Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Jun. 03, 2016 | Oct. 01, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document period end date | Mar. 31, 2016 | ||
Amendment flag | false | ||
Document Period Focus | FY | ||
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 | ||
Class Of Stock [Line Items] | |||
Trading Symbol | SENEA | ||
Entity public float | $ 191,810,000 | ||
Common Class A Member | |||
Class Of Stock [Line Items] | |||
Entity common stock shares outstanding | 7,918,069 | ||
Common Class B Member | |||
Class Of Stock [Line Items] | |||
Entity common stock shares outstanding | 1,894,599 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | |||
Net Sales | $ 1,275,360 | $ 1,286,350 | $ 1,340,208 |
Costs and Expenses: | |||
Cost of Product Sold | 1,127,965 | 1,201,987 | 1,247,943 |
Selling and Administrative | 73,515 | 67,381 | 70,129 |
Plant Restructuring | 10,302 | 1,376 | 501 |
Other Operating (Income) Expense | (24,971) | (4,748) | (3,271) |
Total Costs and Expenses | 1,186,811 | 1,265,996 | 1,315,302 |
Operating Income (Loss) | 88,549 | 20,354 | 24,906 |
Earnings from equity investment | 48 | (628) | 0 |
Interest Expense, Net | 8,044 | 6,862 | 7,564 |
Earnings (Loss) Before Income Taxes | 80,457 | 14,120 | 17,342 |
Income Taxes Expense (Benefit) | 25,999 | 4,221 | 3,563 |
Net Earnings (Loss) | $ 54,458 | $ 9,899 | $ 13,779 |
Basic Earnings (Loss) per Common Share | $ 5.46 | $ 0.91 | $ 1.24 |
Diluted Earnings (Loss) per Common Share | $ 5.42 | $ 0.9 | $ 1.23 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (PARENTHETICAL) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | |||
Interest Income, Operating | $ 54 | $ 18 | $ 4 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Income and Comprehensive Income [Abstract] | |||
Net (Loss) Earnings | $ 54,458 | $ 9,899 | $ 13,779 |
Change in pension and post retirement benefits adjustment (net of tax) | 3,408 | (20,552) | 11,296 |
Total | $ 57,866 | $ (10,653) | $ 25,075 |
CONSOLIDATED STATEMENT OF COMP5
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Income and Comprehensive Income [Abstract] | |||
Change in pension and post retirement benefits adjustment tax | $ 2,179 | $ 13,140 | $ 7,222 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Current Assets: | ||
Cash and Cash Equivalents | $ 8,602 | $ 10,608 |
Accounts Receivable, Net | 76,788 | 70,591 |
Inventories: | ||
Finished Goods | 366,911 | 301,705 |
Work in Process | 17,122 | 10,167 |
Raw Materials and Supplies | 183,674 | 160,540 |
Total Inventories | 567,707 | 472,412 |
Deferred Income Tax Asset, Net | 0 | 6,997 |
Other Current Assets | 15,765 | 27,439 |
Assets Current | 673,887 | 588,047 |
Assets Held For Sale | 5,025 | |
Deferred Tax Assets, Net, Noncurrent | 12,897 | 14,829 |
Other Assets | 19,706 | 18,015 |
Property, Plant and Equipment: | ||
Land | 22,430 | 20,971 |
Buildings and Improvements | 204,944 | 200,739 |
Machinery and Equipment | 359,927 | 347,169 |
Property, Plant and Equipment | 587,301 | 568,879 |
Accumulated Depreciation, Depletion and Amortization | 398,464 | 383,322 |
Property, Plant and Equipment, Net | 188,837 | 185,557 |
Total Assets | 895,327 | 806,448 |
Current Liabilities: | ||
Notes Payable | 402 | 9,903 |
Accounts Payable | 67,410 | 68,859 |
Accrued Vacation | 11,792 | 11,347 |
Accrued Payroll | 9,438 | 6,344 |
Other Accrued Expenses | 27,627 | 23,732 |
Income Taxes Payable | 2,974 | 1,787 |
Current Portion of Long-Term Debt and Capital Lease Obligations | 279,815 | 2,530 |
Liabilities Current | 399,458 | 124,502 |
Long-Term Debt, Less Current Portion | 35,967 | 271,634 |
Pension | 37,798 | 54,960 |
Deferred Income Taxes, Net | 0 | |
Other Long-Term Liabilities | 11,942 | 3,622 |
Long-term capital lease obligations | 4,988 | |
Total Liabilities | 490,153 | 454,718 |
Stockholders' Equity: | ||
Preferred Stock | 1,344 | 2,119 |
Common Stock | 3,023 | 3,010 |
Additional Paid-in Capital | 97,373 | 96,578 |
Treasury Stock, at cost | (65,709) | (61,277) |
Accumulated Other Comprehensive Loss | (28,396) | (31,804) |
Retained Earnings | 397,539 | 343,104 |
Total Stockholders' Equity | 405,174 | 351,730 |
Total Liabilities and Stockholders Equity | $ 895,327 | $ 806,448 |
CONDENSED CONSOLIDATED BALANCE7
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 111 | $ 145 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net (Loss) Earnings | $ 54,458,000 | $ 9,899,000 | $ 13,779,000 |
Adjustments to Reconcile Net (Loss) Earnings to Net Cash Used in Operations: | |||
Depreciation & Amortization | 21,737,000 | 21,834,000 | 23,281,000 |
Gain on the Sale of Assets | (432,000) | 2,000 | (325,000) |
Deferred Income Tax Expense (Benefit) | (533,000) | (612,000) | (3,798,000) |
Impairment Provision and Other Expenses | 10,302,000 | 264,000 | 341,000 |
Earnings from equity investment | 48,000 | (628,000) | 0 |
Changes in Operating Assets and Liabilities (Net of Acquisition): | |||
Accounts Receivable | 1,289,000 | 6,373,000 | 1,276,000 |
Inventories | (52,185,000) | (21,162,000) | 28,320,000 |
Other Current Assets | 12,544,000 | 6,155,000 | (8,295,000) |
Income Taxes | 2,246,000 | 874,000 | (3,187,000) |
Accounts Payable, Accrued Expenses and Other Liabilities | (10,316,000) | (3,567,000) | 4,236,000 |
Net Cash Provided by (Used in) Operations | 39,158,000 | 19,432,000 | 55,628,000 |
Cash Flows from Investing Activities: | |||
Payments to Acquire Property, Plant and Equipment | 9,864,000 | 26,213,000 | 17,027,000 |
Proceeds from the Sale of Assets | 1,026,000 | 337,000 | 998,000 |
Cash Paid for Acquisition (Net of Cash Acquired) | (38,795,000) | 0 | |
Purchase equity method investment | 0 | 16,242,000 | |
Net Cash Provided by (Used in) Investing Activities | (47,633,000) | (42,118,000) | (16,029,000) |
Cash Flow from Financing Activities: | |||
Long-Term Borrowing | 355,932,000 | 384,510,000 | 393,972,000 |
Payments on Long-Term Debt | (333,382,000) | (328,862,000) | (445,642,000) |
(Payments) Borrowings on Notes Payable | (9,501,000) | (2,352,000) | 12,255,000 |
Other | (305,000) | (312,000) | 248,000 |
Purchase of Treasury Stock | (6,252,000) | (33,506,000) | (674,000) |
Dividends | (23,000) | (23,000) | (23,000) |
Net Cash Provided by (Used in) Financing Activities | 6,469,000 | 19,455,000 | (39,864,000) |
Net Increase (Decrease) in Cash and Cash Equivalents | (2,006,000) | (3,231,000) | (265,000) |
Cash and Cash Equivalents, Beginning of the Period | 10,608,000 | 13,839,000 | 14,104,000 |
Cash and Cash Equivalents, End of the Period | 8,602,000 | 10,608,000 | 13,839,000 |
Cash Paid During the Year | |||
Interest Paid | 6,820,000 | 5,116,000 | 6,586,000 |
Income Taxes Paid | 24,108,000 | $ 6,003,000 | $ 10,695,000 |
Noncash Transactions | |||
Property, plant and equipment issued under capital lease | $ 5,313,000 |
CONDENSED CONSOLIDATED STATEME9
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, 2013 | $ 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) | ||||||
Equity incentive program | 100,000 | ||||||
Stock issued for bonus program | 4,000 | ||||||
401 (k) match stock amount | 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 | 5,332,000 | 2,958,000 | 93,260,000 | (29,894,000) | (11,252,000) | 333,228,000 | |
Net (Loss) Earnings | 9,899,000 | 9,899,000 | |||||
Cash dividends paid on preferred stock | (23,000) | ||||||
Equity incentive program | 100,000 | ||||||
Stock issued for bonus program | 1,000 | 56,000 | |||||
401 (k) match stock amount | 2,200,000 | 2,123,000 | |||||
Treasury stock purchased | (33,506,000) | ||||||
Stock conversion | (3,213,000) | 51,000 | 3,162,000 | ||||
Change in pension and post retirement benefits adjustment (net of tax) | 20,552,000 | (20,552,000) | |||||
Balance at Mar. 31, 2015 | 351,730,000 | 2,119,000 | 3,010,000 | 96,578,000 | (61,277,000) | (31,804,000) | 343,104,000 |
Net (Loss) Earnings | 54,458,000 | 54,458,000 | |||||
Cash dividends paid on preferred stock | (23,000) | (23,000) | |||||
Equity incentive program | 33,000 | ||||||
401 (k) match stock amount | 1,800,000 | 1,820,000 | |||||
Treasury stock purchased | (6,252,000) | ||||||
Stock conversion | (775,000) | 13,000 | 762,000 | ||||
Change in pension and post retirement benefits adjustment (net of tax) | (3,408,000) | 3,408,000 | |||||
Balance at Mar. 31, 2016 | $ 405,174,000 | $ 1,344,000 | $ 3,023,000 | $ 97,373,000 | $ (65,709,000) | $ (28,396,000) | $ 397,539,000 |
CONDENSED CONSOLIDATED STATEM10
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Change in pension and post retirement benefits adjustment tax | $ 2,179 | $ 13,140 | $ 7,222 |
CONDENSED CONSOLIDATED STATEM11
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (preferred stock common stock) - USD ($) $ in Thousands | Total | 6% Cumulative Preferred Stock [Member] | 10% Nonredeemable Convertible Preferred Stock [Member] | Participating Preferred Stock [Member] | 2003 Series Participating Preferred Stock [Member] | Common Class A Member | Common Class B Member |
Preferred Stock, Shares Outstanding | 200,000 | 807,240 | 90,826 | 50,500 | |||
Common Stock, Shares, Outstanding | 7,926,280 | 1,967,958 | |||||
Preferred Stock | $ 2,119 | ||||||
Common Stock | 3,010 | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 10.00% | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.025 | $ 0.025 | $ 0.025 | |||
Common Stock Par Or Stated Value Per Share | $ 0.25 | $ 0.25 | |||||
Preferred Stock, Shares Authorized | 200,000 | 1,400,000 | 90,826 | 500 | |||
Common Stock, Shares Authorized | 20,000,000 | 10,000,000 | |||||
Preferred Stock, Shares Outstanding | 200,000 | 807,240 | 90,826 | 500 | |||
Common Stock, Shares, Outstanding | 7,918,069 | 1,894,599 | |||||
Preferred Stock | 1,344 | $ 50 | $ 202 | $ 1,084 | $ 8 | ||
Common Stock | $ 3,023 | $ 2,519 | $ 504 |
Basis Of Presentation Policies
Basis Of Presentation Policies | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Seneca Foods Corporation and Subsidiaries 1. Summary of Significant Accounting Policies Nature of Operations — Seneca Foods Corporation (the “Parent Company”) and subsidiaries (the “Company”) conducts its business almost entirely in food packaging, operating 28 plants and 3 2 warehouses in ten states. The Company markets private label and branded packag ed foods to retailers and institutional food distributors. Principles of Consolidation — The consolidated financial statement s include the accounts f or the Parent C ompany 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, wh ich 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 pas ses. During the years ended March 31, 2016 and 2015 , the Company sold for cash , on a bill and hold basis, $ 126.1 million and $ 138.6 million, r espectively, of Green Giant finished goods inventory. At the time of the sale of th e Green Giant vegetables , title of the specifi ed inventory transferred . The Company believes it has met the criteria required by the accounting standards for Bill and Hold t reatment. As of March 31, 2016, $ 58.8 million of 2016 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 c osts, 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 sa le 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 o therwise 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 ta ke 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 signifi cant 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 11 %, 13 % and 13 % of net sales in each of 2016, 2015 an d 2014, respectively . The top ten customers , including GMOL, represent ed approximately 4 8 %, 49 % and 50 % of n et sales for 2016, 2015 and 2014 , respectively. The Company closely monitors the credit risk associated with its customers. The Company places subst antially 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 acc ounts . 