Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 28, 2019 | Jan. 24, 2020 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 28, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock Class A, $.25 Par Common Stock Class B, $.25 Par | |
Entity Interactive Data Current | Yes | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,735,636 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,418,535 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) - USD ($) | Dec. 28, 2019 | Mar. 31, 2019 | Dec. 29, 2018 |
Current Assets: | |||
Cash and Cash Equivalents | $ 13,858,000 | $ 11,480,000 | $ 12,828,000 |
Accounts Receivable, Net | 79,040,000 | 84,122,000 | 82,892,000 |
Contracts Receivable | 7,620,000 | ||
Inventories | 493,065,000 | 501,684,000 | 575,935,000 |
Refundable Income Taxes | 1,221,000 | 1,422,000 | |
Other Current Assets | 6,272,000 | 3,075,000 | 4,520,000 |
Total Current Assets | 599,953,000 | 603,248,000 | 709,999,000 |
Property, Plant and Equipment, Net | 219,311,000 | 239,273,000 | 246,014,000 |
Right-of-Use Assets Operating Net | 67,915,000 | ||
Right-of-Use Assets Financing, Net | 34,784,000 | ||
Deferred Income Taxes, Net | 2,417,000 | 1,417,000 | |
Noncurrent Assets Held For Sale-Discontinued Operations | 1,054,000 | 1,143,000 | 1,739,000 |
Other Assets | 9,643,000 | 2,801,000 | 2,890,000 |
Total Assets | 932,660,000 | 848,882,000 | 962,059,000 |
Current Liabilities: | |||
Accounts Payable | 84,295,000 | 61,024,000 | 93,586,000 |
Deferred Revenue | 12,105,000 | 4,098,000 | 6,829,000 |
Accrued Vacation | 11,898,000 | 11,678,000 | 11,404,000 |
Accrued Payroll | 6,157,000 | 5,105,000 | 5,350,000 |
Other Accrued Expenses | 19,903,000 | 19,363,000 | 22,194,000 |
Income Taxes Payable | 4,869,000 | ||
Current Portion of Operating Lease Obligations | 24,430,000 | ||
Current Portion of Financing Lease Obligations | 6,584,000 | ||
Current Portion of Capital Lease Obligations | 6,418,000 | 5,922,000 | |
Current Portion of Long-Term Debt | 345,000 | 314,657,000 | |
Total Current Liabilities | 172,985,000 | 112,377,000 | 468,781,000 |
Long-Term Debt, Less Current Portion | 225,337,000 | 265,900,000 | 10,715,000 |
Operating Lease Obligations, Less Current Portion | 47,966,000 | ||
Financing Lease Obligations, Less Current Portion | 27,006,000 | ||
Capital Lease Obligations, Less Current Portion | 31,286,000 | 29,730,000 | |
Pension Liabilities | 19,463,000 | 17,349,000 | 27,356,000 |
Deferred Income Taxes, Net | 866,000 | ||
Other Long-Term Liabilities | 3,852,000 | 4,180,000 | 4,851,000 |
Total Liabilities | 497,475,000 | 431,397,000 | 542,026,000 |
Commitments and Contingencies | |||
Stockholders' Equity: | |||
Preferred Stock | 703,000 | 707,000 | 707,000 |
Common Stock, $.25 Par Value Per Share | 3,040,000 | 3,039,000 | 3,038,000 |
Additional Paid-in Capital | 98,338,000 | 98,260,000 | 98,236,000 |
Treasury Stock, at Cost | (87,194,000) | (75,740,000) | (74,896,000) |
Accumulated Other Comprehensive Loss | (18,285,000) | (18,285,000) | (25,186,000) |
Retained Earnings | 438,583,000 | 409,504,000 | 418,134,000 |
Total Stockholders' Equity | 435,185,000 | 417,485,000 | 420,033,000 |
Total Liabilities and Stockholders’ Equity | 932,660,000 | 848,882,000 | 962,059,000 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Current Assets: | |||
Current Assets Held For Sale | 1,568,000 | 20,339,000 | |
Current Liabilities: | |||
Current Liabilities Held For Sale | 61,000 | 142,000 | |
Noncurrent Liabilities Held For Sale | 305,000 | 593,000 | |
Discontinued Operations, Held-for-sale [Member] | |||
Current Assets: | |||
Current Assets Held For Sale | 98,000 | 98,000 | 12,063,000 |
Current Liabilities: | |||
Current Liabilities Held For Sale | $ 2,744,000 | $ 4,285,000 | $ 8,697,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) (Parentheticals) - $ / shares | Dec. 28, 2019 | Mar. 31, 2019 | Dec. 29, 2018 |
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Net sales | $ 392,971 | $ 372,238 | $ 1,027,898 | $ 936,991 |
Costs and Expenses: | ||||
Cost of Product Sold | 340,694 | 374,334 | 932,392 | 911,291 |
Selling, General and Administrative | 19,986 | 19,389 | 53,936 | 55,432 |
Plant Restructuring Charge | 793 | 1,396 | 6,745 | 2,279 |
Other Operating (Income) Loss | (1,617) | 776 | (8,618) | (3,498) |
Total Costs and Expenses | 359,856 | 395,895 | 984,455 | 965,504 |
Operating Income (Loss) | 33,115 | (23,657) | 43,443 | (28,513) |
Other Income | (1,656) | (607) | (5,263) | (2,649) |
Interest Expense, Net | 2,690 | 3,864 | 9,183 | 11,587 |
Earnings (Loss) From Continuing Operations Before Income Taxes | 32,081 | (26,914) | 39,523 | (37,451) |
Income Taxes (Benefit) From Continuing Operations | 7,653 | (6,874) | 9,357 | (9,617) |
Earnings (Loss) From Continuing Operations | 24,428 | (20,040) | 30,166 | (27,834) |
Earnings From Discontinued Operations (net of income taxes) | 955 | 34,056 | 955 | 42,211 |
Net Earnings | $ 25,383 | $ 14,016 | $ 31,121 | $ 14,377 |
Basic Earnings (Loss) per Common Share: | ||||
Continuing Operations (in dollars per share) | $ 2.65 | $ (2.07) | $ 3.23 | $ (2.86) |
Discontinued Operations (in dollars per share) | 0.10 | 3.52 | 0.10 | 4.34 |
Net Basic Earnings per Common Share (in dollars per share) | 2.75 | 1.45 | 3.33 | 1.48 |
Diluted Earnings (Loss) per Common Share: | ||||
Continuing Operations (in dollars per share) | 2.63 | (2.07) | 3.20 | (2.86) |
Discontinued Operations (in dollars per share) | 0.10 | 3.50 | 0.10 | 4.31 |
Net Diluted Earnings per Common Share (in dollars per share) | $ 2.73 | $ 1.43 | $ 3.31 | $ 1.45 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Comprehensive income: | ||||
Net earnings | $ 25,383 | $ 14,016 | $ 31,121 | $ 14,377 |
Change in pension, post retirement benefits and other (net of tax) | 17 | 119 | ||
Total | $ 25,383 | $ 14,033 | $ 31,121 | $ 14,496 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Cash Flows from Operating Activities: | ||
Net Earnings (Loss) From Continuing Operations | $ 30,166 | $ (27,834) |
Net Earnings From Discontinued Operations (Net of Tax) | 955 | 42,211 |
Net Cash Provided By Operations: | ||
Depreciation & Amortization | 22,644 | 23,550 |
Gain on the Sale of Assets | (9,049) | (55,863) |
Provision for Restructuring and Impairment | 5,573 | 6,537 |
Deferred Income Tax Benefit | 3,283 | 4,159 |
Changes in Operating Assets and Liabilities: | ||
