Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | May 25, 2019 | Oct. 01, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | Seneca Foods Corporation | ||
Entity Central Index Key | 0000088948 | ||
Trading Symbol | senea | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Public Float | $ 217,512 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 7,605,049 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 1,874,861 |
Consolidated Statements of Net
Consolidated Statements of Net Earnings (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 1,199,581 | $ 1,162,894 |
Costs and expenses: | ||
Cost of products sold | 1,160,085 | 1,081,891 |
Selling, general, and administrative expense | 72,549 | 70,185 |
Other operating income, net | (6,631) | (3,671) |
Plant restructuring charge (credit) | 11,657 | (342) |
Total costs and expenses | 1,237,660 | 1,148,063 |
Operating (loss) income | (38,079) | 14,831 |
Earnings from equity investment | (21) | |
Other income | (4,257) | (6,700) |
Interest expense, net of interest income of $28 and $9, respectively | 15,437 | 12,818 |
(Loss) Earnings From Continuing Operations Before Income Taxes | (49,259) | 8,734 |
Income Taxes Benefit From Continuing Operations | (12,776) | (1,315) |
(Loss) Earnings From Continuing Operations | (36,483) | 10,049 |
Earnings (Loss) From Discontinued Operations (net of income taxes) | 42,230 | (18,529) |
Net Earnings (loss) | $ 5,747 | $ (8,480) |
Basic | ||
Basic (loss) earnings from continuing operations per common share (in dollars per share) | $ (3.77) | $ 1.02 |
Discontinued Operations (in dollars per share) | 4.36 | (1.89) |
Net Basic Earnings (Loss) per Common Share (in dollars per share) | 0.59 | (0.87) |
Diluted | ||
Continuing Operations (in dollars per share) | (3.77) | 1.02 |
Discontinued Operations (in dollars per share) | 4.33 | (1.89) |
Net Diluted Earnings (Loss) per Common Share (in dollars per share) | $ 0.59 | $ (0.87) |
Consolidated Statements of Ne_2
Consolidated Statements of Net Earnings (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income | $ 28 | $ 9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Comprehensive income (loss) : | ||
Net earnings (loss) | $ 5,747 | $ (8,480) |
Change in pension and postretirement benefits (net of income tax of $2,249 and $3,774, respectively) | 6,782 | (11,483) |
Total | $ 12,529 | $ (19,963) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Change in pension and postretirement benefits, tax | $ 2,249 | $ 3,774 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 11,480 | $ 15,102 |
Accounts receivable, less allowance for doubtful accounts of $57 and $56, respectively | 84,122 | 66,210 |
Inventories | 501,684 | 546,959 |
Refundable income taxes | 1,221 | 1,142 |
Other current assets | 3,075 | 1,856 |
Total Current Assets | 603,248 | 741,139 |
Deferred income tax asset, net | 2,417 | 5,576 |
Noncurrent assets held for sale-discontinued operations | 1,143 | 20,098 |
Other assets | 2,801 | 3,489 |
Property, plant, and equipment: | ||
Land | 25,832 | 25,603 |
Buildings and improvements | 190,102 | 216,188 |
Equipment | 421,639 | 430,445 |
Total | 637,573 | 672,236 |
Less accumulated depreciation and amortization | 398,300 | 413,693 |
Net property, plant, and equipment | 239,273 | 258,543 |
Total Assets | 848,882 | 1,028,845 |
Current Liabilities: | ||
Accounts payable | 61,024 | 56,752 |
Deferred revenue | 4,098 | 8,362 |
Accrued vacation | 11,678 | 11,691 |
Accrued payroll | 5,105 | 4,955 |
Other accrued expenses | 19,363 | 20,834 |
Current portion of long-term debt and capital lease obligations | 6,763 | 7,468 |
Total Current Liabilities | 112,377 | 138,635 |
Long-term debt, less current portion | 265,900 | 407,733 |
Pension liabilities | 17,349 | 23,290 |
Other liabilities | 4,180 | 5,829 |
Capital lease obligations, less current portion | 31,286 | 34,331 |
Total Liabilities | 431,397 | 617,782 |
Commitments and contingencies | ||
Stockholders’ Equity: | ||
Preferred stock | 707 | 707 |
Common stock | 3,039 | 3,038 |
Additional paid-in capital | 98,260 | 98,161 |
Treasury stock, at cost | (75,740) | (69,556) |
Accumulated other comprehensive loss | (18,285) | (25,067) |
Retained earnings | 409,504 | 403,780 |
Total Stockholders’ Equity | 417,485 | 411,063 |
Total Liabilities and Stockholders’ Equity | 848,882 | 1,028,845 |
Discontinued Operations, Held-for-sale [Member] | ||
Current Assets: | ||
Assets held for sale | 98 | 109,870 |
Current Liabilities: | ||
Current liabilities held for sale-discontinued operations | 4,285 | 28,573 |
Noncurrent liabilities held for sale | 7,964 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Current Assets: | ||
Assets held for sale | 1,568 | |
Current Liabilities: | ||
Current liabilities held for sale-discontinued operations | 61 | |
Noncurrent liabilities held for sale | $ 305 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Allowance for doubtful accounts | $ 57 | $ 56 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net (loss) earnings | $ 5,747 | $ (8,480) |
Adjustments to reconcile net earnings to net cash provided by operations: | ||
Depreciation and amortization | 31,235 | 31,547 |
Deferred income tax (benefit) expense | 909 | (5,677) |
Gain on the sale of assets | (63,394) | (1,855) |
Impairment and Restructuring provision | 16,080 | 10,011 |
Earnings from equity investment | (21) | |
Bargain purchase gain | (1,786) | |
401(k) match stock contribution | 1,773 | 1,501 |
Changes in operating assets and liabilities (net of acquisitions): | ||
Accounts receivable | (5,326) | (672) |
Inventories | 142,271 | (25,681) |
Other current assets | (1,029) | 1,527 |
Accounts payable, accrued expenses, and other liabilities | (31,071) | (14,920) |
Income taxes | (79) | 1,319 |
Net cash provided by (used in) operating activities | 97,116 | (13,187) |
Cash flows from investing activities: | ||
Additions to property, plant, and equipment | (37,728) | (32,665) |
Proceeds from life insurance | 343 | |
Cash paid for acquisitions (net of cash acquired) | (14,420) | |
Proceeds from the sale of assets | 104,387 | 2,075 |
Net cash provided by (used in) investing activities | 67,002 | (45,010) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 504,381 | 532,374 |
Payments of long-term debt and capital lease obligations | (664,108) | (466,048) |
Payments on notes payable | (166) | |
Change in other assets | (33) | (272) |
Purchase of treasury stock | (7,957) | (4,558) |
Preferred stock dividends paid | (23) | (23) |
Net cash (used in) provided by financing activities | (167,740) | 61,307 |
Net increase (decrease) in cash and cash equivalents | (3,622) | 3,110 |
Cash and cash equivalents, beginning of year | 15,102 | 11,992 |
Cash and cash equivalents, end of year | 11,480 | 15,102 |
Supplemental disclosures of cash flow information: | ||
Interest | 15,424 | 13,475 |
Income taxes paid (refunded) | 173 | (3,082) |
Noncash transactions: | ||
Property, plant and equipment issued under capital lease | $ 4,199 | $ 8,381 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Cumulative Preferred Stock [Member] | Cumulative Convertible Preferred Stock [Member] | Participating Convertible Preferred Stock [Member] | Series 2003 Convertible Preferred Stock [Member] | Common Class A [Member] | Common Class B [Member] | Total |
Balance at Mar. 31, 2017 | $ 1,324,000 | $ 3,024,000 | $ 97,458,000 | $ (66,499,000) | $ (11,175,000) | $ 409,874,000 | |||||||
Net (loss) earnings | (8,480,000) | $ (8,480,000) | |||||||||||
Cash dividends paid on preferred stock | (23,000) | (23,000) | |||||||||||
Equity incentive program | 100,000 | ||||||||||||
Contribution of 401(k) match | 1,501,000 | ||||||||||||
Purchase of treasury stock | (4,558,000) | ||||||||||||
Preferred stock conversion | (617,000) | 14,000 | 603,000 | ||||||||||
Reclassification of certain tax effects | (2,409,000) | 2,409,000 | |||||||||||
Change in pension and postretirement benefits adjustment | (11,483,000) | 11,483,000 | |||||||||||
Balance at Mar. 31, 2018 | 707,000 | 3,038,000 | 98,161,000 | (69,556,000) | (25,067,000) | 403,780,000 | 411,063,000 | ||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 37,529 | 500 | |||||||||
Common stock, shares outstanding (in shares) | 7,860,033 | 1,884,439 | |||||||||||
Net (loss) earnings | 5,747,000 | 5,747,000 | |||||||||||
Cash dividends paid on preferred stock | (23,000) | $ (3,000) | |||||||||||
Equity incentive program | 100,000 | ||||||||||||
Contribution of 401(k) match | 1,773,000 | ||||||||||||
Purchase of treasury stock | (7,957,000) | $ (7,700,000) | $ (300,000) | ||||||||||
Change in pension and postretirement benefits adjustment | 6,782,000 | (6,782,000) | |||||||||||
Common stock issuance | 1,000 | (1,000) | |||||||||||
Balance at Mar. 31, 2019 | $ 707,000 | $ 3,039,000 | $ 98,260,000 | $ (75,740,000) | $ (18,285,000) | $ 409,504,000 | $ 417,485,000 | ||||||
Preferred stock, shares authorized (in shares) | 200,000 | 1,400,000 | 37,529 | 500 | |||||||||
Common stock, shares authorized (in shares) | 20,000,000 | 10,000,000 | |||||||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 37,529 | 500 | |||||||||
Common stock, shares outstanding (in shares) | 7,667,913 | 1,874,861 | |||||||||||
Preferred stock, stock amount | $ 50,000 | $ 202,000 | $ 447,000 | $ 8,000 | |||||||||
Common stock, stock amount | $ 2,535,000 | $ 504,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) | 12 Months Ended |
Mar. 31, 2019$ / shares | |
Cumulative Preferred Stock [Member] | |
Preferred stock, dividend rate | 6.00% |
Preferred stock, par value (in dollars per share) | $ 0.25 |
Cumulative Convertible Preferred Stock [Member] | |
Preferred stock, dividend rate | 10.00% |
Preferred stock, par value (in dollars per share) | $ 0.025 |