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 carrying values of cash and cash equivalents (Level 1), accounts receivable, short-term debt (Level 2) and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. See Note 9, Fair Value of Financial Instruments, for a discussion of the fair va lue 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 (L evel 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 m odel-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, 2016 , there we re $ 0.1 million of unamortized financing cost included in other current assets and $ 0.1 million of unamortized financing costs included in other assets on the Consolidated Balance Sheets . Inventories — S ubstantially all inventories are stated at the lower of cost; determined under the last-in, first-out (“LIFO”) method; or market. Inc ome Taxes — The provision for income taxes includes federal and state income taxes currently payable and those deferred because of temporary differences between the fina ncial 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 Com pany evaluates the likelihood of realization of its net deferred income tax a ssets 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 differ ences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expe cted 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, disclos ure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. 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. The shipping and handling costs billed to customers in net sales were $ 38.3 million, $ 38.8 million and $ 41.3 million in 2016, 2015, and 2014, respectiv ely. Advertising Costs — Advertising costs are expensed as incurred. Advertising costs charged to operations were $ 2.0 million, $ 1.7 million and $ 1.5 million in 2016, 2015 and 2014, respectively. Accounts Receivable and Doubtful Accounts — Accounts r ec eivable 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 d ays 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 p er 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 outsta nding 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 p lus 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, 2016 2015 2014 (In thousands, except per share amounts) Basic Net earnings $ 54,458 $ 9,899 $ 13,779 Deduct preferred stock dividends 23 23 23 Undistributed earnings 54,435 9,876 13,756 Earnings attributable to participating preferred shareholders 544 160 438 Earnings attributable to common shareholders $ 53,891 $ 9,716 $ 13,318 Weighted average common shares outstanding 9,878 10,690 10,747 Basic earnings per common share $ 5.46 $ 0.91 $ 1.24 Diluted Earnings attributable to common shareholders $ 53,891 $ 9,716 $ 13,318 Add dividends on convertible preferred stock 20 20 20 Earnings attributable to common stock on a diluted basis $ 53,911 $ 9,736 $ 13,338 Weighted average common shares outstanding-basic 9,878 10,690 10,747 Additional shares to be issued related to the equity compensation plan 3 5 5 Additional shares to be issued under full conversion of preferred stock 67 67 67 Total shares for diluted 9,948 10,762 10,819 Diluted earnings per share $ 5.42 $ 0.90 $ 1.23 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. Deprec iation was $ 21.4 million, $ 21.5 million, and $ 22.9 million in 2016, 2015, and 2014 , respectively. The estimated useful lives are as follows: buildings and improvements — 30 years ; machiner y 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 a re 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 $ 5 . 1 million of impairment losses in 2016 included in Plant Restructur ing (see Note 14, Plant Restructuring). There were no sign ificant impairment losses in 2015 and 2014 . Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in confo rmity with accounting principles generall y 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 wel l as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimated . Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires a n entity to recogni ze 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 will be effective fo r the Company on April 1, 2018 (beginning of fiscal 2019). Early adoption is permitted. The standard permits the use of either the retrospective 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. The Company does not anticipate a material impact on the Co mpany's financial position, results of operations or cash flows as a result of this change. 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 sa me 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 Dece mber 15, 2017 (beginning of fiscal 2019). Early adoption is permitted. The Company adopted this standard during 2016 on a prospective basis. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases . The new standard establishes a right-of-use ( “ ROU ” ) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 1 5, 2018 (beginning fiscal 2020), including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest co mparative period presented in the financial statements, with certain practical expedients available. While we are still evaluating the impact of our pending adoption of the new standard on our consolidated financial statements, we expect that upon adoptio n we will recognize ROU assets and lease liabilities and that the amounts could be material. Reclassifications — Certain previously reported amounts have been reclassified to conform to the current period classification |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2016 | |
Acquisitions [Abstract] | |
Business Combination Disclosure Text Block | 2 . Acquisitions In October 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 $ 2 3.8 million (net of cash acquired) plus the assumption of certain liabilities. In conjunction with the closing, the Company paid off $ 12.0 million of liabilities acquir ed. The rationale for the acquisition was twofold: (1) the business is a complementary fit with the existing business and (2) it provides an extension of the Company’s product offerings. This acquisition was financed with proceeds from the Company's revolving cred it facility. The purchase price to acquire Gray & Company was allocated based on the internally developed preliminary fair value of the assets acquired and liabilit ies assumed and the independent valuation of inventory, intangibles, and proper ty, plant, and equipment. T he purchase price of $23.8 million has been all ocated as follows (in thousands): Purchase Price (net of cash received) $ 23.8 Allocated as follows: Current assets $ 36.6 Other long-term assets 1.4 Property, plant and equipment 13.7 Deferred taxes (7.7) Current liabilities (16.0) Other long-term liabilities (4.2) Total $ 23.8 In February 2016, the Company completed the acquisition of 100 % of the stock of Diana Fruit Co., Inc. The business, based in Santa Clara, California, is a processor of maraschino cherries and cherries for fruit cocktail. The purchase price was approximately $ 15.0 million (net of cash acquired) plus the assumption of certain liabilities. In conjunction with the closing, the Company paid off $ 1.4 million of liabilities acquired. The rationale for the acquisition was the business is a complementary fit with the recent acquisition of Gray & Company. This acquisition was financed with proceeds from the Company's revolving credit facility. The purchase price to acquire Diana 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 equipment. The purchase price of $15.0 million has been allocated as follows (in thousands): Purchase Price (net of cash received) $ 15.0 Allocated as follows: Current assets $ 16.8 Other long-term assets 0.5 Property, plant and equipment 0.9 Deferred taxes 0.4 Current liabilities (3.6) Total $ 15.0 The Company’s Consolidated Statement of Net Earnings for the year ended March 31, 2016 includes five months of the acquired Gray & Company and one month of Diana Fruit operating results which amounted to Net Sales of $ 25.5 million and Net Loss of $ 1.7 million. If Gray and Diana had been acquired at the beginning of the year ended March 31, 2015, total Net Sales would be $ 1,324.8 million (unaudited) for 2016 and $ 1,363.7 million (unaudited) for 2015 and Net Earnings would have been $ 54.2 million (unaudited) for 2016 and $ 8.6 million (unaudited) for 2 015 . In April 2014, the Company purchased a 50 % equity interest in Truitt Bros. Inc. ("Truitt") for $ 16.2 million. The purchase agreement grants the Company the right to acquire the remaining 50 % ownership of Truitt in the future under certai n 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. This investment is included in Other Assets in the Consol idated Bal ance Sheets as of March 31, 2016 and is accounted for using the equity method of accounting. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Mar. 31, 2016 | |
Debt Instruments [Abstract] | |
Debt Disclosure Text Block | 3 . Short-Term Borrowings The Company completed the closing of a five- year revolving credit facility (“Revolver”) on July 20, 2011. During 2016, the Company exercised $ 7 5.0 million for the in-season facility and $ 100 .0 million for the off-season facility of the remaining $ 150 .0 million 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 .0 million from April through July and $ 475 .0 million from August through March. The Revolver balance as of March 31, 2016 was $ 271.6 million and is included in Current Portion of Long-Term Debt in the accompanying Consolidated Balance Sheet due to the Re volver’s July 20, 201 6 maturity , with a weighted average interest rate of 1.95 % (LIBOR plus a spread) . The Revolver is secured by accounts receivable and invent ories with a carrying value of $ 644. 6 million . The Company had $ 13.2 million and $ 11. 0 million of outstanding standb y letters of cred it as of March 31, 2016 and 2015 , respectively, which reduces borrowing availabilit y under the Revolver. See Note 4 , Long-Term Debt, for additional comments related to the Revolver. The Company is in the process of negotiating a replaceme nt line of credit that is expected to be in place prior to the maturity of the existing Revolver. Although subject to change, the agreement being negotiated provides for a five-year term, a $ 400.0 million facility amount that is seasonally adjusted to $ 50 0.0 million, and interest based upon LIBOR-based spread. Closing of this new credit facility is subject to normal and customary documentation and closing conditions. During 2016 and 2015 , the Company entered into some interim lease notes which financed down payments f or various equipment orders at market rates. As of March 31, 2016, these interim notes had not been converted into operating leases since the equipment was not yet delivered. These notes, which total $ 0.4 million and $9.9 million as of March 31, 2016 and 2015, respectively, 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. 94 % in 2016 and 1.67 % in 2015. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-term Debt [Text Block] | 4. Long-Term Debt 2016 2015 (In thousands) Revolving credit facility, 1.95% and 1.92%, due through 2017 $ 271,592 $ 233,000 Secured Industrial Revenue Development Bonds, 3.02%, and 2.97%, due through 2029 22,630 22,630 Secured promissory note, 6.98%, due through 2022 12,114 13,769 Lease financing obligations, 2.62%, due through 2020 5,313 - Secured promissory note, 6.35%, due through 2020 2,474 3,122 2.00%, due through 2021 1,200 1,398 Other 216 245 315,539 274,164 Less current portion 279,572 2,530 35,967 271,634 See Note 3, 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 indebtedne ss, 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 a ccounts receivable and inventories . These financial requirements and ratios generally become more rest rictive 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 Wells Fargo, which relates to the Se cured 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, 201 6 . The Company's debt agreement s limit the payment of dividends and other distr ibutions. 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 o utstanding Industrial Rev enue 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 cos ts of those IRBs. A Master Reimbursement Agreement with Wells Fargo, which provides for the direct pay letters of credit, expires in July 2016. The Company entered into sale-leaseback transaction that did not qualify for sale-leaseback accounting due to certain forms of continuing involvement and, as a result, the lease was classified as a financing transaction in the Company’s consolidated financial statements. Under the financing method, the assets remain on the consolidated balance sheet and the net proceeds received by the Company from these transactions are recorded as a lease financing liability. Payments under these leases are applied as payments of imputed interest and deemed principal on the underlying financing obligations. This lease generall y provides for an initial term of 10 years with a nine year buyout option. On August 1, 2013, the Company paid a final $ 36.7 million principal payment due on a secured note payable to John Hancock Life Insurance Company. The carrying value of assets pled ged for secured debt, including the Revolver, is $ 752.8 million . Debt repayment requirements for the next five fiscal years are (in thousands): Years ending March 31: 2017 $ 279,572 2018 7,904 2019 3,034 2020 2,531 2021 7,019 Thereafter 15,479 Total $ 315,539 |
