Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 01, 2022 | Oct. 28, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000088948 | |
Entity Registrant Name | Seneca Foods Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 01, 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 | 350 WillowBrook Office | |
Entity Address, City or Town | Park Fairport | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14450 | |
City Area Code | 585 | |
Local Phone Number | 495-4100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock Class B, $0.25 Par | |
Trading Symbol | SENEB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,707,249 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock Class A, $0.25 Par | |
Trading Symbol | SENEA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 5,878,899 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Oct. 01, 2022 | Mar. 31, 2022 | Oct. 02, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 12,887 | $ 10,904 | $ 11,260 |
Accounts receivable, net of allowance for credit losses of $66, $86, and $54, respectively | 162,517 | 119,169 | 135,338 |
Assets held for sale | 4,604 | 5,979 | 7,427 |
Inventories | 821,302 | 410,331 | 608,179 |
Refundable income taxes | 0 | 3,866 | 15,558 |
Other current assets | 3,542 | 5,193 | 5,505 |
Total current assets | 1,004,852 | 555,442 | 783,267 |
Property, plant and equipment, net | 283,729 | 268,043 | 260,165 |
Right-of-use assets operating, net | 26,481 | 34,008 | 42,827 |
Right-of-use assets financing, net | 34,838 | 34,867 | 37,301 |
Pension assets | 51,048 | 52,866 | 62,482 |
Other assets | 1,993 | 1,804 | 2,384 |
Total assets | 1,402,941 | 947,030 | 1,188,426 |
Current liabilities: | |||
Accounts payable | 345,151 | 87,602 | 268,908 |
Deferred revenue | 13,009 | 7,655 | 12,010 |
Accrued vacation | 11,887 | 11,611 | 12,153 |
Accrued payroll | 22,054 | 16,998 | 19,085 |
Other accrued expenses | 31,051 | 23,269 | 31,890 |
Income taxes payable | 213 | 0 | 0 |
Current portion of long-term debt and lease obligations | 22,063 | 26,020 | 28,110 |
Total current liabilities | 445,428 | 173,155 | 372,156 |
Long-term debt, less current portion | 316,345 | 109,624 | 142,779 |
Operating lease obligations, less current portion | 16,508 | 22,533 | 26,953 |
Financing lease obligations, less current portion | 18,499 | 19,942 | 23,509 |
Deferred income tax liability, net | 33,887 | 32,944 | 30,512 |
Other long-term liabilities | 4,060 | 4,995 | 6,178 |
Total liabilities | 834,727 | 363,193 | 602,087 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock | 612 | 644 | 662 |
Common stock, $0.25 par value per share | 3,043 | 3,041 | 3,041 |
Additional paid-in capital | 98,818 | 98,641 | 98,558 |
Treasury stock, at cost | (165,871) | (128,879) | (108,507) |
Accumulated other comprehensive loss | (26,468) | (26,468) | (19,067) |
Retained earnings | 658,080 | 636,858 | 611,652 |
Total stockholders' equity | 568,214 | 583,837 | 586,339 |
Total liabilities and stockholders’ equity | $ 1,402,941 | $ 947,030 | $ 1,188,426 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Oct. 01, 2022 | Mar. 31, 2022 | Oct. 02, 2021 |
Net of allowance for credit losses | $ 66 | $ 54 | $ 86 |
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Net sales | $ 439,842 | $ 372,256 | $ 705,035 | $ 607,298 |
Costs and expenses: | ||||
Cost of product sold | 398,063 | 329,528 | 640,413 | 530,947 |
Selling, general and administrative | 20,480 | 19,136 | 38,722 | 36,410 |
Other operating (income) loss, net | (537) | 1,773 | (2,532) | 395 |
Total costs and expenses | 418,006 | 350,437 | 676,603 | 567,752 |
Operating income | 21,836 | 21,819 | 28,432 | 39,546 |
Other income and expenses: | ||||
Loss from equity investment | 0 | 7,619 | 0 | 7,775 |
Other non-operating income | (1,527) | (2,375) | (3,053) | (4,751) |
Interest expense, net | 2,370 | 1,336 | 3,760 | 2,678 |
Earnings before income taxes | 20,993 | 15,239 | 27,725 | 33,844 |
Income taxes | 4,862 | 3,585 | 6,491 | 8,054 |
Net earnings | $ 16,131 | $ 11,654 | $ 21,234 | $ 25,790 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 2.05 | $ 1.32 | $ 2.64 | $ 2.88 |
Diluted (in dollars per share) | $ 2.03 | $ 1.31 | $ 2.62 | $ 2.86 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 7,836 | 8,810 | 7,995 | 8,917 |
Diluted (in shares) | 7,906 | 8,880 | 8,065 | 8,987 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Comprehensive income: | ||||
Net earnings | $ 16,131 | $ 11,654 | $ 21,234 | $ 25,790 |
Total | $ 16,131 | $ 11,654 | $ 21,234 | $ 25,790 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Cash flows from operating activities: | ||
Net earnings | $ 21,234 | $ 25,790 |
