified inventory transferred to GMOL. The Company believes it has met the criteria required for bill and hold treatment . |
Acquisition
Acquisition | 9 Months Ended |
Dec. 26, 2015 | |
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | |
Business Combination Disclosure Text Block | 2. On October 30, 2015, the Company completed the acquisition of 100 % of the stock of Gray & Company. The business, based in Hart, Michigan, is a processor of maraschino cherries and a provider of glace or candied fruit products . This acquisition includes a plant in Dayton, Oregon. The purchase price was approximately $ 23,784,000 (net of cash acquired) plus the assumption of certain liabilities. In conjunction with the closing, the Company paid off $ 12,034,000 of liabilities acquired. The rationa le for the acquisition was twofold: (1) the business is a complementary fit with our existing business and (2) it provides an extension of our product offerings. This acquisition was financed with proceeds from the Company's revolving credit facil ity. Th e purchase price to acquire Gray & Company was allocated based on the internally developed preliminary fair value of the assets acquired and liabilities assumed and the preliminary independent valuation of inventory, intangibles, and property, plant, and equipm ent. T he purchase price of $23,784,000 has been a llocated as follows (in thousands ): Purchase Price (net of cash received) $ 23,784 Allocated as follows: Current assets $ 36,256 Intangibles 330 Other long-term assets 3 Property, plant and equipment 15,447 Deferred Taxes (8,022) Other long-term liabilities (4,323) Current liabilities (15,907) Total $ 23,784 |
Inventories
Inventories | 9 Months Ended |
Dec. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 3. First-In, First-Out (“FIFO”) based inventory costs exceeded LIFO based inventory costs by $ 150,818,000 as of the end of the third quarter of fiscal 2016 as compared to $ 164,269,000 as of the end of the third quarter of fiscal 2015. The change in the LIFO Reserve for the three months ended December 26, 2015 was a decrease of $ 11,662,000 as compared to an increase of $ 5,315,000 for the three months ended December 27, 2014. The change in the LIFO Reserve for the nine months ended December 26, 2015 was a decrease of $ 13,249,000 as compared to an increase of $ 10,885,000 for the nine months ended December 27, 2014. This reflects the projected impact of an overall cost decrease expected in fiscal 2016 versus an overall cost increase in fiscal 2015. |
Debt Instruments
Debt Instruments | 9 Months Ended |
Dec. 26, 2015 | |
Debt Instruments [Abstract] | |
Debt Disclosure Text Block | 4. During December 2015, the Company exercised $ 75,000,000 for the in-season facility and $ 100,000,000 for the off-season facility of the remaining $ 150,000,000 accordion feature of its existing revolving credit facility pursuant to the Second Amended and Restated Loan and Security Agreement dated July 20, 2011. Maximum borrowings under the Revolver total $ 400 ,000,000 from April through July and $ 475 ,00 0,000 fro m August through March . The Revolver balance as of December 26, 2015 was $309,211,000 and is included in Current Portion of Long-Term Debt in the accompanying Condensed Consolidated Balance Sheet since the Revolver matures on July 20, 2016. The Company u tilizes its Revolver for general corporate purposes, including seasonal working capital needs, to pay debt principal and interest obligations, and to fund capital expenditures and acquisitions. Seasonal working capital needs are affected by the growing cy cles of the vegetables and fruits the Company processes. The majority of vegetable and fruit inventories are produced during the months of June through November and are then sold over the following year. Payment terms for vegetable and fruit produce are generally three months but can vary from a few days to seven months. Accordingly, the Company’s need to draw on the Revolver may fluctuate significantly throughout the year. The increase in average amount of Revolver borrowings during the first nine mo nths of fiscal 2016 compared to the first nine months of fiscal 2015 was attributable to the