Seneca Foods (SENEA) 10-Q 10 Feb 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jan. 01, 2022	Feb. 01, 2022
Document Information [Line Items]
Entity Central Index Key	0000088948
Entity Registrant Name	Seneca Foods Corporation
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 1, 2022
Document Transition Report	false
Entity File Number	0-01989
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	16-0733425
Entity Address, Address Line One	3736 South Main Street
Entity Address, City or Town	Marion
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14505
City Area Code	315
Local Phone Number	926-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class B [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock Class B, $.25 Par
Trading Symbol	SENEB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		1,705,938
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock Class A, $.25 Par
Trading Symbol	SENEA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		6,736,047

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jan. 01, 2022	Mar. 31, 2021	Dec. 26, 2020
Current assets:
Cash and cash equivalents	$ 11,011	$ 59,837	$ 14,149
Accounts receivable, net	80,361	92,221	95,439
Contracts receivable	878	911	1,207
Current assets held for sale	8,930	8,656	11,375
Inventories	481,978	343,144	410,927
Refundable income taxes	14,088	8,385	0
Other current assets	7,931	3,145	2,681
Total current assets	605,177	516,299	535,778
Property, plant and equipment, net	258,204	248,583	225,500
Right-of-use assets operating, net	38,442	42,193	47,183
Right-of-use assets financing, net	35,968	30,611	31,331
Pension assets	62,690	62,851	0
Other assets	1,878	8,811	18,749
Total assets	1,002,359	909,348	858,541
Current liabilities:
Accounts payable	111,323	74,089	98,840
Deferred revenue	12,199	4,287	7,548
Accrued vacation	11,951	11,660	11,023
Accrued payroll	9,885	15,366	9,992
Other accrued expenses	27,472	24,403	26,957
Income taxes payable	0	0	4,274
Current portion of operating lease obligations	14,736	17,047	18,327
Current portion of financing lease obligations	8,375	6,778	6,608
Current portion of long-term debt	4,000	4,500	4,500
Total current liabilities	199,941	158,130	188,069
Long-term debt, less current portion	123,808	94,085	94,077
Operating lease obligations, less current portion	24,533	27,769	30,436
Financing lease obligations, less current portion	21,587	19,232	20,546
Pension liabilities	0	0	12,641
Deferred income tax liability, net	32,361	28,306	4,999
Other long-term liabilities	5,575	4,011	4,240
Total liabilities	407,805	331,533	355,008
Commitments and contingencies
Stockholders' equity:
Preferred stock	644	663	678
Common stock, $.25 par value per share	3,041	3,041	3,041
Additional paid-in capital	98,608	98,502	98,462
Treasury stock, at cost	(118,977)	(91,198)	(90,473)
Accumulated other comprehensive loss	(19,067)	(19,067)	(79,220)
Retained earnings	630,305	585,874	571,045
Total stockholders' equity	594,554	577,815	503,533
Total liabilities and stockholders’ equity	$ 1,002,359	$ 909,348	$ 858,541

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jan. 01, 2022	Mar. 31, 2021	Dec. 26, 2020
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
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Net sales	$ 445,593	$ 484,392	$ 1,052,891	$ 1,162,851
Costs and expenses:
Cost of product sold	400,608	406,688	931,555	987,642
Selling, general and administrative	21,032	22,613	57,442	60,211
Plant restructuring (credit)/charge	(110)	(118)	3	169
Other operating loss/(income)	399	(35,351)	681	(33,716)
Total costs and expenses	421,929	393,832	989,681	1,014,306
Operating income	23,664	90,560	63,210	148,545
Loss from equity investment	0	(728)	7,775	752
Other (income)/loss	(2,218)	(234)	(6,969)	2,457
Interest expense, net	1,505	1,531	4,183	4,586
Earnings before income taxes	24,377	89,991	58,221	140,750
Income taxes	5,713	17,531	13,767	29,479
Net earnings	$ 18,664	$ 72,460	$ 44,454	$ 111,271
Basic earnings per common share (in dollars per share)	$ 2.16	$ 7.96	$ 5.02	$ 12.18
Diluted earnings per common share: (in dollars per share)	$ 2.14	$ 7.90	$ 4.98	$ 12.09

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Comprehensive income:
Net earnings	$ 18,664	$ 72,460	$ 44,454	$ 111,271
Total	$ 18,664	$ 72,460	$ 44,454	$ 111,271