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 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Nature of Operations — 27 31 nine Principles of Consolidation Revenue Recognition 4, 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 Concentration of Credit Risk not 6%, 11% 2019 2018, ten 47%, 45% 2019 2018, not Cash Equivalents three Fair Value of Financial Instruments 1 2 11, The three 1 3 three ● Level 1 ● Level 2 not ● Level 3 one Deferred Financing Costs not March 31, 2019, $0.5 $0.1 Inventories first Inc ome Taxes The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. Assets Held for Sale— no Discontinued Operations 2019, Unless otherwise indicated, information in the notes to the consolidated financial statements relates to continuing operations. Advertising Costs $2.1 $2.4 2019 2018, Accounts Receivable and Doubtful Accounts 15 Earnings (Loss) per Common Share three Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. Years ended March 31, 2019 2018 Continuing Operations (In thousands, except per share amounts) Basic Continuing operations (loss) earnings $ (36,483 ) $ 10,049 Deduct preferred stock dividends 23 23 Undistributed (loss) earnings (36,506 ) 10,026 (Loss) earnings attributable to participating preferred shareholders (143 ) 48 (Loss) earnings attributable to common shareholders $ (36,363 ) $ 9,978 Weighted average common shares outstanding 9,652 9,769 Basic (loss) earnings from continuing operations per common share $ (3.77 ) $ 1.02 Diluted (Loss) earnings attributable to common shareholders $ (36,363 ) $ 9,978 Add dividends on convertible preferred stock - 20 (Loss) earnings attributable to common stock on a diluted basis $ (36,363 ) $ 9,998 Weighted average common shares outstanding-basic 9,652 9,769 Additional shares to be issued related to the equity compensation plan - 3 Additional shares to be issued under full conversion of preferred stock - 67 Total shares for diluted 9,652 9,839 Diluted (loss) earnings from continuing operations per share $ (3.77 ) $ 1.02 Years ended March 31, 2019 2018 Discontinued Operations (In thousands, except per share amounts) Basic Discontinued operations earnings (loss) $ 42,230 $ (18,529 ) Deduct preferred stock dividends 23 23 Undistributed earnings (loss) 42,207 (18,552 ) Earnings (loss) attributable to participating preferred shareholders 166 (88 ) Earnings (loss) attributable to common shareholders $ 42,041 $ (18,464 ) Weighted average common shares outstanding 9,652 9,769 Basic earnings (loss) from discontinued operations per common share $ 4.36 $ (1.89 ) Diluted Earnings (loss) attributable to common shareholders $ 42,041 $ (18,464 ) Add dividends on convertible preferred stock 20 - Earnings (loss) attributable to common stock on a diluted basis $ 42,061 $ (18,464 ) Weighted average common shares outstanding-basic 9,652 9,769 Additional shares to be issued related to the equity compensation plan 3 - Additional shares to be issued under full conversion of preferred stock 67 - Total shares for diluted 9,722 9,769 Diluted earnings (loss) from discontinued operations per share $ 4.33 $ (1.89 ) Note: For fiscal 2019 Depreciation and Valuation $29.5 $29.0 2019, 2018, 30 10 15 3 5 3 7 10 20 The Company assesses its long-lived assets for impairment whenever there is an indicator of impairment. Impairment losses are evaluated if the estimated undiscounted cash flows from using the assets are less than carrying value. A loss is recognized when the carrying value of an asset exceeds its fair value. Appraisals were used to help determine fair value. There was a $7.8 2019 no 2018. Use of Estimates in the Preparation of Financial Statements Recently Issued Accounting Standards February 2016, 2016 02, 2016 02 12 July 2018, No. 2018 11, 842 December 15, 2018. 2016 02 April 1, 2019, 2018 11. 2016 02 not 842 Q4 2019 Q1 2020. Q1 2020. Q1 2020. not In May 2014, 2014 09, 606 606” 606 606 606 April 1, 2018, 606, not 606. 606 2019 2018 4 In March 2017, 2017 07, 715 2017 07 2017 07 December 31, 2017 ( 2019 2017 07 first 2019, In February 2018, No. 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. December 2017 not December 31, 2018 fourth March 31, 2018 $2.4 $2.4 Reclassifications |
Note 2 - Assets Held For Sale
Note 2 - Assets Held For Sale | 12 Months Ended |
Mar. 31, 2019 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2 . Asset Held For Sale As of March 31, 2019, March 31, 2019 Property, Plant and Equipment (net) $ 1,568 Current Assets Held For Sale $ 1,568 Capital Lease Obligations Current Portion $ 61 Current Liabilities Held For Sale $ 61 Capital Lease Obligations $ 305 Noncurrent Liabilities Held For Sale $ 305 |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 12 Months Ended |
Mar. 31, 2019 | |
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. second 2019, 15% 210 05—Discontinued 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 Balance Sheets (in thousands): March 31 March 31 2019 2018 Accounts Receivable $ - $ 12,586 Inventories - 96,996 Other Current Assets 98 288 Current Assets Held For Sale-Discontinued Operations $ 98 $ 109,870 Other Assets $ 1,143 $ 1,616 Property, Plant and Equipment (net) - 18,482 Noncurrent Assets Held For Sale-Discontinued Operations $ 1,143 $ 20,098 Accounts Payable and Accrued Expenses $ 4,285 $ 26,226 Long-Term Debt and Capital Leases Current Portion - 2,347 Current Liabilities Held For Sale-Discontinued Operations $ 4,285 $ 28,573 Long-Term Debt and Capital Lease Obligations $ - $ 7,964 Noncurrent Liabilities Held For Sale Discontinued Operations $ - $ 7,964 The operating results of the discontinued operations that are reflected in the Consolidated Statements of Net Earnings (Loss) from discontinued operations are as follows: Twelve Months Ended March 31, March 31, 2019 2018 Net Sales $ 111,693 $ 165,668 Costs and Expenses: Cost of Product Sold 129,872 174,207 Selling, General and Administrative 1,135 3,329 Plant Restructuring Charge (a) 4,515 10,353 Interest Expense (b) 1,077 2,219 Total cost and expenses 136,599 190,108 Loss From Discontinued Operations Before Income Taxes (24,906 ) (24,440 ) Gain on the Sale of Assets Before Income Taxes (c) (d) (e) (80,632 ) - Income Tax Expense (Benefit) 13,496 (5,911 ) Net Earnings (Loss) From Discontinued Operations, Net of Tax $ 42,230 $ (18,529 ) (a) Includes $3,746,000 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 2019. (d) Includes $51,446,000 2019. (e) Includes a $4,975,000 2019. Supplemental Information on Discontinued Operations: Capital Expenditures 3,937 2,274 Depreciation 1,302 2,095 |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. The Company adopted Accounting Standard Codification Topic 606, Revenue from Contracts with Customer s 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, revenue is disaggregated by product category groups (in millions): Year Ended March 31, March 31, 2019 2018 Canned Vegetables $ 815.8 $ 721.1 B&G* 71.2 124.8 Frozen 113.1 105.9 Fruit Products 91.9 91.0 Chip Products 9.7 10.1 Prepared Foods 79.6 92.8 Other 18.3 17.2 $ 1,199.6 $ 1,162.9 *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 March 31, 2019 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 March 31, 2019 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, March 31, 2018 $36.9 $52.3 no 606 For the Twelve Months Ended March 31, 2018 As Reported 606 Less Discontinued As (1) Adjustments Operations Adjusted Net sales $ 1,314,765 $ 13,797 $ (165,668 ) $ 1,162,894 Cost of products sold 1,240,178 15,920 (174,207 ) 1,081,891 Gross profit (loss) 74,587 (2,123 ) 8,539 81,003 Operating (loss) income (5,267 ) (2,123 ) 22,221 14,831 (Loss) earnings before income taxes (20,283 ) 4,577 24,440 8,734 Net (loss) earnings from continuing operations (13,811 ) 5,331 18,529 10,049 ( 1 twelve March 31, 2018 10 March 31, 2018 June 29, 2018. |
Note 5 - Revolving Credit Facil
Note 5 - Revolving Credit Facility | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5 . Revolving Credit Facility The Company completed the closing of a five July 5, 2016. $400.0 April July $500.0 August March. March 31, 2019 $155.3 4.00% $585.9 $11.4 $10.4 March 31, 2019 2018, 6, |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. 2019 2018 (In thousands) Revolving credit facility, 4.00% and 3.35%, due through 2022 $ 155,278 $ 293,459 Farm Credit term loan, 4.77% and 4.48%, due 2022 99,906 99,871 Bluegrass tax exempt bonds, 3.19% and 3.11%, due 2033 10,000 9,983 Lease financing obligations, 2.62%, due through 2020 - 4,028 Secured promissory note, 6.35%, due through 2020 262 1,046 Economic development note, 2.00%, due through 2021 583 793 Other 216 216 Total 266,245 409,396 Less current portion 345 1,663 Long-term debt $ 265,900 $ 407,733 See Note 5, On December 9, 2016, $100.0 December 9, 2021. $0.2 May 9, 2019, first September 28, 2019 no $175.0 March 31, 2019 June 29, 2019 March 31, 2019, $175.0 The Company assumed a tax-exempt bond with the Truitt acquisition on April 3, 2017. March 31, 2019, $10.0 October 1, 2032. The Company’s debt agreements, including the Revolver and term loan, contain covenants that restrict the Company’s ability to incur additional indebtedness, pay dividends on the Company’s capital stock, make other restricted payments, including investments, sell the Company’s assets, incur liens, transfer all or substantially all of the Company’s assets and enter into consolidations or mergers. The Company’s debt agreements also require the Company to meet certain financial covenants, including a minimum fixed charge coverage ratio, a minimum EBITDA and minimum tangible net worth. The Revolver also contains borrowing base requirements related to accounts receivable and inventories. These financial requirements and ratios generally become more restrictive over time and are subject to allowances for seasonal fluctuations. The most restrictive financial covenant in the debt agreements is the EBITDA within the Farm Credit term loan which for fiscal year end 2020 $45 March 31, 2019. The Company's debt agreements limit the payment of dividends and other distributions. There is an annual total distribution limitation of $50,000, $23,000 two The carrying value of assets pledged for secured debt, including the Revolver, is $633.2 Debt repayment requirements for the next five Years ending March 31: 2020 $ 345 2021 500 2022 255,184 2023 - 2024 - Thereafter 10,216 Total $ 266,245 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 7 . Leases The Company had capital leases of $50.5 March 31, 2019 $47.0 March 31, 2018. 2030 5.15% 7 3.37% 4.52%. Leased assets under capital leases consist of the following: 2019 2018 Buildings $ 5,313 $ 5,313 Equipment 45,273 41,687 Total 50,586 47,000 Less accumulated amortization 10,265 5,795 Net $ 40,321 $ 41,205 The Company has operating leases expiring at various dates through fiscal 2031. one The following is a schedule, by year, of minimum operating and capital lease payments due as of March 31, 2019 Years ending March 31: Operating Capital 2020 $ 28,689 $ 7,827 2021 24,938 7,827 2022 17,526 7,827 2023 12,062 7,827 2024 5,950 6,102 2025-2031 6,927 5,267 Total minimum payment required $ 96,092 $ 42,677 Less interest 4,973 Present value of minimum lease payments 37,704 Amount due within one year 6,418 Long-term capital lease obligation $ 31,286 Continuing lease expense in fiscal 2019 2018 $39.2 $39.7 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows: 2019 2018 (In thousands) Current: Federal $ (283 ) $ (1,901 ) State 93 352 Total (190 ) (1,549 ) Deferred: Federal $ 1,220 $ (5,560 ) State (310 ) (117 ) Total 910 (5,677 ) Total income taxes (1) $ 720 $ (7,226 ) ( 1 $12.8 $1.3 $13.5 $5.9 2019 2018, A reconciliation for continuing operations of the expected U.S. statutory rate to the effective rate follows: 2019 2018 Computed (expected tax rate) 21.0 % 31.5 % State income taxes (net of federal tax benefit) 3.2 2.9 State tax credits 0.7 (4.8 ) Federal credits 1.0 (6.8 ) Manufacturer’s deduction - 0.4 Addition to uncertain tax positions 1.0 2.0 Difference between statutory and actual rate - (10.5 ) Other permanent differences not deductible (0.2 ) (3.7 ) Change in valuation allowance (0.2 ) 22.6 Return to provision federal (0.1 ) (4.5 ) Tax rate change - (42.1 ) Other (0.5 ) (2.1 ) Effective income tax rate 25.9 % (15.1 )% The effective tax rate for continuing operations was 25.9% 2019 15.1 2018. 