Adjustments to reconcile net earnings to net cash from operating activities: | ||
Depreciation & amortization | 19,844 | 17,691 |
Gain on the sale of assets | (2,167) | (1,911) |
Loss from equity investment | 0 | 7,775 |
Deferred income taxes | 943 | 2,206 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (42,848) | (42,861) |
Inventories | (410,971) | (265,035) |
Other current assets | 1,651 | (1,800) |
Income taxes | 4,079 | (7,173) |
Accounts payable, accrued expenses and other | 274,614 | 215,351 |
Net cash used by operating activities | (133,621) | (49,967) |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (33,871) | (28,234) |
Proceeds from the sale of assets | 4,045 | 4,649 |
Net cash used by investing activities | (29,826) | (23,585) |
Cash flows from financing activities: | ||
Long-term borrowing | 499,956 | 116,008 |
Payments on long-term debt | (293,235) | (67,314) |
Other assets | 0 | (2,639) |
Payments on financing leases | (4,287) | (3,759) |
Purchase of treasury stock | (36,992) | (17,309) |
Dividends | (12) | (12) |
Net cash provided by financing activities | 165,430 | 24,975 |
Net increase (decrease) in cash and cash equivalents | 1,983 | (48,577) |
Cash and cash equivalents, beginning of the period | 10,904 | 59,837 |
Cash and cash equivalents, end of the period | 12,887 | 11,260 |
Supplemental disclosures of cash flow information: | ||
Right-of-use assets obtained in exchange for lease obligations | 5,166 | 19,972 |
Right-of-use assets derecognized upon early lease termination | 2,564 | 1,206 |
Property, plant and equipment purchased on account | 517 | 1,523 |
Sale of property, plant and equipment in exchange for note receivable | $ 750 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Preferred Stock [Member] | Cumulative Convertible Preferred Stock [Member] | Participating Convertible Preferred Stock [Member] | Common Class A [Member] | Common Class B [Member] | Retained Earnings [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balances at Mar. 31, 2021 | $ 585,874 | $ 663 | $ 3,041 | $ 98,502 | $ (91,198) | $ (19,067) | ||||||
Net earnings | 14,136 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash dividends declared on preferred stock | (12) | 0 | 0 | 0 | 0 | 0 | ||||||
Equity incentive program | 0 | 0 | 0 | 25 | 0 | 0 | ||||||
Purchase treasury stock | 0 | 0 | 0 | 0 | (4,552) | 0 | ||||||
Balances at Jul. 03, 2021 | 599,998 | 663 | 3,041 | 98,527 | (95,750) | (19,067) | ||||||
Balances at Mar. 31, 2021 | 585,874 | 663 | 3,041 | 98,502 | (91,198) | (19,067) | ||||||
Net earnings | $ 25,790 | |||||||||||
Purchase treasury stock | $ (17,300) | |||||||||||
Balances at Oct. 02, 2021 | 611,652 | 662 | 3,041 | 98,558 | (108,507) | (19,067) | 586,339 | |||||
Balances at Jul. 03, 2021 | 599,998 | 663 | 3,041 | 98,527 | (95,750) | (19,067) | ||||||
Net earnings | 11,654 | 0 | 0 | 0 | 0 | 0 | ||||||
Equity incentive program | 0 | 0 | 0 | 30 | 0 | 0 | ||||||
Purchase treasury stock | 0 | 0 | 0 | 0 | (12,757) | 0 | ||||||
Preferred stock conversion | 0 | (1) | 0 | 1 | 0 | 0 | ||||||
Balances at Oct. 02, 2021 | 611,652 | 662 | 3,041 | 98,558 | (108,507) | (19,067) | 586,339 | |||||
Balances at Mar. 31, 2022 | 636,858 | 644 | 3,041 | 98,641 | (128,879) | (26,468) | 583,837 | |||||
Net earnings | 5,103 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash dividends declared on preferred stock | (12) | 0 | 0 | 0 | 0 | 0 | ||||||
Issue stock for bonus program | 0 | 0 | 1 | 76 | 0 | 0 | ||||||
Equity incentive program | 0 | 0 | 0 | 33 | 0 | 0 | ||||||
Purchase treasury stock | 0 | 0 | 0 | 0 | (15,923) | 0 | ||||||
Balances at Jul. 02, 2022 | 641,949 | 644 | 3,042 | 98,750 | (144,802) | (26,468) | ||||||
Balances at Mar. 31, 2022 | 636,858 | 644 | 3,041 | 98,641 | (128,879) | (26,468) | 583,837 | |||||
Net earnings | 21,234 | |||||||||||
Purchase treasury stock | $ (37,000) | |||||||||||
Balances at Oct. 01, 2022 | 658,080 | 612 | 3,043 | 98,818 | (165,871) | (26,468) | 568,214 | |||||
Balances at Jul. 02, 2022 | 641,949 | 644 | 3,042 | 98,750 | (144,802) | (26,468) | ||||||
Net earnings | 16,131 | 0 | 0 | 0 | 0 | 0 | ||||||
Equity incentive program | 0 | 0 | 0 | 37 | 0 | 0 | ||||||
Purchase treasury stock | 0 | 0 | 0 | 0 | (21,069) | 0 | ||||||
Preferred stock conversion | 0 | (32) | 1 | 31 | 0 | 0 | ||||||
Balances at Oct. 01, 2022 | $ 658,080 | $ 612 | $ 3,043 | $ 98,818 | $ (165,871) | $ (26,468) | $ 568,214 | |||||
Preferred stock, shares authorized (in shares) | 200,000 | 1,400,000 | 30,180 | |||||||||
Common stock, shares authorized (in shares) | 20,000,000 | 10,000,000 | ||||||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 30,180 | |||||||||
