Document And Entity Information
Document And Entity Information - USD ($) | Mar. 31, 2022 | May 24, 2022 | Oct. 01, 2021 |
Document Information [Line Items] | |||
Entity Registrant Name | Seneca Foods Corporation | ||
Document, Type | 10-K | ||
Document, Annual Report | true | ||
Document, Period End Date | Mar. 31, 2022 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 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, Well-known Seasoned Issuer | No | ||
Entity, Voluntary Filers | No | ||
Entity, Current Reporting Status | Yes | ||
Entity, Interactive Data, Current | Yes | ||
Entity, Filer Category | Accelerated Filer | ||
Entity, Small Business | true | ||
Entity, Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity, Shell Company | false | ||
Entity, Public Float | $ 354,877,691 | ||
Auditor Name | Plante Moran, P.C. | ||
Auditor Location | Southfield, Michigan | ||
Auditor Firm ID | 6581 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000088948 | ||
CommonStockClassA25Par Custom [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 | 6,467,697 | ||
CommonStockClassB25Par Custom [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock Class B, $.25 Par | ||
Trading Symbol | SENEB | ||
Security Exchange Name | NASDAQ | ||
Entity, Common Stock Shares, Outstanding | 1,709,930 |
Consolidated Statements of Net
Consolidated Statements of Net Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 1,385,280 | $ 1,467,644 |
Costs and expenses: | ||
Cost of products sold | 1,237,348 | 1,235,459 |
Selling, general, and administrative expense | 76,343 | 79,950 |
Other operating expense (income), net | 1,174 | (29,014) |
Plant restructuring | 70 | 182 |
Total costs and expenses | 1,314,935 | 1,286,577 |
Operating income | 70,345 | 181,067 |
Other income and expenses: | ||
Interest expense, net of interest income of $63 and $42, respectively | 5,641 | 6,125 |
Loss from equity investment | 7,775 | 11,453 |
Other non-operating (income) expense | (9,302) | 3,473 |
Earnings before income taxes | 66,231 | 160,016 |
Income taxes | 15,224 | 33,916 |
Net earnings | $ 51,007 | $ 126,100 |
Earnings per share: | ||
Basic (in dollars per share) | $ 5.83 | $ 13.82 |
Diluted (in dollars per share) | $ 5.79 | $ 13.72 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 8,707 | 9,088 |
Diluted (in shares) | 8,778 | 9,158 |
Consolidated Statements of Ne_2
Consolidated Statements of Net Earnings (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income | $ 63 | $ 42 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Comprehensive income (loss): | ||
Net earnings | $ 51,007 | $ 126,100 |
Change in pension and postretirement benefits (net of income tax of $2,423 and ($19,528), respectively) | (7,401) | 60,153 |
Total | $ 43,606 | $ 186,253 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Change in pension and postretirement benefits, tax | $ 2,423 | $ (19,528) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 10,904 | $ 59,837 |
Accounts receivable, less allowance for doubtful accounts of $54 and $339, respectively | 119,169 | 92,221 |
Contracts receivable | 939 | 911 |
Inventories | 410,331 | 343,144 |
Assets held for sale | 5,979 | 8,656 |
Refundable income taxes | 3,866 | 8,385 |
Other current assets | 4,254 | 3,145 |
Total current assets | 555,442 | 516,299 |
Pension assets | 52,866 | 62,851 |
Right-of-use assets operating, net | 34,008 | 42,193 |
Right-of-use assets financing, net | 34,867 | 30,611 |
Property, plant, and equipment, net | 268,043 | 248,583 |
Other assets | 1,804 | 8,811 |
Total assets | 947,030 | 909,348 |
Current liabilities: | ||
Accounts payable | 87,602 | 74,089 |
Deferred revenue | 7,655 | 4,287 |
Accrued vacation | 11,611 | 11,660 |
Accrued payroll | 16,998 | 15,366 |
Other accrued expenses | 23,269 | 24,403 |
Current portion of long-term debt and lease obligations | 26,020 | 28,325 |
Total current liabilities | 173,155 | 158,130 |
Long-term debt, less current portion | 109,624 | 94,085 |
Operating lease obligations, less current portion | 22,533 | 27,769 |
Financing lease obligations, less current portion | 19,942 | 19,232 |
Deferred income tax liability, net | 32,944 | 28,306 |
Other liabilities | 4,995 | 4,011 |
Total liabilities | 363,193 | 331,533 |
Stockholders’ equity: | ||
Preferred stock | 644 | 663 |
Common stock | 3,041 | 3,041 |
Additional paid-in capital | 98,641 | 98,502 |
Treasury stock, at cost | (128,879) | (91,198) |
Accumulated other comprehensive loss | (26,468) | (19,067) |
Retained earnings | 636,858 | 585,874 |
Total stockholders’ equity | 583,837 | 577,815 |
Total liabilities and stockholders’ equity | $ 947,030 | $ 909,348 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Allowance for doubtful accounts | $ 54 | $ 339 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net earnings | $ 51,007 | $ 126,100 |
Adjustments to reconcile net earnings to net cash provided by operations: | ||
Depreciation and amortization | 36,523 | 32,375 |
Deferred income tax expense | 7,061 | 16,650 |
Gain on the sale of assets | (1,861) | (31,938) |
Provision for restructuring and impairment | 284 | 182 |
Gain on debt forgiveness | (500) | 0 |
Loss from equity investment | 7,775 | 11,453 |
401(k) match stock contribution | 1,107 | 1,479 |
Changes in operating assets and liabilities (net of acquisitions): | ||
Accounts and contracts receivable | (26,976) | 24,280 |
Inventories | (67,187) | 68,487 |
Other current assets | (1,109) | 4,083 |
Accounts payable, accrued expenses, and other liabilities | 19,509 | (65,936) |
Income taxes | 4,519 | (4,035) |
Net cash provided by operating activities | 30,152 | 183,180 |
Cash flows from investing activities: | ||
Additions to property, plant, and equipment | (53,367) | (71,431) |
Proceeds from the sale of assets | 8,180 | 73,688 |
Net cash (used in) provided by investing activities | (45,187) | 2,257 |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 398,550 | 478,059 |
Payments of long-term debt | (383,011) | (597,055) |
Payments on financing leases | (7,868) | (6,321) |
Change in other assets | (2,758) | (6,604) |
Purchase of treasury stock | (38,788) | (4,358) |
Preferred stock dividends paid | (23) | (23) |
Net cash used in financing activities | (33,898) | (136,302) |
Net (decrease) increase in cash and cash equivalents | (48,933) | 49,135 |
Cash and cash equivalents, beginning of year | 59,837 | 10,702 |
Cash and cash equivalents, end of year | 10,904 | 59,837 |
Supplemental disclosures of cash flow information: | ||
Interest | 4,481 | 5,094 |
Income taxes paid | 2,971 | 22,692 |
Property, plant and equipment issued under finance and operating leases | 18,734 | 3,749 |
Property, plant and equipment purchased on account | $ 1,267 | $ 19 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | 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 |
Balance at Mar. 31, 2020 | $ 459,797,000 | $ 681,000 | $ 3,041,000 | $ 98,384,000 | $ (88,319,000) | $ (79,220,000) | |||||||
Net earnings | 126,100,000 | 0 | 0 | 0 | 0 | 0 | $ 126,100,000 | ||||||
Cash dividends paid on preferred stock | $ (3,000) | (23,000) | 0 | 0 | 0 | 0 | 0 | ||||||
Equity incentive program | 0 | 0 | 0 | 100,000 | 0 | 0 | |||||||
Contribution of 401(k) match | 0 | 0 | 0 | 0 | 1,479,000 | 0 | |||||||
Purchase of treasury stock | 0 | 0 | 0 | 0 | (4,358,000) | 0 | |||||||
Preferred stock conversion | 0 | (18,000) | 0 | 18,000 | 0 | 0 | |||||||
Change in pension and postretirement benefits adjustment (net of tax) | 0 | 0 | 0 | 0 | 0 | 60,153,000 | |||||||
Balance at Mar. 31, 2021 | 585,874,000 | 663,000 | 3,041,000 | 98,502,000 | (91,198,000) | (19,067,000) | 577,815,000 | ||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 33,855 | 500 | |||||||||
Common stock, shares outstanding (in shares) | 7,353,545 | 1,709,638 | |||||||||||
Net earnings | 51,007,000 | 0 | 0 | 0 | 0 | 0 | 51,007,000 | ||||||
Cash dividends paid on preferred stock | $ (3,000) | (23,000) | 0 | 0 | 0 | 0 | 0 | (23,000) | |||||
Equity incentive program | 0 | 0 | 0 | 120,000 | 0 | 0 | |||||||
Contribution of 401(k) match | 0 | 0 | 0 | 0 | 1,107,000 | 0 | |||||||
Purchase of treasury stock | $ (38,800,000) | 0 | 0 | 0 | 0 | (38,788,000) | 0 | ||||||
Preferred stock conversion | 0 | (19,000) | 0 | 19,000 | 0 | 0 | |||||||
Change in pension and postretirement benefits adjustment (net of tax) | 0 | 0 | 0 | 0 | 0 | (7,401,000) | |||||||
Balance at Mar. 31, 2022 | $ 636,858,000 | $ 644,000 | $ 3,041,000 | $ 98,641,000 | $ (128,879,000) | $ (26,468,000) | $ 583,837,000 | ||||||
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) | 6,627,318 | 1,705,930 | |||||||||||
Preferred stock, stock amount | $ 50,000 | $ 202,000 | $ 385,000 | $ 7,000 | |||||||||
Common stock, stock amount | $ 2,546,000 | $ 495,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Mar. 31, 2022USD ($)$ / 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 |