41.0 42.1 2018 not 2019 On December 22, 2017, 31.5% 2018 21% 2019. $3.3 March 31, 2018. not 2018 The following is a summary of the significant components of the Company's deferred income tax assets and liabilities as of March 31: 2019 2018 (In thousands) Deferred income tax assets: Future tax credits $ 5,124 $ 5,030 Restructuring reserve 1,071 2,374 Employee benefits 2,030 2,440 Insurance 312 361 Other comprehensive loss 6,250 8,500 Interest 12 31 Future federal tax credits 654 443 Prepaid revenue 528 403 Other 298 714 Net operating loss and other tax attribute carryovers 5,628 4,512 Total assets 21,907 24,808 Deferred income tax liabilities: Property basis and depreciation difference 13,049 11,750 Inventory valuation 534 964 Intangibles 286 325 Pension 1,633 2,328 Total liabilities 15,502 15,367 Valuation allowance - non-current 3,988 3,865 Net deferred income tax asset $ 2,417 $ 5,576 Net non-current deferred income tax assets of $2.4 March 31, 2019 $5.6 March 31, 2018 The Company has State tax credit carryforwards amounting to $1.5 $1.5 $2.2 2034 2034 2028 March 31, 2019, $4.0 not not not not Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company classifies the liability for uncertain tax positions in other accrued expenses or other long-term liabilities depending on their expected settlement. The change in the liability for the years ended March 31, 2019 2018 2019 2018 (In thousands) Beginning balance $ 855 $ 715 Tax positions related to current year: Additions 26 9 Tax positions related to prior years: Additions - 154 Reductions (2 ) (23 ) Lapses in statues of limitations (483 ) - Balance as of March 31, $ 396 $ 855 Neither balances at March 31, 2019 2018 not The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. During the years ended March 31, 2019 2018, $0.1 $0.0 March 31, 2019 2018, $0.0 $0.1 Although management believes that an adequate provision has been made for uncertain tax positions, there is the possibility that the ultimate resolution could have an adverse effect on the earnings of the Company. Conversely, if resolved favorably in the future, the related provisions would be reduced, thus having a positive impact on earnings. During 2019, no $0.5 The federal income tax returns for years after March 31, 2015 |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9 . Stockholders’ Equity Preferred Stock three 200,000 6% $0.25 “6% 30,000 none 8,200,000 $.025 four 10% 10% 2003. The Convertible Participating Preferred Stock and Convertible Participating Preferred Stock, Series 2003 one one No 2019 2018. may March 31, 2019, 6,761,971 The Convertible Participating Preferred Stock has a liquidation preference of $12 $11.931 37,529 March 31, 2019 no 2003 967,742 2003 $16.60 $15.50 500 March 31, 2019. There are 407,240 10% March 31, 2019 one one 20 400,000 10% March 31, 2019 one one 30 10% 200,000 6% March 31, 2019 $20,000 $3,000 6% 2019 2018. Common Stock 1/20th one 2019, no Unissued shares of common stock reserved for conversion privileges of designated non-participating preferred stock were 33,695 March 31, 2019 2018. 38,029 March 31, 2019 2018. Treasury Stock 2019, $7.7 250,624 $0.3 9,330 March 31, 2019, $75.7 2,613,921 not $1.8 55,129 401 2019 10, |
Note 10 - Retirement Plans
Note 10 - Retirement Plans | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10 . 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 March 31, 2019 March 31, 2019 2018: 2019 2018 (In thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 236,134 $ 216,022 Merge the Gray Plan into the Seneca Plan - 3,796 Service cost 9,646 8,457 Interest cost 9,131 8,125 Actuarial loss (gain) 4,113 7,714 Benefit payments and expenses (8,563 ) (7,980 ) Benefit obligation at end of year $ 250,461 $ 236,134 Change in Plan Assets Fair value of plan assets at beginning of year $ 212,844 $ 207,829 Merge the Gray Plan into the Seneca Plan - 3,300 Actual gain on plan assets 26,731 6,963 Employer contributions 2,100 2,732 Benefit payments and expenses (8,563 ) (7,980 ) Fair value of plan assets at end of year $ 233,112 $ 212,844 Unfunded Status $ (17,349 ) $ (23,290 ) The unfunded status decreased by $5.9 2019 March 31, 2019. $6.8 $2.3 no 4.14%. 2018, 2006 2016 2006 2018 2018 2019. Plan assets increased from $212.8 March 31, 2018 $233.1 March 31, 2019 $26.7 $2.1 2019 2018 (In thousands) Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (587 ) $ (707 ) Net loss (24,305 ) (33,415 ) Accumulated other comprehensive pre-tax loss $ (24,892 ) $ (34,122 ) Pension and post retirement plan adjustments, net of tax (In thousands) Accumulated Other Comprehensive Loss Balance at March 31, 2018 $ (25,067 ) Other comprehensive gain 6,782 Balance at March 31, 2019 $ (18,285 ) The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2019 2018: 2019 2018 (In thousands) Service cost $ 9,646 $ 8,457 Interest cost 9,131 8,125 Expected return on plan assets (15,104 ) (15,050 ) Amortization of net loss 1,597 106 Prior service cost 119 119 Net periodic benefit cost $ 5,389 $ 1,757 The Plan’s accumulated benefit obligation was $231.2 March 31, 2019 $217.3 March 31, 2018. 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% The assumptions used to measure the Company’s benefit obligation and pension expense are shown in the following table: 2019 2018 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 4.14 % 4.14 % Expected return on plan assets 7.25 % 7.25 % Rate of compensation increase 3.00 % 3.00 % Weighted Average Assumptions for Benefit Cost at Beginning of Year: Discount rate - pension expense 4.15 % 4.35 % Discount rate - service cost 4.25 % 4.58 % Discount rate - interest cost 3.87 % 3.74 % 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, 2020 2019 2018 Plan Assets Equity securities 99 % 99 % 99 % Debt securities - - - Real estate - - - Cash 1 % 1 % 1 % Total 100 % 100 % 100 % All securities, which are valued at fair market value, are considered to be level 1, 2019 2018 Market Value Market Value (In thousands) Assets by Industry Type Asset Category Cash and cash equivalents: Money market funds $ 1,387 $ 595 Total cash and cash equivalents 1,387 595 Common equity securities: Materials 5,331 10,685 Industrials 16,080 21,738 Telecommunication services 24,370 18,120 Consumer staples 43,486 32,543 Energy 38,230 20,017 Financials 34,521 37,634 Health care 4,247 20,702 Information technology 28,750 19,945 Utilities 36,710 30,865 Total common equity securities 231,725 212,249 Total assets $ 233,112 $ 212,844 Expected Return on Plan Assets The expected long-term rate of return on Plan assets is 7.25%. 7.25% 40 50 Investment Policy and Strategy The Company maintains an investment policy designed to achieve a long-term rate of return, including investment income through dividends and equity appreciation, sufficient to meet the actuarial requirements of the Plan. The Company seeks to accomplish its return objectives by prudently investing in a diversified portfolio of public company equities with broad industry representation seeking to provide long-term growth consistent with the performance of relevant market indices, as well as maintain an adequate level of liquidity for pension distributions as they fall due. The strategy of being fully invested in equities has historically provided greater rates of return over extended periods of time. The Company’s gain on plan assets during 2019 12.6% 500 7.3%. $12.8 March 31, 2019 $15.3 March 31, 2018. Cash Flows Expected contributions for fiscal year ending March 31, 2020 Expected Employer Contributions $ - Expected Employee Contributions - Estimated future benefit payments reflecting expected future service for the fiscal years ending March 31 ( 2020 $ 9,345 2021 10,067 2022 10,722 2023 11,470 2024 12,206 2025-2029 71,977 401 The Company also has employees’ savings 401 may $1.4 $1.6 2019 2018, 2019 2018, |
Note 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. The carrying amount and estimated fair values of the Company's debt are summarized as follows: 2019 2018 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (In thousands) Long-term debt, including current portion $ 266,245 $ 266,140 $ 409,396 $ 408,942 The estimated fair value for long-term debt is determined by the quoted market prices for similar debt (comparable to the Company’s financial strength) or current rates offered to the Company for debt with the same maturities which is Level 2 not 1 2. |
Note 12 - Inventories
Note 12 - Inventories | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 1 2 . Inventories Effective December 30, 2007 4th 2008 $30.4 2019 $9.8 2018, $3.14 $3.14 2019; $1.00 $1.00 2018. $28.7 2019. 2019 3 no March 31, 2018. March 31: 2019 2018 (In thousands) Finished products $ 454,920 $ 499,984 In process 42,045 47,970 Raw materials and supplies 166,060 144,009 663,025 691,963 Less excess of FIFO cost over LIFO cost 161,341 145,004 Total inventories $ 501,684 $ 546,959 |
Note 13 - Other Operating Incom
Note 13 - Other Operating Income and Expense | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 1 3 . Other Operating Income and Expense Other operating income in 2019 $4.1 $2.0 $0.8 $0.6 $0.3 Other operating income in 2018 $1.8 $1.1 $0.4 $0.4 |
Note 14 - Segment Information
Note 14 - Segment Information | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 4 . Segment Information for Continuing Operations The Company manages its business on the basis of three 7.5% 7.4%, 2019 2018, 2019 2018, 6% 11% Fruit and Prepared Vegetable Foods Snack Other Total (In thousands) 2019: Net sales $ 1,091,997 $ 79,593 $ 9,684 $ 18,307 $ 1,199,581 Operating loss (34,145 ) (2,736 ) (8 ) (1,190 ) (38,079 ) Identifiable assets 788,860 55,378 2,056 1,347 847,641 Capital expenditures 33,794 1,427 54 2,354 37,629 Depreciation and amortization 24,785 3,980 249 919 29,933 2018: Net sales $ 1,042,808 $ 92,826 $ 10,110 $ 17,150 $ 1,162,894 Operating income 8,860 2,869 558 2,544 14,831 Identifiable assets 841,805 53,132 1,915 2,025 898,877 Capital expenditures 32,171 926 - 535 33,632 Depreciation and amortization 23,883 4,330 336 903 29,452 Classes of similar products/services: 2019 2018 (In thousands) Net Sales: Green Giant * $ 71,161 $ 124,811 Canned vegetables 815,780 721,121 Frozen 113,115 105,857 Fruit 91,941 91,019 Prepared foods 79,593 92,826 Snack 9,684 10,110 Other 18,307 17,150 Total $ 1,199,581 $ 1,162,894 * Green Giant includes canned and frozen vegetables exclusively for B&G Foods. |
Note 15 - Legal Proceedings and
Note 15 - Legal Proceedings and Other Contingencies | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 5 . Legal Proceedings and Other Contingencies In the ordinary course of its business, the Company is made a party to certain legal proceedings seeking monetary damages, including proceedings involving product liability claims, workers’ compensation along with other employee claims, tort and other general liability claims, for which it carries insurance, as well as patent infringement and related litigation. The Company is in a highly regulated industry and is also periodically involved in government actions for regulatory violations and other matters surrounding the manufacturing of its products, including, but not not not |
Note 16 - Plant Restructuring