Gray & Company acquisition of $23,784 ,000 made in the third quarter of fiscal 2016, the $23,100,000 pension contribution made in fiscal 2016 and Inventories which are $ 84,032,000 higher than the same period last year, partially offset by the $24,275,000 received from General Mills for the agreement assignment to B&G Foods and increased operating results in the first nine months of fiscal 2016 as compared to the firs t nine months of fiscal 2015. General terms of the Revolver include payment of interest at LIBOR plus a defined spread. The following table documents the quantitative data for Revolver borrowings during the third quarter and year-to-date periods of fisca l 2016 and fiscal 2015 : Third Quarter Year-to-Date 2016 2015 2016 2015 (In thousands) (In thousands) Reported end of period: Outstanding borrowings $ 309,211 $ 255,000 $ 309,211 $ 255,000 Weighted average interest rate 1.82 % 1.91 % 1.82 % 1.91 % Reported during the period: Maximum amount of borrowings $ 323,980 $ 323,646 $ 323,980 $ 323,646 Average outstanding borrowings $ 285,576 $ 273,927 $ 245,520 $ 228,730 Weighted average interest rate 1.90 % 1.57 % 1.93 % 1.52 % |
Stockholders Equity Note
Stockholders Equity Note | 9 Months Ended |
Dec. 26, 2015 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure Text Block | 5. During the nine-month period ended December 26, 2015 the Company repurchased 73,844 shares or $ 2,078,000 of its Class A Common Stock as Treasury Stock and 60 shares or $ 2,000 of its Class B Common Stock also as Treasury Stock. As of Dec ember 26, 2015, there are 2,220,218 shares or $ 63,358,000 of repurchased stock. These shares are not considered outstanding. |
General Discussion Of Pension A
General Discussion Of Pension And Other PostretirementBenefits | 9 Months Ended |
Dec. 26, 2015 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits Disclosure Text Block | 6 . The net periodic benefit cost for the Company’s pension plan consisted of: Three Months Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 (In thousands) Service Cost $ 2,473 $ 2,129 $ 7,418 $ 6,386 Interest Cost 2,226 2,059 6,677 6,177 Expected Return on Plan Assets (2,769) (2,841) (8,306) (8,520) Amortization of Actuarial Loss 964 88 2,891 263 Amortization of Transition Asset 27 - 82 - Net Periodic Benefit Cost $ 2,921 $ 1,435 $ 8,762 $ 4,306 Total contributions of $ 23,1 0 0,000 were made to the Pension Plan during the nine mont h period ended December 26, 2015 and a contribu tion of $ 35 0,000 was made during the nine month period ended December 27, 2014 . |
Restructuring And Related Activ
Restructuring And Related Activities | 9 Months Ended |
Dec. 26, 2015 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure Text Block | 7. The following table summarizes the restructuring charges and related asset impairment charges record ed and the accruals established : Long-Lived Severance Asset Charges Other Costs Total (In thousands) Balance March 31, 2015 $ 715 $ 264 $ 270 $ 1,249 First quarter credit (81) - - (81) Second quarter charge 15 - - 15 Third quarter charge 104 1,706 7,814 9,624 Cash payments/write offs (649) - (503) (1,152) Balance December 26, 2015 $ 104 $ 1,970 $ 7,581 $ 9,655 Balance March 31, 2014 $ 10 $ - $ - $ 10 Third quarter charge 533 316 40 889 Cash payments/write offs (8) - - (8) Balance December 27, 2014 $ 535 $ 316 $ 40 $ 891 During the quarter ended December 26, 2015, the Company recorded a restructuring charge of $ 9,634,000 related to the closing of a plant in the Northwest of which $ 104,000 was related to severance cost, $ 1,706,000 was related to asset impairments (contra fixed assets), and $ 7,824,000 was related to other costs (mostly operating lease costs). During fiscal 2015, the Company recorded a restructuring charge of $ 1,376,000 related to the closing of a plant in the Midwest of which $ 842,000 was relat ed to severance cost, $ 264,000 was related to equipment costs (contra fixed assets), and $ 270,000 was related to equipment relocation costs. During the first quarter of fiscal 2016, the Company reduced the severance portion of this accrual by $ 81,000 . Du ring the second quarter of fiscal 2016, the Company increased the severance portion of this accrual by $ 15,000 . During the third quarter of fiscal 2016, the Company decreased the equipment relocation portion of this accrual by $ 10,000 . |