Change in pension and postretirement benefits, tax | $ | $ 2,423 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Nature of Operations eight Principles of Consolidation Use of Estimates in the Preparation of Financial Statements Subsequent Events Reclassifications Cash Equivalents three Fair Value of Financial Instruments 1 2 12, The three 1 3 three ● Level 1 ● Level 2 not ● Level 3 one Cash and cash equivalents as of March 31, 2021 1 2022 March 31, 2022. Accounts Receivable and Doubtful Accounts 15 Inventories first Assets Held for Sale one may one no Property, Plant and Equipment Years Land improvements 10 - 20 Buildings and improvements 30 Machinery & equipment 10 - 15 Office furniture 3 - 5 Vehicles 3 - 7 Computer software 3 - 5 Long-Lived Assets Additionally, the Company assesses the potential for an other-than-temporary impairment of its equity method investment when impairment indicators are identified by considering 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 year 2022, not 2021, Deferred Financing Costs not March 31, 2022 Revenue Recognition See Note 2, Trade promotions are an important component of the sales and marketing of the Company’s branded products, and are critical to the support of the business. Trade promotion costs, which are recorded as a reduction of sales, include amounts paid to retailers for shelf space, to obtain favorable display positions and to offer temporary price reductions for the sale of our products to consumers. Accruals for trade promotions are recorded primarily at the time of sale to the retailer based on expected levels of performance. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a retailer from amounts otherwise due to the Company. As a result, the ultimate cost of a trade promotion program is dependent on the relative success of the events and the actions and level of deductions taken by retailers. Final determination of the permissible deductions may Concentration of Credit Risk not ten 2022 2021, not Advertising Costs 2022 2021, Income Taxes The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. Earnings per Common Share three Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. Restricted stock is included in the diluted earnings per share calculation. Recently Issued Accounting Standards 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 2022. |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Recognition The Company applies the provisions of ASC 606 10, , 2022 Nature of products • private label products to retailers, such as supermarkets, mass merchandisers, and specialty retailers, for resale under the retailers’ own or controlled labels; • private label and branded products to the foodservice industry, including foodservice distributors and national restaurant operators; • branded products under our own proprietary brands, primarily on a national basis to retailers; • branded products under co-pack agreements to other major branded companies for their distribution; and • products to our industrial customer base for repackaging in portion control packages and for use as ingredients by other food manufacturers. Disaggregation of revenue Fiscal Year 2022 2021 Canned vegetables $ 1,135,983 $ 1,172,635 Frozen vegetables 123,895 102,197 Fruit products 84,708 88,431 Snack products 12,332 10,999 Prepared foods - 71,866 Other 28,362 21,516 $ 1,385,280 $ 1,467,644 When Performance Obligations Are Satisfied Revenue recognition is completed primarily at a point in time basis when product control is transferred to the customer. In general, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can direct the use and obtain substantially all of the remaining benefits from the asset at this point in time. Customer contracts generally do not one one The performance obligations in our contracts are generally satisfied within one not March 31, 2022 Significant Payment Terms may no one not 30 Shipping Variable Consideration may Contract Balances March 31, 2022 2021. not Contract Costs one not |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Earnings per share for fiscal years 2022 2021 Fiscal Year: 2022 2021 Basic Net earnings $ 51,007 $ 126,100 Deduct preferred stock dividends 23 23 Undistributed earnings 50,984 126,077 Earnings attributable to participating preferred shareholders 196 493 Earnings attributable to common shareholders $ 50,788 $ 125,584 Weighted average common shares outstanding 8,707 9,088 Basic earnings per common share $ 5.83 $ 13.82 Diluted Earnings attributable to common shareholders $ 50,788 $ 125,584 Add dividends on convertible preferred stock 20 20 Earnings attributable to common stock on a diluted basis $ 50,808 $ 125,604 Weighted average common shares outstanding-basic 8,707 9,088 Additional shares to be issued related to the equity compensation plan 4 3 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted 8,778 9,158 Diluted earnings per share $ 5.79 $ 13.72 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. The Company uses the LIFO method of valuing inventory as it believes this method allows for better matching of current production cost to current revenue. As of March 31, 2022 2021, first first 2022 2021. As of: March 31, March 31, 2022 2021 Finished products $ 385,681 $ 317,654 In process 23,652 25,175 Raw materials and supplies 165,491 128,987 574,824 471,816 Less excess of FIFO cost over LIFO cost 164,493 128,672 Total inventories $ 410,331 $ 343,144 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property, plant and equipment is comprised of the following (in thousands): As of: March 31, March 31, 2022 2021 Land and land improvements $ 42,981 $ 42,647 Buildings and improvements 202,444 $ 188,333 Machinery & equipment 403,192 371,925 Office furniture, vehicles and computer software 10,003 9,404 Construction in progress 29,976 32,580 Property, plant and equipment, cost 688,596 644,889 Less: accumulated depreciation (420,553 ) (396,306 ) Property, plant and equipment, net $ 268,043 $ 248,583 Depreciation expense totaled $30.2 million and $27.1 million for fiscal years 2022 2021, |
Note 6 - Assets Held For Sale
Note 6 - Assets Held For Sale | 12 Months Ended |
Mar. 31, 2022 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 6. As of March 31, 2022, 2022 2021, As of: March 31, March 31, 2022 2021 Property, plant and equipment (net) $ 5,979 $ 8,656 Current assets held for sale $ 5,979 $ 8,656 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 7. Long-term debt is comprised of the following (in thousands): As of March 31, March 31, 2022 2021 Revolving credit facility $ 20,508 $ 1,000 Term loan 92,900 96,869 Economic development note - 500 Other 216 216 Total long-term debt 113,624 98,585 Less current portion 4,000 4,500 Long-term debt, less current portion $ 109,624 $ 94,085 Revolving credit facility March 24, 2021, April July August March. March 31, 2022 March 24, 2026 June November three seven may The following table documents the quantitative data for short-term borrowings on the Revolver during fiscal years 2022 2021 As of: March 31, March 31, 2022 2021 Outstanding borrowings $ 20,508 $ 1,000 Interest rate 1.71 % 1.38 % Fiscal Year 2022 2021 Maximum amount of borrowings $ 58,323 $ 107,967 Average outstanding borrowings $ 22,357 $ 33,453 Weighted average interest rate 1.37 % 1.95 % Term loan May 28, 2020 June 1, 2025 2021. Covenants & other debt matters 2022 March 31, 2022. The Company's debt agreements limit the payment of dividends and other distributions. There is an annual total distribution limitation of $50,000, less aggregate annual dividend payments totaling $23,000 that the Company presently pays on two March 31, 2022. Debt repayment requirements for the next five 2023 $ 4,000 2024 4,000 2025 4,000 2026 101,408 2027 - Thereafter 216 Total $ 113,624 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 8. 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 Consolidated Balance Sheets. The components of lease cost were as follows (in thousands): Fiscal Year: 2022 2021 Lease cost: Amortization of right of use asset $ 5,970 $ 4,746 Interest on lease liabilities 1,048 1,102 Finance lease cost 7,018 5,848 Operating lease cost 19,250 23,736 Total lease cost $ 26,268 $ 29,584 Fiscal Year: 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 1,048 $ 1,102 Operating cash flows from operating leases 19,010 23,864 Financing cash flows from finance leases 7,868 6,321 Total $ 27,926 $ 31,287 Right-of-use assets obtained in exchange for new finance lease liabilities $ 10,226 $ 1,740 Right-of-use assets obtained in exchange for new operating lease liabilities $ 8,508 $ 2,009 Weighted-average lease term (years): Financing leases 4.6 4.5 Operating leases 4.3 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 leases and financial leases, along with a reconciliation of undiscounted cash flows to operating and financing lease liabilities, respectively, as of March 31, 2022 Years ending March 31: Operating Financing 2023 $ 14,779 $ 9,247 2024 8,969 7,725 2025 5,130 4,361 2026 2,912 3,274 2027 2,460 2,216 2028-2032 5,063 3,874 Total minimum payment required $ 39,313 $ 30,697 Less interest 3,186 2,329 Present value of minimum lease payments 36,127 28,368 Amount due within one year 13,594 8,426 Long-term lease obligation $ 22,533 $ 19,942 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 