Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 29, 2018 | Jan. 25, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Seneca Foods Corporation | |
Entity Central Index Key | 88,948 | |
Trading Symbol | senea | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Document Type | 10-Q | |
Document Period End Date | Dec. 29, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,874,901 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,700,102 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) - USD ($) | Dec. 29, 2018 | Mar. 31, 2018 | Dec. 30, 2017 |
Current Assets: | |||
Cash and Cash Equivalents | $ 12,828,000 | $ 15,102,000 | $ 13,122,000 |
Accounts Receivable, Net | 82,892,000 | 66,210,000 | 58,743,000 |
Inventories: | |||
Finished Goods | 434,713,000 | 388,905,000 | 462,779,000 |
Work in Process | 33,888,000 | 41,663,000 | 39,541,000 |
Raw Materials and Supplies | 107,334,000 | 116,391,000 | 81,913,000 |
Total Inventories | 575,935,000 | 546,959,000 | 584,233,000 |
Refundable Income Taxes | 1,422,000 | 1,142,000 | 2,222,000 |
Other Current Assets | 4,520,000 | 1,856,000 | 2,815,000 |
Total Current Assets | 709,999,000 | 741,139,000 | 798,363,000 |
Property, Plant and Equipment, Net | 246,014,000 | 258,543,000 | 253,755,000 |
Deferred Income Taxes, Net | 1,417,000 | 5,576,000 | |
Noncurrent Assets Held For Sale-Discontinued Operations | 1,739,000 | 20,098,000 | 20,182,000 |
Other Assets | 2,890,000 | 3,489,000 | 3,556,000 |
Total Assets | 962,059,000 | 1,028,845,000 | 1,075,856,000 |
Current Liabilities: | |||
Accounts Payable | 93,586,000 | 56,752,000 | 87,777,000 |
Deferred Revenue | 6,829,000 | 8,362,000 | 9,698,000 |
Accrued Vacation | 11,404,000 | 11,691,000 | 11,014,000 |
Accrued Payroll | 5,350,000 | 4,955,000 | 5,154,000 |
Other Accrued Expenses | 22,194,000 | 20,834,000 | 24,923,000 |
Current Portion of Long-Term Debt and Capital Lease Obligations | 320,579,000 | 7,468,000 | 7,394,000 |
Total Current Liabilities | 468,781,000 | 138,635,000 | 166,607,000 |
Long-Term Debt, Less Current Portion | 10,715,000 | 407,733,000 | 404,877,000 |
Capital Lease Obligations, Less Current Portion | 29,730,000 | 34,331,000 | 35,804,000 |
Pension Liabilities | 27,356,000 | 23,290,000 | 7,106,000 |
Deferred Income Taxes, Net | 2,896,000 | ||
Other Long-Term Liabilities | 4,851,000 | 5,829,000 | 13,447,000 |
Total Liabilities | 542,026,000 | 617,782,000 | 639,302,000 |
Commitments and Contingencies | |||
Stockholders' Equity: | |||
Preferred Stock | 707,000 | 707,000 | 707,000 |
Common Stock, $.25 Par Value Per Share | 3,038,000 | 3,038,000 | 3,038,000 |
Additional Paid-in Capital | 98,236,000 | 98,161,000 | 98,136,000 |
Treasury Stock, at Cost | (74,896,000) | (69,556,000) | (69,941,000) |
Accumulated Other Comprehensive Loss | (25,186,000) | (25,067,000) | (11,023,000) |
Retained Earnings | 418,134,000 | 403,780,000 | 415,637,000 |
Total Stockholders' Equity | 420,033,000 | 411,063,000 | 436,554,000 |
Total Liabilities and Stockholders’ Equity | 962,059,000 | 1,028,845,000 | 1,075,856,000 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Current Assets: | |||
Current Assets Held For Sale | 20,339,000 | ||
Current Liabilities: | |||
Current Liabilities Held For Sale | 142,000 | ||
Noncurrent Liabilities Held For Sale | 593,000 | ||
Discontinued Operations, Held-for-sale [Member] | |||
Current Assets: | |||
Current Assets Held For Sale | 12,063,000 | 109,870,000 | 137,228,000 |
Current Liabilities: | |||
Current Liabilities Held For Sale | 8,697,000 | 28,573,000 | 20,647,000 |
Noncurrent Liabilities Held For Sale | $ 7,964,000 | $ 8,565,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) (Parentheticals) - $ / shares | Dec. 29, 2018 | Mar. 31, 2018 | Dec. 30, 2017 |
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Net sales | $ 372,238 | $ 354,894 | $ 936,991 | $ 923,733 |
Costs and Expenses: | ||||
Cost of Product Sold | 374,334 | 326,116 | 911,291 | 859,783 |
Selling, General and Administrative | 19,389 | 19,202 | 55,432 | 53,984 |
Plant Restructuring Charge | 1,396 | 101 | 2,279 | 157 |
Other Operating Loss (Income) | 776 | 17 | (3,498) | (2,615) |
Total Costs and Expenses | 395,895 | 345,436 | 965,504 | 911,309 |
Operating (Loss) Income | (23,657) | 9,458 | (28,513) | 12,424 |
Earnings From Equity Investment | (21) | |||
Other Income | (607) | (1,658) | (2,649) | (4,594) |
Interest Expense, Net | 3,864 | 3,475 | 11,587 | 9,053 |
(Loss) Earnings From Continuing Operations Before Income Taxes | (26,914) | 7,641 | (37,451) | 7,986 |
Income Taxes (Benefit) From Continuing Operations | (6,874) | (1,245) | (9,617) | (1,710) |
(Loss) Earnings From Continuing Operations | (20,040) | 8,886 | (27,834) | 9,696 |
Earnings (Loss) From Discontinued Operations (net of income taxes) | 34,056 | (1,157) | 42,211 | (3,909) |
Net Earnings | $ 14,016 | $ 7,729 | $ 14,377 | $ 5,787 |
Basic (Loss) Earnings per Common Share: | ||||
Continuing Operations (in dollars per share) | $ (2.07) | $ 0.91 | $ (2.86) | $ 0.98 |
Discontinued Operations (in dollars per share) | 3.52 | (0.12) | 4.34 | (0.40) |
Net Basic Earnings (Loss) per Common Share (in dollars per share) | 1.45 | 0.79 | 1.48 | 0.58 |
Diluted (Loss) Earnings per Common Share: | ||||
Continuing Operations (in dollars per share) | (2.07) | 0.90 | (2.86) | 0.98 |
Discontinued Operations (in dollars per share) | 3.50 | (0.12) | 4.31 | (0.40) |
Net Diluted Earnings (Loss) per Common Share (in dollars per share) | $ 1.43 | $ 0.78 | $ 1.45 | $ 0.58 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Comprehensive income: | ||||
Net earnings | $ 14,016 | $ 7,729 | $ 14,377 | $ 5,787 |
Change in pension, post retirement benefits and other (net of tax) | 17 | 50 | 119 | 152 |
Total | $ 14,033 | $ 7,779 | $ 14,496 | $ 5,939 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net (Loss) Earnings From Continuing Operations | $ (27,834,000) | $ 9,696,000 |
Net Earnings (Loss) From Discontinued Operations (Net of Tax) | 42,211,000 | (3,909,000) |
Net Cash Used In Operations (Net of Acquisition): | ||
Depreciation & Amortization | 23,550,000 | 23,112,000 |
Gain on the Sale of Assets | (55,863,000) | (1,590,000) |
Bargain Purchase Gain | (1,078,000) | |
Provision for Restructuring and Impairment | 6,537,000 | 157,000 |