Common stock, shares outstanding (in shares) | 5,943,496 | 1,707,249 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) | Oct. 01, 2022 $ / shares |
Cumulative Preferred Stock [Member] | |
Preferred stock, dividend rate | 6% |
Preferred stock, par value (in dollars per share) | $ 0.25 |
Cumulative Convertible Preferred Stock [Member] | |
Preferred stock, dividend rate | 10% |
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 |
Common Class A [Member] | |
Common Stock, Par Value (in dollars per share) | 0.25 |
Common Class B [Member] | |
Common Stock, Par Value (in dollars per share) | 0.25 |
Common Stock, Par Value (in dollars per share) | $ 0.25 |
Note 1 - Basis of Preparation a
Note 1 - Basis of Preparation and Presentation | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Preparation and Presentation Seneca Foods Corporation (the “Company”) is a leading provider of packaged fruits and vegetables with 26 facilities in eight 80 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial statements. While these statements reflect all adjustments (consisting of items of a normal recurring nature) that are, in the opinion of management, necessary for a fair presentation of the results of the interim period, they do not 10 March 31, 2022. Due to the seasonal nature of the business, quarterly operating results and cash flows are not may March 31 may not The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. The Company uses the same accounting policies in preparing quarterly and annual financial statements. A summary of significant accounting policies followed by the Company are set forth in Note 1 10 March 31, 2022. New Accounting Pronouncements and Policies Effective April 1, 2022, 2016 13, Financial Instruments - Credit Losses (Topic 326 November 2018 No. 2018 19, Codification Improvements to Topic 326, Credit Losses 2016 13” may 2016 13 not In March 2020, 2020 04, Reference Rate Reform (Topic 848 2020 04” 2020 04 March 12, 2020 December 31, 2022. 2020 04 7, September 14, 2022, 7, 2020 04 not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Recognition Revenue recognition is completed for most customers at a point in time 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. The Company does sell certain finished goods inventory for cash on a bill and hold basis. The terms of the bill and hold agreement provide that title to the specified inventory is transferred to the customer prior to shipment and the Company has the right to payment (prior to physical delivery) which results in recorded revenue as determined under the revenue recognition standard. In the following table, revenue is disaggregated by product category groups (in thousands): Three Months Ended Six months Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Canned vegetables $ 364,749 $ 299,588 $ 583,084 $ 487,532 Frozen vegetables 40,095 40,850 59,806 63,434 Fruit products 23,971 22,286 42,303 38,159 Snack products 3,695 3,685 6,675 7,097 Other 7,332 5,847 13,167 11,076 Net sales $ 439,842 $ 372,256 $ 705,035 $ 607,298 As a result of certain contracts with customers, the Company has contract asset balances of $0.5 million, $0.7 million, and $0.9 million as of October 1, 2022, October 2, 2021, March 31, 2022 |
Note 3 - Earnings Per Common Sh
Note 3 - Earnings Per Common Share | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Earnings per Common Share Earnings per share for the three October 1, 2022 October 2, 2021 Three Months Ended Six Months Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Basic Net earnings $ 16,131 $ 11,654 $ 21,234 $ 25,790 Deduct preferred stock dividends paid 6 6 12 12 Undistributed net earnings 16,125 11,648 21,222 25,778 Earnings attributable to participating preferred 65 45 85 99 Earnings attributable to common shareholders $ 16,060 $ 11,603 $ 21,137 $ 25,679 Weighted average common shares outstanding 7,836 8,810 7,995 8,917 Basic earnings per common share $ 2.05 $ 1.32 $ 2.64 $ 2.88 Diluted Earnings attributable to common shareholders $ 16,060 $ 11,603 $ 21,137 $ 25,679 Add dividends on convertible preferred stock 5 5 10 10 Earnings attributable to common stock on a diluted basis $ 16,065 $ 11,608 $ 21,147 $ 25,689 Weighted average common shares outstanding-basic 7,836 8,810 7,995 8,917 Additional shares issued related to the equity compensation plan 3 3 3 3 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 7,906 8,880 8,065 8,987 Diluted earnings per common share $ 2.03 $ 1.31 $ 2.62 $ 2.86 |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories The Company uses the last-in, first As of October 1, 2022, October 2, 2021, March 31, 2022, first first three