Operating Leases
Operating Leases | 12 Months Ended |
Mar. 31, 2016 | |
Leases, Operating [Abstract] | |
Operating Leases Of Lessor Disclosure Text Block | 5 . Leases The Company had a new capital lease in fiscal 2016 and no capital leases as of March 31, 201 5 . The new capital lease is a building lease that bears an interest rate of 5.2 %. The cost is $5.3 million and the accumulated amortization is $0.1 million. Leased assets under capital leases consist of the following: 2016 2015 Land - - Buildings 5,313 - Equipment - - 5,313 - Less accumulated amortization 89 - 5,224 - The Company has operating leases expiring at various dates through 2030. Operating leases generally provide for early purchase options one year prior to expiration. The following is a schedule, by year, of minimum operating and capital lease payments due as of March 31, 2016 (in thousands): Years ending March 31: Operating Capital 2017 $ 43,392 $ 507 2018 38,649 507 2019 33,746 507 2020 28,784 507 2021 22,379 507 2022-2030 28,918 4,943 Total minimum payment required $ 195,868 $ 7,478 Less interest 2,247 Present value of minimum lease payments 5,231 Amount due within one year 243 Long-term capital lease obligation $ 4,988 Lease expense in fiscal 201 6 , 201 5 and 201 4 was $ 51.4 million , $ 49.6 million and $ 43.9 million , respectively. |
Income Tax Disclosure
Income Tax Disclosure | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure Text Block | 6. Income Taxes The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows: 2016 2015 2014 (In thousands) Current: Federal $ 24,579 $ 4,380 $ 7,238 State 1,953 453 123 26,532 4,833 7,361 Deferred: Federal (689) (925) (3,231) State 156 313 (567) (533) (612) (3,798) Total income taxes $ 25,999 $ 4,221 $ 3,563 A reconciliation of the expected U.S. statutory rate to the effective rate follows: 2016 2015 2014 Computed (expected tax rate) 35.0 % 35.0 % 35.0 % State income taxes (net of federal tax benefit) 2.7 2.9 3.4 State tax credits (0.9) (8.7) (1.6) Federal credits (0.4) (2.4) (3.6) Manufacturer’s deduction (3.9) (5.0) (4.6) (Reversal of) addition to uncertain tax positions 0.2 (1.0) (0.8) State VDA/Nexus Changes - - (1.7) Other permanent differences not deductible (0.2) 0.7 0.5 Change in valuation allowance 0.1 9.9 (2.1) Tax effect of pension contribution - - 0.4 Other (0.3) (1.5) (4.4) Effective income tax rate 32.3 % 29.9 % 20.5 % The effective tax rate was 32.3% in 2016 and 29.9% in 2015. Of the 2.4 percentage point increase in the effective tax rate for the year, the major contributor to this increase is with the federal credits for Research and Development, Work Opportunity Tax Credit and fuel. These credits are largely fixed and with the significant increase in pre-tax earnings for 2016, these credits are a smaller percentage of pre-tax earnings in comparison to 2015. This accounts for 2.0 percent of the increase. The followin g is a summary of the significant components of the Company's deferred income tax assets and liabilities as of March 31: 2016 2015 (In thousands) Deferred income tax assets: Future tax credits $ 3,807 $ 4,021 Inventory valuation - 2,348 Employee benefits 3,174 3,009 Insurance 881 816 Other comprehensive loss 18,154 20,335 Interest 21 46 Prepaid revenue 571 701 Other 2,804 1,364 Pension - 1,372 Severance 3 256 29,415 34,268 Deferred income tax liabilities: Property basis and depreciation difference 9,330 9,129 481(a) adjustment 880 1,281 Inventory valuation 1,247 - Intangibles 235 - Earnings from equity investment 69 245 Pension 2,896 - 14,657 10,655 Valuation allowance - non-current 1,861 1,787 Net deferred income tax asset $ 12,897 $ 21,826 Net current deferred income tax assets of none and $7.0 million as of March 31, 201 6 and 2015 , respectively, are recognized in the Consolidated Balance Sheets. Also recognized are net non- current deferred income tax assets of $12.9 million as of March 31, 2016 and net non-current deferred income tax liabilities of $14.8 million as of March 31, 2015. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes which requires that all deferred tax lia bilities 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 fisc al years beginning after December 15, 2017 (beginning of fiscal 2019). Early adoption is permitted. The Company adopted this standard during 2016 on a prospective basis. Prior periods were not retrospectively adjusted. The Company has State tax credit c arryforwards amounting to $ 1.2 million (California, net of Federal impact), $ 0. 8 million (New York, net of Federal impact), and $ 1.7 million (Wisconsin, net of Federal impact), which are available to reduce future taxes payable in each respective state thr ough 20 31 (Wisconsin), through 2031 (New York), and through 2026 (California). The Company has performed the required assessment regarding the realization of deferred tax assets and at March 31, 2016, the Company has recorded a valuation allowance amountin g to $1.9 million, which relates primarily to tax credit carryforwards which management has concluded it is more likely than not they will not be realized in the ordinary course of operations. Although realization is not assured, management has concluded t hat 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 uncertai nty 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 derecognitio n, 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, 2016 and 2015 c onsists of the following: 2016 2015 (In thousands) Beginning balance $ 464 $ 2,273 Tax positions related to current year: Additions 291 13 Tax positions related to prior years: Additions 241 - Reductions (7) (1,822) Settlements (166) - Lapses in statues of limitations (129) - Balance as of March 31, $ 694 $ 464 Neither balances at March 31, 2016 and 2015 include 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 unrec ognized tax benefits as well as interest received from favorable settlements within income tax expense. Durin g the years ended March 31, 2016 and 2015 , the Company recog nized approximately $ 0.1 million decrease and $ 0.1 million decrease, respectively, in i nterest and penalties. As of March 31, 2016 and 2015, the Company had approximately $ 0.1 million and $ 0.1 million, respectively, of interest and penalties accrued associated with unrecognized tax benefits. Although management believes that an adequate pro vision 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 Comp any. Conversely, if resolved favorably in the future, the related provisions would be reduced, t hus having a positive impact on earnings. It is anticipated that audit settlements will be reached during 201 7 with federal and state taxing authorities that could have an impact on earnings. Due to the uncertainty of amounts and in accordance with its acc ounting policies, the Company has not recorded any potential impact of these settlements. The federal income tax returns for years after March 31, 2013 are subject to examination. |
Stockholders Equity Note
Stockholders Equity Note | 12 Months Ended |
Mar. 31, 2016 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure Text Block | 7 . 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—Serie s B (“Series B Preferred”); Convertible Participating Preferred Stock; and Convertible Participating Preferred Stock, Series 2003. 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 d istributions declared or made on the Class A Common Stock. No dividends were declared or paid on thi s preferred stock in fiscal 2016, 2015 or 2014 . In addition, these series of preferred stock have certain distribution rights upon liquidation. Upon convers ion, 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, 2016 , the Company has an aggregate of 6,708,674 shares of non-desi gnated 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 90,826 shares outstanding as of March 31, 2016 after convers ions of no shares into Class A C ommon 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 500 sha res outstanding as of March 31, 2016 after conversion of 50,000 shares into Class A C ommon Stock during the year. There are 407,240 shares of Series A Preferred outstanding as of March 31, 2016 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, 2016 which are convertible into one share of Class A Common Stock and one share of Class B Common St ock for every 30 shares of Series B preferred. There are 200,000 shares of 6% Preferred outstanding as of March 31, 2016 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 a nd Series B Preferred and $ 3,000 on the 6% Pref erred during each of fiscal 2016, 2015 and 2014 . 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 1/20 th of one vote per share on all matters as to which shareholders of the Company a re entitled to vote. During 2016 , there w ere no shares 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 no n-participating preferred stock were 33,695 of both Class A and Class B as of March 31, 2016 and 2015. Additionally, there were 91,326 and 141,326 shares of Class A reserved for conversion of the Participating Pref erred Stock as of March 31, 2016 and 2015 , respectively. Treasury Stock — During 2016 , the C ompany repurchased $ 2.6 million, or 90,500 shares of its Class A Common Stock and $ 2.6 million, or 73,459 shares of its Class B Com mon Stock. As of March 31, 2016 , there is a total of $ 65. 7 million, or 2,281,550 shares, of repurchased stock. These shares are not considered outstanding. The Company contributed $ 1.8 million or 64,254 treasury sha res for the 401(k) match in 2016 as described in Note 8, Retirement Plans. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2016 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits Disclosure Text Block | 8 . 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, 2016 and a statement of the un funded st atu s as of March 31, 2016 and 2015 : 2016 2015 (In thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 212,908 $ 170,478 Service cost 10,502 8,515 Interest cost 8,902 8,236 Plan amendments - 952 Actuarial (gain) loss (11,340) 30,556 Benefit payments and expenses (6,936) (5,829) Benefit obligation at end of year $ 214,036 $ 212,908 Change in Plan Assets Fair value of plan assets at beginning of year $ 157,948 $ 154,650 Actual gain on plan assets 2,126 8,777 Employer contributions 23,100 350 Benefit payments and expenses (6,936) (5,829) Fair value of plan assets at end of year $ 176,238 $ 157,948 Unfunded Status $ (37,798) $ (54,960) The unfunded status decreased by $ 17.2 million during 2016 reflecting the actual fair value of plan assets and the projected benefit obligation as of March 31 , 2016. This unfunded status reduction was recognized via the actual gain on plan assets and the de crease in accumulated other comprehensive loss of $3.5 million aft er the income tax benefit of $2.2 million. The increase in projected benefit ob ligation was a function of using the full yield c urve approach, an in crease in t he discount rate from 4.15% to 4.36 % and the change to using an upda ted mortality table. During 2016 , the Company converted to the 2006 base rates from the RP-2014 mortality study with the Blue Collar adjustment, with a gener ational projection of future mortality improvements from 2006 using Scale MP-2015 for calculating the pension obligation in 2016 and the related pension expense in 2017 . Effective March 31, 2016, the Company elected to change the approach used to calculat e the service and interest cost components of the net periodic benefit cost for it pension and postretirement benefit plans to provide a more precise measurement of service and interest costs. Historically the Company calculated the service and interest c ost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. Going forward the new estimate utilizes a full yield curve approach in the estimation of t hese components by applying the specific spot rates along the yield curve used in determination of the benefit obligation to their underlying projected cash flows. The change does not affect the measurement of pension and postretirement obligations and is accounted for as a change in accounting estimate, which is applied prospectively. Plan assets increased from $157.9 mill ion as of March 31, 2015 to $176.2 million as of March 31, 2016 due to a continued recovery in market conditions and the $23.1 million contribution by the Company. The Company made this contribution to maintain its funding status at an acceptable level. 