Accounts Receivable | (2,538) | (5,537) |
Inventories | 8,619 | 52,836 |
Other Current Assets | (3,197) | (8,353) |
Income Taxes | 6,763 | (280) |
Accounts Payable, Accrued Expenses and Other Liabilities | 52,101 | 15,004 |
Net Cash Provided By Operations | 115,320 | 46,430 |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (47,681) | (30,468) |
Proceeds from the Sale of Assets | 22,175 | 84,975 |
Net Cash (Used In) Provided By Investing Activities | (25,506) | 54,507 |
Cash Flows from Financing Activities: | ||
Long-Term Borrowing | 401,053 | 419,102 |
Payments on Long-Term Debt and Lease Obligations | (465,099) | (517,187) |
Other Assets | (7,125) | 226 |
Payments on Financing Leases | (4,799) | |
Purchase of Treasury Stock | (11,454) | (5,340) |
Dividends | (12) | (12) |
Net Cash Used In Financing Activities | (87,436) | (103,211) |
Net Increase (Decrease) in Cash and Cash Equivalents | 2,378 | (2,274) |
Cash and Cash Equivalents, Beginning of the Period | 11,480 | 15,102 |
Cash and Cash Equivalents, End of the Period | 13,858 | 12,828 |
Noncash Transactions: | ||
Property, Plant and Equipment Purchased Under Lease Obligations | $ 9,782 | $ 258 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Cumulative Preferred Stock [Member]Preferred Stock [Member] | Cumulative Convertible Preferred Stock [Member]Common Stock [Member] | Participating Convertible Preferred Stock [Member]Additional Paid-in Capital [Member] | Series 2003 Convertible Preferred Stock [Member]Treasury Stock [Member] | Common Class A [Member]Preferred Stock [Member] | Common Class A [Member]AOCI Attributable to Parent [Member] | Common Class A [Member] | Common Class B [Member]Common Stock [Member] | Common Class B [Member]Retained Earnings [Member] | Common Class B [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Mar. 31, 2018 | $ 707,000 | $ 3,038,000 | $ 98,161,000 | $ (69,556,000) | $ (25,067,000) | $ 403,780,000 | |||||||||||
Net earnings (loss) | (8,755,000) | ||||||||||||||||
Cash dividends paid on preferred stock | (12,000) | ||||||||||||||||
Equity incentive program | 25,000 | ||||||||||||||||
Change in pension, post retirement benefits, other (net of tax) | (51,000) | ||||||||||||||||
Balance at Jun. 30, 2018 | 707,000 | 3,038,000 | 98,186,000 | (69,556,000) | (25,118,000) | 395,013,000 | |||||||||||
Balance at Mar. 31, 2018 | 707,000 | 3,038,000 | 98,161,000 | (69,556,000) | (25,067,000) | 403,780,000 | |||||||||||
Net earnings (loss) | $ 14,377,000 | ||||||||||||||||
Balance at Dec. 29, 2018 | 707,000 | 3,038,000 | 98,236,000 | (74,896,000) | (25,186,000) | 418,134,000 | 420,033,000 | ||||||||||
Balance at Jun. 30, 2018 | 707,000 | 3,038,000 | 98,186,000 | (69,556,000) | (25,118,000) | 395,013,000 | |||||||||||
Net earnings (loss) | 9,116,000 | ||||||||||||||||
Equity incentive program | 25,000 | ||||||||||||||||
Purchase treasury stock | (1,579,000) | ||||||||||||||||
Change in pension, post retirement benefits, other (net of tax) | (51,000) | ||||||||||||||||
Balance at Sep. 29, 2018 | 707,000 | 3,038,000 | 98,211,000 | (71,135,000) | (25,169,000) | 404,129,000 | |||||||||||
Net earnings (loss) | 14,016,000 | 14,016,000 | |||||||||||||||
Cash dividends paid on preferred stock | (11,000) | ||||||||||||||||
Equity incentive program | 25,000 | ||||||||||||||||
Purchase treasury stock | (3,761,000) | ||||||||||||||||
Change in pension, post retirement benefits, other (net of tax) | (17,000) | ||||||||||||||||
Balance at Dec. 29, 2018 | 707,000 | 3,038,000 | 98,236,000 | (74,896,000) | (25,186,000) | 418,134,000 | 420,033,000 | ||||||||||
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 | ||||||||||
Net earnings (loss) | 1,103,000 | ||||||||||||||||
Cash dividends paid on preferred stock | (12,000) | ||||||||||||||||
Equity incentive program | 25,000 | ||||||||||||||||
Purchase treasury stock | (2,744,000) | ||||||||||||||||
Operating lease impairment adjustment upon the adoption of ASU 2016-02 "Leases" (net of tax) | (2,019,000) | ||||||||||||||||
Balance at Jun. 29, 2019 | 707,000 | 3,039,000 | 98,285,000 | (78,484,000) | (18,285,000) | 408,576,000 | |||||||||||
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 | ||||||||||
Net earnings (loss) | 31,121,000 | ||||||||||||||||
Purchase treasury stock | $ (7,571,000) | $ (3,883,000) | |||||||||||||||
Balance at Dec. 28, 2019 | 703,000 | 3,040,000 | 98,338,000 | (87,194,000) | (18,285,000) | 438,583,000 | 435,185,000 | ||||||||||
Balance at Jun. 29, 2019 | 707,000 | 3,039,000 | 98,285,000 | (78,484,000) | (18,285,000) | 408,576,000 | |||||||||||
Net earnings (loss) | 4,635,000 | ||||||||||||||||
Equity incentive program | 25,000 | ||||||||||||||||
Purchase treasury stock | (5,836,000) | ||||||||||||||||
Preferred stock conversion | (4,000) | 1,000 | 3,000 | ||||||||||||||
Balance at Sep. 28, 2019 | 703,000 | 3,040,000 | 98,313,000 | (84,320,000) | (18,285,000) | 413,211,000 | |||||||||||
Net earnings (loss) | 25,383,000 | 25,383,000 | |||||||||||||||
Cash dividends paid on preferred stock | (11,000) | ||||||||||||||||
Equity incentive program | 25,000 | ||||||||||||||||
Purchase treasury stock | (2,874,000) | ||||||||||||||||
Balance at Dec. 28, 2019 | $ 703,000 | $ 3,040,000 | $ 98,338,000 | $ (87,194,000) | $ (18,285,000) | $ 438,583,000 | $ 435,185,000 | ||||||||||
Shares authorized and designated: (in shares) | 200,000 | 1,400,000 | 37,155 | 500 | |||||||||||||
Common stock, shares authorized (in shares) | 200,000 | 1,400,000 | |||||||||||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 37,155 | 500 | |||||||||||||
Common stock, shares outstanding (in shares) | 7,416,735 | 1,735,636 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Unaudited Condensed Consolidated Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of Seneca Foods Corporation (the “Company”) as of December 28, 2019 December 29, 2018 March 31, 2019 The results of operations for the three nine December 28, 2019 not nine December 28, 2019, $116,515,000 $65,741,000 nine December 29, 2018. The accounting policies followed by the Company are set forth in Note 1 2019 10 Other footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company's 2019 10 All references to years are fiscal years ended or ending March 31 may not Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification. |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 9 Months Ended |