October 1, 2022 October 2, 2021, six October 1, 2022 October 1, 2021, The following table shows inventory by category and the related LIFO reserve (in thousands): As of: October 1, October 2, March 31, 2022 2021 2022 Finished products $ 805,500 $ 629,503 385,681 In process 47,050 17,810 23,652 Raw materials and supplies 181,680 101,177 165,491 1,034,230 748,490 574,824 Less excess of FIFO cost over LIFO cost 212,928 140,311 164,493 Inventories $ 821,302 $ 608,179 $ 410,331 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property, Plant and Equipment Property, plant and equipment is comprised of the following (in thousands): As of: October 1, October 2, March 31, 2022 2021 2022 Land and land improvements $ 43,686 $ 42,798 $ 42,981 Buildings and improvements 204,767 192,913 202,444 Machinery and equipment 421,015 385,219 403,192 Office furniture, vehicles and computer software 10,326 10,018 10,003 Construction in progress 40,688 37,257 29,976 Property, plant and equipment, cost 720,482 668,205 688,596 Less: accumulated depreciation (436,753 ) (408,040 ) (420,553 ) Property, plant and equipment, net $ 283,729 $ 260,165 $ 268,043 Depreciation expense totaled $8.3 million and $7.5 million for the three October 1, 2022 October 2, 2021, six October 1, 2022 October 2, 2021, |
Note 6 - Assets Held For Sale
Note 6 - Assets Held For Sale | 6 Months Ended |
Oct. 01, 2022 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 6. Assets Held For Sale The Company classifies its assets as held for sale at the time management commits to a plan to sell the asset, the asset is actively marketed and available for immediate sale, and the sale is expected to be completed within one may one As of: October 1, October 2, March 31, 2022 2021 2022 Property, plant and equipment, net $ 4,604 $ 7,427 $ 5,979 Current assets held for sale $ 4,604 $ 7,427 $ 5,979 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 7. Long-Term Debt Long-term debt is comprised of the following (in thousands): As of October 1, October 2, March 31, 2022 2021 2022 Revolving credit facility $ 229,213 $ 51,679 $ 20,508 Term loan 90,916 94,884 92,900 Other 216 216 216 Total long-term debt 320,345 146,779 113,624 Less current portion 4,000 4,000 4,000 Long-term debt, less current portion $ 316,345 $ 142,779 $ 109,624 Revolving Credit Facility On March 24, 2021, April July August March. March 24, 2026 June November three seven may On September 14, 2022, not No The following table illustrates certain quantitative data for Revolver borrowings during fiscal year 2023 2022 As of: October 1, October 2, March 31, 2022 2021 2022 Outstanding borrowings $ 229,213 $ 51,679 $ 20,508 Weighted average interest rate 4.16 % 1.33 % 1.71 % Three Months Ended: Six Months Ended: October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Maximum amount of borrowings $ 229,213 $ 51,679 $ 229,213 $ 51,679 Average outstanding borrowings $ 128,650 $ 11,206 $ 77,277 $ 5,989 Weighted average interest rate 3.66 % 1.29 % 3.42 % 1.34 % Term Loan On May 28, 2020 June 1, 2025. 2021. |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 8. Leases The Company determines whether an arrangement is a lease at inception of the agreement. Presently, the Company leases land, machinery and equipment under various operating and financing leases. Right-of-Use, or ROU, assets represent the Company’s right to use the underlying assets for the lease term, and lease obligations represent the net present value of the Company’s obligation to make payments arising from these leases. ROU assets and lease obligations are recognized at commencement date based on the present value of lease payments over the lease term using the implicit lease interest rate or, when unknown, an incremental borrowing rate based on the information available at commencement date or April 1, 2019 Lease terms may not may 12 not ROU assets and lease obligations for the Company’s operating and financing leases are disclosed separately in the Company’s condensed consolidated balance sheets. The components of lease cost were as follows (in thousands): Three Months Ended Six Months Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Lease cost: Amortization of right of use asset $ 1,668 $ 1,546 $ 3,257 $ 2,841 Interest on lease liabilities 242 279 481 536 Finance lease cost 1,910 1,825 3,738 3,377 Operating lease cost 3,657 4,960 7,884 9,960 Total lease cost $ 5,567 $ 6,785 $ 11,622 $ 13,337 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 481 $ 536 Operating cash flows from operating leases 10,404 12,248 Financing cash flows from finance leases 4,287 3,759 $ 15,172 $ 16,543 Right-of-use assets obtained