2016 2015 (In thousands) Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (843) $ (952) Net loss (45,248) (50,883) Accumulated other comprehensive pre-tax loss $ (46,091) $ (51,835) Pension and post retirement plan adjustments, net of tax (In thousands) Accumulated Other Comprehensive Loss Balance at March 31, 2015 $ (31,804) Other comprehensive loss before reclassifications 3,408 Reclassified from accumulated other comprehensive loss - Net current period other comprehensive loss 3,408 Balance at March 31, 2016 $ (28,396) The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2016, 2015, and 2014: 2016 2015 2014 (In thousands) Service cost $ 10,502 $ 8,515 $ 7,752 Interest cost 8,902 8,236 7,592 Expected return on plan assets (11,685) (11,360) (9,938) Amortization of net loss 3,854 350 2,434 Prior service cost 109 - - Net periodic benefit cost $ 11,682 $ 5,741 $ 7,840 The Plan’s accumulated benefit obligation was $ 195.3 million at March 31, 201 6 , and $ 188.5 million at March 31, 20 15 . 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 p ension expense are shown in the following table: 2016 2015 Discount rate - projected benefit obligation 4.36 % 4.15 % Discount rate - pension expense 4.15 % 4.85 % Expected return on plan assets 7.25 % 7.25 % Rate of compensation increase 3.00 % 3.00 % The Company's plan assets consist of the following: Target Percentage of Plan Allocation Assets at March 31, 2017 2016 2015 Plan Assets Equity securities 99 % 99 % 97 % Debt securities - - - Real estate - - - Cash 1 1 3 Total 100 % 100 % 100 % All securities, which are valued at fair market value, are considered to be level 1, due to the active public market. 2016 2015 Market Value Market Value (In thousands) Assets by Industry Type Asset Category Cash and cash equivalents: Money market funds $ 1,497 $ 5,545 Total cash and cash equivalents 1,497 5,545 Common equity securities: Materials 9,379 5,460 Industrials 30,355 33,813 Telecommunication services 9,325 11,393 Consumer staples 33,048 23,410 Energy 14,658 15,062 Financials 34,891 32,808 Health Care 10,538 7,503 Information technology 9,681 5,608 Utilities 22,866 17,346 Total common equity securities 174,741 152,403 Total assets $ 176,238 $ 157,948 Expected Return on Plan Assets The expected long-term rate of return on Plan assets is 7.25%. The Company expects 7.25 % 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 a chieve 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 diversifi ed 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 2016 was 1.4 % as compar ed to the S&P 500 unaudited loss (including dividen ds) of (1.3 ) % . Plan assets include Company common stock with a fair market value of $ 18.4 million as of March 31, 2016 and $ 1 4.4 million as of March 31, 2015 . Cash Flows Expected contributions for f iscal year ending March 31, 2017 (in thousands): Exp ected Employer Contributions $ - Expected Employee Contributions - Estimated future benefit payments reflecting expected future service for the fiscal years ending March 31 (in thousands): 2017 $ 6,799 2018 7,394 2019 7,964 2020 8,577 2021 9,324 2022-2024 57,417 401(k) Plans 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 $ 1.8 million, $ 2.3 million, and $ 2.3 million in fiscal 2016, 2015, and 2014, respectively. In fiscal 2016 , the matching contribution included $ 1.8 million of treasury stock . In fiscal 2015 , the matching contribution included $ 2. 2 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, 2015 through June 30, 2018. For the fiscal years ended March 31, 2016, March 31, 2015 and March 31, 2014, contributions to the Teamsters Plan were $ 2. 5 million, $2.4 million and $2.4 million, respectively . The contributions to this plan are paid monthly based upon the number of hours wo rked 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 withdraw al liability based on the underfunded status of the plan. The Teamsters Plan receive d a Pension Protection Act “green” zone status for the plan year beginning January 1, 2015 . 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, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures Text Block | 9. Fair Value of Financial Instruments The carrying amount and estimated fair values of the Company's debt are summarized as follows: 2016 2015 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (In thousands) Long-term debt, including current portion $ 315,539 $ 315,478 $ 274,164 $ 274,999 Capital leases, including current portion $ 5,231 $ 5,076 $ - $ - The estimated fair value for long-term debt and capital leases 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, 2016 | |
Inventories: | |
Inventory Disclosure [Text Block] | 1 0 . Inventories Effective December 30, 2007 (beginning of 4th quarter of Fiscal Year 2008), the Company change d its inventory valuatio n method from the lower of cost, d etermined 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 cur rent revenue. The effect of LIFO was to increase net earnings by $ 16.1 million in 2016, reduce net earnings by $ 6.9 million in 2015, and reduce net earnings by $ 13.2 million in 2014 , compared to what would have been reported using the FIFO inventory method . The increase in earnings per share was $ 1.62 ($ 1.60 diluted) in 2016, reduce earnings per share was $ 0.64 ($ 0.63 diluted) in 2015, and reduce earnings per share was $ 1.19 ($ 1.19 diluted) in 2014 . During 2014, certain inventory quantities accounted for o n 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 no impact in 2016 and 2015, and an increase of $ 4.8 million during 2014. The inventories by categor y and the impact of using the LIFO method are shown in the following table: 2016 2015 2014 (In thousands) Finished products $ 467,337 $ 414,154 $ 418,368 In process 25,855 22,651 16,056 Raw materials and supplies 213,790 199,674 170,210 706,982 636,479 604,634 Less excess of FIFO cost over LIFO cost 139,275 164,067 153,384 Total inventories $ 567,707 $ 472,412 $ 451,250 |
Other Income And Expenses
Other Income And Expenses | 12 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | 1 1 . Other Operating Income and Expense Other operating income in 2016 included a gain of $ 24.3 million related to a contractual payment received in conjunction with a relationship transfer agreement with General Mills. The Company reversed a provision for the Prop 65 litigation of $ 0.2 million and reduced an environmental accrual by $ 0.1 million. The Company also recorded a gain of $ 0.4 million from the sale of other fixed assets. Other operating income in 2015 included a gain of $ 5.0 million related to a contractual payment received in connection with the closing of a Midwest plant and a charge of $ 0.3 million related to environmental costs related to a Company-owned plant in New York State. The Company also recorded a net gain of $ 0.1 million from t he sale of other fixed assets. 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 m illion 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. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 1 2 . Segment Information The Company manages its business on the basis of two reportable segments — th e primary segment is the packag ing and sale of fruits and vegetables and secondarily, the packaging and sale of snack products and finally, other products . The Company markets its product almost entirely in the United States. Export sales represented 8.5 %, 9.0 %, and 9.2 % of total sales in 2016, 2015, and 2014, respectively. In 2016, 2015, and 2014, the sale of Green Giant vegetables accounted for 11 %, 13 %, and 13 % of net sales, respectively. “Other” in the table below represents activity related to can sales, trucking, s eed sales, and flight operations. Fruit and Vegetable Snack Other Total (In thousands) 2016: Net sales $ 1,239,179 $ 12,336 $ 23,845 $ 1,275,360 Operating income 87,120 1,164 265 88,549 Interest expense, net 7,923 18 103 8,044 Income tax expense 25,551 372 76 25,999 Identifiable assets 888,968 2,697 3,662 895,327 Capital expenditures 9,232 52 682 9,966 Depreciation and amortization 20,438 351 948 21,737 2015: Net sales $ 1,246,115 $ 11,667 $ 28,568 $ 1,286,350 Operating income 18,865 779 710 20,354 Interest expense, net 6,778 12 72 6,862 Income tax expense 3,775 225 221 4,221 Identifiable assets 798,640 3,235 4,573 806,448 Capital expenditures 22,177 157 1,400 23,734 Depreciation and amortization 20,445 367 1,022 21,834 2014: Net sales $ 1,302,857 $ 11,496 $ 25,855 $ 1,340,208 Operating income 22,365 872 1,669 24,906 Interest expense, net 7,415 27 122 7,564 Income tax expense 3,118 189 256 3,563 Identifiable assets 761,078 3,770 4,005 768,853 Capital expenditures 17,339 - 2,109 19,448 Depreciation and amortization 21,842 394 1,045 23,281 The fruit and vegetable segment, consisting of Green Giant, canned fruit and vegetables and frozen products, represented 99 %, 99 % and 99 % of assets and 100 %, 102 % and 93 % of pre-tax earnings in 2016, 2015 and 2014, respectively. Classes of similar products/services: 2016 2015 2014 (In thousands) Net Sales: Green Giant * $ 144,310 $ 161,993 $ 177,881 Canned vegetables 746,501 754,556 753,318 Frozen 94,710 94,648 107,109 Fruit 253,658 234,918 264,549 Snack 12,336 11,667 11,496 Other 23,845 28,568 25,855 Total $ 1,275,360 $ 1,286,350 $ 1,340,208 * Green Giant includes canned and frozen vegetables exclusively for GMOL or B&G Foods. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Mar. 31, 2016 | |
Legal Proceedings [Abstract] | |
Commitments And Contingencies Disclosure Text Block | 1 3 . Legal Pr oceedings 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 t hese 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 Viol ation 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 Calif ornia 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, Cali fornia, 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 w as 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 statemen t 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, Division One unanimously rejected the appeal by ELF in a decision date d 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 denia l of review by the Cali fornia Supreme Court ended the action . 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. |
Restructuring And Related Activ
Restructuring And Related Activities | 12 Months Ended |
