Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Jul. 13, 2023 | Sep. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000088948 | ||
Entity Registrant Name | Seneca Foods Corporation | ||
Amendment Flag | true | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K/A | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2023 | ||
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 Park | ||
Entity Address, City or Town | Fairport | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14450 | ||
City Area Code | 585 | ||
Local Phone Number | 495-4100 | ||
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 | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 300,641,214 | ||
Amendment Description | This Amendment No. 1 on Form 10-K/A (“Amendment No. 1”) amends the Annual Report on Form 10-K of Seneca Foods Corporation (the “Company”) for the year ended March 31, 2023 as originally filed with the Securities and Exchange Commission (the “SEC”) on June 13, 2023 (the “Original Filing”). This Amendment No. 1 amends the Original Filing to reflect the restatement of the Company’s audited Consolidated Financial Statements for the years ended March 31, 2023 and 2022 in order to correct an error related to the Company’s accounting for valuing inventory using the LIFO method, as more fully described in Note 2 to the Consolidated Financial Statements contained in this Amendment No. 1. The restatement of the Company’s prior period financial statements to reflect this error (i) increases cost of products sold by $31.6 million and $6.3 million in fiscal years 2023 and 2022, respectively and (ii) reduces net earnings by $23.9 million and $4.8 million in fiscal years 2023 and 2022, respectively, from the amounts previously reported in the Original Filing. The foregoing changes are solely related to the valuation of inventory under the LIFO method and have no impact on results under the first-in, first out (FIFO) method of inventory accounting. As such, the adjustments described above are entirely non-cash: there is no impact on the Company’s cash position, cash flow, revenues, or liquidity. There is no impact on the Company’s financial covenants contained within its credit agreements, which are based on FIFO results. There is no impact on Adjusted Annual Earnings, which the Company determined to be its most important financial performance measure in its most recently filed Proxy Statement. In connection with the LIFO valuation error, the Company’s management identified a material weakness in its internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the financial statements will not be prevented or detected and corrected on a timely basis. For a discussion of management’s consideration of the material weakness identified, see Item 9A. Controls and Procedures included in this Amendment. Revisions to the Original Filing have been made to the following sections: ● Part I, Item 1 – Business (specifically the information under the subheading “Seasonality”) ● Part I, Item 1A – Risk Factors (specifically the information under the risk factor “Tax legislation could impact future cash flows.” ● Part II, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations (originally included in Exhibit 13 to the Original Filing) ● Part II, Item 8 - Financial Statements and Supplementary Data (originally included in Exhibit 13 to the Original Filing) ● Part II, Item 9A - Controls and Procedures ● Part IV, Item 15 - Exhibits and Financial Statement Schedules In addition, the Company’s principal executive officer and principal financial officer have provided new certifications dated as of the date of this filing in connection with this Amendment No. 1 (Exhibits 31.1, 31.2, and 32). Except as described above, this Amendment No. 1 does not amend, update or change any other disclosures in the Original Filing. In addition, the information contained in this Amendment No. 1 does not reflect events occurring after the filing of the Original Filing and does not modify or update the disclosures therein, except as specifically identified above. Among other things, forward-looking statements made in the Original Filing have not been revised to reflect events, results or developments that occurred or facts that became known to us after the date of the Original Filing, other than the restatement, and such forward-looking statements should be read in conjunction with our filings with the SEC, including those subsequent to the filing of the Original Filing. | ||
Auditor Name | Plante Moran, P.C. | ||
Auditor Firm ID | 6581 | ||
Auditor Location | Southfield, Michigan | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock Class B, $.25 Par | ||