in exchange for new finance lease liabilities $ 3,298 $ 9,531 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,868 $ 10,441 Weighted-average lease term (years): Financing leases 4.6 4.8 Operating leases 4.5 4.2 Weighted-average discount rate: Financing leases 3.5 % 3.4 % Operating leases 4.2 % 4.2 % Undiscounted future lease payments under non-cancelable operating and financing leases, along with a reconciliation of undiscounted cash flows to operating and financing lease obligations, respectively, as of October 1, 2022 Years ending March 31: Operating Financing Balance of 2023 $ 3,271 $ 4,873 2024 8,914 8,265 2025 5,521 4,931 2026 3,029 3,844 2027 2,517 2,786 2028-2033 5,059 4,949 Total minimum payment required $ 28,311 $ 29,648 Less interest 2,548 2,341 Present value of minimum lease payments 25,763 27,307 Amount due within one year 9,255 8,808 Long-term lease obligations $ 16,508 $ 18,499 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Taxes The Company’s effective tax rate was 23.4% and 23.8% for the six October 1, 2022 October 2, 2021 six six |
Note 10 - Retirement Plans
Note 10 - Retirement Plans | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. Retirement Plans The net periodic benefit cost for the Company’s pension plan consisted of (in thousands): Three Months Ended Six Months Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Service cost including administration $ 2,435 $ 2,560 $ 4,870 $ 5,121 Interest cost 2,374 1,878 4,748 3,756 Expected return on plan assets (4,025 ) (4,276 ) (8,051 ) (8,553 ) Amortization of prior service cost 23 23 46 46 Amortization of net loss 102 - 205 - Net periodic benefit cost $ 909 $ 185 $ 1,818 $ 370 There were no six October 1, 2022 October 2, 2021. |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Stockholders Equity During the six October 1, 2022, six October 2, 2021, not six October 1, 2022, not |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Instruments | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. Fair Value of Financial Instruments On a quarterly basis, the Company estimates the fair values for financial instruments that are recorded at carrying value on the consolidated condensed balance sheets. The estimated fair value for long-term debt (classified as Level 2 As of: October 1, October 2, March 31, 2022 2021 2022 Carrying value $ 320,345 $ 146,779 $ 113,624 Estimated fair value $ 312,336 $ 146,387 $ 108,608 |
Note 13 - Other Operating Incom
Note 13 - Other Operating Income and Expense | 6 Months Ended |
Oct. 01, 2022 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | 13. Other Operating Income and Expense The Company had net other operating income of $0.5 million during the three October 1, 2022, three October 2, 2021, During the six October 1, 2022, six October 2, 2021, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 01, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements and Policies Effective April 1, 2022, 2016 13, Financial Instruments - Credit Losses (Topic 326 November 2018 No. 2018 19, Codification Improvements to Topic 326, Credit Losses 2016 13” may 2016 13 not In March 2020, 2020 04, Reference Rate Reform (Topic 848 2020 04” 2020 04 March 12, 2020 December 31, 2022. 2020 04 7, September 14, 2022, 7, 2020 04 not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six months Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Canned vegetables $ 364,749 $ 299,588 $ 583,084 $ 487,532 Frozen vegetables 40,095 40,850 59,806 63,434 Fruit products 23,971 22,286 42,303 38,159 Snack products 3,695 3,685 6,675 7,097 Other 7,332 5,847 13,167 11,076 Net sales $ 439,842 $ 372,256 $ 705,035 $ 607,298 |
Note 3 - Earnings Per Common _2
Note 3 - Earnings Per Common Share (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Basic Net earnings $ 16,131 $ 11,654 $ 21,234 $ 25,790 Deduct preferred stock dividends paid 6 6 12 12 Undistributed net earnings 16,125 11,648 21,222 25,778 Earnings attributable to participating preferred 65 45 85 99 Earnings attributable to common shareholders $ 16,060 $ 11,603 $ 21,137 $ 25,679 Weighted average common shares outstanding 7,836 8,810 7,995 8,917 Basic earnings per common share $ 2.05 $ 1.32 $ 2.64 $ 2.88 Diluted Earnings attributable to common shareholders $ 16,060 $ 11,603 $ 21,137 $ 25,679 Add dividends on convertible preferred stock 5 5 10 10 Earnings attributable to common stock on a diluted basis $ 16,065 $ 11,608 $ 21,147 $ 25,689 Weighted average common shares outstanding-basic 7,836 8,810 7,995 8,917 Additional shares issued related to the equity compensation plan 3 3 3 3 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 7,906 8,880 