Mar. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure Text Block | 14. Plant Restructuring During 2016, the Company recorded a restructuring charge of $10.4 million related to the closing of a plant in the Northwest of which $ 0.2 million was related to severance cost, $ 5.1 million was related to asset impairments (contra fixed assets), and $ 5.1 million was related to other costs ($ 3.6 related to operating lease costs). During 2016, the Company reduced the costs of the plant closing in the Midwest, started in 2015, by $ 0.1 million, mostly related to severance costs. In accounting for the closing of the facility in the Northwest, the Company reevaluated the treatment for one of its operating leases at the closed facility and determined the transaction should have originally b een recorded as a lease financing liability. The Company performed an analysis of the error as to the impact on the Consolidated Balance Sheets and Statement of Net Earnings in each of the previous years it was unrecorded in accordance with SEC Staff Acco unting Bulletin No. 99. Based on this analysis, the Company determined that the impact was not material to the consolidated financial statements and no prior periods were adjusted. The Company adjusted the financial statements as of March 31, 2016 by re cording a finance lease asset of $ 5.6 million and lease financing liability of $ 5.3 million. See Note 4 for the lease finance obligation. During 2015, the Company recorded a restructuring charge of $1.4 million related to the closing of a plant in the Mid west and the realignment of two other plants, one in the Midwest and the other in the Northwest, of which $ 0.8 million was related to severance cost, $ 0.3 million was related to equipment costs (contra fixed assets), and $ 0.3 million was related to equipme nt relocation costs. 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 certa in 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. The following table summarizes the restructuring and related asset impairment cha rges recorded and the accruals established during 2014, 2015 and 2016: Long-Lived Asset Other Severance Charges Costs Total (In thousands) Balance March 31, 2013 $ 20 $ 1,174 $ 307 $ 1,501 Charge to expense - 341 160 501 Cash payments/write offs (10) (1,515) (467) (1,992) Balance March 31, 2014 10 - - 10 Charge to expense 842 264 270 1,376 Cash payments/write offs (137) - - (137) Balance March 31, 2015 715 264 270 1,249 Charge to expense 162 5,065 5,075 10,302 Cash payments/write offs (877) (354) (1,448) (2,679) Balance March 31, 2016 $ - $ 4,975 $ 3,897 $ 8,872 |
Certain Transactions
Certain Transactions | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Certain Transactions Disclosure [Text Block] | 1 5 . Related Party Transactions A small percentage ( less than 1% in fiscal 2016, 2015 and 2014 ) of vegetables supplied t o the Company’s New York packag ing plants are grown by a director of Seneca Foods Corporation, which supplied the Company approximately $ 1.0 million, $ 0.8 million, and $ 1.1 million pursuant to a raw vegetabl e grower contract in fiscal 2016, 2015 and 2014, 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 . |
Assets Held For Sale
Assets Held For Sale | 12 Months Ended |
Mar. 31, 2016 | |
Assets Of Disposal Group Including Discontinued Operation [Abstract] | |
Disposal Groups Including Discontinued Operations Disclosure TextBlock | 1 6 . Assets Held For Sale On April 23, 2016 , the Company entered into a listing agreement to sell one of the Company’s northwest processing facilities. The Company expects this facility to be sold within the next 12 months. In conjunction with this potential sale, the assets held f or sale at March 31, 2016, which are property, plant and equipment, total $ 5.0 million which represented 0.6 % of total assets on the Consolidated Balance Sheet. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation — The consolidated financial statement s include the accounts f or the Parent C ompany and all of its wholly-owned subsidiaries after elimination of intercompany transactions, profits, and balances. |
Revenue Recognition, Bill and Hold Arrangements [Policy Text Block] | Revenue Recognition — Sales and related cost of product sold are recognized when legal title passes to the purchaser, wh ich 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 pas ses. During the years ended March 31, 2016 and 2015 , the Company sold for cash , on a bill and hold basis, $ 126.1 million and $ 138.6 million, r espectively, of Green Giant finished goods inventory. At the time of the sale of th e Green Giant vegetables , title of the specifi ed inventory transferred . The Company believes it has met the criteria required by the accounting standards for Bill and Hold t reatment. As of March 31, 2016, $ 58.8 million of 2016 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 c osts, 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 sa le 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 o therwise 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 ta ke extended periods of time. |
Concentration Risk, Credit Risk | 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 signifi cant 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 11 %, 13 % and 13 % of net sales in each of 2016, 2015 an d 2014, respectively . The top ten customers , including GMOL, represent ed approximately 4 8 %, 49 % and 50 % of n et sales for 2016, 2015 and 2014 , respectively. The Company closely monitors the credit risk associated with its customers. The Company places subst antially 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 acc ounts |
Cash and Cash Equivalents, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | Fair Value of Financial Instruments — The carrying values of cash and cash equivalents (Level 1), accounts receivable, short-term debt (Level 2) and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. See Note 9, Fair Value of Financial Instruments, for a discussion of the fair va lue 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 (L evel 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 m odel-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, 2016 , there we re $ 0.1 million of unamortized financing cost included in other current assets and $ 0.1 million of unamortized financing costs included in other assets on the Consolidated Balance Sheets . |
Inventory, Policy [Policy Text Block] | Inventories — S ubstantially 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] | Inc ome Taxes — The provision for income taxes includes federal and state income taxes currently payable and those deferred because of temporary differences between the fina ncial 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 Com pany evaluates the likelihood of realization of its net deferred income tax a ssets 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 differ ences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expe cted 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, disclos ure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. |
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. The shipping and handling costs billed to customers in net sales were $ 38.3 million, $ 38.8 million and $ 41.3 million in 2016, 2015, and 2014, respectiv ely. |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Advertising Costs — Advertising costs are expensed as incurred. Advertising costs charged to operations were $ 2.0 million, $ 1.7 million and $ 1.5 million in 2016, 2015 and 2014, respectively. |
Receivables, Policy [Policy Text Block] | Accounts Receivable and Doubtful Accounts — Accounts r ec eivable 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 d ays 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 p er 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 outsta nding 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 p lus 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. Deprec iation was $ 21.4 million, $ 21.5 million, and $ 22.9 million in 2016, 2015, and 2014 , respectively. The estimated useful lives are as follows: buildings and improvements — 30 years ; machiner y 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 a re 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 $ 5 . 1 million of impairment losses in 2016 included in Plant Restructur ing (see Note 14, Plant Restructuring). There were no sign ificant impairment losses in 2015 and 2014 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in confo rmity with accounting principles generall y 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 wel l 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 May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires a n entity to recogni ze 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 will be effective fo r the Company on April 1, 2018 (beginning of fiscal 2019). Early adoption is permitted. The standard permits the use of either the retrospective 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. The Company does not anticipate a material impact on the Co mpany'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 Polici29
Significant Accounting Policies (Table) ( Earnings Per Share) | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
ScheduleOfEarningsPerShareBasicAndDilutedByCommonClassTextBlock | Years ended March 31, 2016 2015 2014 (In thousands, except per share amounts) Basic Net earnings $ 54,458 $ 9,899 $ 13,779 Deduct preferred stock dividends 23 23 23 Undistributed earnings 54,435 9,876 13,756 Earnings attributable to participating preferred shareholders 544 160 438 Earnings attributable to common shareholders $ 53,891 $ 9,716 $ 13,318 Weighted average common shares outstanding 9,878 10,690 10,747 Basic earnings per common share $ 5.46 $ 0.91 $ 1.24 Diluted Earnings attributable to common shareholders $ 53,891 $ 9,716 $ 13,318 Add dividends on convertible preferred stock 20 20 20 Earnings attributable to common stock on a diluted basis $ 53,911 $ 9,736 $ 13,338 Weighted average common shares outstanding-basic 9,878 10,690 10,747 Additional shares to be issued related to the equity compensation plan 3 5 5 Additional shares to be issued under full conversion of preferred stock 67 67 67 Total shares for diluted 9,948 10,762 10,819 Diluted earnings per share $ 5.42 $ 0.90 $ 1.23 |
Acquistion (table)
Acquistion (table) | 12 Months Ended |
Mar. 31, 2016 | |
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price (net of cash received) $ 23.8 Allocated as follows: Current assets $ 36.6 Other long-term assets 1.4 Property, plant and equipment 13.7 Deferred taxes (7.7) Current liabilities (16.0) Other long-term liabilities (4.2) Total $ 23.8 Purchase Price (net of cash received) $ 15.0 Allocated as follows: Current assets $ 16.8 Other long-term assets 0.5 Property, plant and equipment 0.9 Deferred taxes 0.4 Current liabilities (3.6) Total $ 15.0 |
Long-Term Debt (tables)
Long-Term Debt (tables) | 12 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 4. Long-Term Debt 2016 2015 (In thousands) Revolving credit facility, 1.95% and 1.92%, due through 2017 $ 271,592 $ 233,000 Secured Industrial Revenue Development Bonds, 3.02%, and 2.97%, due through 2029 22,630 22,630 Secured promissory note, 6.98%, due through 2022 12,114 13,769 Lease financing obligations, 2.62%, due through 2020 5,313 - Secured promissory note, 6.35%, due through 2020 2,474 3,122 2.00%, due through 2021 1,200 1,398 Other 216 245 315,539 274,164 Less current portion 279,572 2,530 35,967 271,634 Years ending March 31: 2017 $ 279,572 2018 7,904 2019 3,034 2020 2,531 2021 7,019 Thereafter 15,479 Total $ 315,539 |
Leases (table)
Leases (table) | 12 Months Ended |
Mar. 31, 2016 | |
Leases {Abstract} | |
Operating Leases of Lessee Disclosure [Table Text Block] | Years ending March 31: Operating Capital 2017 $ 43,392 $ 507 2018 38,649 507 2019 33,746 507 2020 28,784 507 2021 22,379 507 2022-2030 28,918 4,943 Total minimum payment required $ 195,868 $ 7,478 Less interest 2,247 Present value of minimum lease payments 5,231 Amount due within one year 243 Long-term capital lease obligation $ 4,988 |
ScheduleOfCapitalLeasedAsssetsTableTextBlock | 2016 2015 Land - - Buildings 5,313 - Equipment - - 5,313 - Less accumulated amortization 89 - 5,224 - |
Income Tax (tables)