Gains and Losses on the Sale of
Gains and Losses on the Sale of Property, Plant and Equipment | 9 Months Ended |
Dec. 26, 2015 | |
Property Plant And Equipment [Abstract] | |
Property Plant And Equipment Disclosure Text Block | 8. During the quarter ended December 26, 2015, the Company recorded a gain of $ 24,275,000 related to a contractual payment received in conjunction with a relationship transfer agreement with General Mills. During the quarter ended December 27, 2014, the Company recorded a gain of $ 5,000,000 related to a contractual payment received in connection with the closing of a Midwest plant (see Note 7 above). During the quarter ended June 27, 2015, the Company reversed a provision for the Prop 65 litigation of $ 2 00,000 and reduced an environmental accrual by $ 82 ,000 . In addition, during the six months ended September 27, 2014 , there was a $ 250,000 charge related to an environmental remediation. During the nine months ended December 26, 2015 and December 27, 20 14, the Company sold some unused fixed assets which resulted in a gain of $ 43,000 and $ 89,000 , respectively. These gains and the charge are included in other operating income in the Unaudited Conden sed Consolidated Statements of N et E arnings . |
Recently Issued Accounting Pron
Recently Issued Accounting Pronoucements | 9 Months Ended |
Dec. 26, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies Text Block | 9. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on April 1, 2018 (beginning of fiscal 2019). Early adoption is permitted. The standard permits the use of either the re trospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In November 2015, the FASB issued ASU 2015-17 , Balance Sheet Classification of Deferred Taxes which requires that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and be presented as a single noncurrent amount in a classified balance sheet. This standard is effective for the Company for fiscal years beginning after December 15, 2017 (beginning of fiscal 2019). Early adoption is permitted. The Company adopted this standard during the third quarter of fiscal 2016 on a prospective basis. Prior periods were not retrospectively adjusted. There were no other recently issued accounting pronouncements that impacted the Company’s condensed consolidated financial statements. In addition, the Company did not adopt any new accounting pronouncemen ts (other than ASU 2015-17 above) during the quarter ended December 26, 2015 . |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Dec. 26, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Text Block | 10. Earnings per share for the Quarters Ended December 26, 2015 and December 27, 2014 are as follows: Q U A R T E R YEAR TO DATE Fiscal Fiscal Fiscal Fiscal 2016 2015 2016 2015 (In thousands, except per share amounts) Basic Net earnings $ 31,123 $ 7,819 $ 40,613 $ 7,134 Deduct preferred stock dividends paid 6 6 17 17 Undistributed earnings 31,117 7,813 40,596 7,117 Earnings attributable to participating preferred 285 102 416 122 Earnings attributable to common shareholders $ 30,832 $ 7,711 $ 40,180 $ 6,995 Weighted average common shares outstanding 9,884 10,733 9,891 10,769 Basic earnings per common share $ 3.12 $ 0.72 $ 4.06 $ 0.65 Diluted Earnings attributable to common shareholders $ 30,832 $ 7,711 $ 40,180 $ 6,995 Add dividends on convertible preferred stock 5 5 15 15 Earnings attributable to common stock on a diluted basis $ 30,837 $ 7,716 $ 40,195 $ 7,010 Weighted average common shares outstanding-basic 9,884 10,733 9,891 10,769 Additional shares issuable related to the equity compensation plan 2 4 2 4 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 9,953 10,804 9,960 10,840 Diluted earnings per common share $ 3.10 $ 0.71 $ 4.04 $ 0.65 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 26, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures Text Block | 11. As required by Accounting Standards Codification ("ASC") 825, “Financial Instruments,” the Company estimates the fair values of financial instruments on a quarterly basis. The estimated fair value for long-term debt (classified as Level 2 in the fair value hierarchy) 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 . Long-term debt, including current portion had a carryi ng amount of $ 348,514 ,000 and an estimated fair value of $ 349,137 ,000 as of December 26, 2015 . As of March 31, 2015, the carrying amount was $ 274,164,000 and the estimated fair value was $ 274,999,000 . The fair values of all the other financial instruments approxima te their carrying value due to their short-term nature. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Dec. 26, 2015 | |
Legal Proceedings [Abstract] | |
Commitments And Contingencies Disclosure Text Block | 12. 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 California Court of Appeal, First Appellate District, Divisi on One unanimously rejected the appeal by ELF in a decision dated March 17, 2015. ELF filed a petition for review with the California Supreme Court on April 28, 2015, and the petition was denied on July 8, 2015. With the successful defense of the case, the remedies portion of the case was not litigated and the denial of review by the California Supreme Court effectively ends the action, with only a few procedural matters to clean-up as a result of the denial of review. 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. |
Income Tax Disclosure
Income Tax Disclosure | 9 Months Ended |
Dec. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure Text Block | 13. The effective tax rate was 32.9 % and 24.6 % for the nine month periods ended December 26, 2015 and December 27, 2014, respectively. The 8.3 percentage point increase in the effective tax rate represents an increase in tax expense as a percentage of book income when compared to the same period last year. The major contributor to this increase is with the federal credits for R & D, WOTC and fuel. These credits are largely fixed and with the significant increase in pre-tax earnings for the nine months ended December 26, 2015, these credits are a smaller percentage of pre-tax earnings in comparison to the nine months ended December 27, 2014. This accounts for 5.9 percent of the increase. |
Interim Lease Funding
Interim Lease Funding | 9 Months Ended |
Dec. 26, 2015 | |
Operating Leases Income Statement [Abstract] | |
Operating Leases Of Lessor Disclosure Text Block | 14. During fiscal 2016 and 2015, the Company entered into some interim lease notes which financed down payments for various equipment orders at market rates. As of December 26, 2015, some of these interim notes had not been converted into operating leases since the equipment was not placed in service. These notes, which total $402,000 and $5,989,000 as of December 26, 2015 and December 27, 2014, respectively, are included in Notes Payable in the accompanying Condensed Consolidated Balance Sheets. T hese notes are expected to be converted into operating leases within the next twelve months. |
Accounting policies (policy)
Accounting policies (policy) | 9 Months Ended |
Dec. 26, 2015 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Bill and Hold Arrangements [Policy Text Block] | During the nine months ended December 26, 2015 , the Company sold $ 126,050 ,000 of Green Giant finished goods inventory to General Mills Operations, LLC (“GMOL”) for cash, on a bill and hold basis, as compared to $ 138,641 ,000 for the nine months ended December 27, 2014 . Under the terms of the bill and hold agre ement, title to the specified inventory transferred to GMOL. The Company believes it has met the criteria required for bill and hold treatment . |
Reclassifications [PolicyText Block] | Reclassifications—Certain previously reported amounts have been recla ssified to conform to the current period classification. |
Acquisition (table)
Acquisition (table) | 9 Months Ended |
Dec. 26, 2015 | |
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | |
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock | Purchase Price (net of cash received) $ 23,784 Allocated as follows: Current assets $ 36,256 Intangibles 330 Other long-term assets 3 Property, plant and equipment 15,447 Deferred Taxes (8,022) Other long-term liabilities (4,323) Current liabilities (15,907) Total $ 23,784 |