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020
Cash flows from operating activities:
Net earnings	$ 44,454	$ 111,271
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation & amortization	27,048	24,302
Gain on the sale of assets	(1,635)	(35,976)
Provision for restructuring	3	169
Loss from equity investment	7,775	752
Deferred income taxes	4,055	12,871
Changes in operating assets and liabilities:
Accounts receivable	11,893	20,766
Inventories	(138,834)	704
Other current assets	(4,786)	4,658
Income taxes	(5,703)	8,624
Accounts payable, accrued expenses and other	44,645	(45,051)
Net cash (used in)/provided by operating activities	(11,085)	103,090
Cash flows from investing activities:
Additions to property, plant and equipment	(36,437)	(40,167)
Proceeds from the sale of assets	4,773	72,782
Net cash (used in)/provided by investing activities	(31,664)	32,615
Cash flows from financing activities:
Long-term borrowing	278,106	468,181
Payments on long-term debt	(248,383)	(587,185)
Other assets	(2,206)	(6,407)
Payments on financing leases	(5,803)	(4,681)
Purchase of treasury stock	(27,779)	(2,154)
Dividends	(12)	(12)
Net cash used in financing activities	(6,077)	(132,258)
Net (decrease)/increase in cash and cash equivalents	(48,826)	3,447
Cash and cash equivalents, beginning of the period	59,837	10,702
Cash and cash equivalents, end of the period	11,011	14,149
Supplemental disclosures of cash flow information:
Property, plant and equipment purchased under lease obligations	18,713	5,214
Property, plant and equipment purchased on account	$ 2,229	$ 975

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	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]	Retained Earnings [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balances at Mar. 31, 2020							$ 459,797	$ 681	$ 3,041	$ 98,384	$ (88,319)	$ (79,220)
Net earnings							20,706	0	0	0	0	0
Cash dividends declared on preferred stock							(12)	0	0	0	0	0
Equity incentive program							0	0	0	28	0	0
Net earnings							20,706	0	0	0	0	0
Cash dividends declared on preferred stock							(12)	0	0	0	0	0
Balances at Jun. 27, 2020							480,491	681	3,041	98,412	(88,319)	(79,220)
Balances at Mar. 31, 2020							459,797	681	3,041	98,384	(88,319)	(79,220)
Net earnings													$ 111,271
Purchase treasury stock					$ (2,200)
Net earnings													111,271
Balances at Dec. 26, 2020							571,045	678	3,041	98,462	(90,473)	(79,220)	503,533
Balances at Jun. 27, 2020							480,491	681	3,041	98,412	(88,319)	(79,220)
Net earnings							18,105	0	0	0	0	0
Equity incentive program							0	0	0	24	0	0
Purchase treasury stock							0	0	0	0	(1,163)	0
Net earnings							18,105	0	0	0	0	0
Balances at Sep. 26, 2020							498,596	681	3,041	98,436	(89,482)	(79,220)
Net earnings							72,460	0	0	0	0	0	72,460
Cash dividends declared on preferred stock							(11)	0	0	0	0	0
Equity incentive program							0	0	0	23	0	0
Purchase treasury stock							0	0	0	0	(991)	0
Preferred stock conversion							0	(3)	0	3	0	0
Net earnings							72,460	0	0	0	0	0	72,460
Cash dividends declared on preferred stock							(11)	0	0	0	0	0
Balances at Dec. 26, 2020							571,045	678	3,041	98,462	(90,473)	(79,220)	503,533
Balances at Mar. 31, 2021							585,874	663	3,041	98,502	(91,198)	(19,067)	577,815
Net earnings							14,136	0	0	0	0	0
Cash dividends declared on preferred stock							(12)	0	0	0	0	0
Equity incentive program							0	0	0	25	0	0
Purchase treasury stock							0	0	0	0	(4,552)	0
Net earnings							14,136	0	0	0	0	0
Cash dividends declared on preferred stock							(12)	0	0	0	0	0
Balances at Jul. 03, 2021							599,998	663	3,041	98,527	(95,750)	(19,067)
Balances at Mar. 31, 2021							585,874	663	3,041	98,502	(91,198)	(19,067)	577,815
Net earnings													44,454
Purchase treasury stock					$ (27,800)
Net earnings													44,454
Balances at Jan. 01, 2022							630,305	644	3,041	98,608	(118,977)	(19,067)	594,554
Balances at Jul. 03, 2021							599,998	663	3,041	98,527	(95,750)	(19,067)
Net earnings							11,654	0	0	0	0	0
Equity incentive program							0	0	0	30	0	0
Purchase treasury stock							0	0	0	0	(12,757)	0
Preferred stock conversion							0	(1)	0	1	0	0
Net earnings							11,654	0	0	0	0	0
Balances at Oct. 02, 2021							611,652	662	3,041	98,558	(108,507)	(19,067)
Net earnings							18,664	0	0	0	0	0	18,664
Cash dividends declared on preferred stock							(11)	0	0	0	0	0
Equity incentive program							0	0	0	32	0	0
Purchase treasury stock							0	0	0	0	(10,470)	0
Preferred stock conversion							0	(18)	0	18	0	0
Net earnings							18,664	0	0	0	0	0	18,664
Cash dividends declared on preferred stock							(11)	0	0	0	0	0
Balances at Jan. 01, 2022							$ 630,305	$ 644	$ 3,041	$ 98,608	$ (118,977)	$ (19,067)	$ 594,554
Preferred stock, shares authorized (in shares)	200,000	1,400,000	32,256	500
Common stock, shares authorized (in shares)					20,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	200,000	807,240	32,256	500
Common stock, shares outstanding (in shares)					6,805,800	1,705,938