Note 16 - Plant Restructuring | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 1 6 . Plant Restructuring During 2019, $11.7 $2.3 $1.8 $0.5 $1.3 $0.5 $0.8 $0.3 $0.2 $0.1 $7.8 During 2018, $0.3 These charges are included under Plant Restructuring in the Consolidated Statements of Net Earnings (Loss). Severance Payable and Other Costs Payable are included in Other Accrued Expenses on the Consolidated Balance Sheets. The following table summarizes the severance and other cost recorded and the accruals established during 2018 2019: Other Severance Cost Payable Payable Total Balance March 31, 2017 $ 37 $ 305 $ 342 Charge to expense 161 164 325 Cash payments/write offs (198 ) (469 ) (667 ) Balance March 31, 2018 - - - Charge to expense 1,508 1 1,509 Cash payments/write offs (1,283 ) - (1,283 ) Balance March 31, 2019 $ 225 $ 1 $ 226 |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 1 7 . Related Party Transactions A small percentage (less than 1% 2019 2018 $2.4 $1.4 2019 2018, During the years ended March 31, 2019 2018, $0.3 $0.4 |
Note 18 - Acquisitions
Note 18 - Acquisitions | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 18. In April 2014, 50% $16.2 50% April 3, 2017, 50% first 2018. 2018 $1.8 $0.9 first 2018 $0.5 two 50% $14.4 $3.0 $17.4 $34.9 $3.6 1 2 $31.8 Purchase Price (net of cash received) $ 31.8 Approximate fair values of assets acquired and liabilities assumed: Current assets $ 22.8 Other long-term assets 1.8 Property, plant and equipment 29.6 Current liabilities (5.1 ) Deferred taxes 0.2 Other long-term liabilities (15.7 ) Bargain purchase gain (1.8 ) Total $ 31.8 |
Note 19 - Subsequent Event
Note 19 - Subsequent Event | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19 . Subsequent Event During April 2019, 2019 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Charged/ Charged to Deductions Balance beginning (credited) other from at end of period to income accounts reserve of period Year-ended March 31, 2019: Allowance for doubtful accounts $ 56 $ 1 $ - $ - (a) $ 57 Income tax valuation allowance $ 3,865 $ 6 $ 117 $ - $ 3,988 Year-ended March 31, 2018: Allowance for doubtful accounts $ 50 $ 33 $ - $ (27 )(a) $ 56 Income tax valuation allowance $ 1,891 $ 1,396 $ 601 $ (23 ) $ 3,865 (a) Accounts written off, net of recoveries. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition 4, 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 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk not 6%, 11% 2019 2018, ten 47%, 45% 2019 2018, not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents three |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments 1 2 11, The three 1 3 three ● Level 1 ● Level 2 not ● Level 3 one |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs not March 31, 2019, $0.5 $0.1 |
Inventory, Policy [Policy Text Block] | Inventories first |
Income Tax, Policy [Policy Text Block] | Inc ome Taxes The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. |
Assets Held for Sale, Policy [Policy Text Block] | Assets Held for Sale— no |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations 2019, Unless otherwise indicated, information in the notes to the consolidated financial statements relates to continuing operations. |
Advertising Cost [Policy Text Block] | Advertising Costs $2.1 $2.4 2019 2018, |
Receivable [Policy Text Block] | Accounts Receivable and Doubtful Accounts 15 |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) per Common Share three Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. Years ended March 31, 2019 2018 Continuing Operations (In thousands, except per share amounts) Basic Continuing operations (loss) earnings $ (36,483 ) $ 10,049 Deduct preferred stock dividends 23 23 Undistributed (loss) earnings (36,506 ) 10,026 (Loss) earnings attributable to participating preferred shareholders (143 ) 48 (Loss) earnings attributable to common shareholders $ (36,363 ) $ 9,978 Weighted average common shares outstanding 9,652 9,769 Basic (loss) earnings from continuing operations per common share $ (3.77 ) $ 1.02 Diluted (Loss) earnings attributable to common shareholders $ (36,363 ) $ 9,978 Add dividends on convertible preferred stock - 20 (Loss) earnings attributable to common stock on a diluted basis $ (36,363 ) $ 9,998 Weighted average common shares outstanding-basic 9,652 9,769 Additional shares to be issued related to the equity compensation plan - 3 Additional shares to be issued under full conversion of preferred stock - 67 Total shares for diluted 9,652 9,839 Diluted (loss) earnings from continuing operations per share $ (3.77 ) $ 1.02 Years ended March 31, 2019 2018 Discontinued Operations (In thousands, except per share amounts) Basic Discontinued operations earnings (loss) $ 42,230 $ (18,529 ) Deduct preferred stock dividends 23 23 Undistributed earnings (loss) 42,207 (18,552 ) Earnings (loss) attributable to participating preferred shareholders 166 (88 ) Earnings (loss) attributable to common shareholders $ 42,041 $ (18,464 ) Weighted average common shares outstanding 9,652 9,769 Basic earnings (loss) from discontinued operations per common share $ 4.36 $ (1.89 ) Diluted Earnings (loss) attributable to common shareholders $ 42,041 $ (18,464 ) Add dividends on convertible preferred stock 20 - Earnings (loss) attributable to common stock on a diluted basis $ 42,061 $ (18,464 ) Weighted average common shares outstanding-basic 9,652 9,769 Additional shares to be issued related to the equity compensation plan 3 - Additional shares to be issued under full conversion of preferred stock 67 - Total shares for diluted 9,722 9,769 Diluted earnings (loss) from discontinued operations per share $ 4.33 $ (1.89 ) Note: For fiscal 2019 |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Valuation $29.5 $29.0 2019, 2018, 30 10 15 3 5 3 7 10 20 The Company assesses its long-lived assets for impairment whenever there is an indicator of impairment. Impairment losses are evaluated if the estimated undiscounted cash flows from using the assets are less than carrying value. A loss is recognized when the carrying value of an asset exceeds its fair value. Appraisals were used to help determine fair value. There was a $7.8 2019 no 2018. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards February 2016, 2016 02, 2016 02 12 July 2018, No. 2018 11, 842 December 15, 2018. 2016 02 April 1, 2019, 2018 11. 2016 02 not 842 Q4 2019 Q1 2020. Q1 2020. Q1 2020. not In May 2014, 2014 09, 606 606” 606 606 606 April 1, 2018, 606, not 606. 606 2019 2018 4 In March 2017, 2017 07, 715 2017 07 2017 07 December 31, 2017 ( 2019 2017 07 first 2019, In February 2018, No. 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. December 2017 not December 31, 2018 fourth March 31, 2018 $2.4 $2.4 |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years ended March 31, 2019 2018 Continuing Operations (In thousands, except per share amounts) Basic Continuing operations (loss) earnings $ (36,483 ) $ 10,049 Deduct preferred stock dividends 23 23 Undistributed (loss) earnings (36,506 ) 10,026 (Loss) earnings attributable to participating preferred shareholders (143 ) 48 (Loss) earnings attributable to common shareholders $ (36,363 ) $ 9,978 Weighted average common shares outstanding 9,652 9,769 Basic (loss) earnings from continuing operations per common share $ (3.77 ) $ 1.02 Diluted (Loss) earnings attributable to common shareholders $ (36,363 ) $ 9,978 Add dividends on convertible preferred stock - 20 (Loss) earnings attributable to common stock on a diluted basis $ (36,363 ) $ 9,998 Weighted average common shares outstanding-basic 9,652 9,769 Additional shares to be issued related to the equity compensation plan - 3 Additional shares to be issued under full conversion of preferred stock - 67 Total shares for diluted 9,652 9,839 Diluted (loss) earnings from continuing operations per share $ (3.77 ) $ 1.02 Years ended March 31, 2019 2018 Discontinued Operations (In thousands, except per share amounts) Basic Discontinued operations earnings (loss) $ 42,230 $ (18,529 ) Deduct preferred stock dividends 23 23 Undistributed earnings (loss) 42,207 (18,552 ) Earnings (loss) attributable to participating preferred shareholders 166 (88 ) Earnings (loss) attributable to common shareholders $ 42,041 $ (18,464 ) Weighted average common shares outstanding 9,652 9,769 Basic earnings (loss) from discontinued operations per common share $ 4.36 $ (1.89 ) Diluted Earnings (loss) attributable to common shareholders $ 42,041 $ (18,464 ) Add dividends on convertible preferred stock 20 - Earnings (loss) attributable to common stock on a diluted basis $ 42,061 $ (18,464 ) Weighted average common shares outstanding-basic 9,652 9,769 Additional shares to be issued related to the equity compensation plan 3 - Additional shares to be issued under full conversion of preferred stock 67 - Total shares for diluted 9,722 9,769 Diluted earnings (loss) from discontinued operations per share $ 4.33 $ (1.89 ) |
Note 2 - Assets Held For Sale (
Note 2 - Assets Held For Sale (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Property, Plant and Equipment (net) $ 1,568 Current Assets Held For Sale $ 1,568 Capital Lease Obligations Current Portion $ 61 Current Liabilities Held For Sale $ 61 Capital Lease Obligations $ 305 Noncurrent Liabilities Held For Sale $ 305 |
Note 3 - Discontinued Operati_2
Note 3 - Discontinued Operations (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | March 31 March 31 2019 2018 Accounts Receivable $ - $ 12,586 Inventories - 96,996 Other Current Assets 98 288 Current Assets Held For Sale-Discontinued Operations $ 98 $ 109,870 Other Assets $ 1,143 $ 1,616 Property, Plant and Equipment (net) - 18,482 Noncurrent Assets Held For Sale-Discontinued Operations $ 1,143 $ 20,098 Accounts Payable and Accrued Expenses $ 4,285 $ 26,226 Long-Term Debt and Capital Leases Current Portion - 2,347 Current Liabilities Held For Sale-Discontinued Operations $ 4,285 $ 28,573 Long-Term Debt and Capital Lease Obligations $ - $ 7,964 Noncurrent Liabilities Held For Sale Discontinued Operations $ - $ 7,964 Twelve Months Ended March 31, March 31, 2019 2018 Net Sales $ 111,693 $ 165,668 Costs and Expenses: Cost of Product Sold 129,872 174,207 Selling, General and Administrative 1,135 3,329 Plant Restructuring Charge (a) 4,515 10,353 Interest Expense (b) 1,077 2,219 Total cost and expenses 136,599 190,108 Loss From Discontinued Operations Before Income Taxes (24,906 ) (24,440 ) Gain on the Sale of Assets Before Income Taxes (c) (d) (e) (80,632 ) - Income Tax Expense (Benefit) 13,496 (5,911 ) Net Earnings (Loss) From Discontinued Operations, Net of Tax $ 42,230 $ (18,529 ) Supplemental Information on Discontinued Operations: Capital Expenditures 3,937 2,274 Depreciation 1,302 2,095 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended March 31, March 31, 2019 2018 Canned Vegetables $ 815.8 $ 721.1 B&G* 71.2 124.8 Frozen 113.1 105.9 Fruit Products 91.9 91.0 Chip Products 9.7 10.1 Prepared Foods 79.6 92.8 Other 18.3 17.2 $ 1,199.6 $ 1,162.9 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | For the Twelve Months Ended March 31, 2018 As Reported 606 Less Discontinued As (1) Adjustments Operations Adjusted Net sales $ 1,314,765 $ 13,797 $ (165,668 ) $ 1,162,894 Cost of products sold 1,240,178 15,920 (174,207 ) 1,081,891 Gross profit (loss) 74,587 (2,123 ) 8,539 81,003 Operating (loss) income (5,267 ) (2,123 ) 22,221 14,831 (Loss) earnings before income taxes (20,283 ) 4,577 24,440 8,734 Net (loss) earnings from continuing operations (13,811 ) 5,331 18,529 10,049 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2019 2018 (In thousands) Revolving credit facility, 4.00% and 3.35%, due through 2022 $ 155,278 $ 293,459 Farm Credit term loan, 4.77% and 4.48%, due 2022 99,906 99,871 Bluegrass tax exempt bonds, 3.19% and 3.11%, due 2033 10,000 9,983 Lease financing obligations, 2.62%, due through 2020 - 4,028 Secured promissory note, 6.35%, due through 2020 262 1,046 Economic development note, 2.00%, due through 2021 583 793 Other 216 216 Total 266,245 409,396 Less current portion 345 1,663 Long-term debt $ 265,900 $ 407,733 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Years ending March 31: 2020 $ 345 2021 500 2022 255,184 2023 - 2024 - Thereafter 10,216 Total $ 266,245 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Capital Leased Assets [Table Text Block] | 2019 2018 Buildings $ 5,313 $ 5,313 Equipment 45,273 41,687 Total 50,586 47,000 Less accumulated amortization 10,265 5,795 Net $ 40,321 $ 41,205 |