March 31, 2021 Years ending March 31: Operating Financing 2022 $ 18,606 $ 7,665 2023 14,042 7,665 2024 7,118 6,096 2025 3,572 2,713 2026 1,729 1,625 2027-2032 3,151 2,786 Total minimum payment required $ 48,218 $ 28,550 Less interest 3,402 2,540 Present value of minimum lease payments 44,816 26,010 Amount due within one year 17,047 6,778 Long-term lease obligation $ 27,769 $ 19,232 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows (in thousands): Fiscal Year: 2022 2021 Current: Federal $ 4,780 $ 13,121 State 3,383 4,145 Total 8,163 17,266 Deferred: Federal $ 7,017 $ 13,486 State 44 3,164 Total 7,061 16,650 Total income taxes $ 15,224 $ 33,916 A reconciliation of the expected U.S. statutory rate to the effective rate follows: Fiscal Year: 2022 2021 Computed (expected tax rate) 21.0 % 21.0 % State income taxes (net of federal tax benefit) 3.7 % 3.1 % Federal credits -0.8 % -0.3 % Reduction to uncertain tax positions 0.0 % -0.1 % Permanent differences 0.1 % 0.0 % State credit expiration 0.9 % 0.0 % Change in valuation allowance -1.1 % 0.2 % Federal return to accrual -0.9 % 0.0 % Federal net operating loss (NOL) carryback rate difference 0.0 % -2.8 % Interest received on federal NOL carryback -0.3 % -0.2 % Other 0.4 % 0.3 % Effective income tax rate 23.0 % 21.2 % The effective tax rate was 23.0% and 21.2% in fiscal years 2022 2021, 2021, 2019 21% 2015 35% 2021 2022, 2022, The following is a summary of the significant components of the Company's deferred income tax assets and liabilities (in thousands): As of: March 31, March 31, 2022 2021 Deferred income tax assets: Future tax credits $ 5,244 $ 5,884 Inventory valuation 3,098 2,204 Employee benefits 2,191 2,063 Insurance 345 685 Other comprehensive loss 8,975 6,511 Interest 3 4 Prepaid revenue 374 463 Net operating loss and other tax attribute carryovers 610 85 Equity investment basis difference - 1,589 Other - 815 Total assets 20,840 20,303 Deferred income tax liabilities: Property basis and depreciation difference 21,807 17,975 Intangibles 17 33 Right of use assets 5,764 4,371 Pension 21,253 21,556 Other 1,012 - Total liabilities 49,853 43,935 Valuation allowance - noncurrent 3,931 4,674 Net deferred income tax liability $ (32,944 ) $ (28,306 ) Net deferred income tax liabilities of $32.9 million and $28.3 million as of March 31, 2022 2021, The Company has state tax credit carryforwards amounting to $1.5 million (California, net of Federal impact), $1.3 million (New York, net of Federal impact), and $2.4 million (Wisconsin, net of Federal impact), which are available to reduce future taxes payable in each respective state through 2028 2035 2037 March 31, 2022, not not not not Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company classifies the liability for uncertain tax positions in other accrued expenses or other long-term liabilities on the Consolidated Balance Sheets depending on their expected settlement date. The change in the liability for fiscal years 2022 2021 As of: March 31, March 31, 2022 2021 Beginning balance $ 376 $ 2,065 Tax positions related to current year: Additions 160 279 Tax positions related to prior years: Additions 215 34 Reductions - (1,626 ) Lapses in statues of limitations (75 ) (376 ) Balance as of March 31, $ 676 $ 376 As of March 31, 2022 2021 not The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. During fiscal year 2022, not 2021, March 31, 2022 2021, Although management believes that an adequate position has been made for uncertain tax positions, there is the possibility that the ultimate resolution could have an adverse effect on the earnings of the Company. Conversely, if resolved favorably in the future, the related provisions would be reduced, thus having a positive impact on earnings. During fiscal year 2022, one no The federal income tax returns for fiscal years after 2015 2017 2016. 2018, 2019, 2020 |
Note 10 - Retirement Plans
Note 10 - Retirement Plans | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. The Company has a noncontributory defined benefit pension plan (the “Plan”) covering most employees who meet certain age-entry requirements and work a stated minimum number of hours per year. The Plan was amended to freeze accruals to new hires and rehires effective January 1, 2020. The following tables provide a reconciliation of the changes in the Plan’s benefit obligation and fair value of plan assets over the two March 31, 2022 March 31, 2022 2021 Fiscal Year: 2022 2021 Change in benefit obligation Benefit obligation at beginning of year $ 286,063 $ 278,227 Service cost 8,483 9,326 Interest cost 7,721 9,266 Actuarial (gain) loss (972 ) 17,712 Benefit payments and expenses (26,294 ) (28,468 ) Benefit obligation at end of year $ 275,001 $ 286,063 Change in plan assets Fair value of plan assets at beginning of year $ 348,914 $ 202,485 Actual return on plan assets 6,666 103,166 Employer contributions - 73,000 Benefit payments and expenses (27,713 ) (29,737 ) Fair value of plan assets at end of year $ 327,867 $ 348,914 Funded status $ 52,866 $ 62,851 The funded status decreased by $10.0 million during fiscal year 2022 March 31, 2022. During fiscal year 2022, 2021, 2021 March 31, 2021 March 31, 2022 2022, The following table provides the components of the Plan’s accumulated other comprehensive loss, pre-tax (in thousands): Fiscal Year: 2022 2021 Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (167 ) $ (258 ) Net loss (36,136 ) (26,265 ) Accumulated other comprehensive pre-tax loss $ (36,303 ) $ (26,523 ) The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2022 2021 Fiscal Year: 2022 2021 Service cost including administration $ 9,508 $ 10,627 Interest cost 7,721 9,266 Expected return on plan assets (17,114 ) (15,804 ) Amortization of net loss - 9,919 Prior service cost 91 91 Net periodic benefit cost $ 206 $ 14,099 The Company utilizes a full yield curve approach in the estimation of net periodic benefit cost components by applying the specific spot rates along the yield curve used in determination of the benefit obligation to their underlying projected cash flows. Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% The assumptions used to measure the Company’s benefit obligation and pension expense are shown in the following table: Fiscal Year: 2022 2021 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 3.81 % 3.43 % Rate of compensation increase 3.00 % 3.00 % Mortality table Pri-2012 Blue Collar Pri-2012 Blue Collar Weighted Average Assumptions for Benefit Cost at Beginning of Year: Discount rate - benefit obligations 3.43 % 3.69 % Discount rate - interest cost 2.68 % 3.30 % Discount rate - service cost 3.75 % 3.87 % Expected return on plan assets 5.00 % 7.25 % Rate of compensation increase 3.00 % 3.00 % Plan Assets Investment Policy and Strategy - 2022, 2022, The Company's plan assets consist of the following: Target Percentage of Plan Allocation Assets at March 31, 2023 2022 2021 Equity securities 19 % 21 % 48 % Debt securities 72 % 61 % 50 % Real estate 6 % 7 % - Cash - 7 % 2 % Other 3 % 4 % - Total 100 % 100 % 100 % The following table sets forth by level, within the fair value hierarchy (as defined in Note 1 March 31, 2022 ( Level 1 Level 2 Level 3 ` Subtotal Measured Total Equity securities $ 29,427 $ - $ - $ 29,427 $ - $ 29,427 Held in common/collective trusts Equity securities - - - - 40,969 40,969 Real estate - - - - 23,200 23,200 Debt securities - - - - 200,224 200,225 Cash/short-term investments (2) - - - - 22,224 22,224 Other investments - - - - 11,822 11,822 Fair value of plan assets $ 29,427 $ - $ - $ 29,427 $ 298,439 $ 327,867 ( 1 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not ( 2 The cash/short term investments consist of a money market fund that holds individual, high quality, short duration fixed income investments, however the fund does not As of March 31, 2021, 1 Expected Return on Plan Assets For fiscal year 2022, 2023, 35 65 2022 2023. Cash Flows Expected contributions for fiscal year ending March 31, 2023 Expected Employer Contributions $ - Expected Employee Contributions $ - Estimated future benefit payments reflecting expected future service for the fiscal years ending March 31 ( 2023 $ 10,101 2024 10,773 2025 11,550 2026 12,349 2027 13,116 2028 - 2032 75,037 401 The Company also has employees’ savings 401 may 2022 2021, 2022 2021, Unfunded Deferred Compensation Plan The Company sponsors an unfunded nonqualified deferred compensation plan to permit certain eligible employees to defer receipt of a portion of their compensation to a future date. This plan was designed to compensate the plan participants for any loss of company contributions under the 401 not 2022 2021. |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Equity Preferred Stock three “6% none four 2003. The Convertible Participating Preferred Stock and Convertible Participating Preferred Stock, Series 2003 one 2022 2021. may March 31, 2022, The Convertible Participating Preferred Stock has a liquidation preference of $12 per share and a stated value of $11.931 per share. There were 32,256 shares outstanding as of March 31, 2022 2003 2003 March 31, 2022. There are 407,240 shares of Series A Preferred outstanding as of March 31, 2022 one one March 31, 2022 one one March 31, 2022 2022 2021. Common Stock 1/20th one 2022, Unissued shares of common stock reserved for conversion privileges of designated non-participating preferred stock were 33,695 of both Class A and Class B as of March 31, 2022 2021. March 31, 2022 2021, Treasury Stock 2022 none March 31, 2022, not 401 2022 10, |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. The carrying amount and estimated fair values of the Company's debt are summarized as follows (in thousands): As of: March 31, March 31, 2022 2021 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Long-term debt, including current portion $ 113,624 $ 108,608 $ 98,585 $ 97,226 The estimated fair value for long-term debt is determined by the quoted market prices for similar debt (comparable to the Company’s financial strength) or current rates offered to the Company for debt with the same maturities which is Level 2 not 1 2. |