Earnings From Equity Investment | (21,000) | |
Deferred Income Tax (Benefit) | 4,159,000 | (988,000) |
Changes in Operating Assets and Liabilities: | ||
Accounts Receivable | (5,537,000) | 11,891,000 |
Inventories | 52,836,000 | (99,839,000) |
Other Current Assets | (8,353,000) | 954,000 |
Income Taxes | (280,000) | 240,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 15,004,000 | 34,627,000 |
Net Cash Provided By (Used In) Operations | 46,430,000 | (26,748,000) |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (30,468,000) | (21,120,000) |
Cash Paid for Acquisition (Net of Cash Acquired) | (14,420,000) | |
Proceeds from the Sale of Assets | 84,975,000 | 1,841,000 |
Net Cash Used In (Provided By) Investing Activities | 54,507,000 | (33,699,000) |
Cash Flows from Financing Activities: | ||
Long-Term Borrowing | 419,102,000 | 438,730,000 |
Payments on Long-Term Debt and Capital Lease Obligations | (517,187,000) | (373,298,000) |
Payments on Notes Payable | (166,000) | |
Other Assets | 226,000 | (235,000) |
Purchase of Treasury Stock | (5,340,000) | (3,442,000) |
Dividends | (12,000) | (12,000) |
Net Cash (Used In) Provided By Financing Activities | (103,211,000) | 61,577,000 |
Net (Decrease) Increase in Cash and Cash Equivalents | (2,274,000) | 1,130,000 |
Cash and Cash Equivalents, Beginning of the Period | 15,102,000 | 11,992,000 |
Cash and Cash Equivalents, End of the Period | 12,828,000 | 13,122,000 |
Noncash Transactions: | ||
Property, Plant and Equipment Purchased Under Capital Lease Obligations | 258,000 | 8,381,000 |
Silgan Payable | $ 8,000,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Stockholders' (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Dec. 29, 2018 | Mar. 31, 2018 | |
Preferred Stock [Member] | |||||
Balance | $ 707,000 | $ 707,000 | $ 707,000 | ||
Net earnings | |||||
Cash dividends paid on preferred stock | |||||
Equity incentive program | |||||
Change in pension, post retirement benefits, other adjustment (net of tax) | |||||
Purchase treasury stock | |||||
Common Stock [Member] | |||||
Balance | 3,038,000 | 3,038,000 | 3,038,000 | ||
Net earnings | |||||
Cash dividends paid on preferred stock | |||||
Equity incentive program | |||||
Change in pension, post retirement benefits, other adjustment (net of tax) | |||||
Purchase treasury stock | |||||
Additional Paid-in Capital [Member] | |||||
Balance | 98,236,000 | 98,236,000 | 98,161,000 | ||
Net earnings | |||||
Cash dividends paid on preferred stock | |||||
Equity incentive program | 25,000 | 25,000 | 25,000 | ||
Change in pension, post retirement benefits, other adjustment (net of tax) | |||||
Purchase treasury stock | |||||
Treasury Stock [Member] | |||||
Balance | (74,896,000) | (74,896,000) | (69,556,000) | ||
Net earnings | |||||
Cash dividends paid on preferred stock | |||||
Equity incentive program | |||||
Change in pension, post retirement benefits, other adjustment (net of tax) | |||||
Purchase treasury stock | (3,761,000) | (1,579,000) | |||
AOCI Attributable to Parent [Member] | |||||
Balance | (25,186,000) | (25,186,000) | (25,067,000) | ||
Net earnings | |||||
Cash dividends paid on preferred stock | |||||
Equity incentive program | |||||
Change in pension, post retirement benefits, other adjustment (net of tax) | (17,000) | (51,000) | (51,000) | ||
Purchase treasury stock | |||||
Retained Earnings [Member] | |||||
Balance | 418,134,000 | $ 418,134,000 | 403,780,000 | ||
Net earnings | 14,016,000 | 9,116,000 | (8,755,000) | ||
Cash dividends paid on preferred stock | (11,000) | (12,000) | |||
Equity incentive program | |||||
Change in pension, post retirement benefits, other adjustment (net of tax) | |||||
Purchase treasury stock | |||||
Cumulative Preferred Stock [Member] | |||||
Preferred stock, shares authorized (in shares) | 200,000 | 200,000 | |||
Preferred stock, shares outstanding (in shares) | 200,000 | 200,000 | |||
Cumulative Convertible Preferred Stock [Member] | |||||
Preferred stock, shares authorized (in shares) | 1,400,000 | 1,400,000 | |||
Preferred stock, shares outstanding (in shares) | 807,240 | 807,240 | |||
Participating Convertible Preferred Stock [Member] | |||||
Preferred stock, shares authorized (in shares) | 37,529 | 37,529 | |||
Preferred stock, shares outstanding (in shares) | 37,529 | 37,529 | |||
Series 2003 Convertible Preferred Stock [Member] | |||||
Preferred stock, shares authorized (in shares) | 500 | 500 | |||
Preferred stock, shares outstanding (in shares) | 500 | 500 | |||
Common Class A [Member] | |||||
Purchase treasury stock | $ (160,179) | ||||
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 | |||
Common stock, shares outstanding (in shares) | 7,700,102 | 7,700,102 | |||
Common Class B [Member] | |||||
Purchase treasury stock | $ (9,290) | ||||
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | |||
Common stock, shares outstanding (in shares) | 1,874,901 | 1,874,901 | |||
Balance | $ 420,033,000 | $ 420,033,000 | $ 411,063,000 | ||
Net earnings | 14,016,000 | 14,377,000 | |||
Change in pension, post retirement benefits, other adjustment (net of tax) | $ 17,000 | $ 119,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Stockholders' (Unaudited) (Parentheticals) | 9 Months Ended |
Dec. 29, 2018$ / shares | |
Cumulative Preferred Stock [Member] | |
Preferred stock, par value (in dollars per share) | $ 0.25 |
Preferred stock, dividend rate | 6.00% |
Cumulative Convertible Preferred Stock [Member] | |
Preferred stock, par value (in dollars per share) | $ 0.025 |
Preferred stock, dividend rate | 10.00% |
Participating Convertible Preferred Stock [Member] | |
Preferred stock, par value (in dollars per share) | $ 0.025 |
Series 2003 Convertible Preferred Stock [Member] | |
Preferred stock, par value (in dollars per share) | 0.025 |
Common Class A [Member] | |
Common Stock, Par Value (in dollars per share) | 0.25 |
Common Class B [Member] | |
Common Stock, Par Value (in dollars per share) | 0.25 |