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals)	9 Months Ended
	Jan. 01, 2022$ / 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
Common Stock, Par Value (in dollars per share)	$ 0.25

Note 1 - Unaudited Condensed Co

Note 1 - Unaudited Condensed Consolidated Financial Statements	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Significant Accounting Policies [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 January 1, 2022 March 31, 2021 The results of operations for the three nine January 1, 2022 not For the nine January 1, 2022 December 26, 2020, Additionally, the Company assesses the potential for an other-than-temporary impairment of its equity method investment when impairment indicators are identified. The Company considers all available information, including the recoverability of the investment, the earnings and near-term prospects of the investment, factors related to the industry, amongst others relevant information. If an investment is considered to be impaired and the decline in value is other than temporary, an impairment charge is recorded. During fiscal 2021, 2022, not The accounting policies followed by the Company are set forth in Note 1 2021 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 2021 10 All references to years are fiscal years ended or ending March 31 may not Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification.

Note 2 - Assets Held For Sale

Note 2 - Assets Held For Sale	9 Months Ended
	Jan. 01, 2022
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	2. Assets Held For Sale The Company classifies its assets as held for sale at the time management commits to a plan to sell the asset, the asset is actively marketed and available for immediate sale, and the sale is expected to be completed within one may one As of: January 1, December 26, March 31, 2022 2020 2021 Property, plant and equipment (net) $ 8,930 $ 11,375 $ 8,656 Current assets held for sale $ 8,930 $ 11,375 $ 8,656

Note 3 - Revenue Recognition

Note 3 - Revenue Recognition	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. Revenue Recognition In the following table, revenue is disaggregated by product category groups (in thousands): Three Months Ended Nine Months Ended January 1, December 26, January 1, December 26, 2022 2020 2022 2020 Canned vegetables $ 373,205 $ 394,492 $ 860,737 $ 917,801 Frozen vegetables 32,305 27,281 95,739 76,137 Fruit products 30,192 30,722 68,351 73,536 Snack products 2,550 2,778 9,647 8,194 Prepared foods - 23,496 - 71,866 Other 7,341 5,623 18,417 15,317 $ 445,593 $ 484,392 $ 1,052,891 $ 1,162,851

Note 4 - Inventories

Note 4 - Inventories	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	4. Inventories The Company uses the last-in, first As of January 1, 2022 December 26, 2020, first first three January 1, 2022 three December 26, 2020. nine January 1, 2022, nine December 26, 2020. The following table shows inventory by category and the related LIFO reserve (in thousands): As of: January 1, December 26, March 31, 2022 2020 2021 Finished products $ 515,225 $ 421,987 317,654 In process 26,468 38,552 25,175 Raw materials and supplies 99,611 90,387 128,987 641,304 550,926 471,816 Less excess of FIFO cost over LIFO cost 159,326 139,999 128,672 Total inventories $ 481,978 $ 410,927 $ 343,144

Note 5 - Leases

Note 5 - Leases	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Lessee, Operating and Finance Leases [Text Block]	5. Leases The Company determines whether an arrangement is a lease at inception of the agreement. Presently, the Company leases land, machinery and equipment under various operating and financing leases. Right-of-Use, or ROU, assets represent the Company’s right to use the underlying assets for the lease term and lease obligations represent the net present value of the Company’s obligation to make payments arising from these leases. ROU assets and lease obligations are recognized at commencement date based on the present value of lease payments over the lease term using the implicit lease interest rate or, when unknown, an incremental borrowing rate based on the information available at commencement date or April 1, 2019 Lease terms may not 12 not ROU assets and lease obligations for the Company’s operating and financing leases are disclosed separately in the Company’s Condensed Consolidated Balance Sheets. The components of lease cost were as follows (in thousands): Three Months Ended Nine Months Ended January 1, December 26, January 1, December 26, 2022 2020 2022 2020 Lease cost: Amortization of right of use asset $ 1,557 $ 1,200 $ 4,398 $ 3,531 Interest on lease liabilities 263 271 799 843 Finance lease cost 1,820 1,471 5,197 4,374 Operating lease cost 4,739 5,832 14,699 18,478 Total lease cost $ 6,559 $ 7,303 $ 19,896 $ 22,852 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 799 $ 843 Operating cash flows from operating leases 15,917 19,833 Financing cash flows from finance leases 5,803 4,681 $ 22,519 $ 25,357 Right-of-use assets obtained in exchange for new finance lease liabilities $ 9,754 $ 1,489 Right-of-use assets obtained in exchange for new operating lease liabilities $ 8,959 $ 3,725 Weighted-average lease term (years): Financing leases 4.6 4.7 Operating leases 4.2 3.5 Weighted-average discount rate (percentage): Financing leases 3.4 4.1 Operating leases 4.2 4.4 Undiscounted future lease payments under non-cancelable operating and financing leases, along with a reconciliation of undiscounted cash flows to operating and financing lease obligations, respectively, as of January 1, 2022 Years ending March 31: Operating Financing Balance of 2022 $ 3,120 $ 2,314 2023 15,254 9,255 2024 8,959 7,686 2025 5,119 4,302 2026 2,902 3,215 2027-2033 7,512 5,670 Total minimum payment required $ 42,866 $ 32,442 Less interest 3,597 2,480 Present value of minimum lease payments 39,269 29,962 Amount due within one year 14,736 8,375 Long-term lease obligations $ 24,533 $ 21,587