Income Tax (tables) | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 6. Income Taxes The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows: 2016 2015 2014 (In thousands) Current: Federal $ 24,579 $ 4,380 $ 7,238 State 1,953 453 123 26,532 4,833 7,361 Deferred: Federal (689) (925) (3,231) State 156 313 (567) (533) (612) (3,798) Total income taxes $ 25,999 $ 4,221 $ 3,563 A reconciliation of the expected U.S. statutory rate to the effective rate follows: 2016 2015 2014 Computed (expected tax rate) 35.0 % 35.0 % 35.0 % State income taxes (net of federal tax benefit) 2.7 2.9 3.4 State tax credits (0.9) (8.7) (1.6) Federal credits (0.4) (2.4) (3.6) Manufacturer’s deduction (3.9) (5.0) (4.6) (Reversal of) addition to uncertain tax positions 0.2 (1.0) (0.8) State VDA/Nexus Changes - - (1.7) Other permanent differences not deductible (0.2) 0.7 0.5 Change in valuation allowance 0.1 9.9 (2.1) Tax effect of pension contribution - - 0.4 Other (0.3) (1.5) (4.4) Effective income tax rate 32.3 % 29.9 % 20.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 (In thousands) Deferred income tax assets: Future tax credits $ 3,807 $ 4,021 Inventory valuation - 2,348 Employee benefits 3,174 3,009 Insurance 881 816 Other comprehensive loss 18,154 20,335 Interest 21 46 Prepaid revenue 571 701 Other 2,804 1,364 Pension - 1,372 Severance 3 256 29,415 34,268 Deferred income tax liabilities: Property basis and depreciation difference 9,330 9,129 481(a) adjustment 880 1,281 Inventory valuation 1,247 - Intangibles 235 - Earnings from equity investment 69 245 Pension 2,896 - 14,657 10,655 Valuation allowance - non-current 1,861 1,787 Net deferred income tax asset $ 12,897 $ 21,826 |
Summary of Income Tax Contingencies [Table Text Block] | 2016 2015 (In thousands) Beginning balance $ 464 $ 2,273 Tax positions related to current year: Additions 291 13 Tax positions related to prior years: Additions 241 - Reductions (7) (1,822) Settlements (166) - Lapses in statues of limitations (129) - Balance as of March 31, $ 694 $ 464 |
Retirement Plans (tables)
Retirement Plans (tables) | 12 Months Ended |
Mar. 31, 2016 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2016 2015 (In thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 212,908 $ 170,478 Service cost 10,502 8,515 Interest cost 8,902 8,236 Plan amendments - 952 Actuarial (gain) loss (11,340) 30,556 Benefit payments and expenses (6,936) (5,829) Benefit obligation at end of year $ 214,036 $ 212,908 Change in Plan Assets Fair value of plan assets at beginning of year $ 157,948 $ 154,650 Actual gain on plan assets 2,126 8,777 Employer contributions 23,100 350 Benefit payments and expenses (6,936) (5,829) Fair value of plan assets at end of year $ 176,238 $ 157,948 Unfunded Status $ (37,798) $ (54,960) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | 2016 2015 (In thousands) Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (843) $ (952) Net loss (45,248) (50,883) Accumulated other comprehensive pre-tax loss $ (46,091) $ (51,835) |
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, 2015 $ (31,804) Other comprehensive loss before reclassifications 3,408 Reclassified from accumulated other comprehensive loss - Net current period other comprehensive loss 3,408 Balance at March 31, 2016 $ (28,396) |
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 2016, 2015, and 2014: 2016 2015 2014 (In thousands) Service cost $ 10,502 $ 8,515 $ 7,752 Interest cost 8,902 8,236 7,592 Expected return on plan assets (11,685) (11,360) (9,938) Amortization of net loss 3,854 350 2,434 Prior service cost 109 - - Net periodic benefit cost $ 11,682 $ 5,741 $ 7,840 |
Schedule of Assumptions Used [Table Text Block] | 2016 2015 Discount rate - projected benefit obligation 4.36 % 4.15 % Discount rate - pension expense 4.15 % 4.85 % Expected return on plan assets 7.25 % 7.25 % Rate of compensation increase 3.00 % 3.00 % |
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, 2017 2016 2015 Plan Assets Equity securities 99 % 99 % 97 % Debt securities - - - Real estate - - - Cash 1 1 3 Total 100 % 100 % 100 % |
Schedule Of Derivative Assets At Fair Value [Table Text Block] | 2016 2015 Market Value Market Value (In thousands) Assets by Industry Type Asset Category Cash and cash equivalents: Money market funds $ 1,497 $ 5,545 Total cash and cash equivalents 1,497 5,545 Common equity securities: Materials 9,379 5,460 Industrials 30,355 33,813 Telecommunication services 9,325 11,393 Consumer staples 33,048 23,410 Energy 14,658 15,062 Financials 34,891 32,808 Health Care 10,538 7,503 Information technology 9,681 5,608 Utilities 22,866 17,346 Total common equity securities 174,741 152,403 Total assets $ 176,238 $ 157,948 |
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): 2017 $ 6,799 2018 7,394 2019 7,964 2020 8,577 2021 9,324 2022-2024 57,417 |
Fair Value (table)
Fair Value (table) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 9. Fair Value of Financial Instruments The carrying amount and estimated fair values of the Company's debt are summarized as follows: 2016 2015 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (In thousands) Long-term debt, including current portion $ 315,539 $ 315,478 $ 274,164 $ 274,999 Capital leases, including current portion $ 5,231 $ 5,076 $ - $ - |
Inventory (table)
Inventory (table) | 12 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2016 2015 2014 (In thousands) Finished products $ 467,337 $ 414,154 $ 418,368 In process 25,855 22,651 16,056 Raw materials and supplies 213,790 199,674 170,210 706,982 636,479 604,634 Less excess of FIFO cost over LIFO cost 139,275 164,067 153,384 Total inventories $ 567,707 $ 472,412 $ 451,250 |
Segment Information (tables)
Segment Information (tables) | 12 Months Ended |
Mar. 31, 2016 | |
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) 2016: Net sales $ 1,239,179 $ 12,336 $ 23,845 $ 1,275,360 Operating income 87,120 1,164 265 88,549 Interest expense, net 7,923 18 103 8,044 Income tax expense 25,551 372 76 25,999 Identifiable assets 888,968 2,697 3,662 895,327 Capital expenditures 9,232 52 682 9,966 Depreciation and amortization 20,438 351 948 21,737 2015: Net sales $ 1,246,115 $ 11,667 $ 28,568 $ 1,286,350 Operating income 18,865 779 710 20,354 Interest expense, net 6,778 12 72 6,862 Income tax expense 3,775 225 221 4,221 Identifiable assets 798,640 3,235 4,573 806,448 Capital expenditures 22,177 157 1,400 23,734 Depreciation and amortization 20,445 367 1,022 21,834 2014: Net sales $ 1,302,857 $ 11,496 $ 25,855 $ 1,340,208 Operating income 22,365 872 1,669 24,906 Interest expense, net 7,415 27 122 7,564 Income tax expense 3,118 189 256 3,563 Identifiable assets 761,078 3,770 4,005 768,853 Capital expenditures 17,339 - 2,109 19,448 Depreciation and amortization 21,842 394 1,045 23,281 |
Schedule Of Classes Of Similar Products And Services [table text Block] | Classes of similar products/services: 2016 2015 2014 (In thousands) Net Sales: Green Giant * $ 144,310 $ 161,993 $ 177,881 Canned vegetables 746,501 754,556 753,318 Frozen 94,710 94,648 107,109 Fruit 253,658 234,918 264,549 Snack 12,336 11,667 11,496 Other 23,845 28,568 25,855 Total $ 1,275,360 $ 1,286,350 $ 1,340,208 * Green Giant includes canned and frozen vegetables exclusively for GMOL or B&G Foods. |
Plant Restructuring (table)
Plant Restructuring (table) | 12 Months Ended |
Mar. 31, 2016 | |
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, 2013 $ 20 $ 1,174 $ 307 $ 1,501 Charge to expense - 341 160 501 Cash payments/write offs (10) (1,515) (467) (1,992) Balance March 31, 2014 10 - - 10 Charge to expense 842 264 270 1,376 Cash payments/write offs (137) - - (137) Balance March 31, 2015 715 264 270 1,249 Charge to expense 162 5,065 5,075 10,302 Cash payments/write offs (877) (354) (1,448) (2,679) Balance March 31, 2016 $ - $ 4,975 $ 3,897 $ 8,872 |
Significant Accounting Polici39
Significant Accounting Policies (narrative) (detail) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016USD ($)Number | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Sales Revenue [Line Items] | |||
Net Sales | $ 1,275,360 | $ 1,286,350 | $ 1,340,208 |
Advertising Expense | 2,000 | 1,700 | $ 1,500 |
Deferred Financing Cost, Current | 100 | ||
Deferred Finance Costs, Noncurrent | $ 100 | ||
Seneca Foods Plants [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | Number | 28 | ||
Seneca Foods Warehouses [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | Number | 32 | ||
General Mills Operations LLC [Member] | |||
Sales Revenue [Line Items] | |||
UnshippedProduct | $ 58,800 | ||
General Mills Operations LLC [Member] | Sales Revenue Net [Member] | |||
Sales Revenue [Line Items] | |||
Net Sales | $ 126,100 | $ 138,600 | |
Net Sales Percentage | 11.00% | 13.00% | 13.00% |
Top Ten Customers [Member] | Sales Revenue Net [Member] | |||
Sales Revenue [Line Items] | |||
Net Sales Percentage | 48.00% | 49.00% | 50.00% |
Shipping and Handling Cost [Member] | Sales Revenue Net [Member] | |||
Sales Revenue [Line Items] | |||
Net Sales | $ 38,300 | $ 38,800 | $ 41,300 |
Significant Accounting Polici40
Significant Accounting Policies Depreciation (narrative) (detail) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 21.4 | $ 21.5 | $ 22.9 |
Impairment Losses | $ 5.1 | ||
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 (Earnings Per Share) (detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share, Basic [Abstract] | |||
Net (Loss) Earnings | $ 54,458 | $ 9,899 | $ 13,779 |
Deduct Preffered Stock Dividends | 23 | 23 | 23 |
Undistributed Earnings, Basic | 54,435 | 9,876 | 13,756 |
Undistributed Earnings Allocated to Participating Securities | 544 | 160 | 438 |
Earnings (Loss) Attributable to Common Stock | $ 53,891 | $ 9,716 | $ 13,318 |
Weighted Average Number of Shares Outstanding, Basic | 9,878 | 10,690 | 10,747 |
Basic Earnings (Loss) per Common Share | $ 5.46 | $ 0.91 | $ 1.24 |
Earnings Per Share, Diluted [Abstract] | |||
Earnings (Loss) Attributable to Common Stock | $ 53,891 | $ 9,716 | $ 13,318 |
Dividends Convertible Preferred Stock Cash | 20 | 20 | 20 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 53,911 | $ 9,736 | $ 13,338 |
Weighted Average Number of Shares Outstanding, Basic | 9,878 | 10,690 | 10,747 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized | 3 | 5 | 5 |
Incremental Common Shares Attributable to Conversion of Preferred Stock | 67 | 67 | 67 |
Weighted Average Number of Shares Outstanding, Diluted | 9,948 | 10,762 | 10,819 |
Diluted Earnings (Loss) per Common Share | $ 5.42 | $ 0.9 | $ 1.23 |
Acquisition (narrative) (detail
Acquisition (narrative) (detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Feb. 17, 2016 | Oct. 30, 2015 | Apr. 01, 2014 | |
Diana Fruit Co., Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase Price | $ 15 | ||||
Ownership percentage | 100.00% | ||||
Liabilities paid off | $ 1.4 | ||||
Gray & Company[Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase Price | $ 23.8 | ||||
Ownership percentage | 100.00% | ||||
Liabilities paid off | $ 12 | ||||
TruittBros.Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity Method Investments | $ 16.2 | ||||
Equity Method Ownership | 50.00% | ||||
Equity Method Right to Acquire | 50.00% | ||||
Gray & Company and Diana Fruit | |||||
Business Acquisition [Line Items] | |||||
Pro Forma Revenue | $ 1,324.8 | $ 1,363.7 | |||
Pro Forma Net Income Loss | 54.2 | $ 8.6 | |||
Net Sales Since Acquisition | 25.5 | ||||
Net Income Since Acquisition | $ 1.7 |
Acquisition (purchase price tab
Acquisition (purchase price table) (detail) - USD ($) $ in Millions | Feb. 17, 2016 | Oct. 30, 2015 |
Diana Fruit Co., Inc [Member] | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 15 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Current assets | 16.8 | |
Property, plant and equipment | 0.9 | |
Other long-term assets | 0.5 | |
Deferred tax asset | 0.4 | |
Current liabilities | (3.6) | |
Total | $ 15 | |
Gray & Company[Member] | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 23.8 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Current assets | 36.6 | |
Property, plant and equipment | 13.7 | |
Other long-term assets | 1.4 | |
Deferred taxes liabilitie | (7.7) | |
Current liabilities | (16) | |
Other long-term liabilites | (4.2) | |
Total | $ 23.8 |
Short-Term Borrowings (narrativ
Short-Term Borrowings (narrative) (detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Line of Credit Facility [Line Items] | ||
Line Of Credit Accordion Feature | $ 150,000 | |