8,065 8,987 Diluted earnings per common share $ 2.03 $ 1.31 $ 2.62 $ 2.86 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of: October 1, October 2, March 31, 2022 2021 2022 Finished products $ 805,500 $ 629,503 385,681 In process 47,050 17,810 23,652 Raw materials and supplies 181,680 101,177 165,491 1,034,230 748,490 574,824 Less excess of FIFO cost over LIFO cost 212,928 140,311 164,493 Inventories $ 821,302 $ 608,179 $ 410,331 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of: October 1, October 2, March 31, 2022 2021 2022 Land and land improvements $ 43,686 $ 42,798 $ 42,981 Buildings and improvements 204,767 192,913 202,444 Machinery and equipment 421,015 385,219 403,192 Office furniture, vehicles and computer software 10,326 10,018 10,003 Construction in progress 40,688 37,257 29,976 Property, plant and equipment, cost 720,482 668,205 688,596 Less: accumulated depreciation (436,753 ) (408,040 ) (420,553 ) Property, plant and equipment, net $ 283,729 $ 260,165 $ 268,043 |
Note 6 - Assets Held For Sale (
Note 6 - Assets Held For Sale (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | As of: October 1, October 2, March 31, 2022 2021 2022 Property, plant and equipment, net $ 4,604 $ 7,427 $ 5,979 Current assets held for sale $ 4,604 $ 7,427 $ 5,979 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of October 1, October 2, March 31, 2022 2021 2022 Revolving credit facility $ 229,213 $ 51,679 $ 20,508 Term loan 90,916 94,884 92,900 Other 216 216 216 Total long-term debt 320,345 146,779 113,624 Less current portion 4,000 4,000 4,000 Long-term debt, less current portion $ 316,345 $ 142,779 $ 109,624 |
Schedule of Line of Credit Facilities [Table Text Block] | As of: October 1, October 2, March 31, 2022 2021 2022 Outstanding borrowings $ 229,213 $ 51,679 $ 20,508 Weighted average interest rate 4.16 % 1.33 % 1.71 % Three Months Ended: Six Months Ended: October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Maximum amount of borrowings $ 229,213 $ 51,679 $ 229,213 $ 51,679 Average outstanding borrowings $ 128,650 $ 11,206 $ 77,277 $ 5,989 Weighted average interest rate 3.66 % 1.29 % 3.42 % 1.34 % |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Lease cost: Amortization of right of use asset $ 1,668 $ 1,546 $ 3,257 $ 2,841 Interest on lease liabilities 242 279 481 536 Finance lease cost 1,910 1,825 3,738 3,377 Operating lease cost 3,657 4,960 7,884 9,960 Total lease cost $ 5,567 $ 6,785 $ 11,622 $ 13,337 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 481 $ 536 Operating cash flows from operating leases 10,404 12,248 Financing cash flows from finance leases 4,287 3,759 $ 15,172 $ 16,543 Right-of-use assets obtained in exchange for new finance lease liabilities $ 3,298 $ 9,531 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,868 $ 10,441 Weighted-average lease term (years): Financing leases 4.6 4.8 Operating leases 4.5 4.2 Weighted-average discount rate: Financing leases 3.5 % 3.4 % Operating leases 4.2 % 4.2 % |
Lessee, Lease Liability, Maturity [Table Text Block] | Years ending March 31: Operating Financing Balance of 2023 $ 3,271 $ 4,873 2024 8,914 8,265 2025 5,521 4,931 2026 3,029 3,844 2027 2,517 2,786 2028-2033 5,059 4,949 Total minimum payment required $ 28,311 $ 29,648 Less interest 2,548 2,341 Present value of minimum lease payments 25,763 27,307 Amount due within one year 9,255 8,808 Long-term lease obligations $ 16,508 $ 18,499 |
Note 10 - Retirement Plans (Tab
Note 10 - Retirement Plans (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended Six Months Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Service cost including administration $ 2,435 $ 2,560 $ 4,870 $ 5,121 Interest cost 2,374 1,878 4,748 3,756 Expected return on plan assets (4,025 ) (4,276 ) (8,051 ) (8,553 ) Amortization of prior service cost 23 23 46 46 Amortization of net loss 102 - 205 - Net periodic benefit cost $ 909 $ 185 $ 1,818 $ 370 |
Note 12 - Fair Value of Finan_2
Note 12 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of: October 1, October 2, March 31, 2022 2021 2022 Carrying value $ 320,345 $ 146,779 $ 113,624 Estimated fair value $ 312,336 $ 146,387 $ 108,608 |
Note 1 - Basis of Preparation_2
Note 1 - Basis of Preparation and Presentation (Details Textual) | Oct. 01, 2022 |
Number of States in which Entity Operates | 8 |
Seneca Food Plants [Member] | |
Number of Real Estate Properties | 26 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | Oct. 01, 2022 | Mar. 31, 2022 | Oct. 02, 2021 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 0.5 | $ 0.9 | $ 0.7 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Oct. 01, 2022 | Oct. 01, 2022 | Oct. 02, 2021 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Net sales | $ 439,842 | $ 439,842 | $ 372,256 | $ 372,256 | $ 705,035 | $ 607,298 |