Schedule of Future Minimum Lease Payments for Operating and Capital Leases [Table Text Block] | Years ending March 31: Operating Capital 2020 $ 28,689 $ 7,827 2021 24,938 7,827 2022 17,526 7,827 2023 12,062 7,827 2024 5,950 6,102 2025-2031 6,927 5,267 Total minimum payment required $ 96,092 $ 42,677 Less interest 4,973 Present value of minimum lease payments 37,704 Amount due within one year 6,418 Long-term capital lease obligation $ 31,286 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2019 2018 (In thousands) Current: Federal $ (283 ) $ (1,901 ) State 93 352 Total (190 ) (1,549 ) Deferred: Federal $ 1,220 $ (5,560 ) State (310 ) (117 ) Total 910 (5,677 ) Total income taxes (1) $ 720 $ (7,226 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 Computed (expected tax rate) 21.0 % 31.5 % State income taxes (net of federal tax benefit) 3.2 2.9 State tax credits 0.7 (4.8 ) Federal credits 1.0 (6.8 ) Manufacturer’s deduction - 0.4 Addition to uncertain tax positions 1.0 2.0 Difference between statutory and actual rate - (10.5 ) Other permanent differences not deductible (0.2 ) (3.7 ) Change in valuation allowance (0.2 ) 22.6 Return to provision federal (0.1 ) (4.5 ) Tax rate change - (42.1 ) Other (0.5 ) (2.1 ) Effective income tax rate 25.9 % (15.1 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 (In thousands) Deferred income tax assets: Future tax credits $ 5,124 $ 5,030 Restructuring reserve 1,071 2,374 Employee benefits 2,030 2,440 Insurance 312 361 Other comprehensive loss 6,250 8,500 Interest 12 31 Future federal tax credits 654 443 Prepaid revenue 528 403 Other 298 714 Net operating loss and other tax attribute carryovers 5,628 4,512 Total assets 21,907 24,808 Deferred income tax liabilities: Property basis and depreciation difference 13,049 11,750 Inventory valuation 534 964 Intangibles 286 325 Pension 1,633 2,328 Total liabilities 15,502 15,367 Valuation allowance - non-current 3,988 3,865 Net deferred income tax asset $ 2,417 $ 5,576 |
Summary of Income Tax Contingencies [Table Text Block] | 2019 2018 (In thousands) Beginning balance $ 855 $ 715 Tax positions related to current year: Additions 26 9 Tax positions related to prior years: Additions - 154 Reductions (2 ) (23 ) Lapses in statues of limitations (483 ) - Balance as of March 31, $ 396 $ 855 |
Note 10 - Retirement Plans (Tab
Note 10 - Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2019 2018 (In thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 236,134 $ 216,022 Merge the Gray Plan into the Seneca Plan - 3,796 Service cost 9,646 8,457 Interest cost 9,131 8,125 Actuarial loss (gain) 4,113 7,714 Benefit payments and expenses (8,563 ) (7,980 ) Benefit obligation at end of year $ 250,461 $ 236,134 Change in Plan Assets Fair value of plan assets at beginning of year $ 212,844 $ 207,829 Merge the Gray Plan into the Seneca Plan - 3,300 Actual gain on plan assets 26,731 6,963 Employer contributions 2,100 2,732 Benefit payments and expenses (8,563 ) (7,980 ) Fair value of plan assets at end of year $ 233,112 $ 212,844 Unfunded Status $ (17,349 ) $ (23,290 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | 2019 2018 (In thousands) Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (587 ) $ (707 ) Net loss (24,305 ) (33,415 ) Accumulated other comprehensive pre-tax loss $ (24,892 ) $ (34,122 ) |
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, 2018 $ (25,067 ) Other comprehensive gain 6,782 Balance at March 31, 2019 $ (18,285 ) |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 2019 2018 (In thousands) Service cost $ 9,646 $ 8,457 Interest cost 9,131 8,125 Expected return on plan assets (15,104 ) (15,050 ) Amortization of net loss 1,597 106 Prior service cost 119 119 Net periodic benefit cost $ 5,389 $ 1,757 |
Defined Benefit Plan, Assumptions [Table Text Block] | 2019 2018 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 4.14 % 4.14 % Expected return on plan assets 7.25 % 7.25 % Rate of compensation increase 3.00 % 3.00 % Weighted Average Assumptions for Benefit Cost at Beginning of Year: Discount rate - pension expense 4.15 % 4.35 % Discount rate - service cost 4.25 % 4.58 % Discount rate - interest cost 3.87 % 3.74 % 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] | Target Percentage of Plan Allocation Assets at March 31, 2020 2019 2018 Plan Assets Equity securities 99 % 99 % 99 % Debt securities - - - Real estate - - - Cash 1 % 1 % 1 % Total 100 % 100 % 100 % 2019 2018 Market Value Market Value (In thousands) Assets by Industry Type Asset Category Cash and cash equivalents: Money market funds $ 1,387 $ 595 Total cash and cash equivalents 1,387 595 Common equity securities: Materials 5,331 10,685 Industrials 16,080 21,738 Telecommunication services 24,370 18,120 Consumer staples 43,486 32,543 Energy 38,230 20,017 Financials 34,521 37,634 Health care 4,247 20,702 Information technology 28,750 19,945 Utilities 36,710 30,865 Total common equity securities 231,725 212,249 Total assets $ 233,112 $ 212,844 |
Schedule of Expected Contributions [Table Text Block] | Expected Employer Contributions $ - Expected Employee Contributions - |
Schedule of Expected Benefit Payments [Table Text Block] | 2020 $ 9,345 2021 10,067 2022 10,722 2023 11,470 2024 12,206 2025-2029 71,977 |
Note 11 - Fair Value of Finan_2
Note 11 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2019 2018 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (In thousands) Long-term debt, including current portion $ 266,245 $ 266,140 $ 409,396 $ 408,942 |
Note 12 - Inventories (Tables)
Note 12 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2019 2018 (In thousands) Finished products $ 454,920 $ 499,984 In process 42,045 47,970 Raw materials and supplies 166,060 144,009 663,025 691,963 Less excess of FIFO cost over LIFO cost 161,341 145,004 Total inventories $ 501,684 $ 546,959 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fruit and Prepared Vegetable Foods Snack Other Total (In thousands) 2019: Net sales $ 1,091,997 $ 79,593 $ 9,684 $ 18,307 $ 1,199,581 Operating loss (34,145 ) (2,736 ) (8 ) (1,190 ) (38,079 ) Identifiable assets 788,860 55,378 2,056 1,347 847,641 Capital expenditures 33,794 1,427 54 2,354 37,629 Depreciation and amortization 24,785 3,980 249 919 29,933 2018: Net sales $ 1,042,808 $ 92,826 $ 10,110 $ 17,150 $ 1,162,894 Operating income 8,860 2,869 558 2,544 14,831 Identifiable assets 841,805 53,132 1,915 2,025 898,877 Capital expenditures 32,171 926 - 535 33,632 Depreciation and amortization 23,883 4,330 336 903 29,452 |
Revenue from External Customers by Products and Services [Table Text Block] | Classes of similar products/services: 2019 2018 (In thousands) Net Sales: Green Giant * $ 71,161 $ 124,811 Canned vegetables 815,780 721,121 Frozen 113,115 105,857 Fruit 91,941 91,019 Prepared foods 79,593 92,826 Snack 9,684 10,110 Other 18,307 17,150 Total $ 1,199,581 $ 1,162,894 |
Note 16 - Plant Restructuring (
Note 16 - Plant Restructuring (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Other Severance Cost Payable Payable Total Balance March 31, 2017 $ 37 $ 305 $ 342 Charge to expense 161 164 325 Cash payments/write offs (198 ) (469 ) (667 ) Balance March 31, 2018 - - - Charge to expense 1,508 1 1,509 Cash payments/write offs (1,283 ) - (1,283 ) Balance March 31, 2019 $ 225 $ 1 $ 226 |
Note 18 - Acquisitions (Tables)
Note 18 - Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Truitt Bros. Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price (net of cash received) $ 31.8 Approximate fair values of assets acquired and liabilities assumed: Current assets $ 22.8 Other long-term assets 1.8 Property, plant and equipment 29.6 Current liabilities (5.1 ) Deferred taxes 0.2 Other long-term liabilities (15.7 ) Bargain purchase gain (1.8 ) Total $ 31.8 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Valuation and Qualifying Accounts [Table Text Block] | Balance at Charged/ Charged to Deductions Balance beginning (credited) other from at end of period to income accounts reserve of period Year-ended March 31, 2019: Allowance for doubtful accounts $ 56 $ 1 $ - $ - (a) $ 57 Income tax valuation allowance $ 3,865 $ 6 $ 117 $ - $ 3,988 Year-ended March 31, 2018: Allowance for doubtful accounts $ 50 $ 33 $ - $ (27 )(a) $ 56 Income tax valuation allowance $ 1,891 $ 1,396 $ 601 $ (23 ) $ 3,865 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Number of States in which Entity Operates | 9 | ||
Debt Issuance Costs, Gross, Current | $ 0.5 | ||
Debt Issuance Cost, Gross, Noncurrent | 0.1 | ||
Advertising Expense | 2.1 | $ 2.4 | |
Depreciation, Total | 29.5 | $ 29 | |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 7.8 | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | $ 2.4 | ||
Current Period Reclassification Adjustment | $ 2.4 | ||
Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Software and Software Development Costs [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Software and Software Development Costs [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Vehicles [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Vehicles [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Land Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Land Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | GMOL and B&G Foods [Member] | |||
Concentration Risk, Percentage | 6.00% | 11.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Top Ten Customers [Member] | |||
Concentration Risk, Percentage | 47.00% | 45.00% | |
Seneca Food Plants [Member] | |||
Number of Real Estate Properties | 27 | ||
Seneca Foods Warehouses [Member] | |||
Number of Real Estate Properties | 31 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Basic | ||
Continuing operations (loss) earnings | $ (36,483) | $ 10,049 |
Deduct preferred stock dividends | 23 | 23 |
Undistributed (loss) earnings | (36,506) | 10,026 |
(Loss) earnings attributable to participating preferred shareholders | (143) | 48 |
(Loss) earnings attributable to common shareholders | $ (36,363) | $ 9,978 |
Weighted average common shares outstanding (in shares) | 9,652 | 9,769 |
Basic (loss) earnings from continuing operations per common share (in dollars per share) | $ (3.77) | $ 1.02 |
Diluted | ||
(Loss) earnings attributable to common shareholders | $ (36,363) | $ 9,978 |
Add dividends on convertible preferred stock | 20 | |
(Loss) earnings attributable to common stock on a diluted basis | $ (36,363) | $ 9,998 |
Weighted average common shares outstanding (in shares) | 9,652 | 9,769 |