Common Stock, Par Value (in dollars per share) | $ 0.25 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Unaudited Condensed Consolidated Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of Seneca Foods Corporation (the “Company”) as of December 29, 2018 March 31, 2018 The results of operations for the three nine December 29, 2018 not During the nine December 29, 2018, $65,741,000 $112,768,000 nine December 30, 2017. 4 The accounting policies followed by the Company are set forth in Note 1 2018 10 Other footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company's 2018 10 All references to years are fiscal years ended or ending March 31 may not Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification. |
Note 2 - Assets Held For Sale
Note 2 - Assets Held For Sale | 9 Months Ended |
Dec. 29, 2018 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. Assets Held For Sale As of December 29, 2018, Inventories $ 10,539 Property, Plant and Equipment (net) 9,800 Current Assets Held For Sale $ 20,339 Capital Lease Obligations Current Portion $ 142 Current Liabilities Held For Sale $ 142 Capital Lease Obligations $ 593 Noncurrent Liabilities Held For Sale $ 593 |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 9 Months Ended |
Dec. 29, 2018 | |
Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3 . Discontinued Operations On July 13, 2018, October 9, 2018, $63,326,000. 15% 210 05— Discontinued Operations The following table presents information related to the major classes of assets and liabilities of Modesto that are classified as Held For Sale-Discontinued Operations in the Company's Consolidated Condensed balance sheets (in thousands): December 29 December 30 March 31 2018 2017 2018 Accounts Receivable $ 1,441 $ 7,490 $ 12,586 Inventories 4,645 129,738 96,996 Other Current Assets 5,977 - 288 Current Assets Held For Sale-Discontinued Operations $ 12,063 $ 137,228 $ 109,870 Other Assets $ 1,739 $ 1,574 $ 1,616 Property, Plant and Equipment (net) - 18,608 18,482 Noncurrent Assets Held For Sale-Discontinued Operations $ 1,739 $ 20,182 $ 20,098 Accounts Payable and Accrued Expenses $ 8,697 $ 18,338 $ 26,226 Long-Term Debt and Capital Leases Current Portion - 2,309 2,347 Current Liabilities Held For Sale-Discontinued Operations $ 8,697 $ 20,647 $ 28,573 Long-Term Debt and Capital Lease Obligations $ - $ 8,565 $ 7,964 Noncurrent Liabilities Held For Sale-Discontinued Operations $ - $ 8,565 $ 7,964 The operating results of the discontinued operations that are reflected in the Unaudited Condensed Consolidated Statements of Net Earnings (Loss) from discontinued operations are as follows (in thousands): Three Months Ended Nine Months Ended December 29, December 30, December 29, December 30, 2018 2017 2018 2017 Net Sales $ 1,644 $ 37,547 $ 111,693 $ 123,629 Costs and Expenses: Cost of Product Sold 5,796 36,280 129,872 124,297 Selling, General and Administrative 137 910 1,135 2,446 Plant Restructuring Charge (a) 854 - 4,350 - Interest (Income) Expense (b) - 537 1,077 1,609 Total cost and expenses 6,787 37,727 136,434 128,352 Loss From Discontinued Operations Before Income Taxes (5,143 ) (180 ) (24,741 ) (4,723 ) Gain on the Sale of Assets Before Income Taxes (c) (d) (e) (50,411 ) - (80,677 ) - Income Tax Expense (Benefit) 11,212 977 13,725 (814 ) Net Earnings (Loss) From Discontinued Operations, Net of Tax $ 34,056 $ (1,157 ) $ 42,211 $ (3,909 ) (a) Includes $278,000 $3,579,000 three nine 2019, (b) Includes interest on debt directly related to Modesto including the building mortgage and equipment leases and an allocation of the Company's line of credit facility. (c) Includes a $24,211,000 nine (d) Includes $50,411,000 $51,491,000 three nine 2019, (e) Includes a $4,975,000 nine Supplemental Information on Discontinued Operations (in thousands): Capital Expenditures - 621 3,937 1,889 Depreciation 7 491 1,302 1,583 |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4 . Revenue Recognition The Company adopted Accounting Standard Codification Topic 606, Revenue from Contracts with Customers 606” April 1, 2018, 606. Nature of products We manufacture and sell the following: • private label products to retailers, such as supermarkets, mass merchandisers, and specialty retailers, for resale under the retailers’ own or controlled labels; • private label and branded products to the foodservice industry, including foodservice distributors and national restaurant operators; • branded products under our own proprietary brands, primarily on a national basis to retailers; • branded products under co-pack agreements to other major branded companies for their distribution; and • products to our industrial customer base for repackaging in portion control packages and for use as ingredients by other food manufacturers. Disaggregation of revenue In the following table, segment revenue is disaggregated by product category groups (in millions). Three Months Ended Nine Months Ended December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Canned Vegetables $ 259.5 $ 224.4 $ 631.1 $ 563.2 B&G* 27.7 42.1 66.7 121.9 Frozen 29.7 29.0 87.5 80.1 Fruit Products 27.2 24.9 70.7 69.5 Chip Products 2.5 2.4 7.7 7.9 Prepared Foods 22.0 28.2 59.2 69.4 Other 3.6 3.9 14.1 11.7 $ 372.2 $ 354.9 $ 937.0 $ 923.7 *B&G includes both canned and frozen vegetable sales exclusively for B&G under the Green Giant label. When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s primary performance obligation is the production of food products and secondarily case and labeling services and storage services for certain bill and hold sales. Revenue recognition is completed primarily at a point in time basis when product control is transferred to the customer. In general, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can direct the use and obtain substantially all of the remaining benefits from the asset at this point in time. Customer contracts generally do not one one The performance obligations in our contracts are generally satisfied within one not December 29, 2018 which is included in deferred revenue. Significant Payment Terms Our customer contracts identify the product, quantity, price, payment and final delivery terms. Payment terms usually include early pay discounts. We grant payment terms consistent with industry standards. Although some payment terms may no one not 30 Shipping All shipping and handling costs associated with outbound freight are accounted for as fulfillment costs and are included in the cost of sales; this includes shipping and handling costs after control over a product has transferred to a customer. Variable Consideration In addition to fixed contract consideration, some contracts include some form of variable consideration. Trade promotions are an important component of the sales and marketing of the Company’s branded products, and are critical to the support of the business. Trade promotion costs, which are recorded as a reduction of sales, include amounts paid to retailers for shelf space, to obtain favorable display positions and to offer temporary price reductions for the sale of our products to consumers. Accruals for trade promotions are recorded primarily at the time of sale to the retailer based on expected levels of performance. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a retailer from amounts otherwise due to the Company. As a result, the ultimate cost of a trade promotion program is dependent on the relative success of the events and the actions and level of deductions taken by retailers. Final determination of the permissible deductions may Contract balances Contract asset and liability balances as of December 29, 2018 not Contract Costs We have identified certain incremental costs to obtain a contract, primarily sales commissions, requiring capitalization under the new standard. The Company continues to expense these costs as incurred because the amortization period for the costs would have been one not Impact of Adoption Due to the changes in ASC 606, December 30, 2017 $3.9 $4.2 no 606 Condensed Consolidated Statements of Net Earnings (Loss) (in thousands) For the Three Months Ended Dec ember 30, 2017 As Reported (1) 606 Adjustments Less Discontinued Operations As Adjusted Net sales $ 387,689 $ 4,752 $ (37,547 ) $ 354,894 Cost of products sold 357,188 5,208 (36,280 ) 326,116 Gross profit (loss) 30,501 (456 ) (1,267 ) 28,778 Operating income (loss) 10,271 (456 ) (357 ) 9,458 Earnings before income taxes 6,259 1,202 180 7,641 Net earnings from continuing operations 4,377 3,352 1,157 8,886 For the Nine Months Ended Dec ember 30, 2017 As Reported (1) 606 Adjustments Less Discontinued Operations As Adjusted Net sales $ 1,015,086 $ 32,276 $ (123,629 ) $ 923,733 Cost of products sold 951,639 32,441 (124,297 ) 859,783 Gross profit (loss) 63,447 (165 ) 668 63,950 Operating income (loss) 9,475 (165 ) 3,114 12,424 (Earnings) loss before income taxes (1,166 ) 4,429 4,723 7,986 Net earnings from continuing operations 439 5,348 3,909 9,696 ( 1 three nine December 30, 2017 10 March 31, 2018 June 29, 2018 10 September 7, 2018 |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5 . Inventories First-In, First-Out (“FIFO”) based inventory costs exceeded LIFO based inventory costs by $160,727,000 third 2019 $152,091,000 third 2018. three December 29, 2018 $25,776,000 $994,000 $274,000 three December 30, 2017. The change in the LIFO Reserve for the nine December 29, 2018 $15,722,000 $18,835,000 nine December 30, 2017 ( $928,000 $24,211,000 $39,933,000 2019 2018. |
Note 6 - Revolving Credit Facil
Note 6 - Revolving Credit Facility | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6 . Revolving Credit Facility The Company has a five m $400,000,000 April July $500,000,000 August March July 5, 2021. December 29, 2018 $214,161,000 . June November three seven may The Company also has a $100 December 29, 2018. March 31, 2019 December 29, 2018, December 29, 2018, March 31, 2019 December 29, 2018. The decrease in the reported end of period amount of Revolver borrowings during the first nine 2019 first nine 2018 $390,538,000 $181,953,000 twelve December 29, 2018. General terms of the Revolver include payment of interest at LIBOR plus a defined spread. The following table documents the quantitative data for Revolver borrowings during the third 2019 2018: Third Quarter Year-to-Date 2019 2018 2019 2018 (In thousands) (In thousands) Reported end of period: Outstanding borrowings $ 214,161 $ 290,196 $ 214,161 $ 290,196 Weighted average interest rate 4.02 % 3.04 % 4.02 % 3.04 % Reported during the period: Maximum amount of borrowings $ 242,947 $ 296,088 $ 294,062 $ 296,088 Average outstanding borrowings $ 192,323 $ 280,960 $ 225,345 $ 246,414 Weighted average interest rate 3.86 % 2.82 % 3.64 % 2.59 % |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7 . Stockholders’ Equity During the nine December 29, 2018, 160,179 9,290 December 29, 2018, 2,578,565 $74,896,000 not |
Note 8 - Retirement Plans
Note 8 - Retirement Plans | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 8 . Retirement Plans The net periodic benefit cost for the Company’s pension plan consisted of: Three Months Ended Nine Months Ended December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 (In thousands) Service Cost $ 1,831 $ 1,981 $ 6,716 $ 5,944 Interest Cost 2,362 1,985 6,848 5,956 Expected Return on Plan Assets (3,593 ) (3,673 ) (10,785 ) (10,640 ) Amortization of Prior Service Cost 30 0 90 0 Amortization of Net Gain 593 30 1,198 90 Net Periodic Benefit Cost $ 1,223 $ 323 $ 4,067 $ 1,350 There was none $2,500,000 three nine December 29, 2018 December 30, 2017, |
Note 9 - Plant Restructuring
Note 9 - Plant Restructuring | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 9 . Plant Restructuring The following table summarizes the rollforward of continuing restructuring charges and the accruals established: Restructuring Payable Severance Other Costs Total (In thousands) Balance March 31, 2018 $ - $ - $ - First quarter charge 110 - 110 Second quarter charge 841 - 841 Third quarter charge 378 - 378 Cash payments/write offs (976 ) - (976 ) Balance December 29, 2018 $ 353 $ - $ 353 Severance Other Costs Total (In thousands) Balance March 31, 2017 $ 37 $ 305 $ 342 First quarter charge 36 36 72 Second quarter credit - (33 ) (33 ) Third quarter charge 98 3 101 Cash payments/write offs (73 ) (311 ) (384 ) Balance December 30, 2017 $ 98 $ - $ 98 During the nine December 29, 2018, $2,279,000 $1,329,000 $950,000 During the nine December 30, 2017, $140,000 $17,000. |
Note 10 - Other Operating Incom