Canned Vegetables [Member] | ||||||
Net sales | 364,749 | 299,588 | 583,084 | 487,532 | ||
Frozen [Member] | ||||||
Net sales | 40,095 | 40,850 | 59,806 | 63,434 | ||
Fruit [Member] | ||||||
Net sales | 23,971 | 22,286 | 42,303 | 38,159 | ||
Snack [Member] | ||||||
Net sales | 3,695 | 3,685 | 6,675 | 7,097 | ||
Manufactured Product, Other [Member] | ||||||
Net sales | $ 7,332 | $ 5,847 | $ 13,167 | $ 11,076 |
Note 3 - Earnings Per Common _3
Note 3 - Earnings Per Common Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Net earnings | $ 16,131 | $ 11,654 | $ 21,234 | $ 25,790 |
Deduct preferred stock dividends paid | 6 | 6 | 12 | 12 |
Undistributed net earnings | 16,125 | 11,648 | 21,222 | 25,778 |
Earnings attributable to participating preferred | 65 | 45 | 85 | 99 |
Earnings attributable to common shareholders | $ 16,060 | $ 11,603 | $ 21,137 | $ 25,679 |
Weighted average common shares outstanding (in shares) | 7,836 | 8,810 | 7,995 | 8,917 |
Basic earnings per common share (in dollars per share) | $ 2.05 | $ 1.32 | $ 2.64 | $ 2.88 |
Earnings attributable to common shareholders | $ 16,060 | $ 11,603 | $ 21,137 | $ 25,679 |
Add dividends on convertible preferred stock | 5 | 5 | 10 | 10 |
Earnings attributable to common stock on a diluted basis | $ 16,065 | $ 11,608 | $ 21,147 | $ 25,689 |
Additional shares issued related to the equity compensation plan (in shares) | 3 | 3 | 3 | 3 |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 | 67 | 67 |
Total shares for diluted (in shares) | 7,906 | 8,880 | 8,065 | 8,987 |
Diluted earnings per common share (in dollars per share) | $ 2.03 | $ 1.31 | $ 2.62 | $ 2.86 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Mar. 31, 2022 | |
Inventory, LIFO Reserve | $ 212,928 | $ 140,311 | $ 212,928 | $ 140,311 | $ 164,493 |
Inventory, LIFO Reserve, Period Charge | $ 29,200 | $ 8,800 | $ 48,400 | $ 11,600 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Mar. 31, 2022 | Oct. 02, 2021 |
Finished products | $ 805,500 | $ 385,681 | $ 629,503 |
In process | 47,050 | 23,652 | 17,810 |
Raw materials and supplies | 181,680 | 165,491 | 101,177 |
FIFO Inventory Amount | 1,034,230 | 574,824 | 748,490 |
Less excess of FIFO cost over LIFO cost | 212,928 | 164,493 | 140,311 |
Inventories | $ 821,302 | $ 410,331 | $ 608,179 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Depreciation, Total | $ 8.3 | $ 7.5 | $ 16.4 | $ 14.7 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Mar. 31, 2022 | Oct. 02, 2021 |
Property, Plant and Equipment, Gross | $ 720,482 | $ 688,596 | $ 668,205 |
Less: accumulated depreciation | (436,753) | (420,553) | (408,040) |
Property, plant and equipment, net | 283,729 | 268,043 | 260,165 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment, Gross | 43,686 | 42,981 | 42,798 |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Gross | 204,767 | 202,444 | 192,913 |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Gross | 421,015 | 403,192 | 385,219 |
Office Furniture, Vehicles and Computer Software [Member] | |||
Property, Plant and Equipment, Gross | 10,326 | 10,003 | 10,018 |
Construction in Progress [Member] | |||
Property, Plant and Equipment, Gross | $ 40,688 | $ 29,976 | $ 37,257 |
Note 6 - Assets Held For Sale -
Note 6 - Assets Held For Sale - Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Mar. 31, 2022 | Oct. 02, 2021 |
Current assets held for sale | $ 4,604 | $ 5,979 | $ 7,427 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Property, plant and equipment, net | 4,604 | 5,979 | 7,427 |
Current assets held for sale | $ 4,604 | $ 5,979 | $ 7,427 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||||
Oct. 01, 2022 | Mar. 31, 2022 | Jul. 31, 2021 | Mar. 24, 2021 | May 28, 2020 | |
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 | ||||
Term Loan Payable to Farm Credit East ACA [Member] | |||||
Debt Instrument, Face Amount | $ 100 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | ||||
Debt Instrument, Periodic Payment, Principal | $ 1 | ||||
Debt Instrument, Unamortized Discount, Total | $ 0.2 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 300 | $ 400 | |||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | $ 400 |
Note 7 - Long-term Debt - Summa
Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Mar. 31, 2022 | Oct. 02, 2021 |
Long-term debt | $ 320,345 | $ 113,624 | $ 146,779 |
Less current portion | 4,000 | 4,000 | 4,000 |
Long-term debt, less current portion | 316,345 | 109,624 | 142,779 |
Line of Credit [Member] | |||