Debt Instruments (table)
Debt Instruments (table) | 9 Months Ended |
Dec. 26, 2015 | |
Line of Credit Facility [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Third Quarter Year-to-Date 2016 2015 2016 2015 (In thousands) (In thousands) Reported end of period: Outstanding borrowings $ 309,211 $ 255,000 $ 309,211 $ 255,000 Weighted average interest rate 1.82 % 1.91 % 1.82 % 1.91 % Reported during the period: Maximum amount of borrowings $ 323,980 $ 323,646 $ 323,980 $ 323,646 Average outstanding borrowings $ 285,576 $ 273,927 $ 245,520 $ 228,730 Weighted average interest rate 1.90 % 1.57 % 1.93 % 1.52 % |
General Discussion Of Pension25
General Discussion Of Pension And Other Post Retirement Benefits (table) | 9 Months Ended |
Dec. 26, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 (In thousands) Service Cost $ 2,473 $ 2,129 $ 7,418 $ 6,386 Interest Cost 2,226 2,059 6,677 6,177 Expected Return on Plan Assets (2,769) (2,841) (8,306) (8,520) Amortization of Actuarial Loss 964 88 2,891 263 Amortization of Transition Asset 27 - 82 - Net Periodic Benefit Cost $ 2,921 $ 1,435 $ 8,762 $ 4,306 |
Restructuring And Related Act26
Restructuring And Related Activities (table) | 9 Months Ended |
Dec. 26, 2015 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | Long-Lived Severance Asset Charges Other Costs Total (In thousands) Balance March 31, 2015 $ 715 $ 264 $ 270 $ 1,249 First quarter credit (81) - - (81) Second quarter charge 15 - - 15 Third quarter charge 104 1,706 7,814 9,624 Cash payments/write offs (649) - (503) (1,152) Balance December 26, 2015 $ 104 $ 1,970 $ 7,581 $ 9,655 Balance March 31, 2014 $ 10 $ - $ - $ 10 Third quarter charge 533 316 40 889 Cash payments/write offs (8) - - (8) Balance December 27, 2014 $ 535 $ 316 $ 40 $ 891 |
Earnings Per Share (table)
Earnings Per Share (table) | 9 Months Ended |
Dec. 26, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block] | Q U A R T E R YEAR TO DATE Fiscal Fiscal Fiscal Fiscal 2016 2015 2016 2015 (In thousands, except per share amounts) Basic Net earnings $ 31,123 $ 7,819 $ 40,613 $ 7,134 Deduct preferred stock dividends paid 6 6 17 17 Undistributed earnings 31,117 7,813 40,596 7,117 Earnings attributable to participating preferred 285 102 416 122 Earnings attributable to common shareholders $ 30,832 $ 7,711 $ 40,180 $ 6,995 Weighted average common shares outstanding 9,884 10,733 9,891 10,769 Basic earnings per common share $ 3.12 $ 0.72 $ 4.06 $ 0.65 Diluted Earnings attributable to common shareholders $ 30,832 $ 7,711 $ 40,180 $ 6,995 Add dividends on convertible preferred stock 5 5 15 15 Earnings attributable to common stock on a diluted basis $ 30,837 $ 7,716 $ 40,195 $ 7,010 Weighted average common shares outstanding-basic 9,884 10,733 9,891 10,769 Additional shares issuable related to the equity compensation plan 2 4 2 4 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 9,953 10,804 9,960 10,840 Diluted earnings per common share $ 3.10 $ 0.71 $ 4.04 $ 0.65 |
Basis of Presentation (detail)
Basis of Presentation (detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | |
Sales Revenue [Line Items] | ||||
Net Sales | $ 432,198,000 | $ 456,207,000 | $ 971,658,000 | $ 1,008,411,000 |
Business Acquisition [Line Items] | ||||
Relationship Transfer Agreement | $ 24,275,000 | 24,275,000 | ||
General Mills Operations Llc [Member] | ||||
Sales Revenue [Line Items] | ||||
Net Sales | $ 126,050,000 | $ 138,641,000 |
Aquisition (narrative) (detail)
Aquisition (narrative) (detail) - USD ($) | Dec. 26, 2015 | Oct. 30, 2015 |
Business Acquisition [Line Items] | ||
Purchase Price | $ 23,784,000 | |
Gray&Company [Member] | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 23,784,000 | |
Ownership percentage | 100.00% | |
Paid off Liabilites | $ 12,034,000 |
Acquisition (table) (detail)
Acquisition (table) (detail) | Dec. 26, 2015USD ($) |
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | |
Purchase Price | $ 23,784,000 |
Current assets | 36,256,000 |
Intangibles | 330,000 |
Other long term assets | 3,000 |
Property, plant and equipment | 15,447,000 |
Deferred taxes | (8,022,000) |