Additional shares to be issued related to the equity compensation plan (in shares) | 3 | |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | |
Total shares for diluted (in shares) | 9,652 | 9,839 |
Diluted (loss) earnings from continuing operations per share (in dollars per share) | $ (3.77) | $ 1.02 |
Discounted Operations, Basic | ||
Discontinued operations earnings (loss) | $ 42,230 | $ (18,529) |
Deduct preferred stock dividends | 23 | 23 |
Undistributed earnings (loss) | 42,207 | (18,552) |
Earnings (loss) attributable to participating preferred shareholders | 166 | (88) |
Earnings (loss) attributable to common shareholders | $ 42,041 | $ (18,464) |
Weighted average common shares outstanding (in shares) | 9,652 | 9,769 |
Basic earnings (loss) from discontinued operations per common share (in dollars per share) | $ 4.36 | $ (1.89) |
Discounted Operations, Diluted | ||
Earnings (loss) attributable to common shareholders | $ 42,041 | $ (18,464) |
Add dividends on convertible preferred stock | 20 | |
Earnings (loss) attributable to common stock on a diluted basis | $ 42,061 | $ (18,464) |
Weighted average common shares outstanding (in shares) | 9,652 | 9,769 |
Additional shares to be issued related to the equity compensation plan (in shares) | 3 | |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | |
Total shares for diluted (in shares) | 9,722 | 9,769 |
Diluted earnings (loss) from discontinued operations per share (in dollars per share) | $ 4.33 | $ (1.89) |
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 | Mar. 31, 2019 | Mar. 31, 2018 |
Property, Plant and Equipment (net) | $ 1,568 | |
Current Assets Held For Sale | 1,568 | |
Capital Lease Obligations Current Portion | 61 | |
Current Liabilities Held For Sale | 61 | |
Capital Lease Obligations | 305 | |
Noncurrent Liabilities Held For Sale | $ 305 |
Note 3 - Discontinued Operati_3
Note 3 - Discontinued Operations (Details Textual) - USD ($) | Oct. 09, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Effect of LIFO Inventory Liquidation on Income | $ 28,700,000 | $ 0 | |
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 | 51,446,000 | ||
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 Costs, Total | $ 3,746,000 |
Note 3 - Discontinued Operati_4
Note 3 - Discontinued Operations - Asset and Liabilities in Discontinued Operations (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Noncurrent Assets Held For Sale-Discontinued Operations | $ 1,143,000 | $ 20,098,000 | |
Net Sales | 165,668,000 | ||
Cost of Product Sold | 174,207,000 | ||
Loss From Discontinued Operations Before Income Taxes | (24,440,000) | ||
Income Tax Expense (Benefit) | 13,500,000 | (5,900,000) | |
Net Earnings (Loss) From Discontinued Operations, Net of Tax | 42,230,000 | (18,529,000) | |
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Accounts Receivable | 12,586,000 | ||
Inventories | 96,996,000 | ||
Other Current Assets | 98,000 | 288,000 | |
Current Assets Held For Sale-Discontinued Operations | 98,000 | 109,870,000 | |
Other Assets | 1,143,000 | 1,616,000 | |
Property, Plant and Equipment (net) | 18,482,000 | ||
Noncurrent Assets Held For Sale-Discontinued Operations | 1,143,000 | 20,098,000 | |
Accounts Payable and Accrued Expenses | 4,285,000 | 26,226,000 | |
Long-Term Debt and Capital Leases Current Portion | 2,347,000 | ||
Current Liabilities Held For Sale | 4,285,000 | 28,573,000 | |
Long-Term Debt and Capital Lease Obligations | 7,964,000 | ||
Noncurrent Liabilities Held For Sale | 7,964,000 | ||
Net Sales | 111,693,000 | 165,668,000 | |
Cost of Product Sold | 129,872,000 | 174,207,000 | |
Selling, General and Administrative | 1,135,000 | 3,329,000 | |
Plant Restructuring Charge (a) | [1] | 4,515,000 | 10,353,000 |
Interest Expense (b) | [2] | 1,077,000 | 2,219,000 |
Total cost and expenses | 136,599,000 | 190,108,000 | |
Loss From Discontinued Operations Before Income Taxes | (24,906,000) | (24,440,000) | |
Gain on the Sale of Assets Before Income Taxes (c) (d) (e) | [3],[4],[5] | (80,632,000) | |
Income Tax Expense (Benefit) | 13,496,000 | (5,911,000) | |
Net Earnings (Loss) From Discontinued Operations, Net of Tax | 42,230,000 | (18,529,000) | |
Capital Expenditures | 3,937,000 | 2,274,000 | |
Depreciation | $ 1,302,000 | $ 2,095,000 | |
[1] | Includes $3,746,000 of Modesto severance in fiscal 2019. | ||
[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 $51,446,000 gain on the sale of Modesto plant and equipment in fiscal 2019. | ||
[4] | Includes a $24,211,000 gain as a result of LIFO layer liquidations from the disposal of the inventory for fiscal 2019. | ||
[5] | Includes a $4,975,000 gain on the sale of bins in fiscal 2019. |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Inventory, Net, Total | $ 501,684 | $ 546,959 |
Accounting Standards Update 2014-09 [Member] | ||
Inventory, Net, Total | 36,900 | |
Contract with Customer, Liability, Total | $ 52,300 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Net sales | $ 1,199,581 | $ 1,162,894 | |
Canned Vegetables [Member] | |||
Net sales | 815,780 | 721,121 | |
B&G Foods, Inc [Member] | |||
Net sales | [1] | 71,200 | 124,800 |
Frozen [Member] | |||
Net sales | 113,115 | 105,857 | |
Fruit [Member] | |||
Net sales | 91,941 | 91,019 | |
Chip Products [Member] | |||
Net sales | 9,700 | 10,100 | |
Prepared Foods [Member] | |||
Net sales | 79,593 | 92,826 | |
Manufactured Product, Other [Member] | |||
Net sales | $ 18,300 | $ 17,200 | |
[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 | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Net sales | $ 1,199,581 | $ 1,162,894 | |
Discontinued operations, net sales | (165,668) | ||
Cost of products sold | 1,160,085 | 1,081,891 | |
Discontinued operations, cost of products sold | (174,207) | ||
Gross profit (loss) | 81,003 | ||
Discontinued operations, gross profit (loss) | 8,539 | ||
Operating (loss) income | (38,079) | 14,831 | |
Operating (loss) income | 22,221 | ||
(Loss) earnings before income taxes | (49,259) | 8,734 | |
(Loss) earnings before income taxes | 24,440 | ||
Net (loss) earnings from continuing operations | (36,483) | 10,049 | |
Net (loss) earnings from continuing operations | $ (42,230) | 18,529 | |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Net sales | [1] | 1,314,765 | |
Cost of products sold | [1] | 1,240,178 | |
Gross profit (loss) | [1] | 74,587 | |
Operating (loss) income | [1] | (5,267) | |
(Loss) earnings before income taxes | [1] | (20,283) | |
Net (loss) earnings from continuing operations | [1] | (13,811) | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Net sales | 13,797 | ||
Cost of products sold | 15,920 | ||
Gross profit (loss) | (2,123) | ||
Operating (loss) income | (2,123) | ||
(Loss) earnings before income taxes | 4,577 | ||
Net (loss) earnings from continuing operations | $ 5,331 | ||
[1] | These reported amounts for the twelve months ended March 31, 2018 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. |
Note 5 - Revolving Credit Fac_2
Note 5 - Revolving Credit Facility (Details Textual) - USD ($) $ in Millions | Jul. 05, 2016 | Mar. 31, 2019 | Mar. 31, 2018 |
Revolving Credit Facility [Member] | |||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 400 | ||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | 500 | ||
Long-term Line of Credit, Total | $ 155.3 | ||
Debt, Weighted Average Interest Rate | 4.00% | ||
Pledged Assets, Not Separately Reported, Other | $ 585.9 | ||
Standby Letters of Credit [Member] | |||
Long-term Line of Credit, Total | $ 11.4 | $ 10.4 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 29, 2019 | Dec. 09, 2016 | |
Long-term Debt, Total | $ 266,245,000 | $ 409,396,000 | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 50,000 | |||
Dividends, Preferred Stock, Cash | 23,000 | |||
Pledged Assets Not Separately Reported, Fixed Assets | 633,200,000 | |||
Tax-exempt Bond [Member] | ||||
Long-term Debt, Total | 10,000,000 | $ 9,983,000 | ||
Term Loan Payable to Farm Credit East ACA [Member] | ||||
Other Loans Payable, Long-term, Noncurrent | $ 100,000,000 | |||
Debt Instrument, Unamortized Discount, Total | $ 200,000 | |||
Debt Instrument, Maintain Minimum Amount of Excess Availability On Revolver Facility | $ 175,000,000 | |||
Term Loan Payable to Farm Credit East ACA [Member] | Forecast [Member] | ||||
Debt Instrument, Maintain Minimum Amount of Excess Availability On Revolver Facility | $ 175,000,000 |
Note 6 - Long-term Debt - Summa
Note 6 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Long-term debt | $ 266,245,000 | $ 409,396,000 |
Less current portion | 345,000 | 1,663,000 |
Long-term debt | 265,900,000 | 407,733,000 |
Line of Credit [Member] | ||
Long-term debt | 155,278,000 | 293,459,000 |
Long-term debt | 3.35 | 407,733 |
Term Loan [Member] | ||
Long-term debt | 99,906,000 | 99,871,000 |
Tax-exempt Bond [Member] | ||
Long-term debt | 10,000,000 | 9,983,000 |
Lease Financing Obligations [Member] | ||
Long-term debt | 4,028,000 | |
Secured Promissory Note 1 [Member] | ||
Long-term debt | 262,000 | 1,046,000 |
Economic Development Note [Member] | ||
Long-term debt | 583,000 | 793,000 |
Other [Member] | ||
Long-term debt | $ 216,000 | $ 216,000 |
Note 6 - Long-term Debt - Sum_2
Note 6 - Long-term Debt - Summary of Long-term Debt (Details) (Parentheticals) | Mar. 31, 2019 | Mar. 31, 2018 |
Line of Credit [Member] | ||
Long-term debt, weighted average interest rate | 4.00% | 3.35% |
Long-term debt, maturity date | Dec. 31, 2022 | Dec. 31, 2022 |
Term Loan [Member] | ||
Long-term debt, weighted average interest rate | 4.77% | 4.48% |
Long-term debt, maturity date | Dec. 31, 2022 | Dec. 31, 2022 |
Tax-exempt Bond [Member] | ||
Long-term debt, weighted average interest rate | 3.19% | 3.11% |
Long-term debt, maturity date | Dec. 31, 2033 | Dec. 31, 2033 |
Lease Financing Obligations [Member] | ||
Long-term debt, weighted average interest rate | 2.62% | 2.62% |
Long-term debt, maturity date | Dec. 31, 2020 | Dec. 31, 2020 |
Secured Promissory Note 1 [Member] | ||
Long-term debt, weighted average interest rate | 6.35% | 6.35% |
Long-term debt, maturity date | Dec. 31, 2022 | Dec. 31, 2022 |
Economic Development Note [Member] | ||
Long-term debt, weighted average interest rate | 2.00% | 2.00% |
Long-term debt, maturity date | Dec. 31, 2021 | Dec. 31, 2021 |
Note 6 - Long-term Debt - Debt
Note 6 - Long-term Debt - Debt Repayment Requirements (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
2020 | $ 345,000 | |
2021 | 500,000 | |
2022 | 255,184,000 | |
2023 | ||
2024 | ||
Thereafter | 10,216,000 | |
Total | $ 266,245,000 | $ 409,396,000 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Capital Leased Assets, Gross, Total | $ 50,586 | $ 47,000 |
Operating Leases, Rent Expense, Total | 39,200 | 39,700 |
Building [Member] | ||
Capital Leased Assets, Gross, Total | $ 5,313 | 5,313 |
Capital Lease Obligations, Interest Rate | 5.15% | |
Equipment [Member] | ||
Capital Leased Assets, Gross, Total | $ 45,273 | $ 41,687 |
Capital Leases, Term | 7 years | |
Equipment [Member] | Minimum [Member] | ||
Capital Lease Obligations, Interest Rate | 3.37% | |
Equipment [Member] | Maximum [Member] | ||
Capital Lease Obligations, Interest Rate | 4.52% |
Note 7 - Leases - Leased Assets