Dec. 28, 2019 | |
Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2 . Discontinued Operations On July 13, 2018, October 9, 2018, $63,326,000. second 2019, 15% 210 05— Discontinued Operations The following table presents information related to the major classes of assets and liabilities of Modesto that are classified as Held For Sale-Discontinued Operations in the Company's Consolidated Condensed balance sheets (in thousands): December 28 December 29 March 31 2019 2018 2019 Accounts Receivable $ - $ 1,441 $ - Inventories - 4,645 - Other Current Assets 98 5,977 98 Current Assets Held For Sale-Discontinued Operations $ 98 $ 12,063 $ 98 Other Assets $ 1,054 $ 1,739 $ 1,143 Noncurrent Assets Held For Sale-Discontinued Operations $ 1,054 $ 1,739 $ 1,143 Accounts Payable and Accrued Expenses $ 2,744 $ 8,697 $ 4,285 Current Liabilities Held For Sale-Discontinued Operations $ 2,744 $ 8,697 $ 4,285 The operating results of the discontinued operations that are reflected in the Unaudited Condensed Consolidated Statements of Net Earnings (Loss) from discontinued operations are as follows (in thousands): Three Months Ended Nine Months Ended December 28 December 29 December 28 December 29 2019 2018 2019 2018 Net Sales $ - $ 1,644 $ - $ 111,693 Costs and Expenses: Cost of Product Sold 57 5,796 57 129,872 Selling, General and Administrative - 137 - 1,135 Plant Restructuring (Credit) Charge (a) (902 ) 854 (902 ) 4,350 Interest Expense (b) - - - 1,077 Total cost and expenses (845 ) 6,787 (845 ) 136,434 Loss From Discontinued Operations Before Income Taxes 845 (5,143 ) 845 (24,741 ) Gain on the Sale of Assets Before Income Taxes (c) (d) (430 ) (50,411 ) (430 ) (80,677 ) Income Tax Expense 320 11,212 320 13,725 Net Earnings From Discontinued Operations, Net of Tax $ 955 $ 34,056 $ 955 $ 42,211 Supplemental Information on Discontinued Operations: Capital Expenditures - - - 3,937 Depreciation - 7 - 1,302 (a) Includes $902,000 three nine Includes $278,000 $3,579,000 three nine (b) Includes interest on debt directly related to Modesto including the building mortgage and equipment capital leases and an allocation of the Company's line of credit facilty. (c) Includes a $24,211,000 three nine (d) Includes a $4,975,000 nine |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3 . Revenue Recognition In the following table, segment revenue is disaggregated by product category groups (in millions). Three Months Ended Nine Months Ended December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Canned Vegetables $ 251.4 $ 259.5 $ 657.3 $ 631.1 B&G* 48.7 27.7 117.5 66.7 Frozen 27.8 29.7 72.3 87.5 Fruit Products 32.2 27.2 81.8 70.7 Chip Products 2.9 2.5 8.9 7.7 Prepared Foods 25.5 22.0 78.9 59.2 Other 4.5 3.6 11.2 14.1 $ 393.0 $ 372.2 $ 1,027.9 $ 937.0 *B&G includes both canned and frozen vegetable sales exclusively for B&G. |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 . Inventories First-In, First-Out (“FIFO”) based inventory costs exceeded LIFO based inventory costs by $153,884,000 third 2020 $160,727,000 third 2019. three December 28, 2019 $11,337,000 $25,776,000 three December 29, 2018. The change in the LIFO Reserve for the nine December 28, 2019 $7,457,000 $15,722,000 nine December 29, 2018. $24,211,000 $15,722,000 $39,933,000 2020 2019. December 28, 2019 December 29, 2018 March 31, 2019 In Thousands Finished products $ 465,306 $ 557,652 $ 454,920 In process 34,685 41,100 42,045 Raw materials and supplies 146,958 137,910 166,060 646,949 736,662 663,025 Less excess of FIFO cost over LIFO cost 153,884 160,727 161,341 Total inventories $ 493,065 $ 575,935 $ 501,684 |
Note 5 - Leases
Note 5 - Leases | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 5. Leases The Company determines if an arrangement is a lease at inception of the agreement. Operating leases are included in right-of-use operating assets, and current and noncurrent operating lease obligations in the Company’s Condensed Consolidated Balance Sheets. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. If the lease does not may not 12 not The Company has operating leases for land, machinery and equipment. The Company also has finance leases for machinery and equipment. The commencement date used for the calculation of the lease obligation is the latter of the commencement date of the new standard ( April 1, 2019) 12 not Upon adoption of ASU 2016 02, $2,019,000 Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense were as follows (In thousands): Three Months Nine Months December 28, 2019 December 28, 2019 Lease cost: Amortization of right of use asset $ 1,084 $ 3,191 Interest on lease liabilities 321 1,033 Finance lease cost 1,405 4,224 Operating lease cost 7,545 23,234 Total lease cost $ 8,950 $ 27,458 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 1,033 Operating cash flows from operating leases 24,531 Financing cash flows from finance leases 4,799 Total $ 30,363 Right-of-use assets obtained in exchange for new finance lease liabilities $ 3,697 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,085 Weighted-average lease term (years): Financing leases 5.4 Operating leases 3.9 Weighted-average discount rate (percentage): Financing leases 4.2 Operating leases 4.6 10 Table of Contents SENECA FOODS CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) December 28, 2019 Undiscounted future lease payments under non-cancelable operating leases and financial leases, along with a reconciliation of undiscounted cash flows to operating and financing lease liabilities, respectively, as of December 28, 2019 ( Years ending March 31: Operating Financing Balance of 2020 $ 5,435 $ 1,945 2021 26,301 7,782 2022 19,683 7,782 2023 13,446 7,782 2024 6,496 6,064 2025-2031 7,516 6,161 Total minimum payment required $ 78,877 $ 37,516 Less interest 6,481 3,926 Present value of minimum lease payments 72,396 33,590 Amount due within one year 24,430 6,584 Long-term capital lease obligation $ 47,966 $ 27,006 As the Company has not 842, 840 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 |
Note 6 - Revolving Credit Facil