Trading Symbol | SENEB | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 1,708,781 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock Class A, $.25 Par | ||
Trading Symbol | SENEA | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 5,884,855 |
Consolidated Statements of Net
Consolidated Statements of Net Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 1,509,352 | $ 1,385,280 | $ 1,467,644 |
Costs and expenses: | |||
Cost of products sold | 1,405,033 | 1,243,684 | 1,235,459 |
Selling, general, and administrative expense | 81,072 | 76,343 | 79,950 |
Other operating (income) expense, net | (1,662) | 1,174 | (29,014) |
Plant restructuring | 3,550 | 70 | 182 |
Total costs and expenses | 1,487,993 | 1,321,271 | 1,286,577 |
Operating income | 21,359 | 64,009 | 181,067 |
Other income and expenses: | |||
Interest expense, net of interest income of $528, $63 and $42, respectively | 14,325 | 5,641 | 6,125 |
Loss from equity investment | 0 | 7,775 | 11,453 |
Other non-operating (income) expense | (6,759) | (9,302) | 3,473 |
Earnings before income taxes | 13,793 | 59,895 | 160,016 |
Income taxes | 4,562 | 13,695 | 33,916 |
Net earnings | $ 9,231 | $ 46,200 | $ 126,100 |
Earnings per share: | |||
Basic (in dollars per share) | $ 1.19 | $ 5.28 | $ 13.82 |
Diluted (in dollars per share) | $ 1.16 | $ 5.24 | $ 13.72 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 7,796 | 8,707 | 9,088 |
Diluted (in shares) | 7,870 | 8,778 | 9,158 |
Consolidated Statements of Ne_2
Consolidated Statements of Net Earnings (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income | $ 528 | $ 63 | $ 42 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Comprehensive income: | |||
Net earnings | $ 9,231 | $ 46,200 | $ 126,100 |
Change in pension and postretirement benefits, net of tax expense (benefit) of $1,999, ($2,423) and $19,528, respectively | 5,980 | (7,401) | 60,153 |
Total | $ 15,211 | $ 38,799 | $ 186,253 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Change in pension and postretirement benefits, tax expense | $ 1,999 | $ (2,423) | $ 19,528 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 12,256 | $ 10,904 |
Accounts receivable, less allowance for doubtful accounts of $34 and $54, respectively | 97,101 | 119,169 |
Inventories | 670,898 | 403,995 |
Assets held for sale | 4,358 | 5,979 |
Refundable income taxes | 6,976 | 5,446 |
Other current assets | 2,450 | 5,193 |
Total current assets | 794,039 | 550,686 |
Property, plant, and equipment, net | 301,212 | 268,043 |
Right-of-use assets operating, net | 23,235 | 34,008 |
Right-of-use assets financing, net | 33,571 | 34,867 |
Pension assets | 59,304 | 52,866 |
Other assets | 1,360 | 1,804 |
Total assets | 1,212,721 | 942,274 |
Current liabilities: | ||
Accounts payable | 69,232 | 87,602 |
Deferred revenue | 9,956 | 7,655 |
Accrued vacation | 11,143 | 11,611 |
Accrued payroll | 16,772 | 16,998 |
Other accrued expenses | 23,293 | 23,269 |
Current portion of long-term debt and lease obligations | 25,792 | 26,020 |
Total current liabilities | 156,188 | 173,155 |
Long-term debt, less current portion | 432,695 | 109,624 |
Operating lease obligations, less current portion | 16,675 | 22,533 |
Financing lease obligations, less current portion | 17,293 | 19,942 |
Deferred income tax liability, net | 31,481 | 33,016 |
Other liabilities | 3,639 | 4,974 |
Total liabilities | 657,971 | 363,244 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock | 351 | 644 |
Common stock | 3,049 | 3,041 |
Additional paid-in capital | 99,152 | 98,641 |
Treasury stock, at cost | (168,573) | (128,879) |
Accumulated other comprehensive loss | (20,488) | (26,468) |
Retained earnings | 641,259 | 632,051 |
Total stockholders’ equity | 554,750 | 579,030 |
Total liabilities and stockholders’ equity | $ 1,212,721 | $ 942,274 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Allowance for doubtful accounts | $ 34 | $ 54 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | |||
Net earnings | $ 9,231 | $ 46,200 | $ 126,100 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 40,941 | 36,523 | 32,375 |
Deferred income tax expense | (3,534) | 7,134 | 16,650 |
Gain on the sale of assets | (2,872) | (1,861) | (31,938) |
Provision for restructuring and impairment | 4,333 | 284 | 182 |
Gain on debt forgiveness | 0 | (500) | 0 |
Loss from equity investment | 0 | 7,775 | 11,453 |
401(k) match stock contribution | 1,515 | 1,107 | 1,479 |
Changes in operating assets and liabilities (net of acquisitions): | |||
Accounts receivable | 22,098 | (26,976) | 24,280 |
Inventories | (266,903) | (60,851) | 68,487 |
Other current assets | 2,743 | (1,109) | 4,083 |
Accounts payable, accrued expenses, and other | (18,818) | 19,487 | (65,936) |