Note 13 - Other Operating Incom
Note 13 - Other Operating Income and Expense | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | 13. The Company had net other operating expense of $1.2 million in fiscal year 2022, The Company had net other operating income of $29.0 million in fiscal year 2021, |
Note 14 - Segment Information
Note 14 - Segment Information | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. The Company has historically managed its business on the basis of three reportable food packaging segments: ( 1 2 3 2021, two 2022 2021. The following table summarizes certain financial data for the Company’s reportable segments (in thousands): Fruit and Prepared Snack Vegetable Foods Products Other Total Fiscal Year 2022: Net sales $ 1,344,586 $ - $ 12,332 $ 28,362 $ 1,385,280 Operating income 66,750 - 75 3,520 70,345 Capital expenditures 47,421 - 67 4,612 52,100 Depreciation and amortization 36,126 - 121 276 36,523 Fiscal Year 2021: Net sales $ 1,363,263 $ 71,866 $ 10,999 $ 21,516 $ 1,467,644 Operating income 175,810 1,967 705 2,585 181,067 Capital expenditures 67,963 1,451 508 1,528 71,450 Depreciation and amortization 29,534 2,299 194 349 32,376 After the sale of the prepared foods business in fiscal year 2021, no |
Note 15 - Legal Proceedings and
Note 15 - Legal Proceedings and Other Contingencies | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. In the ordinary course of its business, the Company is made a party to certain legal proceedings seeking monetary damages, including proceedings involving product liability claims, workers’ compensation along with other employee claims, tort and other general liability claims, for which it carries insurance, as well as patent infringement and related litigation. The Company is in a highly regulated industry and is also periodically involved in government actions for regulatory violations and other matters surrounding the manufacturing of its products, including, but not not not |
Note 16 - Plant Restructuring
Note 16 - Plant Restructuring | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 16. The following table summarizes the restructuring charges recorded and the accruals established during fiscal years 2022 2021 Severance Other Payable Costs Total Balance March 31, 2020 $ 202 $ - 202 Charge to expense 227 (45 ) 182 Cash payments/write offs (429 ) 45 (384 ) Balance March 31, 2021 - - - Charge to expense - 70 70 Cash payments/write offs - (70 ) (70 ) Balance March 31, 2022 $ - $ - $ - During fiscal years 2022 2021, |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 17. During fiscal years 2022 2021, 1% 2022 2021, no The Company made charitable contributions to the Seneca Foods Foundation, a related party, in the amount of $1.0 million for each of fiscal years 2022 2021. During fiscal year 2022, two March 31, 2022, |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Charged/ Charged to Deductions Balance beginning (credited) other from at end of period to income accounts reserve of period Year-ended March 31, 2022: Allowance for doubtful accounts $ 339 $ (291 ) (6)(a) $ 54 Income tax valuation allowance $ 4,674 $ (743 ) $ - $ - $ 3,931 Year-ended March 31, 2021: Allowance for doubtful accounts $ 1,598 $ (1,304 ) (45)(a) $ 339 Income tax valuation allowance $ 4,473 $ 201 $ - $ - $ 4,674 (a) Accounts written off, net of recoveries. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents three |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments 1 2 12, The three 1 3 three ● Level 1 ● Level 2 not ● Level 3 one Cash and cash equivalents as of March 31, 2021 1 2022 March 31, 2022. |
Receivable [Policy Text Block] | Accounts Receivable and Doubtful Accounts 15 |
Inventory, Policy [Policy Text Block] | Inventories first |
Assets Held for Sale, Policy [Policy Text Block] | Assets Held for Sale one may one no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Years Land improvements 10 - 20 Buildings and improvements 30 Machinery & equipment 10 - 15 Office furniture 3 - 5 Vehicles 3 - 7 Computer software 3 - 5 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets Additionally, the Company assesses the potential for an other-than-temporary impairment of its equity method investment when impairment indicators are identified by considering 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 year 2022, not 2021, |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs not March 31, 2022 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition See Note 2, Trade promotions are an important component of the sales and marketing of the Company’s branded products, and are critical to the support of the business. Trade promotion costs, which are recorded as a reduction of sales, include amounts paid to retailers for shelf space, to obtain favorable display positions and to offer temporary price reductions for the sale of our products to consumers. Accruals for trade promotions are recorded primarily at the time of sale to the retailer based on expected levels of performance. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a retailer from amounts otherwise due to the Company. As a result, the ultimate cost of a trade promotion program is dependent on the relative success of the events and the actions and level of deductions taken by retailers. Final determination of the permissible deductions may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk not ten 2022 2021, not |
Advertising Cost [Policy Text Block] | Advertising Costs 2022 2021, |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share three Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. Restricted stock is included in the diluted earnings per share calculation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards 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 2022. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Years Land improvements 10 - 20 Buildings and improvements 30 Machinery & equipment 10 - 15 Office furniture 3 - 5 Vehicles 3 - 7 Computer software 3 - 5 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Fiscal Year 2022 2021 Canned vegetables $ 1,135,983 $ 1,172,635 Frozen vegetables 123,895 102,197 Fruit products 84,708 88,431 Snack products 12,332 10,999 Prepared foods - 71,866 Other 28,362 21,516 $ 1,385,280 $ 1,467,644 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year: 2022 2021 Basic Net earnings $ 51,007 $ 126,100 Deduct preferred stock dividends 23 23 Undistributed earnings 50,984 126,077 Earnings attributable to participating preferred shareholders 196 493 Earnings attributable to common shareholders $ 50,788 $ 125,584 Weighted average common shares outstanding 8,707 9,088 Basic earnings per common share $ 5.83 $ 13.82 Diluted Earnings attributable to common shareholders $ 50,788 $ 125,584 Add dividends on convertible preferred stock 20 20 Earnings attributable to common stock on a diluted basis $ 50,808 $ 125,604 Weighted average common shares outstanding-basic 8,707 9,088 Additional shares to be issued related to the equity compensation plan 4 3 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted 8,778 9,158 Diluted earnings per share $ 5.79 $ 13.72 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of: March 31, March 31, 2022 2021 Finished products $ 385,681 $ 317,654 In process 23,652 25,175 Raw materials and supplies 165,491 128,987 574,824 471,816 Less excess of FIFO cost over LIFO cost 164,493 128,672 Total inventories $ 410,331 $ 343,144 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of: March 31, March 31, 2022 2021 Land and land improvements $ 42,981 $ 42,647 Buildings and improvements 202,444 $ 188,333 Machinery & equipment 403,192 371,925 Office furniture, vehicles and computer software 10,003 9,404 Construction in progress 29,976 32,580 Property, plant and equipment, cost 688,596 644,889 Less: accumulated depreciation (420,553 ) (396,306 ) Property, plant and equipment, net $ 268,043 $ 248,583 |
Note 6 - Assets Held For Sale (