Note 6 - Revolving Credit Facil

Note 6 - Revolving Credit Facility	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	6. Revolving Credit Facility On March 24, 2021, April July August March. March 24, 2026 June November three seven may General terms of the Revolver include payment of interest at LIBOR plus a defined spread. The following table illustrates certain quantitative data for Revolver borrowings during fiscal 2022 2021 As of: January 1, December 26, 2022 2020 Outstanding borrowings $ 33,711 $ - Weighted average interest rate 1.35 % 0.00 % Three Months Ended Nine Months Ended January 1, December 26, January 1, December 26, 2022 2020 2022 2020 Maximum amount of borrowings $ 54,264 $ 81,052 $ 54,264 $ 107,967 Average outstanding borrowings $ 37,112 $ 32,099 $ 16,250 $ 45,022 Weighted average interest rate 1.34 % 1.87 % 1.34 % 2.92 %

Note 7 - Stockholders' Equity

Note 7 - Stockholders' Equity	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	7. Stockholders Equity During the nine January 1, 2022, nine December 26, 2020, not nine January 1, 2022, not

Note 8 - Retirement Plans

Note 8 - Retirement Plans	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Retirement Benefits [Text Block]	8. Retirement Plans The net periodic benefit cost for the Company’s pension plan consisted of (in thousands): Three Months Ended Nine Months Ended January 1, December 26, January 1, December 26, 2022 2020 2022 2020 Service cost including administration $ 2,377 $ 923 $ 7,131 $ 7,442 Interest cost 1,930 2,302 5,791 6,907 Expected return on plan assets (4,276 ) (4,814 ) (12,829 ) (11,835 ) Amortization of prior service cost 23 22 68 68 Amortization of net loss - 2,257 - 7,317 Net periodic benefit cost $ 54 $ 690 $ 161 $ 9,899 There were no nine January 1, 2022. nine December 26, 2020, December 14, 2020 March 31, 2020 19

Note 9 - Plant Restructuring

Note 9 - Plant Restructuring	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	9. Plant Restructuring The following table summarizes the rollforward of restructuring charges recorded and the accruals established (in thousands): Restructuring Payable Severance Other Costs Total Balance March 31, 2021 $ - $ - $ - First quarter charge - 66 66 Second quarter charge - 47 47 Third quarter charge (110 ) (110 ) Cash payments/write offs - (3 ) (3 ) Balance January 1, 2022 $ - $ - $ - Severance Other Costs Total Balance March 31, 2020 $ 202 $ - $ 202 First quarter charge 219 44 263 Second quarter charge 8 16 24 Third quarter charge - (118 ) (118 ) Cash payments/write offs (429 ) 58 (371 ) Balance December 26, 2020 $ - $ - $ - During the three nine January 1, 2022 December 26, 2020,

Note 10 - Other Operating Incom

Note 10 - Other Operating Income and Expense	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	10. Other Operating Income and Expense During the three January 1, 2022, three December 26, 2020, not During the nine January 1, 2022, December 18, 2020, not nine December 26, 2020,

Note 11 - Recently Issued Accou

Note 11 - Recently Issued Accounting Standards	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	11. Recently Issued Accounting Standards In June 2016, No. 2016 13, 326 November 2018 No. 2018 19, 326, No. 2016 13 November 2019, No. 2019 10, December 15, 2022, first April 1, 2022, no no No. 2016 03, No. 2018 19 April 1, 2022 In December 2019, No. 2019 12 first 2022. not In March 2020, 2020 04, 2026. March 12, 2020 may December 31, 2022. 2020 04 There were no not nine January 1, 2022.