Income taxes | (1,530) | 2,939 | (4,035) |
Net cash (used in) provided by operating activities | (212,796) | 30,152 | 183,180 |
Cash flows from investing activities: | |||
Additions to property, plant, and equipment | (70,628) | (53,367) | (71,431) |
Proceeds from the sale of assets | 5,751 | 8,180 | 73,688 |
Net cash (used in) provided by investing activities | (64,877) | (45,187) | 2,257 |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 951,510 | 398,550 | 478,059 |
Payments of long-term debt | (622,439) | (383,011) | (597,055) |
Payments on financing leases | (8,814) | (7,868) | (6,321) |
Change in other assets | 0 | (2,758) | (6,604) |
Purchase of treasury stock | (41,209) | (38,788) | (4,358) |
Preferred stock dividends paid | (23) | (23) | (23) |
Net cash provided by (used in) financing activities | 279,025 | (33,898) | (136,302) |
Net increase (decrease) in cash and cash equivalents | 1,352 | (48,933) | 49,135 |
Cash and cash equivalents, beginning of year | 10,904 | 59,837 | 10,702 |
Cash and cash equivalents, end of year | 12,256 | 10,904 | 59,837 |
Supplemental disclosures of cash flow information: | |||
Interest | 11,218 | 4,481 | 5,094 |
Income taxes | 9,084 | 2,971 | 22,692 |
Right-of-use assets obtained in exchange for lease obligations | 10,187 | 20,304 | 6,246 |
Right-of-use assets derecognized upon early lease termination | 3,588 | 1,570 | 2,497 |
Property, plant and equipment purchased on account | $ 1,177 | $ 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, Common [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 | (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 | (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) | |||||||
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 | 46,200,000 | 0 | 0 | 0 | 0 | 0 | 46,200,000 | ||||||
Cash dividends paid on preferred stock | (23,000) | 0 | 0 | 0 | 0 | 0 | |||||||
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 | 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) | 7,401,000 | ||||||
Balance at Mar. 31, 2022 | 632,051,000 | 644,000 | 3,041,000 | 98,641,000 | (128,879,000) | (26,468,000) | 579,030,000 | ||||||
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 | |||||||||||
Net earnings | 9,231,000 | 0 | 0 | 0 | 0 | 0 | 9,231,000 | ||||||
Cash dividends paid on preferred stock | $ (3,000) | (23,000) | 0 | 0 | 0 | 0 | 0 | (23,000) | |||||
Equity incentive program | 0 | 0 | 0 | 150,000 | 0 | 0 | |||||||
Contribution of 401(k) match | 0 | 0 | 0 | 0 | 1,515,000 | 0 | |||||||
Purchase of treasury stock | $ (41,200,000) | 0 | 0 | 0 | 0 | (41,209,000) | 0 | ||||||
Preferred stock conversion | 0 | (293,000) | 8,000 | 285,000 | 0 | 0 | |||||||
Change in pension and postretirement benefits adjustment (net of tax) | 0 | 0 | 0 | 0 | 0 | 5,980,000 | (5,980,000) | ||||||
Stock issued for profit sharing plan | 76,000 | ||||||||||||
Balance at Mar. 31, 2023 | $ 641,259,000 | $ 351,000 | $ 3,049,000 | $ 99,152,000 | $ (168,573,000) | $ (20,488,000) | $ 554,750,000 | ||||||
Preferred stock, shares authorized (in shares) | 200,000 | 1,400,000 | 8,292 | 0 | 20,000,000 | 10,000,000 | |||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 0 | |||||||||||
Common stock, shares outstanding (in shares) | 200,000 | 807,240 | 8,292 | 0 | 5,928,424 | 1,707,241 | |||||||
Preferred stock, stock amount | $ 50,000 | $ 202,000 | $ 99,000 | $ 0 | |||||||||
Common stock, stock amount | $ 2,554,000 | $ 495,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Change in pension and postretirement benefits, tax | $ 1,999 | $ (2,423) | $ 19,528 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
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 13, The three 1 3 three ● Level 1 ● Level 2 not ● Level 3 one Accounts Receivable and Doubtful Accounts 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 Deferred Financing Costs not March 31, 2023 Revenue Recognition See Note 3, 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 2023 2022, not Advertising Costs 2023 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 April 1, 2022, 2016 13, 326 November 2018 No. 2018 19, 326, 2016 13” may 2016 13 not In March 2020, 2020 04, 848 2020 04” 2020 04 March 12, 2020 December 31, 2022. 2020 04 8, September 14, 2022, 8, 2020 04 not There were no not 2023. |
Note 2 - Restatement of Previou