Long-term debt | 229,213 | 20,508 | 51,679 |
Term Loan [Member] | |||
Long-term debt | 90,916 | 92,900 | 94,884 |
Other [Member] | |||
Long-term debt | $ 216 | $ 216 | $ 216 |
Note 7 - Long-term Debt - Revol
Note 7 - Long-term Debt - Revolving Line of Credit Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Mar. 31, 2022 | |
Outstanding borrowings | $ 229,213 | $ 51,679 | $ 229,213 | $ 51,679 | $ 20,508 |
Weighted average interest rate | 4.16% | 1.33% | 4.16% | 1.33% | 1.71% |
Maximum amount of borrowings | $ 229,213 | $ 51,679 | $ 229,213 | $ 51,679 | |
Average outstanding borrowings | $ 128,650 | $ 11,206 | $ 77,277 | $ 5,989 | |
Weighted average interest rate | 3.66% | 1.29% | 3.42% | 1.34% |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Amortization of right of use asset | $ 1,668 | $ 1,546 | $ 3,257 | $ 2,841 |
Interest on lease liabilities | 242 | 279 | 481 | 536 |
Finance lease cost | 1,910 | 1,825 | 3,738 | 3,377 |
Operating lease cost | 3,657 | 4,960 | 7,884 | 9,960 |
Total lease cost | $ 5,567 | $ 6,785 | 11,622 | 13,337 |
Operating cash flows from finance leases | 481 | 536 | ||
Operating cash flows from operating leases | 10,404 | 12,248 | ||
Financing cash flows from finance leases | 4,287 | 3,759 | ||
Payments for Amounts Included in the Measurement of Lease Liabilities, Total | 15,172 | 16,543 | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | 3,298 | 9,531 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,868 | $ 10,441 | ||
Financing leases (Year) | 4 years 7 months 6 days | 4 years 9 months 18 days | 4 years 7 months 6 days | 4 years 9 months 18 days |
Operating leases, lease term (Year) | 4 years 6 months | 4 years 2 months 12 days | 4 years 6 months | 4 years 2 months 12 days |
Financing leases | 3.50% | 3.40% | 3.50% | 3.40% |
Operating leases, discount rate | 4.20% | 4.20% | 4.20% | 4.20% |
Note 8 - Leases - Undiscounted
Note 8 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Mar. 31, 2022 | Oct. 02, 2021 |
Balance of 2023, operating | $ 3,271 | ||
Balance of 2023, financing | 4,873 | ||
2024, operating | 8,914 | ||
2024, financing | 8,265 | ||
2025, operating | 5,521 | ||
2025, financing | 4,931 | ||
2026, operating | 3,029 | ||
2026, financing | 3,844 | ||
2027, operating | 2,517 | ||
2027, financing | 2,786 | ||
2028-2033, operating | 5,059 | ||
2028-2033, financing | 4,949 | ||
Total minimum payment required, operating | 28,311 | ||
Total minimum payment required, financing | 29,648 | ||
Less interest, operating | 2,548 | ||
Less interest, financing | 2,341 | ||
Present value of minimum lease payments, operating | 25,763 | ||
Present value of minimum lease payments, financing | 27,307 | ||
Amount due within one year, operating | 9,255 | ||
Amount due within one year, financing | 8,808 | ||
Long-term lease obligations | 16,508 | $ 22,533 | $ 26,953 |
Long-term lease obligations | $ 18,499 | $ 19,942 | $ 23,509 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 6 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.40% | 23.80% |
Effective Income Tax Rate Reconciliation, Tax Credit, Federal, Percent | 0.80% | |
Effective Income Tax Rate Reconciliation, Permanent Differences, Percent | 0.20% | |
Effective Income Tax Rate Reconciliation, Interest and Penalties, Percent | 0.10% |
Note 10 - Retirement Plans - Ne
Note 10 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Service cost including administration | $ 2,435 | $ 2,560 | $ 4,870 | $ 5,121 |
Interest cost | 2,374 | 1,878 | 4,748 | 3,756 |
Expected return on plan assets | (4,025) | (4,276) | (8,051) | (8,553) |
Amortization of prior service cost | 23 | 23 | 46 | 46 |
Amortization of net loss | 102 | 0 | 205 | 0 |
Net periodic benefit cost | $ 909 | $ 185 | $ 1,818 | $ 370 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Thousands, $ in Thousands | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Mar. 31, 2022 | |
Treasury Stock, Shares, Total (in shares) | 4,529,274 | ||
Treasury Stock, Value, Total | $ 165,871 | $ 108,507 | $ 128,879 |
Common Class A [Member] | |||
Treasury Stock, Shares, Acquired (in shares) | 689,926 | 342,472 | |
Treasury Stock, Value, Acquired, Cost Method | $ 37,000 | $ 17,300 | |
Convertible Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 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 | Oct. 01, 2022 | Mar. 31, 2022 | Oct. 02, 2021 |
Carrying value | $ 320,345 | $ 113,624 | $ 146,779 |
Estimated fair value | $ 312,336 | $ 108,608 | $ 146,387 |
Note 13 - Other Operating Inc_2
Note 13 - Other Operating Income and Expense (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Other Operating Income (Expense), Net | $ 537 | $ (1,773) | $ 2,532 | $ (395) |