Note 10 - Other Operating Income and Expense | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 10 . Other Operating Income and Expense During the nine December 29, 2018, $3,920,000 $1,590,000 nine December 30, 2017. $1,081,000 of the prior year gain was related to the sale of a closed plant in the Midwest. $1,078,000 nine December 30, 2017. |
Note 11 - Recently Issued Accou
Note 11 - Recently Issued Accounting Standards | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 11 Recently Issued Accounting Standards In May 2014, 2014 09, 606 606” 606 606 The Company adopted ASC 606 April 1, 2018, 606, not 606. 606 2019 2018 4 In February 2016, 2016 02, 2016 02 12 July 2018, No. 2018 11, 842 December 15, 2018. 2016 02 April 1, 2019, 2016 02 not 842 Q4 2019 Q1 2020. Q4 2019. Q1 2020. not In January 2017, No. 2017 01 2017 01" 2017 01 December 15, 2017 not 2017 01 2017 01 first 2019 not In March 2017, 2017 07, 715 2017 07 2017 07 December 31, 2017 ( 2019 2017 07 first 2019, There were no not December 29, 2018. |
Note 12 - Earnings (Loss) Per C
Note 12 - Earnings (Loss) Per Common Share From Continuing Operations | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12 . Earnings (Loss) per Common Share From Continuing Operations Earnings (loss) per share for the three nine December 29, 2018 December 30, 2017 Q U A R T E R Y E A R T O D A T E (Thousands, except share amounts) Fiscal 2019 Fiscal 2018 Fiscal 2019 Fiscal 2018 Basic (Loss) earnings from continuing operations $ (20,040 ) $ 8,886 $ (27,834 ) $ 9,696 Deduct preferred stock dividends paid 6 6 17 17 Undistributed (loss) earnings from continuing operations (20,046 ) 8,880 (27,851 ) 9,679 (Loss) earnings from continuing operations attributable to participating preferred (78 ) 35 (109 ) 49 (Loss) earnings from continuing operations attributable to common shareholders $ (19,968 ) $ 8,845 $ (27,742 ) $ 9,630 Weighted average common shares outstanding 9,625 9,740 9,694 9,782 Basic (loss) earnings per common share from continuing operations $ (2.07 ) $ 0.91 $ (2.86 ) $ 0.98 Diluted (Loss) earnings from continuing operations attributable to common shareholders $ (19,968 ) $ 8,845 $ (27,742 ) $ 9,630 Add dividends on convertible preferred stock - 5 - 15 (Loss) earnings from continuing operations attributable to common stock on a diluted basis $ (19,968 ) $ 8,850 $ (27,742 ) $ 9,645 Weighted average common shares outstanding-basic 9,625 9,740 9,694 9,782 Additional shares issued related to the equity compensation plan - 2 - 2 Additional shares to be issued under full conversion of preferred stock - 67 - 67 Total shares for diluted 9,625 9,809 9,694 9,851 Diluted (loss) earnings per common share from continuing operations $ (2.07 ) $ 0.90 $ (2.86 ) $ 0.98 Note: For fiscal 2019 SENECA FOODS CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) December 29, 2018 |
Note 13 - Fair Value of Financi
Note 13 - Fair Value of Financial Instruments | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. Fair Value of Financial Instruments As required by Accounting Standards Codification ("ASC") 825, 2 $325,373,000 $325,276,000 December 29, 2018. March 31, 2018, $409,396,000 $408,942,000. $36,387,000 $32,994,000 December 29, 2018. March 31, 2018, $40,137,000 $37,287,000. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Taxes The effective tax rate from continuing operations was 25.7% 21.4 nine December 29, 2018 December 30, 2017, 47.1 38.1% 8.6% 2019 2018 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 9 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15 . Subsequent Event On January 23, 2019, $3.5 December 29, 2018. |
Note 2 - Assets Held For Sale (
Note 2 - Assets Held For Sale (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Inventories $ 10,539 Property, Plant and Equipment (net) 9,800 Current Assets Held For Sale $ 20,339 Capital Lease Obligations Current Portion $ 142 Current Liabilities Held For Sale $ 142 Capital Lease Obligations $ 593 Noncurrent Liabilities Held For Sale $ 593 |
Note 3 - Discontinued Operati_2
Note 3 - Discontinued Operations (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 29 December 30 March 31 2018 2017 2018 Accounts Receivable $ 1,441 $ 7,490 $ 12,586 Inventories 4,645 129,738 96,996 Other Current Assets 5,977 - 288 Current Assets Held For Sale-Discontinued Operations $ 12,063 $ 137,228 $ 109,870 Other Assets $ 1,739 $ 1,574 $ 1,616 Property, Plant and Equipment (net) - 18,608 18,482 Noncurrent Assets Held For Sale-Discontinued Operations $ 1,739 $ 20,182 $ 20,098 Accounts Payable and Accrued Expenses $ 8,697 $ 18,338 $ 26,226 Long-Term Debt and Capital Leases Current Portion - 2,309 2,347 Current Liabilities Held For Sale-Discontinued Operations $ 8,697 $ 20,647 $ 28,573 Long-Term Debt and Capital Lease Obligations $ - $ 8,565 $ 7,964 Noncurrent Liabilities Held For Sale-Discontinued Operations $ - $ 8,565 $ 7,964 Three Months Ended Nine Months Ended December 29, December 30, December 29, December 30, 2018 2017 2018 2017 Net Sales $ 1,644 $ 37,547 $ 111,693 $ 123,629 Costs and Expenses: Cost of Product Sold 5,796 36,280 129,872 124,297 Selling, General and Administrative 137 910 1,135 2,446 Plant Restructuring Charge (a) 854 - 4,350 - Interest (Income) Expense (b) - 537 1,077 1,609 Total cost and expenses 6,787 37,727 136,434 128,352 Loss From Discontinued Operations Before Income Taxes (5,143 ) (180 ) (24,741 ) (4,723 ) Gain on the Sale of Assets Before Income Taxes (c) (d) (e) (50,411 ) - (80,677 ) - Income Tax Expense (Benefit) 11,212 977 13,725 (814 ) Net Earnings (Loss) From Discontinued Operations, Net of Tax $ 34,056 $ (1,157 ) $ 42,211 $ (3,909 ) Supplemental Information on Discontinued Operations (in thousands): Capital Expenditures - 621 3,937 1,889 Depreciation 7 491 1,302 1,583 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Canned Vegetables $ 259.5 $ 224.4 $ 631.1 $ 563.2 B&G* 27.7 42.1 66.7 121.9 Frozen 29.7 29.0 87.5 80.1 Fruit Products 27.2 24.9 70.7 69.5 Chip Products 2.5 2.4 7.7 7.9 Prepared Foods 22.0 28.2 59.2 69.4 Other 3.6 3.9 14.1 11.7 $ 372.2 $ 354.9 $ 937.0 $ 923.7 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | For the Three Months Ended Dec ember 30, 2017 As Reported (1) 606 Adjustments Less Discontinued Operations As Adjusted Net sales $ 387,689 $ 4,752 $ (37,547 ) $ 354,894 Cost of products sold 357,188 5,208 (36,280 ) 326,116 Gross profit (loss) 30,501 (456 ) (1,267 ) 28,778 Operating income (loss) 10,271 (456 ) (357 ) 9,458 Earnings before income taxes 6,259 1,202 180 7,641 Net earnings from continuing operations 4,377 3,352 1,157 8,886 For the Nine Months Ended Dec ember 30, 2017 As Reported (1) 606 Adjustments Less Discontinued Operations As Adjusted Net sales $ 1,015,086 $ 32,276 $ (123,629 ) $ 923,733 Cost of products sold 951,639 32,441 (124,297 ) 859,783 Gross profit (loss) 63,447 (165 ) 668 63,950 Operating income (loss) 9,475 (165 ) 3,114 12,424 (Earnings) loss before income taxes (1,166 ) 4,429 4,723 7,986 Net earnings from continuing operations 439 5,348 3,909 9,696 |