Note 2 - Restatement of Previously Issued Financial Statements | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Error Correction [Text Block] | 2. On July 25, 2023, March 31, 2023 2022. March 31, 2023 2022. 2022, The Consolidated Statements of Cash Flows are not no Consolidated Statements of Net Earnings Fiscal Year Ended March 31, 2023 March 31, 2022 As Reported Correction As Restated As Reported Correction As Restated Cost of products sold $ 1,373,456 $ 31,577 $ 1,405,033 $ 1,237,348 $ 6,336 $ 1,243,684 Total costs and expenses 1,456,416 31,577 1,487,993 1,314,935 6,336 1,321,271 Operating income 52,936 (31,577 ) 21,359 70,345 (6,336 ) 64,009 Earnings before income taxes 45,370 (31,577 ) 13,793 66,231 (6,336 ) 59,895 Income taxes 12,232 (7,670 ) 4,562 15,224 (1,529 ) 13,695 Net earnings 33,138 (23,907 ) 9,231 51,007 (4,807 ) 46,200 Earnings per share: Earnings per share - basic $ 4.23 $ (3.04 ) $ 1.19 $ 5.83 $ (0.55 ) $ 5.28 Earnings per share - diluted $ 4.20 $ (3.04 ) $ 1.16 $ 5.79 $ (0.55 ) $ 5.24 Consolidated Balance Sheets As of: March 31, 2023 March 31, 2022 As Reported Correction As Restated As Reported Correction As Restated Assets Inventories $ 708,811 $ (37,913 ) $ 670,898 $ 410,331 $ (6,336 ) $ 403,995 Refundable income taxes - 6,976 6,976 3,866 1,580 5,446 Total current assets 824,976 (30,937 ) 794,039 555,442 (4,756 ) $ 550,686 Total assets 1,243,658 (30,937 ) 1,212,721 947,030 (4,756 ) 942,274 Liabilities and Stockholders Equity Income taxes payable 2,018 (2,018 ) $ - - - $ - Total current liabilities 158,206 (2,018 ) 156,188 173,155 - 173,155 Deferred income tax liability, net $ 31,625 $ (144 ) $ 31,481 $ 32,944 $ 72 33,016 Other liabilities 3,700 (61 ) 3,639 4,995 (21 ) 4,974 Total liabilities 660,194 (2,223 ) 657,971 363,193 51 363,244 Retained earnings 669,973 (28,714 ) 641,259 636,858 (4,807 ) 632,051 Total stockholders’ equity 583,464 (28,714 ) 554,750 583,837 (4,807 ) 579,030 Total liabilities and stockholders’ equity 1,243,658 (30,937 ) 1,212,721 947,030 (4,756 ) 942,274 Additionally, Notes 4, 5, 10, 15 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition The Company applies the provisions of ASC 606 10, , 2023 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: 2023 2022 2021 Canned vegetables $ 1,253,257 $ 1,135,983 $ 1,172,635 Frozen vegetables 121,211 123,895 102,197 Fruit products 91,495 84,708 88,431 Snack products 12,661 12,332 10,999 Prepared foods - - 71,866 Other 30,728 28,362 21,516 Total $ 1,509,352 $ 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, 2023 Significant Payment Terms may no one not 30 Shipping Variable Consideration may Contract Balances March 31, 2023 2022, 7, not Contract Costs one not |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Earnings per share for fiscal years 2023, 2022 2021 Fiscal Year: 2023 2022 2021 (Restated) (Restated) Basic Net earnings $ 9,231 $ 46,200 $ 126,100 Deduct preferred stock dividends 23 23 23 Undistributed earnings 9,208 46,177 126,077 Earnings attributable to participating preferred shareholders 30 178 493 Earnings attributable to common shareholders $ 9,178 $ 45,999 $ 125,584 Weighted average common shares outstanding 7,796 8,707 9,088 Basic earnings per common share $ 1.19 $ 5.28 $ 13.82 Diluted Earnings attributable to common shareholders $ 9,178 $ 45,999 $ 125,584 Add dividends on convertible preferred stock 20 20 20 Earnings attributable to common stock on a diluted basis $ 9,198 $ 46,019 $ 125,604 Weighted average common shares outstanding-basic 7,796 8,707 9,088 Additional shares to be issued related to the equity compensation plan 7 4 3 Additional shares to be issued under full conversion of preferred stock 67 67 67 Total shares for diluted 7,870 8,778 9,158 Diluted earnings per share $ 1.16 $ 5.24 $ 13.72 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. 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, 2023 2022, first first 2023 2022, As of: March 31, March 31, 2023 2022 (Restated) (Restated) Finished products $ 613,622 $ 385,681 In process 75,123 23,652 Raw materials and supplies 284,593 165,491 973,338 574,824 Less excess of FIFO cost over LIFO cost 302,440 170,829 Total inventories $ 670,898 $ 403,995 |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, plant and equipment is comprised of the following (in thousands): As of: March 31, March 31, 2023 2022 Land and land improvements $ 46,978 $ 42,981 Buildings and improvements 214,110 202,444 Machinery and equipment 421,067 403,192 Office furniture, vehicles and computer software 11,738 10,003 Construction in progress 40,539 29,976 Property, plant and equipment, cost 734,432 688,596 Less: accumulated depreciation (433,220 ) (420,553 ) Property, plant and equipment, net $ 301,212 $ 268,043 Depreciation expense totaled $33.9 million, $30.2 million, and $27.1 million for fiscal years 2023, 2022, 2021, |
Note 7 - Assets Held For Sale
Note 7 - Assets Held For Sale | 12 Months Ended |
Mar. 31, 2023 | |
Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. As of March 31, 2023, two 2023 2022, As of March 31, 2023, one two March 31, 2023, twelve The following table presents information related to the major classes of assets and liabilities that were held for sale in our Consolidated Balance Sheets (in thousands): As of: March 31, March 31, 2023 2022 Property, plant and equipment (net) $ 4,358 $ 5,979 Current assets held for sale $ 4,358 $ 5,979 |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 8. Long-term debt is comprised of the following (in thousands): As of: March 31, March 31, 2023 2022 Revolving credit facility $ 180,598 $ 20,508 Term loans Term Loan A-1 Outstanding principal 89,000 93,000 Unamortized debt issuance costs (68 ) (100 ) Term Loan A-1, net 88,932 92,900 Term Loan A-2 Outstanding principal 173,500 - Unamortized debt issuance costs (551 ) - Term Loan A-2, net 172,949 - Other 216 216 Total long-term debt 442,695 113,624 Less current portion 10,000 4,000 Long-term debt, less current portion $ 432,695 $ 109,624 Revolving credit facility March 24, 2021, April July August March. March 31, 2023 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 2023 2022 As of: March 31, March 31, 2023 2022 Outstanding borrowings $ 180,598 $ 20,508 Interest rate 6.34 % 1.71 % Fiscal Year: 2023 2022 Maximum amount of borrowings $ 350,828 $ 58,323 Average outstanding borrowings $ 159,670 $ 22,357 Weighted average interest rate 5.03 % 1.37 % Term loans May 28, 2020 June 1, 2025 2021. On January 20, 2023, two Term Loan A- 1: 1 June 1, 2025 Term Loan A- 2: January 20, 2028 2 The Amended Agreement for Term Loan A- 1 2 2. Covenants & other debt matters 2023 March 31, 2023. 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, 2023. five 2024 $ 10,000 2025 10,000 2026 267,598 2027 6,000 2028 149,500 Thereafter 216 Total $ 443,314 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 9. 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 Fiscal Year: 2023 2022 2021 Lease cost: Amortization of right of use asset $ 6,715 $ 5,970 $ 4,746 Interest on lease liabilities 959 1,048 1,102 Finance lease cost 7,674 7,018 5,848 Operating lease cost 13,506 19,250 23,736 Total lease cost $ 21,180 $ 26,268 $ 29,584 Fiscal Year: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 959 $ 1,048 $ 1,102 Operating cash flows from operating leases 13,736 19,010 23,864 Financing cash flows from finance leases 8,814 7,868 6,321 Total $ 23,509 $ 27,926 $ 31,287 Right-of-use assets obtained in exchange for new finance lease liabilities $ 5,825 $ 9,754 $ 1,985 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,362 $ 10,550 $ 4,261 Weighted-average lease term (years): Financing leases 4.7 4.6 4.5 Operating leases 4.6 4.3 3.5 Weighted-average discount rate: Financing leases 3.8 % 3.4 % 4.1 % Operating leases 4.4 % 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, 2023 Years ending March 31: Operating Financing 2024 $ 8,627 $ 8,784 2025 6,092 5,353 2026 3,544 4,261 2027 3,028 3,203 2028 2,819 2,826 2029-2033 2,709 3,248 Total minimum payment required $ 26,819 $ 27,675 Less interest 2,359 2,375 Present value of minimum lease payments 24,460 25,300 Amount due within one year 7,785 8,007 Long-term lease obligation $ 16,675 $ 17,293 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows (in thousands): Fiscal Year: 2023 2022 2021 (Restated) (Restated) Current: Federal $ 5,819 $ 3,454 $ 13,121 State 2,277 3,107 4,145 Total 8,096 6,561 17,266 Deferred: Federal $ (3,886 ) $ 7,084 $ 13,486 State 352 50 3,164 Total (3,534 ) 7,134 16,650 Total income taxes $ 4,562 $ 13,695 $ 33,916 A reconciliation of the expected U.S. statutory rate to the effective rate follows: Fiscal Year: 2023 2022 2021 (Restated) (Restated) Computed (expected tax rate) 21.0 % 21.0 % 21.0 % State income taxes (net of federal tax benefit) 4.1 % 3.7 % 3.1 % Federal credits -3.9 % -0.9 % -0.3 % State rate changes 2.8 % 0.3 % 0.0 % State credit expiration 2.1 % 0.9 % 0.0 % Change in valuation allowance 7.8 % -1.2 % 0.2 % Federal return to accrual -0.3 % -1.0 % 0.0 % State return to accrual -0.6 % 0.1 % 0.0 % Permanent differences 0.8 % 0.2 % 0.0 % Federal net operating loss (NOL) carryback rate difference 0.0 % 0.0 % -2.8 % Interest received on federal NOL carryback 0.0 % -0.3 % -0.2 % Uncertain tax benefits return to accrual 0.0 % 0.3 % 0.0 % Other -0.7 % -0.2 % 0.2 % Effective income tax rate 33.1 % 22.9 % 21.2 % The Company’s effective tax rate, as restated in fiscal years 2023 2022, 2021. 2023, not not 2023 2022. 2023 2022 In fiscal year 2021, 2019 2015 2021 2022, 2022 2021. 