Note 6 - Assets Held For Sale (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | As of: March 31, March 31, 2022 2021 Property, plant and equipment (net) $ 5,979 $ 8,656 Current assets held for sale $ 5,979 $ 8,656 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of March 31, March 31, 2022 2021 Revolving credit facility $ 20,508 $ 1,000 Term loan 92,900 96,869 Economic development note - 500 Other 216 216 Total long-term debt 113,624 98,585 Less current portion 4,000 4,500 Long-term debt, less current portion $ 109,624 $ 94,085 |
Schedule of Line of Credit Facilities [Table Text Block] | As of: March 31, March 31, 2022 2021 Outstanding borrowings $ 20,508 $ 1,000 Interest rate 1.71 % 1.38 % Fiscal Year 2022 2021 Maximum amount of borrowings $ 58,323 $ 107,967 Average outstanding borrowings $ 22,357 $ 33,453 Weighted average interest rate 1.37 % 1.95 % |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2023 $ 4,000 2024 4,000 2025 4,000 2026 101,408 2027 - Thereafter 216 Total $ 113,624 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Fiscal Year: 2022 2021 Lease cost: Amortization of right of use asset $ 5,970 $ 4,746 Interest on lease liabilities 1,048 1,102 Finance lease cost 7,018 5,848 Operating lease cost 19,250 23,736 Total lease cost $ 26,268 $ 29,584 Fiscal Year: 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 1,048 $ 1,102 Operating cash flows from operating leases 19,010 23,864 Financing cash flows from finance leases 7,868 6,321 Total $ 27,926 $ 31,287 Right-of-use assets obtained in exchange for new finance lease liabilities $ 10,226 $ 1,740 Right-of-use assets obtained in exchange for new operating lease liabilities $ 8,508 $ 2,009 Weighted-average lease term (years): Financing leases 4.6 4.5 Operating leases 4.3 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 2023 $ 14,779 $ 9,247 2024 8,969 7,725 2025 5,130 4,361 2026 2,912 3,274 2027 2,460 2,216 2028-2032 5,063 3,874 Total minimum payment required $ 39,313 $ 30,697 Less interest 3,186 2,329 Present value of minimum lease payments 36,127 28,368 Amount due within one year 13,594 8,426 Long-term lease obligation $ 22,533 $ 19,942 Years ending March 31: Operating Financing 2022 $ 18,606 $ 7,665 2023 14,042 7,665 2024 7,118 6,096 2025 3,572 2,713 2026 1,729 1,625 2027-2032 3,151 2,786 Total minimum payment required $ 48,218 $ 28,550 Less interest 3,402 2,540 Present value of minimum lease payments 44,816 26,010 Amount due within one year 17,047 6,778 Long-term lease obligation $ 27,769 $ 19,232 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Year: 2022 2021 Current: Federal $ 4,780 $ 13,121 State 3,383 4,145 Total 8,163 17,266 Deferred: Federal $ 7,017 $ 13,486 State 44 3,164 Total 7,061 16,650 Total income taxes $ 15,224 $ 33,916 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year: 2022 2021 Computed (expected tax rate) 21.0 % 21.0 % State income taxes (net of federal tax benefit) 3.7 % 3.1 % Federal credits -0.8 % -0.3 % Reduction to uncertain tax positions 0.0 % -0.1 % Permanent differences 0.1 % 0.0 % State credit expiration 0.9 % 0.0 % Change in valuation allowance -1.1 % 0.2 % Federal return to accrual -0.9 % 0.0 % Federal net operating loss (NOL) carryback rate difference 0.0 % -2.8 % Interest received on federal NOL carryback -0.3 % -0.2 % Other 0.4 % 0.3 % Effective income tax rate 23.0 % 21.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of: March 31, March 31, 2022 2021 Deferred income tax assets: Future tax credits $ 5,244 $ 5,884 Inventory valuation 3,098 2,204 Employee benefits 2,191 2,063 Insurance 345 685 Other comprehensive loss 8,975 6,511 Interest 3 4 Prepaid revenue 374 463 Net operating loss and other tax attribute carryovers 610 85 Equity investment basis difference - 1,589 Other - 815 Total assets 20,840 20,303 Deferred income tax liabilities: Property basis and depreciation difference 21,807 17,975 Intangibles 17 33 Right of use assets 5,764 4,371 Pension 21,253 21,556 Other 1,012 - Total liabilities 49,853 43,935 Valuation allowance - noncurrent 3,931 4,674 Net deferred income tax liability $ (32,944 ) $ (28,306 ) |
Summary of Income Tax Contingencies [Table Text Block] | As of: March 31, March 31, 2022 2021 Beginning balance $ 376 $ 2,065 Tax positions related to current year: Additions 160 279 Tax positions related to prior years: Additions 215 34 Reductions - (1,626 ) Lapses in statues of limitations (75 ) (376 ) Balance as of March 31, $ 676 $ 376 |
Note 10 - Retirement Plans (Tab
Note 10 - Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Fiscal Year: 2022 2021 Change in benefit obligation Benefit obligation at beginning of year $ 286,063 $ 278,227 Service cost 8,483 9,326 Interest cost 7,721 9,266 Actuarial (gain) loss (972 ) 17,712 Benefit payments and expenses (26,294 ) (28,468 ) Benefit obligation at end of year $ 275,001 $ 286,063 Change in plan assets Fair value of plan assets at beginning of year $ 348,914 $ 202,485 Actual return on plan assets 6,666 103,166 Employer contributions - 73,000 Benefit payments and expenses (27,713 ) (29,737 ) Fair value of plan assets at end of year $ 327,867 $ 348,914 Funded status $ 52,866 $ 62,851 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Fiscal Year: 2022 2021 Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (167 ) $ (258 ) Net loss (36,136 ) (26,265 ) Accumulated other comprehensive pre-tax loss $ (36,303 ) $ (26,523 ) |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Fiscal Year: 2022 2021 Service cost including administration $ 9,508 $ 10,627 Interest cost 7,721 9,266 Expected return on plan assets (17,114 ) (15,804 ) Amortization of net loss - 9,919 Prior service cost 91 91 Net periodic benefit cost $ 206 $ 14,099 |
Defined Benefit Plan, Assumptions [Table Text Block] | Fiscal Year: 2022 2021 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 3.81 % 3.43 % Rate of compensation increase 3.00 % 3.00 % Mortality table Pri-2012 Blue Collar Pri-2012 Blue Collar Weighted Average Assumptions for Benefit Cost at Beginning of Year: Discount rate - benefit obligations 3.43 % 3.69 % Discount rate - interest cost 2.68 % 3.30 % Discount rate - service cost 3.75 % 3.87 % Expected return on plan assets 5.00 % 7.25 % Rate of compensation increase 3.00 % 3.00 % |
Schedule of Allocation of Plan Assets [Table Text Block] | Target Percentage of Plan Allocation Assets at March 31, 2023 2022 2021 Equity securities 19 % 21 % 48 % Debt securities 72 % 61 % 50 % Real estate 6 % 7 % - Cash - 7 % 2 % Other 3 % 4 % - Total 100 % 100 % 100 % |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | Level 1 Level 2 Level 3 ` Subtotal Measured Total Equity securities $ 29,427 $ - $ - $ 29,427 $ - $ 29,427 Held in common/collective trusts Equity securities - - - - 40,969 40,969 Real estate - - - - 23,200 23,200 Debt securities - - - - 200,224 200,225 Cash/short-term investments (2) - - - - 22,224 22,224 Other investments - - - - 11,822 11,822 Fair value of plan assets $ 29,427 $ - $ - $ 29,427 $ 298,439 $ 327,867 |
Schedule of Expected Contributions [Table Text Block] | Expected Employer Contributions $ - Expected Employee Contributions $ - |
Schedule of Expected Benefit Payments [Table Text Block] | 2023 $ 10,101 2024 10,773 2025 11,550 2026 12,349 2027 13,116 2028 - 2032 75,037 |
Note 12 - Fair Value of Finan_2
Note 12 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of: March 31, March 31, 2022 2021 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Long-term debt, including current portion $ 113,624 $ 108,608 $ 98,585 $ 97,226 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fruit and Prepared Snack Vegetable Foods Products Other Total Fiscal Year 2022: Net sales $ 1,344,586 $ - $ 12,332 $ 28,362 $ 1,385,280 Operating income 66,750 - 75 3,520 70,345 Capital expenditures 47,421 - 67 4,612 52,100 Depreciation and amortization 36,126 - 121 276 36,523 Fiscal Year 2021: Net sales $ 1,363,263 $ 71,866 $ 10,999 $ 21,516 $ 1,467,644 Operating income 175,810 1,967 705 2,585 181,067 Capital expenditures 67,963 1,451 508 1,528 71,450 Depreciation and amortization 29,534 2,299 194 349 32,376 |
Note 16 - Plant Restructuring (
Note 16 - Plant Restructuring (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Severance Other Payable Costs Total Balance March 31, 2020 $ 202 $ - 202 Charge to expense 227 (45 ) 182 Cash payments/write offs (429 ) 45 (384 ) Balance March 31, 2021 - - - Charge to expense - 70 70 Cash payments/write offs - (70 ) (70 ) Balance March 31, 2022 $ - $ - $ - |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Valuation and Qualifying Accounts [Table Text Block] | Balance at Charged/ Charged to Deductions Balance beginning (credited) other from at end of period to income accounts reserve of period Year-ended March 31, 2022: Allowance for doubtful accounts $ 339 $ (291 ) (6)(a) $ 54 Income tax valuation allowance $ 4,674 $ (743 ) $ - $ - $ 3,931 Year-ended March 31, 2021: Allowance for doubtful accounts $ 1,598 $ (1,304 ) (45)(a) $ 339 Income tax valuation allowance $ 4,473 $ 201 $ - $ - $ 4,674 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
Number of States in which Entity Operates | 8 | |
Cash and Cash Equivalents, at Carrying Value, Total | $ 10,904 | $ 59,837 |