Note 12 - Earnings Per Common S

Note 12 - Earnings Per Common Share	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	12. Earnings per Common Share Earnings per share for the three nine January 1, 2022 December 26, 2020 Three Months Ended Nine Months Ended January 1, December 26, January 1, December 26, 2022 2020 2022 2020 Basic Net earnings $ 18,664 $ 72,460 $ 44,454 $ 111,271 Deduct preferred stock dividends paid 6 6 17 17 Undistributed net earnings 18,658 72,454 44,437 111,254 Earnings attributable to participating preferred 72 285 171 437 Earnings attributable to common shareholders $ 18,586 $ 72,169 $ 44,266 $ 110,817 Weighted average common shares outstanding 8,603 9,071 8,813 9,095 Basic earnings per common share $ 2.16 $ 7.96 $ 5.02 $ 12.18 Diluted Earnings attributable to common shareholders $ 18,586 $ 72,169 $ 44,266 $ 110,817 Add dividends on convertible preferred stock 5 5 15 15 Earnings attributable to common stock on a diluted basis $ 18,591 $ 72,174 $ 44,281 $ 110,832 Weighted average common shares outstanding-basic 8,603 9,071 8,813 9,095 Additional shares issued related to the equity compensation plan 4 2 4 2 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 8,674 9,140 8,884 9,164 Diluted earnings per common share $ 2.14 $ 7.90 $ 4.98 $ 12.09

Note 13 - Fair Value of Financi

Note 13 - Fair Value of Financial Instruments	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	13. Fair Value of Financial Instruments On a quarterly basis, the Company estimates the fair values for financial instruments that are recorded at carrying value on the Consolidated Condensed Balance Sheets. The estimated fair value for long-term debt (classified as Level 2 As of: January 1, December 26, March 31, 2022 2020 2021 Carrying value $ 127,808 $ 98,577 $ 98,585 Fair value $ 127,371 $ 99,225 $ 97,226

Note 14 - Income Taxes

Note 14 - Income Taxes	9 Months Ended
	Jan. 01, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	14. Income Taxes The effective tax rate for continuing operations was 23.6% and 20.9% for the nine January 1, 2022 December 26, 2020, 2021 not 2022, not 2022 2021 2022.

Note 2 - Assets Held For Sale (

Note 2 - Assets Held For Sale (Tables)	9 Months Ended
	Jan. 01, 2022
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	As of: January 1, December 26, March 31, 2022 2020 2021 Property, plant and equipment (net) $ 8,930 $ 11,375 $ 8,656 Current assets held for sale $ 8,930 $ 11,375 $ 8,656

Note 3 - Revenue Recognition (T

Note 3 - Revenue Recognition (Tables)	9 Months Ended
	Jan. 01, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Nine Months Ended January 1, December 26, January 1, December 26, 2022 2020 2022 2020 Canned vegetables $ 373,205 $ 394,492 $ 860,737 $ 917,801 Frozen vegetables 32,305 27,281 95,739 76,137 Fruit products 30,192 30,722 68,351 73,536 Snack products 2,550 2,778 9,647 8,194 Prepared foods - 23,496 - 71,866 Other 7,341 5,623 18,417 15,317 $ 445,593 $ 484,392 $ 1,052,891 $ 1,162,851

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	9 Months Ended
	Jan. 01, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	As of: January 1, December 26, March 31, 2022 2020 2021 Finished products $ 515,225 $ 421,987 317,654 In process 26,468 38,552 25,175 Raw materials and supplies 99,611 90,387 128,987 641,304 550,926 471,816 Less excess of FIFO cost over LIFO cost 159,326 139,999 128,672 Total inventories $ 481,978 $ 410,927 $ 343,144

Note 5 - Leases (Tables)

Note 5 - Leases (Tables)	9 Months Ended
	Jan. 01, 2022
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended Nine Months Ended January 1, December 26, January 1, December 26, 2022 2020 2022 2020 Lease cost: Amortization of right of use asset $ 1,557 $ 1,200 $ 4,398 $ 3,531 Interest on lease liabilities 263 271 799 843 Finance lease cost 1,820 1,471 5,197 4,374 Operating lease cost 4,739 5,832 14,699 18,478 Total lease cost $ 6,559 $ 7,303 $ 19,896 $ 22,852 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 799 $ 843 Operating cash flows from operating leases 15,917 19,833 Financing cash flows from finance leases 5,803 4,681 $ 22,519 $ 25,357 Right-of-use assets obtained in exchange for new finance lease liabilities $ 9,754 $ 1,489 Right-of-use assets obtained in exchange for new operating lease liabilities $ 8,959 $ 3,725 Weighted-average lease term (years): Financing leases 4.6 4.7 Operating leases 4.2 3.5 Weighted-average discount rate (percentage): Financing leases 3.4 4.1 Operating leases 4.2 4.4
Lessee, Lease Liability, Maturity [Table Text Block]	Years ending March 31: Operating Financing Balance of 2022 $ 3,120 $ 2,314 2023 15,254 9,255 2024 8,959 7,686 2025 5,119 4,302 2026 2,902 3,215 2027-2033 7,512 5,670 Total minimum payment required $ 42,866 $ 32,442 Less interest 3,597 2,480 Present value of minimum lease payments 39,269 29,962 Amount due within one year 14,736 8,375 Long-term lease obligations $ 24,533 $ 21,587