Other long term liabilities | (4,323,000) |
Current liabilities | (15,907,000) |
Total | $ 23,784,000 |
Inventory (detail)
Inventory (detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | |
Inventory Disclosure [Abstract] | ||||
Inventory, LIFO Reserve | $ 150,818,000 | $ 164,269,000 | $ 150,818,000 | $ 164,269,000 |
Inventory, LIFO Reserve, Period Charge | $ 11,662,000 | $ 5,315,000 | $ 13,249,000 | $ 10,885,000 |
Debt Intruments (narrative) (de
Debt Intruments (narrative) (detail) - USD ($) | 9 Months Ended | |
Dec. 26, 2015 | Dec. 27, 2014 | |
Debt Instruments [Abstract] | ||
Line of Credit Facility, Amount Outstanding | $ 309,211,000 | $ 255,000,000 |
Line of Credit Facility [Line Items] | ||
Line Of Credit Accordion Feature | 150,000,000 | |
Inventory Change | 84,032,000 | |
Defined Benefit Plan, Contributions by Employer | 23,100,000 | $ 350,000 |
Relationship Transfer Agreement | 24,275,000 | |
Purchase Price | 23,784,000 | |
Production Period [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 475,000,000 | |
Line Of Credit Accordion Feature | 100,000,000 | |
Nonproduction Period [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 400,000,000 | |
Line Of Credit Accordion Feature | $ 75,000,000 |
Debt Intruments (table) (detail
Debt Intruments (table) (detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | |
Debt Instruments [Abstract] | ||||
Line of Credit Facility, Amount Outstanding | $ 309,211 | $ 255,000 | $ 309,211 | $ 255,000 |
Line of Credit, Weighted Average Interest Rate | 1.82% | 1.91% | 1.82% | 1.91% |
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 323,980 | $ 323,646 | $ 323,980 | $ 323,646 |
Line of Credit Facility, Average Outstanding Amount | $ 285,576 | $ 273,927 | $ 245,520 | $ 228,730 |
Line of Credit, Interest Rate During Period | 1.90% | 1.57% | 1.93% | 1.52% |
Stockholders Equity (detail)
Stockholders Equity (detail) - USD ($) | Dec. 26, 2015 | Mar. 31, 2015 | Dec. 27, 2014 |
Treasury Stock, at cost | $ 63,358,000 | $ 61,277,000 | $ 39,095,000 |
Class B Common Stock Converted To Class Aa Common [Member] | |||
Treasury Stock, at cost | $ 2,000 | ||
Shares, Issued | 60 | ||
Treasury Stock [Member] | |||
Shares, Issued | 2,220,218 | ||
Common Stock [Member] | |||
Treasury Stock, at cost | $ 2,078,000 | ||
Shares, Issued | 73,844 |
Pension (detail)
Pension (detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ||||
Defined Benefit Plan, Service Cost | $ 2,473,000 | $ 2,129,000 | $ 7,418,000 | $ 6,386,000 |
Defined Benefit Plan, Interest Cost | 2,226,000 | 2,059,000 | 6,677,000 | 6,177,000 |
Defined Benefit Plan, Expected Return on Plan Assets | (2,769,000) | (2,841,000) | (8,306,000) | (8,520,000) |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 964,000 | 88,000 | 2,891,000 | 263,000 |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | 27,000 | 82,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost | $ 2,921,000 | $ 1,435,000 | 8,762,000 | 4,306,000 |
Defined Benefit Plan, Contributions by Employer | $ 23,100,000 | $ 350,000 |
Restructuring (narrative) (deta
Restructuring (narrative) (detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Dec. 27, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | $ 9,624,000 | $ 15,000 | $ (81,000) | $ 889,000 | $ 9,558,000 | $ 889,000 |
Midwest Plant [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Equipment Cost | 1,376,000 | |||||
MidwestPlant2 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | 9,634,000 | |||||
Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | 104,000 | 15,000 | (81,000) | 533,000 | ||
Employee Severance [Member] | Midwest Plant [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | $ 15,000 | $ 81,000 | ||||
Restructuring Equipment Cost | 842,000 | |||||
Employee Severance [Member] | MidwestPlant2 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | 104,000 | |||||
Other Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | 7,814,000 | 40,000 | ||||
Other Restructuring [Member] | Midwest Plant [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | (10,000) | |||||
Restructuring Equipment Cost | 270,000 | |||||
Other Restructuring [Member] | MidwestPlant2 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | 7,824,000 | |||||