Note 6 - Revolving Credit Facility | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6 . Revolving Credit Facility The Company has a five $400,000,000 April July $500,000,000 August March July 5, 2021. December 28, 2019 $114,689,000 June November three seven may The decrease in the reported average outstanding Revolver borrowings during the first nine 2020 first nine 2019 General terms of the Revolver include payment of interest at LIBOR plus a defined spread. The following table documents the quantitative data for Revolver borrowings during the third 2020 2019: Third Quarter Year-to-Date 2020 2019 2020 2019 (In thousands) (In thousands) Reported end of period: Outstanding borrowings $ 114,689 $ 214,161 $ 114,689 $ 214,161 Weighted average interest rate 3.27 % 4.02 % 3.27 % 4.02 % Reported during the period: Maximum amount of borrowings $ 137,418 $ 242,947 $ 151,477 $ 294,062 Average outstanding borrowings $ 115,626 $ 192,323 $ 127,078 $ 225,345 Weighted average interest rate 3.40 % 3.86 % 3.75 % 3.64 % |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7 . Stockholders’ Equity During the nine December 28, 2019 $7,571,000 $3,883,000 December 28, 2019, 3,008,762 $87,194,000 not |
Note 8 - Retirement Plans
Note 8 - Retirement Plans | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 8 . Retirement Plans The net periodic benefit cost for the Company’s pension plan consisted of: Three Months Ended Nine Months Ended December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 (In thousands) Service Cost $ 2,283 $ 1,831 $ 6,848 $ 6,716 Interest Cost 2,316 2,362 6,947 6,848 Expected Return on Plan Assets (3,957 ) (3,593 ) (11,870 ) (10,785 ) Amortization of Prior Service Cost 30 30 90 90 Amortization of Net Loss 29 593 87 1,198 Net Periodic Benefit Cost $ 701 $ 1,223 $ 2,102 $ 4,067 There were no three nine December 28, 2019 December 29, 2018, Effective January 1, 2020, 3% 401 |
Note 9 - Plant Restructuring
Note 9 - Plant Restructuring | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 9 . Plant Restructuring The following table summarizes the rollforward of continuing restructuring charges and related asset impairment charges recorded and the accruals established: Restructuring Payable Severance Other Costs Total (In thousands) Balance March 31, 2019 $ 225 $ 1 $ 226 First quarter charge 586 4,220 4,806 Second quarter charge 386 760 1,146 Third quarter charge 28 765 793 Cash payments/write offs (1,145 ) (5,746 ) (6,891 ) Balance December 28, 2019 $ 80 $ - $ 80 Severance Other Costs Total (In thousands) Balance March 31, 2018 $ - $ - $ - First quarter charge 110 (72 ) 38 Second quarter charge 845 - 845 Third quarter charge 378 1,018 1,396 Cash payments/write offs (976 ) 72 (904 ) Balance December 29, 2018 $ 357 $ 1,018 $ 1,375 During the nine December 28, 2019 $6,745,000 $5,266,000 $2,354,000 $1,000,000 $1,875,000 During the nine December 29, 2018, $2,279,000 $1,333,000 $946,000 |
Note 10 - Other Operating Incom
Note 10 - Other Operating Income and Expense | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 10 . Other Operating Income and Expense During the nine December 28, 2019 $3,742,000 $1,737,000. $3,139,000. During the nine December 29, 2018, $3,920,000 |
Note 11 - Recently Issued Accou
Note 11 - Recently Issued Accounting Standards | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 1 1 Recently Issued Accounting Standards In February 2016, 2016 02, 2016 02 12 July 2018, No. 2018 11, 842 December 15, 2018. 2016 02 April 1, 2019, 2018 11. $88,333,000 $91,025,000 $2,019,000 $2,692,000 $673,000 April 1, 2019. not $2,019,000, March 2019 5 In August 2018, No. 2018 14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715 20 2018 14 December 15, 2020, 2018 14 There were no not December 28, 2019. |
Note 12 - Earnings Per Common S
Note 12 - Earnings Per Common Share from Continuing Operations | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 2 . Earnings per Common Share From Continuing Operations Earnings per share for the three nine December 28, 2019 December 29, 2018 Q U A R T E R Y E A R T O D A T E (Thousands, except per share amounts) Fiscal 2020 Fiscal 2019 Fiscal 2020 Fiscal 2019 Continuing Operations Basic Earnings (loss) from continuing operations $ 24,428 $ (20,040 ) $ 30,166 $ (27,834 ) Deduct preferred stock dividends paid 6 6 17 17 Undistributed earnings (loss) from continuing operations 24,422 (20,046 ) 30,149 (27,851 ) Earnings (loss) from continuing operations attributable to participating preferred 100 (79 ) 122 (109 ) Earnings (loss) from continuing operations attributable to common shareholders $ 24,322 $ (19,967 ) $ 30,027 $ (27,742 ) Weighted average common shares outstanding 9,176 9,625 9,307 9,694 Basic earnings (loss) per common share from continuing operations $ 2.65 $ (2.07 ) $ 3.23 $ (2.86 ) Diluted Earnings (loss) from continuing operations attributable to common shareholders $ 24,322 $ (19,967 ) $ 30,027 $ (27,742 ) Add dividends on convertible preferred stock 5 - 15 - Earnings (loss) from continuing operations attributable to common stock on a diluted basis $ 24,327 $ (19,967 ) $ 30,042 $ (27,742 ) Weighted average common shares outstanding-basic 9,176 9,625 9,307 9,694 Additional shares issued related to the equity compensation plan 2 - 2 - Additional shares to be issued under full conversion of preferred stock 67 - 67 - Total shares for diluted 9,245 9,625 9,376 9,694 Diluted earnings (loss) per common share from continuing operations $ 2.63 $ (2.07 ) $ 3.20 $ (2.86 ) Note: For fiscal 2019 15 Table of Contents SENECA FOODS CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) December 28, 2019 Earnings per Common Share From Discontinued Operations Q U A R T E R Y E A R T O D A T E (Thousands, except per share amounts) Fiscal 2020 Fiscal 2019 Fiscal 2020 Fiscal 2019 Discontinued Operations Basic Earnings from discontinued operations $ 955 $ 34,056 $ 955 $ 42,211 Deduct preferred stock dividends paid 6 6 17 17 Undistributed earnings from discontinued operations 949 34,050 938 42,194 Earnings from discontinued operations attributable to participating preferred 4 134 4 165 Earnings from discontinued operations attributable to common shareholders $ 945 $ 33,916 $ 934 $ 42,029 Weighted average common shares outstanding 9,176 9,625 9,307 9,694 Basic earnings per common share from discontinued operations $ 0.10 $ 3.52 $ 0.10 $ 4.34 Diluted Earnings from discontinued operations attributable to common shareholders $ 945 $ 33,916 $ 934 $ 42,029 Add dividends on convertible preferred stock 5 5 15 15 Earnings from discontinued operations attributable to common stock on a diluted basis $ 950 $ 33,921 $ 949 $ 42,044 Weighted average common shares outstanding-basic 9,176 9,625 9,307 9,694 Additional shares issued related to the equity compensation plan 2 2 2 2 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 9,245 9,694 9,376 9,763 Diluted earnings per common share from discontinued operations $ 0.10 $ 3.50 $ 0.10 $ 4.31 Note: For fiscal 2019, |