Note 6 - Revolving Credit Fac_2

Note 6 - Revolving Credit Facility (Tables)	9 Months Ended
	Jan. 01, 2022
Notes Tables
Schedule of Line of Credit Facilities [Table Text Block]	As of: January 1, December 26, 2022 2020 Outstanding borrowings $ 33,711 $ - Weighted average interest rate 1.35 % 0.00 % Three Months Ended Nine Months Ended January 1, December 26, January 1, December 26, 2022 2020 2022 2020 Maximum amount of borrowings $ 54,264 $ 81,052 $ 54,264 $ 107,967 Average outstanding borrowings $ 37,112 $ 32,099 $ 16,250 $ 45,022 Weighted average interest rate 1.34 % 1.87 % 1.34 % 2.92 %

Note 8 - Retirement Plans (Tabl

Note 8 - Retirement Plans (Tables)	9 Months Ended
	Jan. 01, 2022
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Three Months Ended Nine Months Ended January 1, December 26, January 1, December 26, 2022 2020 2022 2020 Service cost including administration $ 2,377 $ 923 $ 7,131 $ 7,442 Interest cost 1,930 2,302 5,791 6,907 Expected return on plan assets (4,276 ) (4,814 ) (12,829 ) (11,835 ) Amortization of prior service cost 23 22 68 68 Amortization of net loss - 2,257 - 7,317 Net periodic benefit cost $ 54 $ 690 $ 161 $ 9,899

Note 9 - Plant Restructuring (T

Note 9 - Plant Restructuring (Tables)	9 Months Ended
	Jan. 01, 2022
Notes Tables
Restructuring and Related Costs [Table Text Block]	Restructuring Payable Severance Other Costs Total Balance March 31, 2021 $ - $ - $ - First quarter charge - 66 66 Second quarter charge - 47 47 Third quarter charge (110 ) (110 ) Cash payments/write offs - (3 ) (3 ) Balance January 1, 2022 $ - $ - $ - Severance Other Costs Total Balance March 31, 2020 $ 202 $ - $ 202 First quarter charge 219 44 263 Second quarter charge 8 16 24 Third quarter charge - (118 ) (118 ) Cash payments/write offs (429 ) 58 (371 ) Balance December 26, 2020 $ - $ - $ -

Note 12 - Earnings Per Common_2

Note 12 - Earnings Per Common Share (Tables)	9 Months Ended
	Jan. 01, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended January 1, December 26, January 1, December 26, 2022 2020 2022 2020 Basic Net earnings $ 18,664 $ 72,460 $ 44,454 $ 111,271 Deduct preferred stock dividends paid 6 6 17 17 Undistributed net earnings 18,658 72,454 44,437 111,254 Earnings attributable to participating preferred 72 285 171 437 Earnings attributable to common shareholders $ 18,586 $ 72,169 $ 44,266 $ 110,817 Weighted average common shares outstanding 8,603 9,071 8,813 9,095 Basic earnings per common share $ 2.16 $ 7.96 $ 5.02 $ 12.18 Diluted Earnings attributable to common shareholders $ 18,586 $ 72,169 $ 44,266 $ 110,817 Add dividends on convertible preferred stock 5 5 15 15 Earnings attributable to common stock on a diluted basis $ 18,591 $ 72,174 $ 44,281 $ 110,832 Weighted average common shares outstanding-basic 8,603 9,071 8,813 9,095 Additional shares issued related to the equity compensation plan 4 2 4 2 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 8,674 9,140 8,884 9,164 Diluted earnings per common share $ 2.14 $ 7.90 $ 4.98 $ 12.09

Note 13 - Fair Value of Finan_2

Note 13 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Jan. 01, 2022
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	As of: January 1, December 26, March 31, 2022 2020 2021 Carrying value $ 127,808 $ 98,577 $ 98,585 Fair value $ 127,371 $ 99,225 $ 97,226

Note 1 - Unaudited Condensed _2

Note 1 - Unaudited Condensed Consolidated Financial Statements (Details Textual) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 01, 2022	Mar. 31, 2021
Equity Method Investment, Other than Temporary Impairment	$ 6,300	$ 9,700
Equity Method Investments	$ 0

Note 2 - Assets Held For Sale -

Note 2 - Assets Held For Sale - Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Jan. 01, 2022	Mar. 31, 2021	Dec. 26, 2020
Current assets held for sale	$ 8,930	$ 8,656	$ 11,375
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Property, plant and equipment (net)	8,930	8,656	11,375
Current assets held for sale	$ 8,930	$ 8,656	$ 11,375