Long Lived Asset Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | 1,706,000 | $ 316,000 | ||||
Long Lived Asset Charges [Member] | Midwest Plant [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Equipment Cost | $ 264,000 | |||||
Long Lived Asset Charges [Member] | MidwestPlant2 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | $ 1,706,000 |
Restructuring (table) (detail)
Restructuring (table) (detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Dec. 27, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Balance | $ 1,249 | $ 1,249 | $ 10 | |||
Plant Restructuring | $ 9,624 | $ 15 | (81) | $ 889 | 9,558 | 889 |
Cash payments/write offs | (1,152) | (8) | ||||
Balance | 9,655 | 891 | 9,655 | 891 | ||
Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Balance | 715 | 715 | 10 | |||
Plant Restructuring | 104 | $ 15 | (81) | 533 | ||
Cash payments/write offs | (649) | (8) | ||||
Balance | 104 | 535 | 104 | 535 | ||
Other Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Balance | 270 | 270 | 0 | |||
Plant Restructuring | 7,814 | 40 | ||||
Cash payments/write offs | (503) | 0 | ||||
Balance | 7,581 | 40 | 7,581 | 40 | ||
Long Lived Asset Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Balance | $ 264 | 264 | 0 | |||
Plant Restructuring | 1,706 | 316 | ||||
Balance | $ 1,970 | $ 316 | $ 1,970 | $ 316 |
Gains and Losses on the Sale 38
Gains and Losses on the Sale of Property, Plant and Equipment (detail) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | |
Property Plant And Equipment [Abstract] | |||||
Gain (Loss) on Disposition of Assets | $ 43,000 | $ 89,000 | |||
Environmental Remediation Expense | $ 82,000 | $ 250,000 | |||
Restructuring Cost and Reserve [Line Items] | |||||
Prop 65 Litigation | $ 200,000 | ||||
Relationship Transfer Agreement | $ 24,275,000 | ||||
Midwest Plant [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Gain From Plant Closing | $ 5,000,000 |
Earning Per Share-Basic (detail
Earning Per Share-Basic (detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | |
Basic | ||||
Net Earnings (Loss) | $ 31,123 | $ 7,819 | $ 40,613 | $ 7,134 |
Deduct preferred stock dividends | 6 | 6 | 17 | 17 |
Undistributed Earnings, Basic | 31,117 | 7,813 | 40,596 | 7,117 |
Undistributed Earnings Allocated to Participating Securities | 285 | 102 | 416 | 122 |
Earnings (Loss) Attributable to Common Stock | $ 30,832 | $ 7,711 | $ 40,180 | $ 6,995 |
Weighted Average Number of Shares Outstanding, Basic | 9,884 | 10,733 | 9,891 | 10,769 |
Basic earnings (loss) per common share | $ 3.12 | $ 0.72 | $ 4.06 | $ 0.65 |
Earning Per Share-Diluted (deta
Earning Per Share-Diluted (detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | |
Diluted | ||||
Earnings (Loss) Attributable to Common Stock | $ 30,832 | $ 7,711 | $ 40,180 | $ 6,995 |
Dividends Convertible Preferred Stock Cash | 5 | 5 | 15 | 15 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 30,837 | $ 7,716 | $ 40,195 | $ 7,010 |
Weighted Average Number of Shares Outstanding, Basic | 9,884 | 10,733 | 9,891 | 10,769 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2 | 4 | 2 | 4 |
Incremental Common Shares Attributable to Conversion of Preferred Stock | 67 | 67 | 67 | 67 |
Weighted Average Number of Shares Outstanding, Diluted | 9,953 | 10,804 | 9,960 | 10,840 |
Diluted Earnings (Loss) per Common Share | $ 3.1 | $ 0.71 | $ 4.04 | $ 0.65 |
Fair Value Measurements (detail
Fair Value Measurements (detail) - USD ($) | Dec. 26, 2015 | Mar. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Gross | $ 348,514,000 | $ 274,164,000 |
Long-term Debt, Fair Value | $ 349,137,000 | $ 274,999,000 |
Income Tax (detail)
Income Tax (detail) | 9 Months Ended | |
Dec. 26, 2015 | Dec. 27, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation Tax Settlements Other | 32.90% | 24.60% |
Effective Income Tax Rate Continuing Operations | 5.90% | |
Effective Income Tax Rate Continuing Operations Change | 8.30% |
Interim Lease Funding (detail)
Interim Lease Funding (detail) - USD ($) $ in Thousands | Dec. 26, 2015 | Mar. 31, 2015 | Dec. 27, 2014 |
Operating Leases Income Statement [Abstract] | |||
Notes Payable | $ 402 | $ 9,903 | $ 5,989 |