Note 6 - Revolving Credit Fac_2
Note 6 - Revolving Credit Facility (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | Third Quarter Year-to-Date 2019 2018 2019 2018 (In thousands) (In thousands) Reported end of period: Outstanding borrowings $ 214,161 $ 290,196 $ 214,161 $ 290,196 Weighted average interest rate 4.02 % 3.04 % 4.02 % 3.04 % Reported during the period: Maximum amount of borrowings $ 242,947 $ 296,088 $ 294,062 $ 296,088 Average outstanding borrowings $ 192,323 $ 280,960 $ 225,345 $ 246,414 Weighted average interest rate 3.86 % 2.82 % 3.64 % 2.59 % |
Note 8 - Retirement Plans (Tabl
Note 8 - Retirement Plans (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended Nine Months Ended December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 (In thousands) Service Cost $ 1,831 $ 1,981 $ 6,716 $ 5,944 Interest Cost 2,362 1,985 6,848 5,956 Expected Return on Plan Assets (3,593 ) (3,673 ) (10,785 ) (10,640 ) Amortization of Prior Service Cost 30 0 90 0 Amortization of Net Gain 593 30 1,198 90 Net Periodic Benefit Cost $ 1,223 $ 323 $ 4,067 $ 1,350 |
Note 9 - Plant Restructuring (T
Note 9 - Plant Restructuring (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Restructuring Payable Severance Other Costs Total (In thousands) Balance March 31, 2018 $ - $ - $ - First quarter charge 110 - 110 Second quarter charge 841 - 841 Third quarter charge 378 - 378 Cash payments/write offs (976 ) - (976 ) Balance December 29, 2018 $ 353 $ - $ 353 Severance Other Costs Total (In thousands) Balance March 31, 2017 $ 37 $ 305 $ 342 First quarter charge 36 36 72 Second quarter credit - (33 ) (33 ) Third quarter charge 98 3 101 Cash payments/write offs (73 ) (311 ) (384 ) Balance December 30, 2017 $ 98 $ - $ 98 |
Note 12 - Earnings (Loss) Per_2
Note 12 - Earnings (Loss) Per Common Share From Continuing Operations (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Q U A R T E R Y E A R T O D A T E (Thousands, except share amounts) Fiscal 2019 Fiscal 2018 Fiscal 2019 Fiscal 2018 Basic (Loss) earnings from continuing operations $ (20,040 ) $ 8,886 $ (27,834 ) $ 9,696 Deduct preferred stock dividends paid 6 6 17 17 Undistributed (loss) earnings from continuing operations (20,046 ) 8,880 (27,851 ) 9,679 (Loss) earnings from continuing operations attributable to participating preferred (78 ) 35 (109 ) 49 (Loss) earnings from continuing operations attributable to common shareholders $ (19,968 ) $ 8,845 $ (27,742 ) $ 9,630 Weighted average common shares outstanding 9,625 9,740 9,694 9,782 Basic (loss) earnings per common share from continuing operations $ (2.07 ) $ 0.91 $ (2.86 ) $ 0.98 Diluted (Loss) earnings from continuing operations attributable to common shareholders $ (19,968 ) $ 8,845 $ (27,742 ) $ 9,630 Add dividends on convertible preferred stock - 5 - 15 (Loss) earnings from continuing operations attributable to common stock on a diluted basis $ (19,968 ) $ 8,850 $ (27,742 ) $ 9,645 Weighted average common shares outstanding-basic 9,625 9,740 9,694 9,782 Additional shares issued related to the equity compensation plan - 2 - 2 Additional shares to be issued under full conversion of preferred stock - 67 - 67 Total shares for diluted 9,625 9,809 9,694 9,851 Diluted (loss) earnings per common share from continuing operations $ (2.07 ) $ 0.90 $ (2.86 ) $ 0.98 |
Note 1 - Unaudited Condensed _2
Note 1 - Unaudited Condensed Consolidated Financial Statements (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 372,238,000 | $ 354,894,000 | $ 936,991,000 | $ 923,733,000 |
B&G Foods, Inc [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 65,741,000 | $ 112,768,000 |
Note 2 - Assets Held For Sale -
Note 2 - Assets Held For Sale - Assets and Liabilities Held For Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2018 | Dec. 30, 2017 |
Inventories | $ 10,539 | ||
Property, Plant and Equipment (net) | 9,800 | ||
Current Assets Held For Sale | 20,339 | ||
Capital Lease Obligations Current Portion | 142 | ||
Current Liabilities Held For Sale | 142 | ||
Capital Lease Obligations | 593 | ||
Noncurrent Liabilities Held For Sale | $ 593 |
Note 3 - Discontinued Operati_3
Note 3 - Discontinued Operations (Details Textual) - USD ($) | Oct. 09, 2018 | Dec. 29, 2018 | Dec. 29, 2018 | Dec. 30, 2017 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 3,920,000 | $ 1,590,000 | ||
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 63,326,000 | |||
Disposal Group, Including Discontinued Operation, Revenue, Percent | 15.00% | |||
Effect of LIFO Inventory Liquidation on Income | $ 24,211,000 | |||
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | Plant and Equipment [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 50,411,000 | 51,491,000 | ||
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | Bins [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 4,975,000 | |||
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | Employee Severance [Member] | ||||
Restructuring Charges, Total | $ 278,000 | $ 3,579,000 |
Note 3 - Discontinued Operati_4
Note 3 - Discontinued Operations - Asset and Liabilities in Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Mar. 31, 2018 | ||
Noncurrent Assets Held For Sale-Discontinued Operations | $ 1,739 | $ 20,182 | $ 1,739 | $ 20,182 | $ 20,098 | |
Net Sales | 37,547 | 123,629 | ||||
Cost of Product Sold | 36,280 | 124,297 | ||||
Loss From Discontinued Operations Before Income Taxes | (180) | (4,723) | ||||
Net Earnings (Loss) From Discontinued Operations, Net of Tax | 34,056 | (1,157) | 42,211 | (3,909) | ||
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||