Equity Method Investment, Other than Temporary Impairment | 6,300 | 9,700 |
Equity Method Investments | 0 | |
Advertising Expense | $ 2,200 | $ 1,800 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Top Ten Customers [Member] | ||
Concentration Risk, Percentage | 53.00% | 50.00% |
Other Current Assets [Member] | ||
Debt Issuance Costs, Net, Total | $ 800 | |
Current and Non-Current Portion of Long Term Debt [Member] | ||
Debt Issuance Costs, Net, Total | 100 | |
Money Market Funds [Member] | ||
Cash and Cash Equivalents, at Carrying Value, Total | $ 0 | |
Seneca Food Plants [Member] | ||
Number of Real Estate Properties | 26 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Land Improvements [Member] | Minimum [Member] | |
Useful Life (Year) | 10 years |
Land Improvements [Member] | Maximum [Member] | |
Useful Life (Year) | 20 years |
Building and Building Improvements [Member] | |
Useful Life (Year) | 30 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Useful Life (Year) | 10 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Useful Life (Year) | 15 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Useful Life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Useful Life (Year) | 5 years |
Vehicles [Member] | Minimum [Member] | |
Useful Life (Year) | 3 years |
Vehicles [Member] | Maximum [Member] | |
Useful Life (Year) | 7 years |
Software and Software Development Costs [Member] | Minimum [Member] | |
Useful Life (Year) | 3 years |
Software and Software Development Costs [Member] | Maximum [Member] | |
Useful Life (Year) | 5 years |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Percentage of Revenues | 98.00% | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 939 | $ 911 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 1,385,280 | $ 1,467,644 |
Canned Vegetables [Member] | ||
Net sales | 1,135,983 | 1,172,635 |
Frozen [Member] | ||
Net sales | 123,895 | 102,197 |
Fruit [Member] | ||
Net sales | 84,708 | 88,431 |
Snack [Member] | ||
Net sales | 12,332 | 10,999 |
Prepared Foods [Member] | ||
Net sales | 0 | 71,866 |
Manufactured Product, Other [Member] | ||
Net sales | $ 28,362 | $ 21,516 |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net earnings | $ 51,007 | $ 126,100 |
Deduct preferred stock dividends | 23 | 23 |
Undistributed earnings | 50,984 | 126,077 |
Earnings attributable to participating preferred shareholders | 196 | 493 |
Earnings attributable to common shareholders | $ 50,788 | $ 125,584 |
Weighted average common shares outstanding (in shares) | 8,707 | 9,088 |
Basic earnings per common share (in dollars per share) | $ 5.83 | $ 13.82 |
Earnings attributable to common shareholders | $ 50,788 | $ 125,584 |
Add dividends on convertible preferred stock | 20 | 20 |
Earnings attributable to common stock on a diluted basis | $ 50,808 | $ 125,604 |
Additional shares to be issued related to the equity compensation plan (in shares) | 4 | 3 |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 |
Total shares for diluted (in shares) | 8,778 | 9,158 |
Diluted earnings per share (in dollars per share) | $ 5.79 | $ 13.72 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Inventory, LIFO Reserve | $ 164,493 | $ 128,672 |
Inventory, LIFO Reserve, Period Charge | $ 35,800 | $ 15,600 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Finished products | $ 385,681 | $ 317,654 |
In process | 23,652 | 25,175 |
Raw materials and supplies | 165,491 | 128,987 |
FIFO Inventory Amount | 574,824 | 471,816 |
Less excess of FIFO cost over LIFO cost | 164,493 | 128,672 |
Total inventories | $ 410,331 | $ 343,144 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation, Total | $ 30.2 | $ 27.1 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Property, Plant and Equipment, Gross | $ 688,596 | $ 644,889 |
Less: accumulated depreciation | (420,553) | (396,306) |
Property, plant and equipment, net | 268,043 | 248,583 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment, Gross | 42,981 | 42,647 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | 202,444 | 188,333 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 403,192 | 371,925 |
Office Furniture, Vehicles and Computer Software [Member] | ||
Property, Plant and Equipment, Gross | 10,003 | 9,404 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 29,976 | $ 32,580 |
Note 6 - Assets Held For Sale_2
Note 6 - Assets Held For Sale (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 0.1 | $ 0.6 |
Note 6 - Assets Held For Sale -
Note 6 - Assets Held For Sale - Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets held for sale | $ 5,979 | $ 8,656 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Property, plant and equipment (net) | 5,979 | 8,656 |
Current assets held for sale | $ 5,979 | $ 8,656 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2022 | Jul. 31, 2021 | Mar. 31, 2021 | Mar. 24, 2021 | May 28, 2020 | |
Long-Term Line of Credit, Total | $ 20,508,000 | $ 1,000,000 | |||
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 | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 50,000 | ||||
Dividends, Preferred Stock, Cash | 23,000 | ||||
Pledged Assets Not Separately Reported, Fixed Assets | 598,400,000 | ||||
Term Loan [Member] | |||||
Debt Agreements, Financial Covenants, Minimum EBITDA | $ 50,000,000 | ||||
Term Loan Payable to Farm Credit East ACA [Member] | |||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | ||||
Debt Instrument, Periodic Payment, Principal | $ 1,000,000 | ||||
Debt Instrument, Unamortized Discount, Total | 200,000 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 300,000,000 | $ 400,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | 400,000,000 | ||||
Long-Term Line of Credit, Total | $ 20,500,000 | ||||
Debt Instrument, Covenant, Maximum Percentage of Commitments for Available Line of Credit that Requires Minimum Fixed Charge Coverage Ratio | 10.00% | ||||
Debt Instrument, Covenant, Maximum Amount for Available Line of Credit that Requires Minimum Fixed Charge Coverage Ratio | $ 25,000,000 |
Note 7 - Long-term Debt - Summa
Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Long-term debt | $ 113,624 | $ 98,585 |
Less current portion | 4,000 | 4,500 |
Long-term debt, less current portion | 109,624 | 94,085 |
Line of Credit [Member] | ||
Long-term debt | 20,508 | 1,000 |
Term Loan [Member] | ||
Long-term debt | 92,900 | 96,869 |
Tax-exempt Bond [Member] | ||
Long-term debt | 0 | 500 |
Other [Member] | ||
Long-term debt | $ 216 | $ 216 |
Note 7 - Long-term Debt - Revol
Note 7 - Long-term Debt - Revolving Line of Credit Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Outstanding borrowings | $ 20,508 | $ 1,000 |
Interest rate | 1.71% | 1.38% |
Maximum amount of borrowings | $ 58,323 | $ 107,967 |
Average outstanding borrowings | $ 22,357 | $ 33,453 |
Weighted average interest rate (Rate) | 1.37% | 1.95% |
Note 7 - Long-term Debt - Debt
Note 7 - Long-term Debt - Debt Repayment Requirements (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
2023 | $ 4,000 | |
2024 | 4,000 | |
2025 | 4,000 | |
2026 | 101,408 | |
2027 | 0 | |
Thereafter | 216 | |
Total | $ 113,624 | $ 98,585 |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of right of use asset | $ 5,970 | $ 4,746 |
Interest on lease liabilities | 1,048 | 1,102 |
Finance lease cost | 7,018 | 5,848 |
Operating lease cost | 19,250 | 23,736 |
Total lease cost | 26,268 | 29,584 |
Operating cash flows from finance leases | 1,048 | 1,102 |
Operating cash flows from operating leases | 19,010 | 23,864 |
Financing cash flows from finance leases | 7,868 | 6,321 |
Total | 27,926 | 31,287 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 10,226 | 1,740 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 8,508 | $ 2,009 |
Financing leases, lease term (Year) | 4 years 7 months 6 days | 4 years 6 months |
Operating leases, lease term (Year) | 4 years 3 months 18 days | 3 years 6 months |
Financing leases, discount rate | 3.40% | 4.10% |
Operating leases, discount rate | 4.20% | 4.40% |
Note 8 - Leases - Undiscounted
Note 8 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Year one, operating lease | $ 14,779 | $ 18,606 |
Year one, financing lease | 9,247 | 7,665 |
Year two, operating lease | 8,969 | 14,042 |
Year two, financing lease | 7,725 | 7,665 |
Year three, operating lease | 5,130 | 7,118 |
Year three, financing lease | 4,361 | 6,096 |
Year four, operating lease | 2,912 | 3,572 |
Year four, financing lease | 3,274 | 2,713 |
Year five, operating lease | 2,460 | 1,729 |
Year five, financing lease | 2,216 | 1,625 |
Thereafter, operating lease | 5,063 | 3,151 |
Thereafter, financing lease | 3,874 | 2,786 |
Total minimum payment required, operating | 39,313 | 48,218 |
Total minimum payment required, financing | 30,697 | 28,550 |
Less interest, operating | 3,186 | 3,402 |
Less interest, financing | 2,329 | 2,540 |
Present value of minimum lease payments, operating | 36,127 | 44,816 |
Present value of minimum lease payments, financing | 28,368 | 26,010 |
Long-term lease obligation, operating | 22,533 | 27,769 |
Long-term lease obligation, financing | 19,942 | 19,232 |