Note 7 - Leases - Leased Assets Under Capital Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Capital leased assets | $ 50,586 | $ 47,000 |
Less accumulated amortization | 10,265 | 5,795 |
Net | 40,321 | 41,205 |
Building [Member] | ||
Capital leased assets | 5,313 | 5,313 |
Equipment [Member] | ||
Capital leased assets | $ 45,273 | $ 41,687 |
Note 7 - Leases - Minimum Opera
Note 7 - Leases - Minimum Operating and Capital Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
2020, Operating | $ 28,689 | |
2020, Capital | 7,827 | |
2021, Operating | 24,938 | |
2021, Capital | 7,827 | |
2022, Operating | 17,526 | |
2022, Capital | 7,827 | |
2023, Operating | 12,062 | |
2023, Capital | 7,827 | |
2024, Operating | 5,950 | |
2024, Capital | 6,102 | |
2025-2031, Operating | 6,927 | |
2025-2031, Capital | 5,267 | |
Total minimum payment required, Operating | 96,092 | |
Total minimum payment required, Capital | 42,677 | |
Less interest, Capital | 4,973 | |
Present value of minimum lease payments, Capital | 37,704 | |
Amount due within one year, Capital | 6,418 | |
Long-term capital lease obligation | $ 31,286 | $ 34,331 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ (12,776,000) | $ (1,315,000) |
Discontinued Operation, Tax Effect of Discontinued Operation, Total | $ 13,500,000 | $ (5,900,000) |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.90% | (15.10%) |
Effective Income Tax Rate Continuing Operations Change | 41.00% | |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 42.10% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 31.50% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (3,300,000) | |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent, Total | $ 2,417,000 | 5,576,000 |
Deferred Tax Liabilities, Net, Noncurrent | 5,600,000 | |
Tax Credit Carryforward, Valuation Allowance | 4,000,000 | |
Unrecognized Tax Benefits, Period Increase (Decrease), Total | 100,000 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | $ 100,000 |
Effective Income Tax Rate Reconciliation, Lapses of Applicable Statute of Limitations, Amount | 500,000 | |
Decrease to Deferred Tax Liability, Resulting from Lapse of Applicable Statute of Limitations | 400,000 | |
California Franchise Tax Board [Member] | ||
Tax Credit Carryforward, Amount | 1,500,000 | |
New York State Division of Taxation and Finance [Member] | ||
Tax Credit Carryforward, Amount | 1,500,000 | |
Wisconsin Department of Revenue [Member] | ||
Tax Credit Carryforward, Amount | $ 2,200,000 |
Note 8 - Income Taxes - Provisi
Note 8 - Income Taxes - Provision of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Federal | $ (283) | $ (1,901) | |
State | 93 | 352 | |
Total | (190) | (1,549) | |
Federal | 1,220 | (5,560) | |
State | (310) | (117) | |
Total | 910 | (5,677) | |
Total income taxes (1) | [1] | $ 720 | $ (7,226) |
[1] | Income tax expense (benefit) included in the financial statements is comprised of ($12.7) million and ($1.3) million from continuing operations and $13.5 million and ($5.9) from discontinued operations in 2019 and 2018,, respectively. |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Computed (expected tax rate) | 21.00% | 31.50% |
State income taxes (net of federal tax benefit) | 3.20% | 2.90% |
State tax credits | 0.70% | (4.80%) |
Federal credits | 1.00% | (6.80%) |
Manufacturer’s deduction | 0.40% | |
Addition to uncertain tax positions | 1.00% | 2.00% |
Difference between statutory and actual rate | (10.50%) | |
Other permanent differences not deductible | (0.20%) | (3.70%) |
Change in valuation allowance | (0.20%) | 22.60% |
Return to provision federal | (0.10%) | (4.50%) |
Tax rate change | (42.10%) | |
Other | (0.50%) | (2.10%) |
Effective income tax rate | 25.90% | (15.10%) |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Future tax credits | $ 5,124 | $ 5,030 |
Restructuring reserve | 1,071 | 2,374 |
Employee benefits | 2,030 | 2,440 |
Insurance | 312 | 361 |
Other comprehensive loss | 6,250 | 8,500 |
Interest | 12 | 31 |
Future federal tax credits | 654 | 443 |
Prepaid revenue | 528 | 403 |
Other | 298 | 714 |
Net operating loss and other tax attribute carryovers | 5,628 | 4,512 |
Total assets | 21,907 | 24,808 |
Property basis and depreciation difference | 13,049 | 11,750 |
Inventory valuation | 534 | 964 |
Intangibles | 286 | 325 |
Pension | 1,633 | 2,328 |
Total liabilities | 15,502 | 15,367 |
Valuation allowance - non-current | 3,988 | 3,865 |
Net deferred income tax asset | $ 2,417 | $ 5,576 |
Note 8 - Income Taxes - Uncerta
Note 8 - Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Beginning balance | $ 855 | $ 715 |
Additions | 26 | 9 |
Additions | 154 | |
Reductions | (2) | (23) |
Lapses in statues of limitations | (483) | |
Balance as of March 31, | $ 396 | $ 855 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2003 | |
Dividends, Preferred Stock, Cash | $ 23,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 33,695 | ||
Treasury Stock, Value, Ending Balance | $ 75,740,000 | 69,556,000 | |
Treasury Stock, Shares, Ending Balance | 2,613,921 | ||
Treasury Stock [Member] | |||
Dividends, Preferred Stock, Cash | |||
Treasury Stock, Value, Acquired, Cost Method | 7,957,000 | $ 4,558,000 | |
Defined Contribution Plan, Employer Discretionary Contribution Value of Shares | $ 1,800,000 | ||
Defined Contribution Plan, Employer Discretionary Contribution Share Amount | 55,129 | ||
Convertible from Series A Preferred Stock to Class A Stock [Member] | |||
Share for Share Conversion Number | 20 | ||
Convertible from Series B Preferred Stock to Class A Stock [Member | |||
Share for Share Conversion Number | 30 | ||
Cumulative Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized | 200,000 | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.25 | ||
Preferred Stock, Shares Outstanding, Ending Balance | 200,000 | 200,000 | |
Dividends, Preferred Stock, Cash | $ 3,000 | ||
No Par Value Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized | 30,000 | ||
Preferred Class A [Member] | |||
Preferred Stock, Shares Authorized | 8,200,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.025 | ||
Preferred Stock, Shares Non-designated | 6,761,971 | ||
Series A Preferred Stock [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||
Preferred Stock, Shares Outstanding, Ending Balance | 407,240 | ||
Dividends, Preferred Stock, Cash | $ 20,000 | ||
Series B Preferred Stock [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||
Preferred Stock, Shares Outstanding, Ending Balance | 400,000 | ||
Convertible Preferred Stock [Member] | |||
Preferred Stock, Par or Stated Value Per Share | $ 11.931 | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 1 | ||
Preferred Stock, Dividends Per Share, Declared | $ 0 | ||
Preferred Stock, Liquidation Preference Per Share | $ 12 | ||
Preferred Stock, Shares Outstanding, Ending Balance | 37,529 | ||
Series 2003 Convertible Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized | 500 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.025 | ||
Preferred Stock, Liquidation Preference Per Share | $ 15.50 | ||
Preferred Stock, Shares Outstanding, Ending Balance | 500 | 500 | |
Preferred Stock, Shares Issued, Total | 967,742 | ||
Sale of Stock, Price Per Share | $ 16.60 | ||
Common Class A [Member] | |||
Voting Rights, Percentage of Vote Per Share | 0.05% | ||
Common Stock, Capital Shares Reserved for Future Issuance | 38,029 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 7,700,000 | ||
Treasury Stock, Shares, Acquired | 250,624 | ||
Common Class B [Member] | |||
Stock Issued During Period, Profit Sharing Bonus Plan | 0 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 300,000 | ||
Treasury Stock, Shares, Acquired | 9,330 |
Note 10 - Retirement Plans (Det
Note 10 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Increase Decrease In Unfunded status | $ 5,900 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (6,800) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ (2,300) | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.14% | 4.14% | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 233,112 | $ 212,844 | $ 207,829 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 26,731 | 6,963 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,100 | 2,732 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 231,200 | $ 217,300 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.25% | 7.25% | |
Defined Benefit Plan Actual Gain on Plan Assets | 12.60% | ||
Defined Benefit Plan, Assumed Gain on Plan Assets | 7.30% | ||
Defined Benefit Plan Common Stock Included in Plan Assets | $ 12,800 | $ 15,300 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,400 | $ 1,600 |
Note 10 - Retirement Plans - St
Note 10 - Retirement Plans - Statement of Unfunded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Benefit obligation at beginning of year | $ 236,134 | $ 216,022 |
Merge the Gray Plan into the Seneca Plan | 3,796 | |
Service cost | 9,646 | 8,457 |
Interest cost | 9,131 | 8,125 |
Actuarial loss (gain) | 4,113 | 7,714 |
Benefit payments and expenses | (8,563) | (7,980) |
Benefit obligation at end of year | 250,461 | 236,134 |
Fair value of plan assets at beginning of year | 212,844 | 207,829 |
Merge the Gray Plan into the Seneca Plan | 3,300 | |
Actual gain on plan assets | 26,731 | 6,963 |
Employer contributions | 2,100 | 2,732 |
Benefit payments and expenses | (8,563) | (7,980) |
Fair value of plan assets at end of year | 233,112 | 212,844 |
Unfunded Status | $ (17,349) | $ (23,290) |
Note 10 - Retirement Plans - Am
Note 10 - Retirement Plans - Amounts Recognized in Accumulated Other Comprehensive (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Prior service cost | $ (587) | $ (707) |
Net loss | (24,305) | (33,415) |
Accumulated other comprehensive pre-tax loss | $ (24,892) | $ (34,122) |
Note 10 - Retirement Plans - Pe
Note 10 - Retirement Plans - Pension and Post Retirement Plan Adjustments (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Balance | $ 411,063 |
Other comprehensive gain | 6,782 |
Balance | 417,485 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |
Balance | (25,067) |
Balance | $ (18,285) |
Note 10 - Retirement Plans - Ne
Note 10 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Service cost | $ 9,646 | $ 8,457 |
Interest cost | 9,131 | 8,125 |
Expected return on plan assets | (15,104) | (15,050) |
Amortization of net loss | 1,597 | 106 |
Prior service cost | 119 | 119 |
Net periodic benefit cost | $ 5,389 | $ 1,757 |
Note 10 - Retirement Plans - As
Note 10 - Retirement Plans - Assumptions Used to Measure (Details) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Weighted Average Assumptions for Balance Sheet Liability at End of Year: | ||
Discount rate - projected benefit obligation | 4.14% | 4.14% |
Expected return on plan assets | 7.25% | 7.25% |
Rate of compensation increase | 3.00% | 3.00% |
Weighted Average Assumptions for Benefit Cost at Beginning of Year: | ||
Discount rate - pension expense | 4.15% | 4.35% |
Discount rate - service cost | 4.25% | 4.58% |
Discount rate - interest cost | 3.87% | 3.74% |
Expected return on plan assets | 7.25% | 7.25% |
Rate of compensation increase | 3.00% | 3.00% |
Note 10 - Retirement Plans - Pl
Note 10 - Retirement Plans - Plan Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Target Allocation | 100.00% | ||