Note 13 - Fair Value of Financi
Note 13 - Fair Value of Financial Instruments | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 3 . Fair Value of Financial Instruments As required by Accounting Standards Codification ("ASC") 825, 2 $225,337,000 $225,287,000 December 28, 2019. $325,373,000 $325,276,000 December 29, 2018. March 31, 2019, $266,245,000 $266,140,000. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 4 . Income Taxes The effective tax rate from continuing operations was 23.7% 25.7% nine December 28, 2019 December 29, 2018, 2.0 not 2019 2020. 2018 2019. 2018 2019 2019 |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 28 December 29 March 31 2019 2018 2019 Accounts Receivable $ - $ 1,441 $ - Inventories - 4,645 - Other Current Assets 98 5,977 98 Current Assets Held For Sale-Discontinued Operations $ 98 $ 12,063 $ 98 Other Assets $ 1,054 $ 1,739 $ 1,143 Noncurrent Assets Held For Sale-Discontinued Operations $ 1,054 $ 1,739 $ 1,143 Accounts Payable and Accrued Expenses $ 2,744 $ 8,697 $ 4,285 Current Liabilities Held For Sale-Discontinued Operations $ 2,744 $ 8,697 $ 4,285 Three Months Ended Nine Months Ended December 28 December 29 December 28 December 29 2019 2018 2019 2018 Net Sales $ - $ 1,644 $ - $ 111,693 Costs and Expenses: Cost of Product Sold 57 5,796 57 129,872 Selling, General and Administrative - 137 - 1,135 Plant Restructuring (Credit) Charge (a) (902 ) 854 (902 ) 4,350 Interest Expense (b) - - - 1,077 Total cost and expenses (845 ) 6,787 (845 ) 136,434 Loss From Discontinued Operations Before Income Taxes 845 (5,143 ) 845 (24,741 ) Gain on the Sale of Assets Before Income Taxes (c) (d) (430 ) (50,411 ) (430 ) (80,677 ) Income Tax Expense 320 11,212 320 13,725 Net Earnings From Discontinued Operations, Net of Tax $ 955 $ 34,056 $ 955 $ 42,211 Supplemental Information on Discontinued Operations: Capital Expenditures - - - 3,937 Depreciation - 7 - 1,302 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Canned Vegetables $ 251.4 $ 259.5 $ 657.3 $ 631.1 B&G* 48.7 27.7 117.5 66.7 Frozen 27.8 29.7 72.3 87.5 Fruit Products 32.2 27.2 81.8 70.7 Chip Products 2.9 2.5 8.9 7.7 Prepared Foods 25.5 22.0 78.9 59.2 Other 4.5 3.6 11.2 14.1 $ 393.0 $ 372.2 $ 1,027.9 $ 937.0 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 28, 2019 December 29, 2018 March 31, 2019 In Thousands Finished products $ 465,306 $ 557,652 $ 454,920 In process 34,685 41,100 42,045 Raw materials and supplies 146,958 137,910 166,060 646,949 736,662 663,025 Less excess of FIFO cost over LIFO cost 153,884 160,727 161,341 Total inventories $ 493,065 $ 575,935 $ 501,684 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Nine Months December 28, 2019 December 28, 2019 Lease cost: Amortization of right of use asset $ 1,084 $ 3,191 Interest on lease liabilities 321 1,033 Finance lease cost 1,405 4,224 Operating lease cost 7,545 23,234 Total lease cost $ 8,950 $ 27,458 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 1,033 Operating cash flows from operating leases 24,531 Financing cash flows from finance leases 4,799 Total $ 30,363 Right-of-use assets obtained in exchange for new finance lease liabilities $ 3,697 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,085 Weighted-average lease term (years): Financing leases 5.4 Operating leases 3.9 Weighted-average discount rate (percentage): Financing leases 4.2 Operating leases 4.6 |
Lessee, Lease Liability, Maturity [Table Text Block] | Years ending March 31: Operating Financing Balance of 2020 $ 5,435 $ 1,945 2021 26,301 7,782 2022 19,683 7,782 2023 13,446 7,782 2024 6,496 6,064 2025-2031 7,516 6,161 Total minimum payment required $ 78,877 $ 37,516 Less interest 6,481 3,926 Present value of minimum lease payments 72,396 33,590 Amount due within one year 24,430 6,584 Long-term capital lease obligation $ 47,966 $ 27,006 |
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 6 - Revolving Credit Fac_2
Note 6 - Revolving Credit Facility (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | Third Quarter Year-to-Date 2020 2019 2020 2019 (In thousands) (In thousands) Reported end of period: Outstanding borrowings $ 114,689 $ 214,161 $ 114,689 $ 214,161 Weighted average interest rate 3.27 % 4.02 % 3.27 % 4.02 % Reported during the period: Maximum amount of borrowings $ 137,418 $ 242,947 $ 151,477 $ 294,062 Average outstanding borrowings $ 115,626 $ 192,323 $ 127,078 $ 225,345 Weighted average interest rate 3.40 % 3.86 % 3.75 % 3.64 % |
Note 8 - Retirement Plans (Tabl
Note 8 - Retirement Plans (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended Nine Months Ended December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 (In thousands) Service Cost $ 2,283 $ 1,831 $ 6,848 $ 6,716 Interest Cost 2,316 2,362 6,947 6,848 Expected Return on Plan Assets (3,957 ) (3,593 ) (11,870 ) (10,785 ) Amortization of Prior Service Cost 30 30 90 90 Amortization of Net Loss 29 593 87 1,198 Net Periodic Benefit Cost $ 701 $ 1,223 $ 2,102 $ 4,067 |
Note 9 - Plant Restructuring (T
Note 9 - Plant Restructuring (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Restructuring Payable Severance Other Costs Total (In thousands) Balance March 31, 2019 $ 225 $ 1 $ 226 First quarter charge 586 4,220 4,806 Second quarter charge 386 760 1,146 Third quarter charge 28 765 793 Cash payments/write offs (1,145 ) (5,746 ) (6,891 ) Balance December 28, 2019 $ 80 $ - $ 80 Severance Other Costs Total (In thousands) Balance March 31, 2018 $ - $ - $ - First quarter charge 110 (72 ) 38 Second quarter charge 845 - 845 Third quarter charge 378 1,018 1,396 Cash payments/write offs (976 ) 72 (904 ) Balance December 29, 2018 $ 357 $ 1,018 $ 1,375 |
Note 12 - Earnings Per Common_2