Current Portion of Long-term Debt and Lease Obligations [Member] | ||
Amount due within one year, operating | 13,594 | 17,047 |
Amount due within one year, financing | $ 8,426 | $ 6,778 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.00% | 21.20% |
Effective Income Tax Rate Continuing Operations Change | (2.80%) | |
Effective Income Tax Rate Reconciliation, Tax Law Change, Percent | (2.80%) | |
Effective Income Tax Rate Reconciliation, Tax Credit, Federal, Percent | (0.50%) | |
Deferred Income Tax Liabilities, Net | $ 32,944 | $ 28,306 |
Tax Credit Carryforward, Valuation Allowance | 3,900 | |
Unrecognized Tax Benefits, Uncertainty on Timing | 700 | 400 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ (200) | |
Effective Income Tax Rate Reconciliation, Lapses of Applicable Statute of Limitations, Amount | 100 | |
California Franchise Tax Board [Member] | ||
Tax Credit Carryforward, Amount | 1,500 | |
New York State Division of Taxation and Finance [Member] | ||
Tax Credit Carryforward, Amount | 1,300 | |
Wisconsin Department of Revenue [Member] | ||
Tax Credit Carryforward, Amount | $ 2,400 |
Note 9 - Income Taxes - Provisi
Note 9 - Income Taxes - Provision of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Federal | $ 4,780 | $ 13,121 |
State | 3,383 | 4,145 |
Total | 8,163 | 17,266 |
Federal | 7,017 | 13,486 |
State | 44 | 3,164 |
Total | 7,061 | 16,650 |
Total income taxes | $ 15,224 | $ 33,916 |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Computed (expected tax rate) | 21.00% | 21.00% |
State income taxes (net of federal tax benefit) | 3.70% | 3.10% |
Federal credits | (0.80%) | (0.30%) |
Reduction to uncertain tax positions | 0.00% | (0.10%) |
Permanent differences | 0.10% | 0.00% |
State credit expiration | 0.90% | 0.00% |
Change in valuation allowance | (1.10%) | 0.20% |
Federal return to accrual | (0.90%) | 0.00% |
Federal net operating loss (NOL) carryback rate difference | 0.00% | (2.80%) |
Interest received on federal NOL carryback | (0.30%) | (0.20%) |
Other | 0.40% | 0.30% |
Effective income tax rate | 23.00% | 21.20% |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Future tax credits | $ 5,244 | $ 5,884 |
Inventory valuation | 3,098 | 2,204 |
Employee benefits | 2,191 | 2,063 |
Insurance | 345 | 685 |
Other comprehensive loss | 8,975 | 6,511 |
Interest | 3 | 4 |
Prepaid revenue | 374 | 463 |
Net operating loss and other tax attribute carryovers | 610 | 85 |
Equity investment basis difference | 0 | 1,589 |
Other | 0 | 815 |
Total assets | 20,840 | 20,303 |
Property basis and depreciation difference | 21,807 | 17,975 |
Intangibles | 17 | 33 |
Right of use assets | 5,764 | 4,371 |
Pension | 21,253 | 21,556 |
Other | 1,012 | 0 |
Total liabilities | 49,853 | 43,935 |
Valuation allowance - noncurrent | 3,931 | 4,674 |
Net deferred income tax liability | $ (32,944) | $ (28,306) |
Note 9 - Income Taxes - Uncerta
Note 9 - Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Beginning balance | $ 376 | $ 2,065 |
Additions | 160 | 279 |
Additions | 215 | 34 |
Reductions | 0 | (1,626) |
Lapses in statues of limitations | (75) | (376) |
Balance as of March 31, | $ 676 | $ 376 |
Note 10 - Retirement Plans (Det
Note 10 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Increase Decrease In Unfunded status | $ (10,000) | ||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 327,867 | $ 348,914 | $ 202,485 |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 5.00% | 7.25% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,100 | $ 1,600 | |
Diversified Mix of Return-seeking Investments [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 28.00% | ||
Fixed Income Investment [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 72.00% |
Note 10 - Retirement Plans - St
Note 10 - Retirement Plans - Statement of Unfunded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Benefit obligation at beginning of year | $ 286,063 | $ 278,227 |
Service cost | 8,483 | 9,326 |
Interest cost | 7,721 | 9,266 |
Actuarial (gain) loss | (972) | 17,712 |
Benefit payments and expenses | (26,294) | (28,468) |
Benefit obligation at end of year | 275,001 | 286,063 |
Fair value of plan assets at beginning of year | 348,914 | 202,485 |
Actual return on plan assets | 6,666 | 103,166 |
Employer contributions | 0 | 73,000 |
Benefit payments and expenses | (27,713) | (29,737) |
Fair value of plan assets at end of year | 327,867 | 348,914 |
Funded status | $ 52,866 | $ 62,851 |
Note 10 - Retirement Plans - Am
Note 10 - Retirement Plans - Amounts Recognized in Accumulated Other Comprehensive (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Prior service cost | $ (167) | $ (258) |
Net loss | (36,136) | (26,265) |
Accumulated other comprehensive pre-tax loss | $ (36,303) | $ (26,523) |
Note 10 - Retirement Plans - Ne
Note 10 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Service cost including administration | $ 9,508 | $ 10,627 |
Interest cost | 7,721 | 9,266 |
Expected return on plan assets | (17,114) | (15,804) |
Amortization of net loss | 0 | 9,919 |
Prior service cost | 91 | 91 |
Net periodic benefit cost | $ 206 | $ 14,099 |
Note 10 - Retirement Plans - As
Note 10 - Retirement Plans - Assumptions Used to Measure (Details) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Discount rate - projected benefit obligation | 3.81% | 3.43% |
Rate of compensation increase | 3.00% | 3.00% |
Discount rate - benefit obligations | 3.43% | 3.69% |
Discount rate - interest cost | 2.68% | 3.30% |
Discount rate - service cost | 3.75% | 3.87% |
Expected return on plan assets | 5.00% | 7.25% |
Rate of compensation increase | 3.00% | 3.00% |
Note 10 - Retirement Plans - Pl
Note 10 - Retirement Plans - Plan Assets (Details) | Mar. 31, 2022 | Mar. 31, 2021 |
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Defined Benefit Plan, Equity Securities [Member] | ||
Target Allocation | 19.00% | |
Percentage of Plan Assets | 21.00% | 48.00% |
Defined Benefit Plan, Debt Security [Member] | ||
Target Allocation | 72.00% | |
Percentage of Plan Assets | 61.00% | 50.00% |
Defined Benefit Plan, Real Estate [Member] | ||
Target Allocation | 6.00% | |
Percentage of Plan Assets | 7.00% | 0.00% |
Defined Benefit Plan, Cash [Member] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 7.00% | 2.00% |
Defined Benefit Plan, Other [Member] | ||
Target Allocation | 3.00% | |
Percentage of Plan Assets | 4.00% | 0.00% |
Note 10 - Retirement Plans - Fa
Note 10 - Retirement Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Plan Assets, Amount | $ 327,867 | $ 348,914 | $ 202,485 | |
Defined Benefit Plan, Equity Securities [Member] | ||||
Plan Assets, Amount | 29,427 | |||
Defined Benefit Plan, Equity Securities Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 40,969 | |||
Defined Benefit Plan, Real Estate Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 23,200 | |||
Defined Benefit Plan, Debt Security Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 200,225 | |||
Defined Benefit Plan, Cash and Short-term Investments Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | [1] | 22,224 | ||
Other Investments [Member] | ||||
Plan Assets, Amount | 11,822 | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Plan Assets, Amount | 29,427 | |||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Plan Assets, Amount | 29,427 | |||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Real Estate Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Debt Security Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Cash and Short-term Investments Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | [1] | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Other Investments [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Real Estate Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Debt Security Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Cash and Short-term Investments Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | [1] | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Other Investments [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Real Estate Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Debt Security Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Cash and Short-term Investments Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | [1] | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | ||||
Plan Assets, Amount | 29,427 | |||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Plan Assets, Amount | 29,427 | |||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Equity Securities Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Real Estate Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Debt Security Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Cash and Short-term Investments Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | [1] | 0 | ||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Other Investments [Member] | ||||
Plan Assets, Amount | 0 | |||
Fair Value Measured at Net Asset Value Per Share [Member] | ||||