Line of Credit Facility, Amount Outstanding | $ 271,600 | |
Debt, Weighted Average Interest Rate | 1.95% | |
Pledged Assets, Not Separately Reported, Other | $ 644,600 | |
Notes Payable | $ 402 | $ 9,903 |
Short-term Debt, Weighted Average Interest Rate | 1.94% | 1.67% |
Production Period [Member] | ||
Line of Credit Facility [Line Items] | ||
Line Of Credit Accordion Feature Amount Used | $ 75,000 | |
Line of Credit Facility, Current Borrowing Capacity | 475,000 | |
New five year replacement Line of Credit | 500,000 | |
Nonproduction Period [Member] | ||
Line of Credit Facility [Line Items] | ||
Line Of Credit Accordion Feature Amount Used | 100,000 | |
Line of Credit Facility, Current Borrowing Capacity | 400,000 | |
New five year replacement Line of Credit | 400,000 | |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 13,200 | $ 11,000 |
Long-Term Debt (Schedule of deb
Long-Term Debt (Schedule of debt) (detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 315,539 | $ 274,164 |
Total | 315,539 | 274,164 |
Current Portion of Long-Term Debt | 279,572 | 2,530 |
Long-Term Debt, Less Current Portion | 35,967 | 271,634 |
Revolving credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 271,592 | $ 233,000 |
Long-term Debt, Weighted Average Interest Rate | 1.95% | 1.92% |
Debt Instrument, Maturity Date | 2,017 | |
Total | $ 271,592 | $ 233,000 |
Secured Industrial Revenue Development Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 22,630 | $ 22,630 |
Long-term Debt, Weighted Average Interest Rate | 3.02% | 2.97% |
Debt Instrument, Maturity Date | 2,029 | |
Total | $ 22,630 | $ 22,630 |
Secured Industrial Revenue Development Bond [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,200 | $ 1,398 |
Long-term Debt, Weighted Average Interest Rate | 2.00% | 2.00% |
Debt Instrument, Maturity Date | 2,021 | |
Total | $ 1,200 | $ 1,398 |
Secured promissory note 1 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 12,114 | $ 13,769 |
Long-term Debt, Weighted Average Interest Rate | 6.98% | 6.98% |
Debt Instrument, Maturity Date | 2,022 | |
Total | $ 12,114 | $ 13,769 |
Secured promissory note 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 2,474 | $ 3,122 |
Long-term Debt, Weighted Average Interest Rate | 6.35% | 6.35% |
Debt Instrument, Maturity Date | 2,020 | |
Total | $ 2,474 | $ 3,122 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 216 | 245 |
Total | 216 | $ 245 |
Lease financing obligations [Member} | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 5,313 | |
Long-term Debt, Weighted Average Interest Rate | 2.62% | |
Debt Instrument, Maturity Date | 2,020 | |
Total | $ 5,313 |
Long-Term Debt (Repayment sched
Long-Term Debt (Repayment schedule) (detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Long-term Debt, by Maturity [Abstract] | ||
2,017 | $ 279,572 | |
2,018 | 7,904 | |
2,019 | 3,034 | |
2,020 | 2,531 | |
2,021 | 7,019 | |
Thereafter | 15,479 | |
Total | $ 315,539 | $ 274,164 |
Long Term Debt (narrative) (det
Long Term Debt (narrative) (detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 28, 2013 | Mar. 31, 2016 | |
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 | 752,800,000 | |
Repayments Of Notes Payable | $ 36,700,000 | |
Secured By Direct Pay Letter Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Special Assessment Bond, Noncurrent | $ 22,600,000 |
Leases Capital (table) (detail)
Leases Capital (table) (detail) | Mar. 31, 2016USD ($) |
Capital Leased Assets [Line Items] | |
Property, plant and equipment issued under capital lease | $ 5,313,000 |
Less accumulated amortizaion | 89,000 |
Total | 5,224,000 |
Building [Member] | |
Capital Leased Assets [Line Items] | |
Property, plant and equipment issued under capital lease | $ 5,313,000 |
Leases (table) (detail)
Leases (table) (detail) $ in Thousands | Mar. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2,017 | $ 43,392 |
2,018 | 38,649 |
2,019 | 33,746 |
2,020 | 28,784 |
2,021 | 22,379 |
2022-2030 | 28,918 |
Total | 195,868 |
CapitalLeasesFutureMinimumPaymentsDueAbstract | |
2,017 | 507 |
2,018 | 507 |
2,019 | 507 |
2,020 | 507 |
2,021 | 507 |
2022-2030 | 4,943 |
Total | 7,478 |
Less interest | 2,247 |
Present value of minimum lease payments | 5,231 |
Amount due within one year | 243 |
Long-term capital lease obligations | $ 4,988 |
Leases (narrative) (detail)
Leases (narrative) (detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense | $ 51,400,000 | $ 49,600,000 | $ 43,900,000 |
Capital Leased Assets [Line Items] | |||
Property, plant and equipment issued under capital lease | 5,313,000 | ||
Less accumulated amortizaion | 89,000 | ||
Building [Member] | |||
Capital Leased Assets [Line Items] | |||
Property, plant and equipment issued under capital lease | $ 5,313,000 | ||
Capital Lease Obligations [Member] | |||
Debt Instrument Interest Rate Effective Percentage [Abstract] | |||
Capital lease interest rate | 5.20% |
Income Tax (narrative) (detail)
Income Tax (narrative) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 32.30% | 29.90% | 20.50% |
Effective Income Tax Rate Continuing Operations Change | 2.40% | ||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 100 | $ 100 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 100 | 100 | |
Tax Credit Carryforward [Line Items] | |||
Valuation allowance - non-current | 1,861 | 1,787 | |
Deferred Income Tax Asset, Net | 0 | 6,997 | |
Deferred Tax Assets, Net, Noncurrent | 12,897 | 14,829 | |
Deferred Income Taxes, Net | $ 0 | ||
New York [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Valuation Allowance | $ 0 | ||
Expiration Date | Dec. 31, 2031 | ||
California [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Valuation Allowance | $ 1,200 | ||
Expiration Date | Dec. 31, 2026 | ||
Wisconsin [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Valuation Allowance | $ 1,700 | ||
Expiration Date | Dec. 31, 2031 |
Income Tax (Effective Income Ta
Income Tax (Effective Income Tax Rate) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 24,579 | $ 4,380 | $ 7,238 |
Current State and Local Tax Expense (Benefit) | 1,953 | 453 | 123 |
Total | 26,532 | 4,833 | 7,361 |
Deferred Federal Income Tax Expense (Benefit) | (689) | (925) | (3,231) |
Deferred State and Local Income Tax Expense (Benefit) | 156 | 313 | (567) |
Total | (533) | (612) | (3,798) |
Income Tax Expense (Benefit), Total | $ 25,999 | $ 4,221 | $ 3,563 |
Computed | 35.00% | 35.00% | 35.00% |
State income taxes (net of federal tax benefit) | 2.70% | 2.90% | 3.40% |
Federal tax credits | (0.40%) | (2.40%) | (3.60%) |
State tax credits | 0.90% | 8.70% | 1.60% |
Manufacturer's deduction | 3.90% | 5.00% | 4.60% |
Addition to (reversal of) uncertain tax positions | 0.20% | (1.00%) | (0.80%) |
State VDA/Nexus Changes | 0.00% | 0.00% | (1.70%) |
Other permanent differences not (taxable) deductible | (0.20%) | 0.70% | 0.50% |
Change in valuation allowance | 0.10% | 9.90% | (2.10%) |
Effective Income Tax Rate Reconciliation Pension Contribution | 0.00% | 0.00% | 0.40% |
Other | (0.30%) | (1.50%) | (4.40%) |
Effective income tax rate | 32.30% | 29.90% | 20.50% |
Income Tax (Deferred Income Tax
Income Tax (Deferred Income Tax Assets and Liabilities) (detail) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Future tax credits | $ 3,807,000 | $ 4,021,000 |
Inventory valuation | 0 | 2,348,000 |
Employee benefits | 3,174,000 | 3,009,000 |
Insurance | 881,000 | 816,000 |
Otrher comprehensive loss | 18,154,000 | 20,335,000 |
Interest | 21,000 | 46,000 |
Defined benefit plan | 1,372,000 | |
Prepaid revenue | 571,000 | 701,000 |
Other deferred | 2,804,000 | 1,364,000 |
Severance | 3,000 | 256,000 |
Total | 29,415,000 | 34,268,000 |
Property basis and depreciation difference | 9,330,000 | 9,129,000 |
481 (a) adjustment | 880,000 | 1,281,000 |
Income from Equity Investment | 69,000 | 245,000 |
Inventory valuation | 1,247,000 | |
Intangibles | 235,000 | |
Pension | 2,896,000 | |
Total | 14,657,000 | 10,655,000 |
Valuation allowance - non-current | 1,861,000 | 1,787,000 |
Net deferred income tax asset | $ 12,897,000 | $ 21,826,000 |
Income Tax (Summary of Income T
Income Tax (Summary of Income Tax Contigencies) (detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Uncertainties [Abstract] | ||
Beginning Balance | $ 464 | $ 2,273 |
Additions | 291 | 13 |
Prior year additions | 241 | |
Reductions | (7) | (1,822) |
Settlements | (166) | |
Lapses in statues of limitaions | (129) | 0 |
Ending Balance | $ 694 | $ 464 |
Stockholders' Equity (narrative
Stockholders' Equity (narrative) (detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2003 | |
Cash dividends paid on preferred stock | $ 23,000 | |||
401 (k) match stock amount | $ 1,800,000 | $ 2,200,000 | ||
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 | |
Cash dividends paid on preferred stock | $ 3,000 | $ 3,000 | $ 3,000 | |
10% Nonredeemable Convertible Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 10.00% | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.025 | |||
Preferred Stock, Shares Authorized | 1,400,000 | |||
Preferred Stock, Shares Outstanding | 807,240 | 807,240 | 807,240 | |
10% Series A Nonredeemable Convertible Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 10.00% | |||
Share For Share Conversion Number | 20 | |||
Preferred Stock, Shares Outstanding | 407,240 | |||
10% Series B Nonredeemable Convertible Preferred Stock [Member] | ||||
Share For Share Conversion Number | 30 | |||
Preferred Stock, Shares Outstanding | 400,000 | |||
Participating Preferred Stock [Member] | ||||
Preferred Stock Liquidation Preference | $ 12 | |||
Preferred Stock, Par or Stated Value Per Share | 0.025 | |||
Stated Value Per Share | $ 11.931 | |||
Preferred Stock, Shares Authorized | 90,826 | |||
Preferred Stock, Shares Outstanding | 90,826 | 90,826 | 90,901 | |
Cash dividends paid on preferred stock | $ 20,000 | $ 20,000 | $ 20,000 | |
2003 Series Participating Preferred Stock [Member] | ||||
Preferred Stock Liquidation Preference | $ 15.5 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.025 | |||
Preferred Stock, Shares Authorized | 500 | |||
Preferred Stock, Shares Outstanding | 500 | 50,500 | 257,790 | |
Stock Conversions | 50,000 | |||
Price Per Share | $ 16.6 | |||
Preferred Stock Shares Issued | 967,742 | |||
No Par Value Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized | 30,000 | |||
Class A Preferred Stock [Member] | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.025 | |||
Preferred Stock, Shares Authorized | 8,200,000 | |||
Common Stock Capital Shares Reserved For Future Issuance | 91,326 | 141,326 | ||
Class A Preferred Non Designated Stock [Member] | ||||
Preferred Stock, Shares Authorized | 6,708,674 | |||
Common Class A Member | ||||
Common Stock Voting Right Per Share | $ 0.05 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 2,600,000 | |||
Treasury Stock Shares Acquired | 90,500 | |||
Common Class B Member | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 2,600,000 | |||
Treasury Stock Shares Acquired | 73,459 | |||
Treasury Stock [Member] | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 65,700,000 | |||
Treasury Stock Shares Acquired | 2,281,550 | |||
401 (k) match shares | 64,254 | |||
401 (k) match stock amount | $ 1,800,000 | |||
Common Stock [Member] | ||||
Common Stock Capital Shares Reserved For Future Issuance | 33,695 | 33,695 |
Retirement Plans (narrative) (d
Retirement Plans (narrative) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |||
Decrease in Unfunded Status | $ 17,200 | ||
Defined Benefit Plan, Benefit Obligation | 214,036 | $ 212,908 | $ 170,478 |
Employer contributions | 23,100 | 350 | |
Fair value of plan assets at end of year | 176,238 | 157,948 | 154,650 |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 195,300 | $ 188,500 | |
Expected return | 7.25% | 7.25% | |
Loss on plan assets | 1.40% | ||
Common stock included in plan assets | $ 18,400 | $ 14,400 | |
401 (k) match | 1,800 | 2,300 | 2,300 |
401 (k) match stock amount | 1,800 | 2,200 | |
401 (k) match amount in cash | 100 | ||
Change in pension and post retirement benefits adjustment (net of tax) | (3,408) | 20,552 | (11,296) |