Note 12 - Earnings Per Common Share from Continuing Operations (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Q U A R T E R Y E A R T O D A T E (Thousands, except per share amounts) Fiscal 2020 Fiscal 2019 Fiscal 2020 Fiscal 2019 Continuing Operations Basic Earnings (loss) from continuing operations $ 24,428 $ (20,040 ) $ 30,166 $ (27,834 ) Deduct preferred stock dividends paid 6 6 17 17 Undistributed earnings (loss) from continuing operations 24,422 (20,046 ) 30,149 (27,851 ) Earnings (loss) from continuing operations attributable to participating preferred 100 (79 ) 122 (109 ) Earnings (loss) from continuing operations attributable to common shareholders $ 24,322 $ (19,967 ) $ 30,027 $ (27,742 ) Weighted average common shares outstanding 9,176 9,625 9,307 9,694 Basic earnings (loss) per common share from continuing operations $ 2.65 $ (2.07 ) $ 3.23 $ (2.86 ) Diluted Earnings (loss) from continuing operations attributable to common shareholders $ 24,322 $ (19,967 ) $ 30,027 $ (27,742 ) Add dividends on convertible preferred stock 5 - 15 - Earnings (loss) from continuing operations attributable to common stock on a diluted basis $ 24,327 $ (19,967 ) $ 30,042 $ (27,742 ) Weighted average common shares outstanding-basic 9,176 9,625 9,307 9,694 Additional shares issued related to the equity compensation plan 2 - 2 - Additional shares to be issued under full conversion of preferred stock 67 - 67 - Total shares for diluted 9,245 9,625 9,376 9,694 Diluted earnings (loss) per common share from continuing operations $ 2.63 $ (2.07 ) $ 3.20 $ (2.86 ) Q U A R T E R Y E A R T O D A T E (Thousands, except per share amounts) Fiscal 2020 Fiscal 2019 Fiscal 2020 Fiscal 2019 Discontinued Operations Basic Earnings from discontinued operations $ 955 $ 34,056 $ 955 $ 42,211 Deduct preferred stock dividends paid 6 6 17 17 Undistributed earnings from discontinued operations 949 34,050 938 42,194 Earnings from discontinued operations attributable to participating preferred 4 134 4 165 Earnings from discontinued operations attributable to common shareholders $ 945 $ 33,916 $ 934 $ 42,029 Weighted average common shares outstanding 9,176 9,625 9,307 9,694 Basic earnings per common share from discontinued operations $ 0.10 $ 3.52 $ 0.10 $ 4.34 Diluted Earnings from discontinued operations attributable to common shareholders $ 945 $ 33,916 $ 934 $ 42,029 Add dividends on convertible preferred stock 5 5 15 15 Earnings from discontinued operations attributable to common stock on a diluted basis $ 950 $ 33,921 $ 949 $ 42,044 Weighted average common shares outstanding-basic 9,176 9,625 9,307 9,694 Additional shares issued related to the equity compensation plan 2 2 2 2 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 9,245 9,694 9,376 9,763 Diluted earnings per common share from discontinued operations $ 0.10 $ 3.50 $ 0.10 $ 4.31 |
Note 1 - Unaudited Condensed _2
Note 1 - Unaudited Condensed Consolidated Financial Statements (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 392,971,000 | $ 372,238,000 | $ 1,027,898,000 | $ 936,991,000 |
B&G Foods, Inc [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 116,515,000 | $ 65,741,000 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - USD ($) | Oct. 09, 2018 | Dec. 28, 2019 | Sep. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Pension Termination [Member] | |||||||
Disposal Group, Including Discontinued Operation, Restructuriing Charge | $ (902,000) | ||||||
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 63,326,000 | ||||||
Disposal Group, Including Discontinued Operation, Revenue, Percent | 15.00% | ||||||
Disposal Group, Including Discontinued Operation, Restructuriing Charge | [1] | (902,000) | $ 854,000 | $ (902,000) | $ 4,350,000 | ||
Effect of LIFO Inventory Liquidation on Income | 24,211,000 | 24,211,000 | 24,211,000 | ||||
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 | $ 278,000 | $ 3,579,000 | |||||
[1] | Includes $902,000 credit for pension termination in both the three and nine month periods of the current year. Includes $278,000 and $3,579,000 of Modesto severance in the three and nine month periods of prior year, respectively. |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Asset and Liabilities in Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 31, 2019 | ||
Noncurrent Assets Held For Sale-Discontinued Operations | $ 1,054 | $ 1,739 | $ 1,054 | $ 1,739 | $ 1,143 | |
Net Earnings From Discontinued Operations, Net of Tax | 955 | 34,056 | 955 | 42,211 | ||
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||
Accounts Receivable | 1,441 | 1,441 | ||||
Inventories | 4,645 | 4,645 | ||||
Other Current Assets | 98 | 5,977 | 98 | 5,977 | 98 | |
Current Assets Held For Sale-Discontinued Operations | 98 | 12,063 | 98 | 12,063 | 98 | |
Other Assets | 1,054 | 1,739 | 1,054 | 1,739 | 1,143 | |
Noncurrent Assets Held For Sale-Discontinued Operations | 1,054 | 1,739 | 1,054 | 1,739 | 1,143 | |
Accounts Payable and Accrued Expenses | 2,744 | 8,697 | 2,744 | 8,697 | 4,285 | |
Current Liabilities Held For Sale-Discontinued Operations | 2,744 | 8,697 | 2,744 | 8,697 | $ 4,285 | |
Net Sales | 1,644 | 111,693 | ||||
Cost of Product Sold | 57 | 5,796 | 57 | 129,872 | ||
Selling, General and Administrative | 137 | 1,135 | ||||
Disposal Group, Including Discontinued Operation, Restructuriing Charge | [1] | (902) | 854 | (902) | 4,350 | |
Interest Expense (b) | [2] | 1,077 | ||||
Total cost and expenses | (845) | 6,787 | (845) | 136,434 | ||
Loss From Discontinued Operations Before Income Taxes | 845 | (5,143) | 845 | (24,741) | ||
Gain on the Sale of Assets Before Income Taxes (c) (d) | [3],[4] | (430) | (50,411) | (430) | (80,677) | |
Income Tax Expense | 320 | 11,212 | 320 | 13,725 | ||
Net Earnings From Discontinued Operations, Net of Tax | 955 | 34,056 | 955 | 42,211 | ||
Capital Expenditures | 3,937 | |||||
Depreciation | $ 7 | $ 1,302 | ||||
[1] | Includes $902,000 credit for pension termination in both the three and nine month periods of the current year. Includes $278,000 and $3,579,000 of Modesto severance in the three and nine month periods of prior year, respectively. | |||||
[2] | Includes interest on debt directly related to Modesto including the building mortgage and equipment capital leases and an allocation of the Company's line of credit facilty. | |||||
[3] | Includes a $24,211,000 gain from LIFO layer liquidations from the disposal of the inventory for both prior three and nine months. | |||||
[4] | Includes a $4,975,000 gain on the sale of bins for the prior nine months period. |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | ||