Accounts Receivable | 1,441 | 7,490 | 1,441 | 7,490 | 12,586 | |
Inventories | 4,645 | 129,738 | 4,645 | 129,738 | 96,996 | |
Other Current Assets | 5,977 | 5,977 | 288 | |||
Current Assets Held For Sale-Discontinued Operations | 12,063 | 137,228 | 12,063 | 137,228 | 109,870 | |
Other Assets | 1,739 | 1,574 | 1,739 | 1,574 | 1,616 | |
Property, Plant and Equipment (net) | 18,608 | 18,608 | 18,482 | |||
Noncurrent Assets Held For Sale-Discontinued Operations | 1,739 | 20,182 | 1,739 | 20,182 | 20,098 | |
Accounts Payable and Accrued Expenses | 8,697 | 18,338 | 8,697 | 18,338 | 26,226 | |
Long-Term Debt and Capital Leases Current Portion | 2,309 | 2,309 | 2,347 | |||
Current Liabilities Held For Sale | 8,697 | 20,647 | 8,697 | 20,647 | 28,573 | |
Long-Term Debt and Capital Lease Obligations | 8,565 | 8,565 | 7,964 | |||
Noncurrent Liabilities Held For Sale | 8,565 | 8,565 | $ 7,964 | |||
Net Sales | 1,644 | 37,547 | 111,693 | 123,629 | ||
Cost of Product Sold | 5,796 | 36,280 | 129,872 | 124,297 | ||
Selling, General and Administrative | 137 | 910 | 1,135 | 2,446 | ||
Plant Restructuring Charge (a) | [1] | 854 | 4,350 | |||
Interest (Income) Expense (b) | [2] | 537 | 1,077 | 1,609 | ||
Total cost and expenses | 6,787 | 37,727 | 136,434 | 128,352 | ||
Loss From Discontinued Operations Before Income Taxes | (5,143) | (180) | (24,741) | (4,723) | ||
Gain on the Sale of Assets Before Income Taxes (c) (d) (e) | [3],[4],[5] | (50,411) | (80,677) | |||
Income Tax Expense (Benefit) | 11,212 | 977 | 13,725 | (814) | ||
Net Earnings (Loss) From Discontinued Operations, Net of Tax | 34,056 | (1,157) | 42,211 | (3,909) | ||
Capital Expenditures | 621 | 3,937 | 1,889 | |||
Depreciation | $ 7 | $ 491 | $ 1,302 | $ 1,583 | ||
[1] | Includes $278,000 and $3,579,000 of Modesto severance in the three and nine month periods of fiscal 2019, respectively. | |||||
[2] | Includes interest on debt directly related to Modesto including the building mortgage and equipment leases and an allocation of the Company's line of credit facility. | |||||
[3] | Includes $50,411,000 and $51,491,000 gain on the sale of Modesto plant and equipment in the three and nine month periods of fiscal 2019, respectively. | |||||
[4] | Includes a $24,211,000 gain as a result of LIFO layer liquidations from the disposal of the inventory for nine months. | |||||
[5] | Includes a $4,975,000 gain on the sale of bins for the nine months period. |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2018 | Dec. 30, 2017 |
Inventory, Net, Total | $ 575,935 | $ 546,959 | $ 584,233 |
Accounting Standards Update 2014-09 [Member] | |||
Inventory, Net, Total | (3,900) | ||
Contract with Customer, Liability, Total | $ (4,200) |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | ||
Net sales | $ 372,238 | $ 354,894 | $ 936,991 | $ 923,733 | |
Canned Vegetables [Member] | |||||
Net sales | 259,500 | 224,400 | 631,100 | 563,200 | |
B&G Foods, Inc [Member] | |||||
Net sales | [1] | 27,700 | 42,100 | 66,700 | 121,900 |
Frozen [Member] | |||||
Net sales | 29,700 | 29,000 | 87,500 | 80,100 | |
Fruit [Member] | |||||
Net sales | 27,200 | 24,900 | 70,700 | 69,500 | |
Chip Products [Member] | |||||
Net sales | 2,500 | 2,400 | 7,700 | 7,900 | |
Prepared Foods [Member] | |||||
Net sales | 22,000 | 28,200 | 59,200 | 69,400 | |
Manufactured Product, Other [Member] | |||||
Net sales | $ 3,600 | $ 3,900 | $ 14,100 | $ 11,700 | |
[1] | B&G includes both canned and frozen vegetable sales exclusively for B&G under the Green Giant label. |
Note 4 - Revenue Recognition _2
Note 4 - Revenue Recognition - Impact of Adoption of Topic 606 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | ||
Net sales | $ 372,238 | $ 354,894 | $ 936,991 | $ 923,733 | |
Discontinued operations, net sales | (37,547) | (123,629) | |||
Cost of Product Sold | 374,334 | 326,116 | 911,291 | 859,783 | |
Discontinued operations, cost of products sold | (36,280) | (124,297) | |||
Gross profit (loss) | 28,778 | 63,950 | |||
Discontinued operations, gross profit (loss) | (1,267) | 668 | |||
Operating income (loss) | (23,657) | 9,458 | (28,513) | 12,424 | |
Discontinued operations, operating (loss) income | (357) | 3,114 | |||
Earnings before income taxes | (26,914) | 7,641 | (37,451) | 7,986 | |
Earnings before income taxes | 180 | 4,723 | |||
Net (Loss) Earnings From Continuing Operations | (20,040) | 8,886 | (27,834) | 9,696 | |
Net earnings from continuing operations | $ (34,056) | 1,157 | $ (42,211) | 3,909 | |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
Net sales | [1] | 387,689 | 1,015,086 | ||
Cost of Product Sold | [1] | 357,188 | 951,639 | ||
Gross profit (loss) | [1] | 30,501 | 63,447 | ||
Operating income (loss) | [1] | 10,271 | 9,475 | ||
Earnings before income taxes | [1] | 6,259 | (1,166) | ||
Net (Loss) Earnings From Continuing Operations | [1] | 4,377 | 439 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Net sales | 4,752 | 32,276 | |||
Cost of Product Sold | 5,208 | 32,441 | |||
Gross profit (loss) | (456) | (165) | |||
Operating income (loss) | (456) | (165) | |||
Earnings before income taxes | 1,202 | 4,429 | |||
Net (Loss) Earnings From Continuing Operations | $ 3,352 | $ 5,348 | |||
[1] | These reported amounts for the three and nine months ended December 30, 2017 are restated amounts. See the Company's Annual Report on Form 10-K for the year ended March 31, 2018 which was filed on June 29, 2018 and the amended 10-Q filed September 7, 2018 for more information on the restatement. |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Inventory, LIFO Reserve | $ 160,727,000 | $ 152,091,000 | $ 160,727,000 | $ 152,091,000 |
Inventory, LIFO Reserve, Period Charge | $ 25,776,000 | 994,000 | 15,722,000 | 18,835,000 |
Cost of Sales [Member] | ||||
Inventory, LIFO Reserve, Period Charge | 39,933,000 | |||
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Inventory, LIFO Reserve, Period Charge | $ (274,000) | $ (928,000) | ||
Effect of LIFO Inventory Liquidation on Income | $ 24,211,000 |
Note 6 - Revolving Credit Fac_3
Note 6 - Revolving Credit Facility (Details Textual) - USD ($) | Jul. 05, 2016 | Dec. 29, 2018 | Dec. 30, 2017 |
Accounts Receivable, Vegetable and Fruit Products Sold, Standard Payment Term | 90 days | ||