Teamsters Plan Contributions | $ 2,500 | $ 2,400 | 2,400 |
Contribution Percentage | 5.00% | ||
Discount rate - benefit obligation | 4.36% | 4.15% | |
Change in pension and post retirement benefits adjustment tax | $ 2,179 | $ 13,140 | $ 7,222 |
Retirement Plans (Schedule of C
Retirement Plans (Schedule of Changes in Projected Benefit Obligations) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of year | $ 212,908 | $ 170,478 | |
Service cost | 10,502 | 8,515 | $ 7,752 |
Interest cost | 8,902 | 8,236 | 7,592 |
Plan Amendments | 0 | 952 | |
Actuarial (gain) loss | (11,340) | 30,556 | |
Benefits payments and expenses | (6,936) | (5,829) | |
Benefit obligation at end of year | 214,036 | 212,908 | 170,478 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 157,948 | 154,650 | |
Actual gain on plan assets | 2,126 | 8,777 | |
Employer contributions | 23,100 | 350 | |
Benefits payments and expenses | (6,936) | (5,829) | |
Fair value of plan assets at end of year | 176,238 | 157,948 | $ 154,650 |
Unfunded Status | $ 37,798 | $ 54,960 |
Retirement Plans (Schedule of A
Retirement Plans (Schedule of Amounts Included in Accumulated Other Comprehensive Income/Loss (detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Amounts Included in Accumulated Other Comprehensive Pre-Tax Loss [Abstract] | ||
Net loss | $ (45,248) | $ (50,883) |
Prior service cost | (952) | (843) |
Accumulated other comprehensive pre-tax loss | $ (46,091) | $ (51,835) |
Retirement Plans (Schedule of59
Retirement Plans (Schedule of Accumulated Other Comprehensive Loss) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract | |||
Beginning Balance | $ (31,804) | ||
Change in pension and post retirement benefits adjustment (net of tax) | (3,408) | $ 20,552 | $ (11,296) |
Ending Balance | $ (28,396) | $ (31,804) |
Retirement Plans (Schedule of60
Retirement Plans (Schedule of Cost of Retirement Plans) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 10,502 | $ 8,515 | $ 7,752 |
Interest cost | 8,902 | 8,236 | 7,592 |
Expected return on plan assets | 11,685 | 11,360 | 9,938 |
Amortization of net loss | (3,854) | (350) | (2,434) |
Amortization of prior service cost | 109 | ||
Net periodic benefit cost | $ 11,682 | $ 5,741 | $ 7,840 |
Retirement Plans (Schedule of61
Retirement Plans (Schedule of Assumptions Used) (detail) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Assumbptions Used [Abstract] | ||
Discount rate - benefit obligation | 4.36% | 4.15% |
Discount rate - pension expense | 4.15% | 4.85% |
Expected return on plan assets | 7.25% | 7.25% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement Plans (Schedule of62
Retirement Plans (Schedule of Allocation of Plan Assets) (detail) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
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% | 97.00% |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 1.00% | |
Percentage of Plan Assets | 1.00% | 3.00% |
Retirement Plans (Schedule of63
Retirement Plans (Schedule of Assets by Industry Type) (detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | $ 176,238 | $ 157,948 | $ 154,650 |
MoneyMarketFundsMember | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 1,497 | 5,545 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 174,741 | 152,403 | |
Equity Securities [Member] | Materials | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 9,379 | 5,460 | |
Equity Securities [Member] | Industrials | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 30,355 | 33,813 | |
Equity Securities [Member] | Telecommunication services | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 9,325 | 11,393 | |
Equity Securities [Member] | Consumer staples | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 33,048 | 23,410 | |
Equity Securities [Member] | Energy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 14,658 | 15,062 | |
Equity Securities [Member] | Financials | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 34,891 | 32,808 | |
Equity Securities [Member] | Health Care | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 10,538 | 7,503 | |
Equity Securities [Member] | Information technology | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 9,681 | 5,608 | |
Equity Securities [Member] | Uitlities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | $ 22,866 | $ 17,346 |
Retirement Plans (Schedule of E
Retirement Plans (Schedule of Estimated Benefit Payments) (detail) $ in Thousands | Mar. 31, 2016USD ($) |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,017 | $ 6,799 |
2,018 | 7,394 |
2,019 | 7,964 |
2,020 | 8,577 |
2,021 | 9,324 |
2022-2024 | $ 57,417 |
Fair Value (table) (detail)
Fair Value (table) (detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Gross | $ 315,539 | $ 274,164 |
Long-term Debt, Fair Value | 315,478 | $ 274,999 |
Capital Lease Obligation, Gross | 5,231 | |
Captial Lease Obligation, Fair Vaue | $ 5,076 |
Inventory (narrative) (detail)
Inventory (narrative) (detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Inventory Disclosure [Abstract] | |||
Inventory, LIFO Reserve, Effect on Income, Net | $ 16.1 | $ 6.9 | $ 13.2 |
Effect of LIFO Inventory Liquidation on Income | $ 4.8 | ||
Effect Of LIFO Earnings Per Share Basic | $ 1.62 | $ 0.64 | $ 1.19 |
Effect Of LIFO Earnings Per Share Diluted | $ 1.6 | $ 0.63 | $ 1.19 |
Inventory (table) (detail)
Inventory (table) (detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Inventory Disclosure [Abstract] | |||
Finished products | $ 467,337 | $ 414,154 | $ 418,368 |
In process | 25,855 | 22,651 | 16,056 |
Raw material and supplies | 213,790 | 199,674 | 170,210 |
Total | 706,982 | 636,479 | 604,634 |
Inventory, LIFO Reserve | 139,275 | 164,067 | 153,384 |
Total Inventories | $ 567,707 | $ 472,412 | $ 451,250 |
Other Operating Income and Expe
Other Operating Income and Expenses (detail) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Environmental Remediation Expense | $ 0.1 | $ 0.3 | |
Gain on sale of other assets | 0.4 | 0.1 | $ 0.2 |
Relationship transfer agreement | 24.3 | ||
Prop 65 litigation settlement | $ 0.2 | ||
Midwest Plant Member [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain from plant closing | $ 5 | ||
Sunnyside, WA [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain (Loss) on Disposition of Assets | 0.5 | ||
Gain on Purchase of Business | 0.1 | ||
Allens [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
OtherNonrecurringIncome | 2.9 | ||
Aircraft [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain on sale of other assets | $ 0.7 |
Segment Information (narrative)
Segment Information (narrative) (detail) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Export [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales Percentage | 8.50% | 9.00% | 9.20% |
Green Giant Vegetables [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales Percentage | 11.00% | 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 | 100.00% | 102.00% | 93.00% |
Segment Information (table) (de
Segment Information (table) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 1,275,360 | $ 1,286,350 | $ 1,340,208 |
Operating Income | 88,549 | 20,354 | 24,906 |
Interest Expense, Net | 8,044 | 6,862 | 7,564 |
Income Taxes Expense (Benefit) | 25,999 | 4,221 | 3,563 |
Total Assets | 895,327 | 806,448 | 768,853 |
Additions to Property, Plant and Equipment | 9,966 | 23,734 | 19,448 |
Depreciation & Amortization | 21,737 | 21,834 | 23,281 |
Fruit And Vegetable [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 1,239,179 | 1,246,115 | 1,302,857 |
Operating Income | 87,120 | 18,865 | 22,365 |
Interest Expense, Net | 7,923 | 6,778 | 7,415 |
Income Taxes Expense (Benefit) | 25,551 | 3,775 | 3,118 |
Total Assets | 888,968 | 798,640 | 761,078 |
Additions to Property, Plant and Equipment | 9,232 | 22,177 | 17,339 |
Depreciation & Amortization | 20,438 | 20,445 | 21,842 |
Snack [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 12,336 | 11,667 | 11,496 |
Operating Income | 1,164 | 779 | 872 |
Interest Expense, Net | 18 | 12 | 27 |
Income Taxes Expense (Benefit) | 372 | 225 | 189 |
Total Assets | 2,697 | 3,235 | 3,770 |
Additions to Property, Plant and Equipment | 52 | 157 | |
Depreciation & Amortization | 351 | 367 | 394 |
Other Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 23,845 | 28,568 | 25,855 |
Operating Income | 265 | 710 | 1,669 |
Interest Expense, Net | 103 | 72 | 122 |
Income Taxes Expense (Benefit) | 76 | 221 | 256 |
Total Assets | 3,662 | 4,573 | 4,005 |
Additions to Property, Plant and Equipment | 682 | 1,400 | 2,109 |
Depreciation & Amortization | $ 948 | $ 1,022 | $ 1,045 |
Segment Information (classes of
Segment Information (classes of similar products/services) (table) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 1,275,360 | $ 1,286,350 | $ 1,340,208 |
General Mills Operations LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 144,310 | 161,993 | 177,881 |
Canned Vegetables [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 746,501 | 754,556 | 753,318 |
Frozen [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 94,710 | 94,648 | 107,109 |
Fruit [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 253,658 | 234,918 | 264,549 |
Snack [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 12,336 | 11,667 | 11,496 |
Other Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 23,845 | $ 28,568 | $ 25,855 |
Plant Restructuring (narrative)
Plant Restructuring (narrative) (detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Plant Restructuring | $ 10,302 | $ 1,376 | $ 501 | $ 3,500 |
PropertySubjectToOperatingLeaseMember | ||||
Plant Restructuring | 3,600 | |||
Midwest Plant Member [Member] | ||||
Plant Restructuring | 100 | |||
Asset impairment cost | ||||
Plant Restructuring | 5,600 | |||
Employee Severance [Member] | ||||
Plant Restructuring | 200 | 800 | ||
Long Lived Asset Charges [Member] | ||||
Plant Restructuring | 5,100 | 300 | $ 500 | |
Other Restructuring [Member] | ||||
Plant Restructuring | 5,100 | $ 300 | ||
Lease financing obligations [Member} | ||||
Plant Restructuring | $ 5,300 |
Plant Restructuring (table) (de
Plant Restructuring (table) (detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||
Balance | $ 1,249,000 | $ 10,000 | $ 1,501,000 | |
Plant Restructuring | 10,302,000 | 1,376,000 | 501,000 | $ 3,500,000 |
Cash payment/write offs | (2,679,000) | (137,000) | 1,992,000 | |
Balance | 8,872,000 | 1,249,000 | 10,000 | 1,501,000 |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Balance | 715,000 | 10,000 | 20,000 | |
Plant Restructuring | 162,000 | 842,000 | ||
Cash payment/write offs | (877,000) | (137,000) | 10,000 | |
Balance | 0 | 715,000 | 10,000 | 20,000 |
Long Lived Asset Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Balance | 264,000 | 0 | 1,174,000 | |
Plant Restructuring | 5,065,000 | 264,000 | 341,000 | |
Cash payment/write offs | (354,000) | (1,515,000) | ||
Balance | 4,975,000 | 264,000 | 0 | 1,174,000 |
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Balance | 270,000 | 0 | 307,000 | |
Plant Restructuring | 5,075,000 | 270,000 | 160,000 | |
Cash payment/write offs | (1,448,000) | (467,000) | ||
Balance | $ 3,897,000 | $ 270,000 | $ 0 | $ 307,000 |
Certain Transactions (detail)
Certain Transactions (detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Related Party [Line Items] | |||
Raw Materials and Supplies | $ 183,674 | $ 160,540 | |
Director [Member] | |||
Related Party [Line Items] | |||
Raw Materials and Supplies | $ 1,000 | $ 800 | $ 1,100 |
Assets Held For Sale (detail)
Assets Held For Sale (detail) $ in Thousands | Mar. 31, 2016USD ($) |
Assets Held For Sale Not Part Of Disposal Group Current [Abstract] | |
Assets Held For Sale | $ 5,025 |
Northwest Processing Facility [Member] | |
Assets Held For Sale Not Part Of Disposal Group Current [Abstract] | |
Assets Held For Sale | $ 5,000 |
Assets Percentage | 0.60% |
Uncategorized Items - senea-201
Label | Element | Value |
Common Class A Member | ||
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 8,735,714 |
Common Class B Member | ||
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 2,013,953 |