Percentage of Plan Assets | 100.00% | 100.00% | |
Money market funds | $ 233,112 | $ 212,844 | $ 207,829 |
Defined Benefit Plan, Equity Securities [Member] | |||
Target Allocation | 99.00% | ||
Percentage of Plan Assets | 99.00% | 99.00% | |
Money market funds | $ 231,725 | $ 212,249 | |
Defined Benefit Plan, Equity Securities [Member] | Materials [Member] | |||
Money market funds | 5,331 | 10,685 | |
Defined Benefit Plan, Equity Securities [Member] | Industrials [Member] | |||
Money market funds | 16,080 | 21,738 | |
Defined Benefit Plan, Equity Securities [Member] | Telecommunication Services [Member] | |||
Money market funds | 24,370 | 18,120 | |
Defined Benefit Plan, Equity Securities [Member] | Consumer Staples [Member] | |||
Money market funds | 43,486 | 32,543 | |
Defined Benefit Plan, Equity Securities [Member] | Energy [Member] | |||
Money market funds | 38,230 | 20,017 | |
Defined Benefit Plan, Equity Securities [Member] | Financial Services Sector [Member] | |||
Money market funds | 34,521 | 37,634 | |
Defined Benefit Plan, Equity Securities [Member] | Healthcare Sector [Member] | |||
Money market funds | 4,247 | 20,702 | |
Defined Benefit Plan, Equity Securities [Member] | Information Technology [Member] | |||
Money market funds | 28,750 | 19,945 | |
Defined Benefit Plan, Equity Securities [Member] | Utilities [Member] | |||
Money market funds | 36,710 | 30,865 | |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | |||
Money market funds | 1,387 | 595 | |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Money Market Funds [Member] | |||
Money market funds | $ 1,387 | $ 595 | |
Defined Benefit Plan, Debt Security [Member] | |||
Target Allocation | |||
Percentage of Plan Assets | |||
Defined Benefit Plan, Real Estate [Member] | |||
Target Allocation | |||
Percentage of Plan Assets | |||
Defined Benefit Plan, Cash [Member] | |||
Target Allocation | 1.00% | ||
Percentage of Plan Assets | 1.00% | 1.00% |
Note 10 - Retirement Plans - Ex
Note 10 - Retirement Plans - Expected Contributions (Details) | Mar. 31, 2019USD ($) |
Expected Employer Contributions | |
Expected Employee Contributions |
Note 10 - Retirement Plans - Es
Note 10 - Retirement Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
2020 | $ 9,345 |
2021 | 10,067 |
2022 | 10,722 |
2023 | 11,470 |
2024 | 12,206 |
2025-2029 | $ 71,977 |
Note 11 - Fair Value of Finan_3
Note 11 - Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Reported Value Measurement [Member] | ||
Long-term debt, including current portion | $ 266,245 | $ 409,396 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt, including current portion | $ 266,140 | $ 408,942 |
Note 12 - Inventories (Details
Note 12 - Inventories (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Inventory, LIFO Reserve, Effect on Income, Net, Total | $ 30,400 | $ 9,800 |
Effect Of LIFO Earnings Per Share Basic | $ (3.14) | $ (1) |
Effect Of LIFO Earnings Per Share Diluted | $ (3.14) | $ (1) |
Effect of LIFO Inventory Liquidation on Income | $ 28,700 | $ 0 |
Note 12 - Inventories - Invento
Note 12 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Finished products | $ 454,920 | $ 499,984 |
In process | 42,045 | 47,970 |
Raw materials and supplies | 166,060 | 144,009 |
Total | 663,025 | 691,963 |
Less excess of FIFO cost over LIFO cost | 161,341 | 145,004 |
Total inventories | $ 501,684 | $ 546,959 |
Note 13 - Other Operating Inc_2
Note 13 - Other Operating Income and Expense (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,786 | |
Other Operating Income (Expense) [Member] | ||
Gain (Loss) On Sale of Plant | 1,100 | |
Gain (Loss) On Partial Sale of Plant | 800 | 400 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 1,800 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 400 | |
Other Operating Income (Expense) [Member] | Interest Rate Swap [Member] | ||
Gain (Loss) on Sale of Derivatives | 300 | |
Northwest Plant [Member] | Other Operating Income (Expense) [Member] | ||
Gain (Loss) On Sale of Plant | 4,100 | |
Northeast Plant [Member] | Other Operating Income (Expense) [Member] | ||
Gain (Loss) On Sale of Plant | 2,000 | |
Eastern Plant [Member] | Other Operating Income (Expense) [Member] | ||
Gain (Loss) On Sale of Plant | $ (600) |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Number of Reportable Segments | 3 | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | ||
Concentration Risk, Percentage | 7.50% | 7.40% |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Green Giant Vegetables [Member] | ||
Concentration Risk, Percentage | 6.00% | 11.00% |
Note 14 - Segment Information -
Note 14 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Sales | $ 1,199,581 | $ 1,162,894 |
Operating loss | (38,079) | 14,831 |
Identifiable assets | 848,882 | 1,028,845 |
Capital expenditures | 37,728 | 32,665 |
Depreciation and amortization | 31,235 | 31,547 |
Continuing Operations [Member] | ||
Net Sales | 1,199,581 | 1,162,894 |
Operating loss | (38,079) | 14,831 |
Identifiable assets | 847,641 | 898,877 |
Capital expenditures | 37,629 | 33,632 |
Depreciation and amortization | 29,933 | 29,452 |
Fruit and Vegetable Segment [Member] | Continuing Operations [Member] | ||
Net Sales | 1,091,997 | 1,042,808 |
Operating loss | (34,145) | 8,860 |
Identifiable assets | 788,860 | 841,805 |
Capital expenditures | 33,794 | 32,171 |
Depreciation and amortization | 24,785 | 23,883 |
Prepared Foods [Member] | Continuing Operations [Member] | ||
Net Sales | 79,593 | 92,826 |
Operating loss | (2,736) | 2,869 |
Identifiable assets | 55,378 | 53,132 |
Capital expenditures | 1,427 | 926 |
Depreciation and amortization | 3,980 | 4,330 |
Snack Segment [Member] | Continuing Operations [Member] | ||
Net Sales | 9,684 | 10,110 |
Operating loss | (8) | 558 |
Identifiable assets | 2,056 | 1,915 |
Capital expenditures | 54 | |
Depreciation and amortization | 249 | 336 |
Corporate and Other [Member] | Continuing Operations [Member] | ||
Net Sales | 18,307 | 17,150 |
Operating loss | (1,190) | 2,544 |
Identifiable assets | 1,347 | |
Capital expenditures | 2,354 | 535 |
Depreciation and amortization | $ 919 | 903 |
Other Segments [Member] | Continuing Operations [Member] | ||
Identifiable assets | $ 2,025 |
Note 14 - Segment Information_3
Note 14 - Segment Information - Classes of Similar Products or Services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Net Sales | $ 1,199,581 | $ 1,162,894 | |
Green Giant [Member] | |||
Net Sales | [1] | 71,161 | 124,811 |
Canned Vegetables [Member] | |||
Net Sales | 815,780 | 721,121 | |
Frozen [Member] | |||
Net Sales | 113,115 | 105,857 | |
Fruit [Member] | |||
Net Sales | 91,941 | 91,019 | |
Prepared Foods [Member] | |||
Net Sales | 79,593 | 92,826 | |
Snack [Member] | |||
Net Sales | 9,684 | 10,110 | |
Other [Member] | |||
Net Sales | $ 18,307 | $ 17,150 | |
[1] | Green Giant includes canned and frozen vegetables exclusively for B&G Foods. |
Note 16 - Plant Restructuring_2
Note 16 - Plant Restructuring (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Charges (Credits), Net | $ 11,657 | $ (342) |
Restructuring Charges, Total | 1,509 | 325 |
Impairment of Long-Lived Assets Held-for-use | 7,800 | |
Employee Severance [Member] | ||
Restructuring Charges, Total | 1,508 | $ 161 |
Partial Closure of Midwest Plant [Member] | ||
Restructuring Charges, Total | 2,300 | |
Partial Closure of Midwest Plant [Member] | Movement of Equipment [Member] | ||
Restructuring Charges, Total | 1,800 | |
Partial Closure of Midwest Plant [Member] | Employee Severance [Member] | ||
Restructuring Charges, Total | 500 | |
Closing of Northeast Plant [Member] | ||
Restructuring Charges, Total | 1,300 | |
Closing of Northeast Plant [Member] | Movement of Equipment [Member] | ||
Restructuring Charges, Total | 500 | |
Closing of Northeast Plant [Member] | Employee Severance [Member] | ||
Restructuring Charges, Total | 800 | |
Partial Sale of Northwest Plant [Member] | ||
Restructuring Charges, Total | 300 | |
Partial Sale of Northwest Plant [Member] | Movement of Equipment [Member] | ||
Restructuring Charges, Total | 100 | |
Partial Sale of Northwest Plant [Member] | Employee Severance [Member] | ||
Restructuring Charges, Total | $ 200 |
Note 16 - Plant Restructuring -
Note 16 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance | $ 342 | |
Charge to expense | 1,509 | 325 |
Cash payments/write offs | (1,283) | (667) |
Balance | 226 | |
Employee Severance [Member] | ||
Balance | 37 | |
Charge to expense | 1,508 | 161 |
Cash payments/write offs | (1,283) | (198) |
Balance | 225 | |
Other Restructuring [Member] | ||
Balance | 305 | |
Charge to expense | 1 | 164 |
Cash payments/write offs | (469) | |
Balance | $ 1 |
Note 17 - Related Party Trans_2
Note 17 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Director [Member] | Vegetables Supply [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 2.4 | $ 1.4 |
Related Party Foudation [Member] | Charitable Contributions [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 0.3 | $ 0.4 |
Note 18 - Acquisitions (Details
Note 18 - Acquisitions (Details Textual) - USD ($) | Apr. 03, 2017 | Jul. 01, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Apr. 02, 2017 | Apr. 30, 2014 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,786,000 | |||||
Truitt Bros. Inc. [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,800 | 1,800,000 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 900,000 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement of Inventory, Impact on Cost of Goods Sold | $ 500,000 | |||||
Business Combination, Consideration Transferred, Total | 14,400,000 | |||||
Cash Acquired from Acquisition | 3,000,000 | |||||
Equity Method Investments | 34,900,000 | $ 17,400,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3,600,000 | |||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination, Total | $ 31,800,000 | |||||
Truitt Bros. Inc. Investment [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Equity Method Investment, Aggregate Cost | $ 16,200,000 | |||||
Purchase Agreement, Additional Percentage of Voting Interests Acquirable | 50.00% |
Note 18 - Acquisitions - Purcha
Note 18 - Acquisitions - Purchase Price Allocation (Details) - USD ($) | Apr. 03, 2017 | Mar. 31, 2019 | Mar. 31, 2018 |
Bargain purchase gain | $ (1,786,000) | ||
Truitt Bros. Inc. [Member] | |||
Purchase Price (net of cash received) | $ 31,800,000 | ||
Current assets | 22,800 | ||
Other long-term assets | 1,800 | ||
Property, plant and equipment | 29,600 | ||
Current liabilities | (5,100) | ||
Deferred taxes | 200 | ||
Other long-term liabilities | (15,700) | ||
Bargain purchase gain | $ (1,800) | $ (1,800,000) |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at beginning of period | $ 56 | $ 50 | |
Charged/(credited) to income | 1 | 33 | |
Charged to other accounts | |||
Deductions from reserve | [1] | (27) | |
Allowance for doubtful accounts | 57 | 56 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at beginning of period | 3,865 | 1,891 | |
Charged/(credited) to income | 6 | 1,396 | |
Charged to other accounts | 117 | 601 | |
Deductions from reserve | (23) | ||
Allowance for doubtful accounts | $ 3,988 | $ 3,865 | |
[1] | Accounts written off, net of recoveries. |