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, 2023 2022 (Restated) (Restated) Deferred income tax assets: Future tax credits $ 5,007 $ 5,245 Inventory valuation 8,364 3,024 Employee benefits 2,335 2,191 Insurance 471 345 State depreciation basis differences 3,218 - Operating leases 942 - Intangibles 1,514 - Other comprehensive loss 7,117 8,975 Interest 8 3 Prepaid revenue 296 374 Net operating loss and other tax attribute carryovers 1,233 614 Other 327 - Total assets 30,832 20,771 Deferred income tax liabilities: Property basis and depreciation difference 26,450 21,805 Inventory reserve 2,101 - Intangibles - 17 Right-of-use assets 7,045 5,764 Pension 21,528 21,253 Other 182 1,017 Total liabilities 57,306 49,856 Valuation allowance - noncurrent 5,007 3,931 Deferred income tax liability, net $ (31,481 ) $ (33,016 ) Net deferred income tax liabilities, as restated, of $31.5 million and $33.0 million as of March 31, 2023 2022, 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 $2.2 million (Wisconsin, net of Federal impact), which are available to reduce future taxes payable in each respective state through 2028 2035 2038 March 31, 2023, 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 2023 2022 As of: March 31, March 31, 2023 2022 (Restated) (Restated) Beginning balance $ 655 $ 376 Tax positions related to current year: Additions 96 139 Tax positions related to prior years: Additions - 215 Reductions - - Lapses in statues of limitations (9 ) (75 ) Ending balance $ 742 $ 655 The liability balances as of March 31, 2023 2022 not 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 years 2023 2022, not 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 net earnings of the Company. Conversely, if resolved favorably in the future, the related provisions would be reduced, thus having a positive impact on net earnings. During fiscal year 2023, one no The federal income tax returns for fiscal years after 2015 2017 2016. 2018 2020, 2018, 2019, 2020 |
Note 11 - Retirement Plans
Note 11 - Retirement Plans | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 11. 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. March 31, 2023 2022 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, 2023 March 31, 2023 2022 Fiscal Year: 2023 2022 Change in benefit obligation Benefit obligation at beginning of year $ 275,001 $ 286,063 Service cost 7,429 8,483 Interest cost 9,254 7,721 Actuarial gain (47,403 ) (972 ) Benefit payments and expenses (9,243 ) (26,294 ) Benefit obligation at end of year $ 235,038 $ 275,001 Change in plan assets Fair value of plan assets at beginning of year $ 327,867 $ 348,914 Actual return on plan assets (23,169 ) 6,666 Benefit payments and expenses (10,356 ) (27,713 ) Fair value of plan assets at end of year $ 294,342 $ 327,867 Funded status $ 59,304 $ 52,866 The Plan’s funded status increased by $6.4 million during fiscal year 2023 March 31, 2023. During fiscal year 2023, 2024 2022, March 31,2022 March 31, 2023 The following table provides the components of the Plan’s accumulated other comprehensive loss, pre-tax (in thousands): Fiscal Year: 2023 2022 2021 Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (75 ) $ (167 ) $ (258 ) Net loss (28,310 ) (36,136 ) (26,265 ) Accumulated other comprehensive pre-tax loss $ (28,385 ) $ (36,303 ) $ (26,523 ) The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2023, 2022, 2021 Fiscal Year: 2023 2022 2021 Service cost including administration $ 8,240 $ 9,508 $ 10,627 Interest cost 9,254 7,721 9,266 Expected return on plan assets (16,104 ) (17,114 ) (15,804 ) Amortization of net loss - - 9,919 Prior service cost 91 91 91 Net periodic benefit cost $ 1,481 $ 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: 2023 2022 2021 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 5.04 % 3.81 % 3.43 % Rate of compensation increase 3.00 % 3.00 % 3.00 % Mortality table Pri-2012 Blue Collar Generational Table Improvement Scale MP-2021 Pri-2012 Blue Collar Generational Table Improvement Scale MP-2021 Pri-2012 Blue Collar Generational Table Improvement Scale MP-2020 Weighted Average Assumptions for Benefit Cost at Beginning of Year: Discount rate - benefit obligations 3.81 % 3.43 % 3.69 % Discount rate - interest cost 3.52 % 2.68 % 3.30 % Discount rate - service cost 3.93 % 3.75 % 3.87 % Expected return on plan assets 5.00 % 5.00 % 7.25 % Rate of compensation increase 3.00 % 3.00 % 3.00 % Plan Assets Investment Policy and Strategy - 2023, The Company's plan assets consist of the following: Target Allocation for: Percentage of Plan Assets as of: Fiscal Year March 31, 2023 March 31, 2022 Equity securities 16 % 13 % 21 % Debt securities 80 % 75 % 61 % Real estate 2 % 8 % 7 % Cash 1 % 1 % 7 % Other 1 % 3 % 4 % Total 100 % 100 % 100 % The following tables set forth the Company’s plan assets at fair value, by level within