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term | 210 days | ||
Increase (Decrease) in Working Capital | $ (390,538,000) | ||
Increase (Decrease) in Working Capital, Excluding Revolving Credit Facility Reclassification to Current | (181,953,000) | ||
Term Loan [Member] | |||
Debt Instrument, Debt Default, Amount | 100,000,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 400,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | $ 500,000,000 | ||
Long-term Line of Credit, Total | $ 214,161,000 | $ 290,196,000 |
Note 6 - Revolving Credit Fac_4
Note 6 - Revolving Credit Facility - Revolving Line of Credit Summary (Details) - Revolving Credit Facility [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Outstanding borrowings | $ 214,161,000 | $ 290,196,000 | $ 214,161,000 | $ 290,196,000 |
Weighted average interest rate | 4.02% | 3.04% | 4.02% | 3.04% |
Maximum amount of borrowings | $ 242,947,000 | $ 296,088,000 | $ 294,062,000 | $ 296,088,000 |
Average outstanding borrowings | $ 192,323,000 | $ 280,960,000 | $ 225,345,000 | $ 246,414,000 |
Weighted average interest rate | 3.86% | 2.82% | 3.64% | 2.59% |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | 9 Months Ended | ||
Dec. 29, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | |
Treasury Stock, Shares, Ending Balance | 2,578,565 | ||
Treasury Stock, Value, Ending Balance | $ 74,896,000 | $ 69,556,000 | $ 69,941,000 |
Common Class A [Member] | |||
Treasury Stock, Value, Acquired, Cost Method | 160,179 | ||
Common Class B [Member] | |||
Treasury Stock, Value, Acquired, Cost Method | $ 9,290 |
Note 8 - Retirement Plans (Deta
Note 8 - Retirement Plans (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 | $ 2,500,000 | $ 2,500,000 |
Note 8 - Retirement Plans - Net
Note 8 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Service Cost | $ 1,831 | $ 1,981 | $ 6,716 | $ 5,944 |
Interest Cost | 2,362 | 1,985 | 6,848 | 5,956 |
Expected Return on Plan Assets | (3,593) | (3,673) | (10,785) | (10,640) |
Amortization of Prior Service Cost | 30 | 0 | 90 | 0 |
Amortization of Net Gain | 593 | 30 | 1,198 | 90 |
Net Periodic Benefit Cost | $ 1,223 | $ 323 | $ 4,067 | $ 1,350 |
Note 9 - Plant Restructuring (D
Note 9 - Plant Restructuring (Details Textual) - Closing of East and Northwest Plants [Member] - USD ($) | 9 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Restructuring Charges, Total | $ 2,279,000 | $ 140,000 |
Impairment of Long-Lived Assets Held-for-use | $ 17,000 | |
Employee Severance [Member] | ||
Restructuring Charges, Total | 1,329,000 | |
Other Restructuring [Member] | ||
Restructuring Charges, Total | $ 950,000 |
Note 9 - Plant Restructuring -
Note 9 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Balance | $ 342 | $ 342 | ||||||
Quarter charge (credit) | $ 378 | $ 841 | 110 | $ 101 | $ (33) | 72 | ||
Cash payments/write offs | (976) | (384) | ||||||
Balance | 353 | 98 | 353 | 98 | ||||
Employee Severance [Member] | ||||||||
Balance | 37 | 37 | ||||||
Quarter charge (credit) | 378 | 841 | 110 | 98 | 36 | |||
Cash payments/write offs | (976) | (73) | ||||||
Balance | 353 | 98 | 353 | 98 | ||||
Other Restructuring [Member] | ||||||||
Balance | 305 | 305 | ||||||
Quarter charge (credit) | 3 | $ (33) | $ 36 | |||||
Cash payments/write offs | (311) | |||||||
Balance |
Note 10 - Other Operating Inc_2
Note 10 - Other Operating Income and Expense (Details Textual) - USD ($) | 9 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 3,920,000 | $ 1,590,000 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,078,000 |
Note 12 - Earnings (Loss) Per_3
Note 12 - Earnings (Loss) Per Common Share From Continuing Operations - (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
(Loss) earnings from continuing operations | $ (20,040) | $ 8,886 | $ (27,834) | $ 9,696 |
Deduct preferred stock dividends paid | 6 | 6 | 17 | 17 |
Undistributed (loss) earnings from continuing operations | (20,046) | 8,880 | (27,851) | 9,679 |
(Loss) earnings from continuing operations attributable to participating preferred | (78) | 35 | (109) | 49 |
(Loss) earnings from continuing operations attributable to common shareholders | $ (19,968) | $ 8,845 | $ (27,742) | $ 9,630 |
Weighted average common shares outstanding-basic (in shares) | 9,625 | 9,740 | 9,694 | 9,782 |
Continuing Operations (in dollars per share) | $ (2.07) | $ 0.91 | $ (2.86) | $ 0.98 |
(Loss) earnings from continuing operations attributable to common shareholders | $ (19,968) | $ 8,845 | $ (27,742) | $ 9,630 |
Add dividends on convertible preferred stock | 5 | 15 | ||
(Loss) earnings from continuing operations attributable to common stock on a diluted basis | $ (19,968) | $ 8,850 | $ (27,742) | $ 9,645 |
Weighted average common shares outstanding-basic (in shares) | 9,625 | 9,740 | 9,694 | 9,782 |
Additional shares issued related to the equity compensation plan (in shares) | 2 | 2 | ||
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 | ||
Total shares for diluted (in shares) | 9,625 | 9,809 | 9,694 | 9,851 |
Diluted (loss) earnings per common share from continuing operations (in dollars per share) | $ (2.07) | $ 0.90 | $ (2.86) | $ 0.98 |
Note 13 - Fair Value of Finan_2
Note 13 - Fair Value of Financial Instruments (Details Textual) - USD ($) | Dec. 29, 2018 | Mar. 31, 2018 |
Long-term Debt, Gross | $ 325,373,000 | $ 409,396,000 |
Long-term Debt, Fair Value | 325,276,000 | 408,942,000 |
Capital Lease Obligations, Total | 36,387,000 | 40,137,000 |
Capital Lease Obligations, Fair Value Disclosure | $ 32,994,000 | $ 37,287,000 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) | 9 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.70% | (21.40%) |
Effective Income Tax Rate Continuing Operations Change | 47.10% | |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 38.10% | |
Effective Income Tax Rate Reconciliation, Effect of a Bargain Purchase Gain and The Outside Basis Difference Write-Off for the Purchase, Percent | 8.60% |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) $ in Millions | Jan. 23, 2019USD ($) |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Subsequent Event [Member] | Marion Can Plant [Member] | |
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 3.5 |