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
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Net sales	$ 445,593	$ 484,392	$ 1,052,891	$ 1,162,851
Canned Vegetables [Member]
Net sales	373,205	394,492	860,737	917,801
Frozen [Member]
Net sales	32,305	27,281	95,739	76,137
Fruit [Member]
Net sales	30,192	30,722	68,351	73,536
Snack [Member]
Net sales	2,550	2,778	9,647	8,194
Prepared Foods [Member]
Net sales	0	23,496	0	71,866
Manufactured Product, Other [Member]
Net sales	$ 7,341	$ 5,623	$ 18,417	$ 15,317

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020	Mar. 31, 2021
Inventory, LIFO Reserve	$ 159,326	$ 139,999	$ 159,326	$ 139,999	$ 128,672
Inventory, LIFO Reserve, Period Charge	$ 19,000	$ 4,700	$ 30,700	$ 4,300

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) $ in Thousands	Jan. 01, 2022	Mar. 31, 2021	Dec. 26, 2020
Finished products	$ 515,225	$ 317,654	$ 421,987
In process	26,468	25,175	38,552
Raw materials and supplies	99,611	128,987	90,387
FIFO Inventory Amount	641,304	471,816	550,926
Less excess of FIFO cost over LIFO cost	159,326	128,672	139,999
Total inventories	$ 481,978	$ 343,144	$ 410,927

Note 5 - Leases - Lease Expense

Note 5 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Amortization of right of use asset	$ 1,557	$ 1,200	$ 4,398	$ 3,531
Interest on lease liabilities	263	271	799	843
Finance lease cost	1,820	1,471	5,197	4,374
Operating lease cost	4,739	5,832	14,699	18,478
Total lease cost	$ 6,559	$ 7,303	19,896	22,852
Operating cash flows from finance leases			799	843
Operating cash flows from operating leases			15,917	19,833
Financing cash flows from finance leases			5,803	4,681
Payments for Amounts Included in the Measurement of Lease Liabilities, Total			22,519	25,357
Right-of-use assets obtained in exchange for new finance lease liabilities			9,754	1,489
Right-of-use assets obtained in exchange for new operating lease liabilities			$ 8,959	$ 3,725
Financing leases, lease term (Year)	4 years 7 months 6 days	4 years 8 months 12 days	4 years 7 months 6 days	4 years 8 months 12 days
Operating leases, lease term (Year)	4 years 2 months 12 days	3 years 6 months	4 years 2 months 12 days	3 years 6 months
Financing leases, discount rate	3.40%	4.10%	3.40%	4.10%
Operating leases, discount rate	4.20%	4.40%	4.20%	4.40%

Note 5 - Leases - Undiscounted

Note 5 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands	Jan. 01, 2022	Mar. 31, 2021	Dec. 26, 2020
Balance of 2022, operating	$ 3,120
Balance of 2022, financing	2,314
2023, operating	15,254
2023, financing	9,255
2024, operating	8,959
2024, financing	7,686
2025, operating	5,119
2025, financing	4,302
2026, operating	2,902
2026, financing	3,215
2027-2033, operating	7,512
2027-2033, financing	5,670
Total minimum payment required, operating	42,866
Total minimum payment required, financing	32,442
Less interest, operating	3,597
Less interest, financing	2,480
Present value of minimum lease payments, operating	39,269
Present value of minimum lease payments, financing	29,962
Amount due within one year, operating	14,736	$ 17,047	$ 18,327
Amount due within one year, financing	8,375	6,778	6,608
Long-term lease obligations	24,533	27,769	30,436
Long-term lease obligations	21,587	$ 19,232	$ 20,546
Current Portion of Long-term Debt and Lease Obligations [Member]
Amount due within one year, operating	$ 14,736

Note 6 - Revolving Credit Fac_3

Note 6 - Revolving Credit Facility (Details Textual) - USD ($) $ in Billions	9 Months Ended
	Jan. 01, 2022	Mar. 31, 2022	Jul. 31, 2021	Mar. 24, 2021
Accounts Receivable, Vegetable and Fruit Products Sold, Standard Payment Term (Month)	3 months
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term (Month)	7 months
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period			$ 0.3	$ 0.4
Revolving Credit Facility [Member] | Forecast [Member]
Line of Credit Facility, Maximum Borrowing Capacity During Production Period		$ 0.4

Note 6 - Revolving Credit Fac_4

Note 6 - Revolving Credit Facility - Revolving Line of Credit Summary (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Outstanding borrowings	$ 33,711	$ 0	$ 33,711	$ 0
Weighted average interest rate (Rate)	1.35%	0.00%	1.35%	0.00%
Maximum amount of borrowings	$ 54,264	$ 81,052	$ 54,264	$ 107,967
Average outstanding borrowings	$ 37,112	$ 32,099	$ 16,250	$ 45,022
Weighted average interest rate (Rate)	1.34%	1.87%	1.34%	2.92%