Plan Assets, Amount | [2] | 298,439 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Plan Assets, Amount | [2] | 0 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Defined Benefit Plan, Equity Securities Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | [2] | 40,969 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Defined Benefit Plan, Real Estate Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | [2] | 23,200 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Defined Benefit Plan, Debt Security Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | [2] | 200,224 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Defined Benefit Plan, Cash and Short-term Investments Held in Common Collective Trusts [Member] | ||||
Plan Assets, Amount | [1],[2] | 22,224 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Other Investments [Member] | ||||
Plan Assets, Amount | [2] | $ 11,822 | ||
[1] | The cash/short term investments consist of a money market fund that holds individual, high quality, short duration fixed income investments, however the fund does not trade on public markets. The Company elected to consistently apply the practical expedient to all investments within common/collective trusts, and therefore, the fair value of this fund is measured at net asset value per share. | |||
[2] | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in our Obligations and Funded Status table. |
Note 10 - Retirement Plans - Ex
Note 10 - Retirement Plans - Expected Contributions (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Expected Employer Contributions | $ 0 |
Expected Employee Contributions | $ 0 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2003 | |
Dividends, Preferred Stock, Cash | $ 23,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 33,695 | 33,695 | |
Treasury Stock, Shares, Acquired (in shares) | 3,839,348 | ||
Treasury Stock, Value, Total | $ 128,879,000 | $ 91,198,000 | |
Treasury Stock [Member] | |||
Dividends, Preferred Stock, Cash | 0 | 0 | |
Treasury Stock, Value, Acquired, Cost Method | 38,788,000 | $ 4,358,000 | |
Defined Contribution Plan, Employer Discretionary Contribution Value of Shares | $ 1,100,000 | ||
Defined Contribution Plan, Employer Discretionary Contribution Share Amount (in shares) | 32,217 | ||
Conversion of Convertible Participating Preferred Stock to Common Stock [Member] | |||
Conversion of Stock, Shares Converted (in shares) | 1,600 | ||
Convertible from Series A Preferred Stock to Class A Stock [Member] | |||
Share for Share Conversion Number (in shares) | 20 | ||
Convertible from Series B Preferred Stock to Class A Stock [Member | |||
Share for Share Conversion Number (in shares) | 30 | ||
Cumulative Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 200,000 | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.25 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 200,000 | 200,000 | |
Dividends, Preferred Stock, Cash | $ 3,000 | $ 3,000 | |
No Par Value Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 30,000 | ||
Preferred Class A [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 8,200,000 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.025 | ||
Series A Preferred Stock [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||
Preferred Stock, Shares Non-designated (in shares) | 6,767,244 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 407,240 | ||
Dividends, Preferred Stock, Cash | $ 20,000 | $ 20,000 | |
Series B Preferred Stock [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 400,000 | ||
Convertible Preferred Stock [Member] | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 11.931 | ||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 1 | ||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 0 | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 12 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 32,256 | ||
Series 2003 Convertible Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 500 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.025 | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 15.50 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 500 | 500 | |
Preferred Stock, Shares Issued, Total (in shares) | 967,742 | ||
Sale of Stock, Price Per Share (in dollars per share) | $ 16.60 | ||
Common Class A [Member] | |||
Voting Rights, Percentage of Vote Per Share | 0.05% | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 32,756 | 34,355 | |
Treasury Stock, Value, Acquired, Cost Method | $ 38,800,000 | ||
Treasury Stock, Shares, Acquired (in shares) | 768,018 | ||
Common Class B [Member] | |||
Stock Issued During Period, Profit Sharing Bonus Plan (in shares) | 0 |
Note 12 - Fair Value of Finan_3
Note 12 - Fair Value of Financial Instrument - Fair Value and Carrying Value of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Reported Value Measurement [Member] | ||
Long-term debt, including current portion | $ 113,624 | $ 98,585 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt, including current portion | $ 108,608 | $ 97,226 |
Note 13 - Other Operating Inc_2
Note 13 - Other Operating Income and Expense (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Operating Income (Expense), Net | $ (1,174) | $ 29,014 |
Gain (Loss) on Extinguishment of Debt, Total | 500 | 0 |
Closing of Midwest and Northwest Plants [Member] | Employee Severance [Member] | ||
Restructuring Costs, Total | 200 | |
Other Operating Income (Expense) [Member] | ||
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | 2,500 | 1,200 |
Rental Income, Nonoperating | 300 | |
Other Operating Income (Expense) [Member] | Midwest Plant [Member] | ||
Gain (Loss) On Sale of Plant | 1,500 | |
Other Operating Income (Expense) [Member] | Properties Held For Sale [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 1,100 | |
Other Operating Income (Expense) [Member] | Unused Fixed Assets [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 1,600 | $ 31,900 |
Gain (Loss) on Extinguishment of Debt, Total | $ 500 |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Number of Reportable Segments | 3 | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | ||
Concentration Risk, Percentage | 7.20% | 7.20% |
Assets, Total [Member] | Segment Concentration Risk [Member] | Fruit and Vegetable Segment [Member] | ||
Concentration Risk, Percentage | 99.00% |
Note 14 - Segment Information -
Note 14 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 1,385,280 | $ 1,467,644 |
Operating income (loss) | 70,345 | 181,067 |
Capital expenditures | 53,367 | 71,431 |
Depreciation and amortization | 36,523 | 32,375 |
Continuing Operations [Member] | ||
Net sales | 1,385,280 | 1,467,644 |
Operating income (loss) | 70,345 | |
Capital expenditures | 52,100 | 71,450 |
Depreciation and amortization | 36,523 | 32,376 |
Fruit and Vegetable Segment [Member] | Continuing Operations [Member] | ||
Net sales | 1,344,586 | 1,363,263 |
Operating income (loss) | 66,750 | 175,810 |
Capital expenditures | 47,421 | 67,963 |
Depreciation and amortization | 36,126 | 29,534 |
Prepared Foods [Member] | Continuing Operations [Member] | ||
Net sales | 0 | 71,866 |
Operating income (loss) | 0 | 1,967 |
Capital expenditures | 0 | 1,451 |
Depreciation and amortization | 0 | 2,299 |
Snack Segment [Member] | Continuing Operations [Member] | ||
Net sales | 12,332 | 10,999 |
Operating income (loss) | 75 | 705 |
Capital expenditures | 67 | 508 |
Depreciation and amortization | 121 | 194 |
Corporate and Other [Member] | Continuing Operations [Member] | ||
Net sales | 28,362 | 21,516 |
Operating income (loss) | 3,520 | 2,585 |
Capital expenditures | 4,612 | 1,528 |
Depreciation and amortization | $ 276 | $ 349 |
Note 16 - Plant Restructuring -
Note 16 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Balance | $ 0 | $ 202 |
Charge to expense | 70 | 182 |
Cash payments/write offs | (70) | (384) |
Balance | 0 | 0 |
Employee Severance [Member] | ||
Balance | 0 | 202 |
Charge to expense | 0 | 227 |
Cash payments/write offs | 0 | (429) |
Balance | 0 | 0 |
Other Restructuring [Member] | ||
Balance | 0 | 0 |
Charge to expense | 70 | (45) |
Cash payments/write offs | (70) | 45 |
Balance | $ 0 | $ 0 |
Note 17 - Related Party Trans_2
Note 17 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Director [Member] | Vegetables Supply [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 2.9 | $ 2.2 |
Related Party Foudation [Member] | Charitable Contributions [Member] | ||
Related Party Transaction, Amounts of Transaction | 1 | $ 1 |
Beneficiaries of Former Employees That Have Family Relationships to Two of Current Directors [Member] | Retirement Arrangements [Member] | ||
Due to Related Parties, Total | $ 1.9 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at beginning of period | $ 339 | $ 1,598 | |
Charged/(credited) to income | (291) | (1,304) | |
Deductions from reserve | [1] | (6) | (45) |
Balance at end of period | 54 | 339 | |
Charged to other accounts | |||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at beginning of period | 4,674 | 4,473 | |
Charged/(credited) to income | (743) | 201 | |
Deductions from reserve | 0 | 0 | |
Balance at end of period | 3,931 | 4,674 | |
Charged to other accounts | $ 0 | $ 0 | |
[1] | Accounts written off, net of recoveries. |