Net sales | $ 392,971 | $ 372,238 | $ 1,027,898 | $ 936,991 | |
Canned Vegetables [Member] | |||||
Net sales | 251,400 | 259,500 | 657,300 | 631,100 | |
B&G Foods, Inc [Member] | |||||
Net sales | [1] | 48,700 | 27,700 | 117,500 | 66,700 |
Frozen [Member] | |||||
Net sales | 27,800 | 29,700 | 72,300 | 87,500 | |
Fruit [Member] | |||||
Net sales | 32,200 | 27,200 | 81,800 | 70,700 | |
Chip Products [Member] | |||||
Net sales | 2,900 | 2,500 | 8,900 | 7,700 | |
Prepared Foods [Member] | |||||
Net sales | 25,500 | 22,000 | 78,900 | 59,200 | |
Manufactured Product, Other [Member] | |||||
Net sales | $ 4,500 | $ 3,600 | $ 11,200 | $ 14,100 | |
[1] | B&G includes both canned and frozen vegetable sales exclusively for B&G. |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Dec. 29, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 31, 2019 | |
Inventory, LIFO Reserve | $ 153,884,000 | $ 160,727,000 | $ 153,884,000 | $ 160,727,000 | $ 161,341,000 | |
Inventory, LIFO Reserve, Period Charge | $ (11,337,000) | $ 25,776,000 | (7,457,000) | 15,722,000 | ||
Cost of Sales [Member] | ||||||
Effect of LIFO Inventory Liquidation on Income | (39,933,000) | |||||
Discontinued Operations, Disposed of by Sale [Member] | Modesto Facility [Member] | ||||||
Effect of LIFO Inventory Liquidation on Income | $ 24,211,000 | $ 24,211,000 | $ 24,211,000 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) | Dec. 28, 2019 | Mar. 31, 2019 | Dec. 29, 2018 |
Finished products | $ 465,306,000 | $ 454,920,000 | $ 557,652,000 |
In process | 34,685,000 | 42,045,000 | 41,100,000 |
Raw materials and supplies | 146,958,000 | 166,060,000 | 137,910,000 |
Total | 646,949,000 | 663,025,000 | 736,662,000 |
Less excess of FIFO cost over LIFO cost | 153,884,000 | 161,341,000 | 160,727,000 |
Inventories | $ 493,065,000 | $ 501,684,000 | $ 575,935,000 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | 9 Months Ended |
Dec. 28, 2019USD ($) | |
Accounting Standards Update 2016-02 [Member] | |
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 2,019,000 |
Note 5 - Leases - Lease Expense
Note 5 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 28, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | |
Lease cost: | |||
Amortization of right of use asset | $ 1,084 | $ 3,191 | |
Interest on lease liabilities | 321 | 1,033 | |
Finance lease cost | 1,405 | 4,224 | |
Operating lease cost | 7,545 | 23,234 | |
Total lease cost | $ 8,950 | 27,458 | |
Operating cash flows from finance leases | 1,033 | ||
Operating cash flows from operating leases | 24,531 | ||
Financing cash flows from finance leases | 4,799 | ||
Total | 30,363 | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | 3,697 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 6,085 | ||
Financing leases (Year) | 5 years 146 days | 5 years 146 days | |
Operating leases, lease term (Year) | 3 years 328 days | 3 years 328 days | |
Financing leases | 4.20% | 4.20% | |
Operating leases, discount rate | 4.60% | 4.60% |
Note 5 - Leases - Undiscounted
Note 5 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 31, 2019 | Dec. 29, 2018 |
Balance of 2020, operating | $ 5,435 | ||
Balance of 2020, financing | 1,945 | ||
2021, operating | 26,301 | ||
2021, financing | 7,782 | ||
2022, operating | 19,683 | ||
2022, financing | 7,782 | ||
2023, operating | 13,446 | ||
2023, financing | 7,782 | ||
2024, operating | 6,496 | ||
2024, financing | 6,064 | ||
2025-2031, operating | 7,516 | ||
2025-2031, financing | 6,161 | ||
Total minimum payment required, operating | 78,877 | ||
Total minimum payment required, financing | 37,516 | ||
Less interest, operating | 6,481 | ||
Less interest, financing | 3,926 | ||
Operating Lease, Liability, Total | 72,396 | ||
Present value of minimum lease payments, financing | 33,590 | ||
Amount due within one year, operating | 24,430 | ||
Amount due within one year, financing | 6,584 | ||
Long-term lease obligations, operating | 47,966 | ||
Long-term lease obligations, financing | $ 27,006 |
Note 5 - Leases - Minimum Opera
Note 5 - Leases - Minimum Operating and Capital Lease Payments (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 31, 2019 | Dec. 29, 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 | $ 5,922 | |
Long-term capital lease obligation | $ 31,286 | $ 29,730 |
Note 6 - Revolving Credit Fac_3
Note 6 - Revolving Credit Facility (Details Textual) - USD ($) | Jul. 05, 2016 | Dec. 28, 2019 | Dec. 29, 2018 |
Accounts Receivable, Vegetable and Fruit Products Sold, Standard Payment Term | 90 days | ||
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term | 210 days | ||
Revolving Credit Facility [Member] | |||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 400,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | 500,000,000 | ||
Long-term Line of Credit, Total | $ 114,689,000 | $ 214,161,000 |
Note 6 - Revolving Credit Fac_4
Note 6 - Revolving Credit Facility - Revolving Line of Credit Summary (Details) - Revolving Credit Facility [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Outstanding borrowings | $ 114,689,000 | $ 214,161,000 | $ 114,689,000 | $ 214,161,000 |
Weighted average interest rate | 3.27% | 4.02% | 3.27% | 4.02% |
Maximum amount of borrowings | $ 137,418,000 | $ 242,947,000 | $ 151,477,000 | $ 294,062,000 |
Average outstanding borrowings | $ 115,626,000 | $ 192,323,000 | $ 127,078,000 | $ 225,345,000 |
Weighted average interest rate | 3.40% | 3.86% | 3.75% | 3.64% |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | 9 Months Ended | ||
Dec. 28, 2019 | Mar. 31, 2019 | Dec. 29, 2018 | |
Treasury Stock, Shares, Ending Balance | 3,008,762 | ||
Treasury Stock, Value, Ending Balance | $ 87,194,000 | $ 75,740,000 | $ 74,896,000 |
Common Class A [Member] | |||
Treasury Stock, Value, Acquired, Cost Method | 7,571,000 | ||
Common Class B [Member] | |||
Treasury Stock, Value, Acquired, Cost Method | $ 3,883,000 |
Note 8 - Retirement Plans (Deta
Note 8 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 | $ 0 | $ 0 | |
Pension Plan 401 (k) [Member] | Subsequent Event [Member] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3.00% |
Note 8 - Retirement Plans - Net
Note 8 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Service Cost | $ 2,283 | $ 1,831 | $ 6,848 | $ 6,716 |
Interest Cost | 2,316 | 2,362 | 6,947 | 6,848 |