Note 7 - Stockholders' Equity (

Note 7 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Mar. 31, 2021
Treasury Stock, Shares, Ending Balance (in shares)	3,700,000
Treasury Stock, Value, Ending Balance	$ 118,977	$ 90,473	$ 91,198
Common Class A [Member]
Treasury Stock, Shares, Acquired (in shares)	557,311	27,600
Treasury Stock, Value, Acquired, Cost Method	$ 27,800	$ 2,200

Note 8 - Retirement Plans (Deta

Note 8 - Retirement Plans (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0	$ 73,000

Note 8 - Retirement Plans - Net

Note 8 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Service cost including administration	$ 2,377	$ 923	$ 7,131	$ 7,442
Interest cost	1,930	2,302	5,791	6,907
Expected return on plan assets	(4,276)	(4,814)	(12,829)	(11,835)
Amortization of prior service cost	23	22	68	68
Amortization of net loss	0	2,257	0	7,317
Net periodic benefit cost	$ 54	$ 690	$ 161	$ 9,899

Note 9 - Plant Restructuring -

Note 9 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jan. 01, 2022	Oct. 02, 2021	Jul. 03, 2021	Dec. 26, 2020	Sep. 26, 2020	Jun. 27, 2020	Jan. 01, 2022	Dec. 26, 2020
Balance			$ 0			$ 202	$ 0	$ 202
Charge to expense	$ (110)	$ 47	66	$ (118)	$ 24	263
Cash payments/write offs							(3)	(371)
Balance	0			0			0	0
Employee Severance [Member]
Balance			0			202	0	202
Charge to expense		0	0	0	8	219
Cash payments/write offs							0	(429)
Balance	0			0			0	0
Other Restructuring [Member]
Balance			0			0	0	0
Charge to expense	(110)	$ 47	$ 66	(118)	$ 16	$ 44
Cash payments/write offs							(3)	58
Balance	$ 0			$ 0			$ 0	$ 0

Note 10 - Other Operating Inc_2

Note 10 - Other Operating Income and Expense (Details Textual) - Other Operating Income (Expense) [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total	$ 0.5		$ 2.4	$ 1.2
Miscellaneous Income (Expense)	$ 0.1		(0.3)
Unused Fixed Assets [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property		$ (0.3)
Gain (Loss) on Extinguishment of Debt, Total			0.5
Properties Held For Sale [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property			0.5
Air Transportation Equipment [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property			1.2
Midwest Plant [Member]
Gain (Loss) On Sale of Plant			$ 0.8
Equipment from Sold Northwest Plant [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property				(0.4)
Unused Fixed Assets from Northwest Plant [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property				(0.4)
Prepared Foods [Member]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Total		$ 35.7		$ 35.7

Note 12 - Earnings Per Common_3

Note 12 - Earnings Per Common Share - 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
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Net earnings	$ 18,664	$ 72,460	$ 44,454	$ 111,271
Deduct preferred stock dividends paid	6	6	17	17
Undistributed net earnings	18,658	72,454	44,437	111,254
Earnings attributable to participating preferred	72	285	171	437
Earnings attributable to common shareholders	$ 18,586	$ 72,169	$ 44,266	$ 110,817
Weighted average common shares outstanding-basic (in shares)	8,603	9,071	8,813	9,095
Basic earnings per common share (in dollars per share)	$ 2.16	$ 7.96	$ 5.02	$ 12.18
Add dividends on convertible preferred stock	$ 5	$ 5	$ 15	$ 15
Earnings attributable to common stock on a diluted basis	$ 18,591	$ 72,174	$ 44,281	$ 110,832
Weighted average common shares outstanding-basic (in shares)	8,603	9,071	8,813	9,095
Additional shares issued related to the equity compensation plan (in shares)	4	2	4	2
Additional shares to be issued under full conversion of preferred stock (in shares)	67	67	67	67
Total shares for diluted (in shares)	8,674	9,140	8,884	9,164
Diluted earnings per common share: (in dollars per share)	$ 2.14	$ 7.90	$ 4.98	$ 12.09

Note 13 - Fair Value of Finan_3

Note 13 - Fair Value of Financial Instrument - Fair Value and Carrying Value of Long-term Debt (Details) - USD ($) $ in Thousands	Jan. 01, 2022	Mar. 31, 2021	Dec. 26, 2020
Carrying value	$ 127,808	$ 98,585	$ 98,577
Fair value	$ 127,371	$ 97,226	$ 99,225

Note 14 - Income Taxes (Details

Note 14 - Income Taxes (Details Textual)	9 Months Ended		12 Months Ended
	Jan. 01, 2022Rate	Dec. 26, 2020Rate	Mar. 31, 2021Rate
Effective Income Tax Rate Reconciliation, Percent, Total (Rate)	23.60%	20.90%
Effective Income Tax Rate Reconciliation, Net Operating Loss Carryback Rate Difference (Rate)	3.20%		3.20%
Effective Interest Tax Rate Reconciliation, Federal Credits and Incentives, Difference (Rate)	0.40%