the fair value hierarchy (as defined in Note 1 March 31, 2023 2022, As of March 31, 2023 Level 1 Level 2 Level 3 ` Subtotal Measured Total Equity securities $ 25,045 $ - $ - $ 25,045 $ - $ 25,045 Held in common/collective trusts Equity securities - - - - 12,639 12,639 Real estate - - - - 24,766 24,766 Debt securities - - - - 219,767 219,767 Cash/short-term investments (2) - - - - 2,799 2,799 Other investments - - - - 9,326 9,326 Fair value of plan assets $ 25,045 $ - $ - $ 25,045 $ 269,297 $ 294,342 As of 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 Expected Return on Plan Assets For fiscal year 2023, 2024, 35 65 2023 2024, Cash Flows Expected contributions for fiscal year ending March 31, 2024 Expected Employer Contributions $ - Expected Employee Contributions $ - Estimated future benefit payments reflecting expected future service for the fiscal years ending March 31 ( 2024 $ 10,706 2025 11,446 2026 12,210 2027 12,975 2028 13,648 2029 - 2033 76,496 401 The Company also has employees’ savings 401 may 2023, 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 March 31, 2023 2022, |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 12. Equity Preferred Stock three “6% none four 2003. The Convertible Participating Preferred Stock and Convertible Participating Preferred Stock, Series 2003 one one 2023 2022. may March 31, 2023, The Convertible Participating Preferred Stock has a liquidation preference of $12 per share and a stated value of $11.931 per share. There were 8,292 shares outstanding as of March 31, 2023 2003 2003 March 31, 2023. There are 407,240 shares of Series A Preferred outstanding as of March 31, 2023 one one March 31, 2023 one one March 31, 2023 2023 2022. Common Stock 1/20th one 2023, 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, 2023 2022. 32,756 March 31, 2023 2022, Treasury Stock 2023 none March 31, 2023, not 401 2023 11, |
Note 13 - Fair Value of Financi
Note 13 - Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. The carrying amount and estimated fair values of the Company's long-term debt are summarized as follows (in thousands): As of: March 31, March 31, 2023 2022 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Long-term debt, including current portion $ 442,695 $ 436,293 $ 113,624 $ 108,608 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 14 - Other Operating Incom
Note 14 - Other Operating Income and Expense | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | 14. The Company had net other operating income of $1.7 million in fiscal year 2023, 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 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. The Company has historically managed its business on the basis of three 1 2 3 2021, two 7.2% 2023, 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 (Restated) (Restated) Fiscal Year 2023: Net sales $ 1,465,963 $ - $ 12,661 $ 30,728 $ 1,509,352 Operating income 19,695 - (1,241 ) 2,905 21,359 Capital expenditures 64,192 - 131 7,482 71,805 Depreciation and amortization 40,256 - 102 583 40,941 Fiscal Year 2022: Net sales $ 1,344,586 $ - $ 12,332 $ 28,362 $ 1,385,280 Operating income 60,414 - 75 3,520 64,009 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 29,533 2,299 194 349 32,376 After the sale of the prepared foods business in fiscal year 2021, no |
Note 16 - Legal Proceedings and
Note 16 - Legal Proceedings and Other Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. 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 17 - Plant Restructuring
Note 17 - Plant Restructuring | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 17. The following table summarizes the restructuring charges recorded and the accruals established during fiscal years 2023, 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 - - - Charge to expense 361 3,189 3,550 Cash payments/write offs (244 ) (3,189 ) (3,433 ) Balance March 31, 2023 $ 117 $ - $ 117 During fiscal year 2023, 2022 2021, |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 18. During fiscal years 2023, 2022, 2021, 1% 2023, 2022, 2021, no The Company made charitable contributions to the Seneca Foods Foundation, a related party, in the amount of $0.5 million, $1.0 million and $1.0 million in fiscal years 2023, 2022 2021, During fiscal year 2022, two March 31, 2023 2022, |
Note 19 - Subsequent Event
Note 19 - Subsequent Event | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. On May 23, 2023, 1 2 8, 2 one 2” 2 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2023 | |