Expected Return on Plan Assets | (3,957) | (3,593) | (11,870) | (10,785) |
Amortization of Prior Service Cost | 30 | 30 | 90 | 90 |
Amortization of Net Loss | 29 | 593 | 87 | 1,198 |
Net Periodic Benefit Cost | $ 701 | $ 1,223 | $ 2,102 | $ 4,067 |
Note 9 - Plant Restructuring (D
Note 9 - Plant Restructuring (Details Textual) - Closing of Midwest and Northwest Plants [Member] - USD ($) | 9 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Restructuring Charges, Total | $ 6,745,000 | $ 2,279,000 |
Restructuring Credit For Reduced Lease Liability | 1,875,000 | |
Lease Impairments [Member] | ||
Restructuring Charges, Total | 5,266,000 | |
Equipment Moves [Member] | ||
Restructuring Charges, Total | 2,354,000 | |
Employee Severance [Member] | ||
Restructuring Charges, Total | $ 1,000,000 | 1,333,000 |
Other Restructuring [Member] | ||
Restructuring Charges, Total | $ 946,000 |
Note 9 - Plant Restructuring -
Note 9 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Balance | $ 226 | $ 226 | ||||||
Quarter charge (credit) | $ 793 | $ 1,146 | 4,806 | $ 1,396 | $ 845 | 38 | ||
Cash payments/write offs | (6,891) | (904) | ||||||
Quarter charge (credit) | 793 | 1,146 | 4,806 | 1,396 | 845 | 38 | ||
Balance | 80 | 1,375 | 80 | 1,375 | ||||
Employee Severance [Member] | ||||||||
Balance | 225 | 225 | ||||||
Quarter charge (credit) | 28 | 386 | 586 | 378 | 845 | 110 | ||
Cash payments/write offs | (1,145) | (976) | ||||||
Quarter charge (credit) | 28 | 386 | 586 | 378 | 845 | 110 | ||
Balance | 80 | 357 | 80 | 357 | ||||
Other Restructuring [Member] | ||||||||
Balance | 1 | 1 | ||||||
Quarter charge (credit) | 765 | 760 | 4,220 | 1,018 | (72) | |||
Cash payments/write offs | (5,746) | 72 | ||||||
Quarter charge (credit) | 765 | $ 760 | $ 4,220 | 1,018 | $ (72) | |||
Balance | $ 1,018 | $ 1,018 |
Note 10 - Other Operating Inc_2
Note 10 - Other Operating Income and Expense (Details Textual) - Other Operating Income (Expense) [Member] - USD ($) | 9 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 3,139,000 | |
Partial Closure of Midwest Plant [Member] | ||
Gain (Loss) On Sale of Plant | 3,742,000 | |
Closing of Northwest Plant [Member] | ||
Gain (Loss) On Sale of Plant | $ 1,737,000 | |
Closed Plant in the Midwest [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 3,920,000 |
Note 11 - Recently Issued Acc_2
Note 11 - Recently Issued Accounting Standards (Details Textual) - USD ($) | Apr. 01, 2019 | Dec. 28, 2019 | Mar. 31, 2019 | Dec. 29, 2018 |
Operating Lease, Right-of-Use Asset | $ 67,915,000 | |||
Operating Lease, Liability, Total | 72,396,000 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 88,333,000 | |||
Operating Lease, Liability, Total | 91,025,000 | |||
Cumulative Effect on Retained Earnings, Net of Tax, Total | 2,019,000 | $ 2,019,000 | ||
Cumulative Effect on Retained Earnings, before Tax | 2,692,000 | |||
Cumulative Effect on Retained Earnings, Tax | $ 673,000 |
Note 12 - Earnings Per Common_3
Note 12 - Earnings Per Common Share from Continuing Operations - Earnings per Common Share from Continuing Operations and Discontinued Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Net Earnings (Loss) From Continuing Operations | $ 24,428 | $ (20,040) | $ 30,166 | $ (27,834) |
Deduct preferred stock dividends paid | 6 | 6 | 17 | 17 |
Undistributed earnings (loss) from continuing operations | 24,422 | (20,046) | 30,149 | (27,851) |
Earnings (loss) from continuing operations attributable to participating preferred | 100 | (79) | 122 | (109) |
Earnings (loss) from continuing operations attributable to common shareholders | $ 24,322 | $ (19,967) | $ 30,027 | $ (27,742) |
Weighted average common shares outstanding-basic (in shares) | 9,176 | 9,625 | 9,307 | 9,694 |
Continuing Operations (in dollars per share) | $ 2.65 | $ (2.07) | $ 3.23 | $ (2.86) |
Earnings (loss) from continuing operations attributable to common shareholders | $ 24,322 | $ (19,967) | $ 30,027 | $ (27,742) |
Add dividends on convertible preferred stock | 5 | 15 | ||
Earnings (loss) from continuing operations attributable to common stock on a diluted basis | $ 24,327 | $ (19,967) | $ 30,042 | $ (27,742) |
Weighted average common shares outstanding-basic (in shares) | 9,176 | 9,625 | 9,307 | 9,694 |
Additional shares issued related to the equity compensation plan (in shares) | 2 | 2 | ||
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 | ||
Total shares for diluted (in shares) | 9,245 | 9,625 | 9,376 | 9,694 |
Diluted earnings (loss) per common share from continuing operations (in dollars per share) | $ 2.63 | $ (2.07) | $ 3.20 | $ (2.86) |
Net Earnings From Discontinued Operations (Net of Tax) | $ 955 | $ 34,056 | $ 955 | $ 42,211 |
Deduct preferred stock dividends paid | 6 | 6 | 17 | 17 |
Undistributed earnings from discontinued operations | 949 | 34,050 | 938 | 42,194 |
Earnings from discontinued operations attributable to participating preferred | 4 | 134 | 4 | 165 |
Earnings from discontinued operations attributable to common shareholders | $ 945 | $ 33,916 | $ 934 | $ 42,029 |
Discontinued Operations (in dollars per share) | $ 0.10 | $ 3.52 | $ 0.10 | $ 4.34 |
Earnings from discontinued operations attributable to common shareholders | $ 945 | $ 33,916 | $ 934 | $ 42,029 |
Add dividends on convertible preferred stock | 5 | 5 | 15 | 15 |
Earnings from discontinued operations attributable to common stock on a diluted basis | $ 950 | $ 33,921 | $ 949 | $ 42,044 |
Additional shares issued related to the equity compensation plan (in shares) | 2 | 2 | 2 | 2 |
Additional shares to be issued under full conversion of preferred stock | $ 67 | $ 67 | $ 67 | $ 67 |
Total shares for diluted (in shares) | 9,245 | 9,694 | 9,376 | 9,763 |
Diluted earnings per common share from discontinued operations (in dollars per share) | $ 0.10 | $ 3.50 | $ 0.10 | $ 4.31 |
Note 13 - Fair Value of Finan_2
Note 13 - Fair Value of Financial Instruments (Details Textual) - USD ($) | Dec. 28, 2019 | Mar. 31, 2019 | Dec. 29, 2018 |
Long-term Debt, Gross | $ 225,337,000 | $ 266,245,000 | $ 325,373,000 |
Long-term Debt, Fair Value | $ 225,287,000 | $ 266,140,000 | $ 325,276,000 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) | 9 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.70% | 25.70% |
Effective Income Tax Rate Continuing Operations Change | (2.00%) |