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) Seneca Foods Corporation and Subsidiaries Charged/ Balance Balance at (credited) Charged to Deductions at end beginning to income other from of period of period (Restated) accounts reserve (Restated) Year-ended March 31, 2023: Allowance for doubtful accounts $ 54 $ (20 ) $ - $ - (a) $ 34 Income tax valuation allowance $ 3,931 $ 1,076 $ - $ - $ 5,007 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, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations, Policy [Policy Text Block] | Nature of Operations eight |
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 13, The three 1 3 three ● Level 1 ● Level 2 not ● Level 3 one |
Receivable [Policy Text Block] | Accounts Receivable and Doubtful Accounts |
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 |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs not March 31, 2023 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition See Note 3, 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 2023 2022, not |
Advertising Cost [Policy Text Block] | Advertising Costs 2023 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 April 1, 2022, 2016 13, 326 November 2018 No. 2018 19, 326, 2016 13” may 2016 13 not In March 2020, 2020 04, 848 2020 04” 2020 04 March 12, 2020 December 31, 2022. 2020 04 8, September 14, 2022, 8, 2020 04 not There were no not 2023. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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 - Restatement of Previ_2
Note 2 - Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Consolidated Statements of Net Earnings Fiscal Year Ended March 31, 2023 March 31, 2022 As Reported Correction As Restated As Reported Correction As Restated Cost of products sold $ 1,373,456 $ 31,577 $ 1,405,033 $ 1,237,348 $ 6,336 $ 1,243,684 Total costs and expenses 1,456,416 31,577 1,487,993 1,314,935 6,336 1,321,271 Operating income 52,936 (31,577 ) 21,359 70,345 (6,336 ) 64,009 Earnings before income taxes 45,370 (31,577 ) 13,793 66,231 (6,336 ) 59,895 Income taxes 12,232 (7,670 ) 4,562 15,224 (1,529 ) 13,695 Net earnings 33,138 (23,907 ) 9,231 51,007 (4,807 ) 46,200 Earnings per share: Earnings per share - basic $ 4.23 $ (3.04 ) $ 1.19 $ 5.83 $ (0.55 ) $ 5.28 Earnings per share - diluted $ 4.20 $ (3.04 ) $ 1.16 $ 5.79 $ (0.55 ) $ 5.24 Consolidated Balance Sheets As of: March 31, 2023 March 31, 2022 As Reported Correction As Restated As Reported Correction As Restated Assets Inventories $ 708,811 $ (37,913 ) $ 670,898 $ 410,331 $ (6,336 ) $ 403,995 Refundable income taxes - 6,976 6,976 3,866 1,580 5,446 Total current assets 824,976 (30,937 ) 794,039 555,442 (4,756 ) $ 550,686 Total assets 1,243,658 (30,937 ) 1,212,721 947,030 (4,756 ) 942,274 Liabilities and Stockholders Equity Income taxes payable 2,018 (2,018 ) $ - - - $ - Total current liabilities 158,206 (2,018 ) 156,188 173,155 - 173,155 Deferred income tax liability, net $ 31,625 $ (144 ) $ 31,481 $ 32,944 $ 72 33,016 Other liabilities 3,700 (61 ) 3,639 4,995 (21 ) 4,974 Total liabilities 660,194 (2,223 ) 657,971 363,193 51 363,244 Retained earnings 669,973 (28,714 ) 641,259 636,858 (4,807 ) 632,051 Total stockholders’ equity 583,464 (28,714 ) 554,750 583,837 (4,807 ) 579,030 Total liabilities and stockholders’ equity 1,243,658 (30,937 ) 1,212,721 947,030 (4,756 ) 942,274 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Fiscal Year: 2023 2022 2021 Canned vegetables $ 1,253,257 $ 1,135,983 $ 1,172,635 Frozen vegetables 121,211 123,895 102,197 Fruit products 91,495 84,708 88,431 Snack products 12,661 12,332 10,999 Prepared foods - - 71,866 Other 30,728 28,362 21,516 Total $ 1,509,352 $ 1,385,280 $ 1,467,644 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year: 2023 2022 2021 (Restated) (Restated) Basic Net earnings $ 9,231 $ 46,200 $ 126,100 Deduct preferred stock dividends 23 23 23 Undistributed earnings 9,208 46,177 126,077 Earnings attributable to participating preferred shareholders 30 178 493 Earnings attributable to common shareholders $ 9,178 $ 45,999 $ 125,584 Weighted average common shares outstanding 7,796 8,707 9,088 Basic earnings per common share $ 1.19 $ 5.28 $ 13.82 Diluted Earnings attributable to common shareholders $ 9,178 $ 45,999 $ 125,584 Add dividends on convertible preferred stock 20 20 20 Earnings attributable to common stock on a diluted basis $ 9,198 $ 46,019 $ 125,604 Weighted average common shares outstanding-basic 7,796 8,707 9,088 Additional shares to be issued related to the equity compensation plan 7 4 3 Additional shares to be issued under full conversion of preferred stock 67 67 67 Total shares for diluted 7,870 8,778 9,158 Diluted earnings per share $ 1.16 $ 5.24 $ 13.72 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of: March 31, March 31, 2023 2022 (Restated) (Restated) Finished products $ 613,622 $ 385,681 In process 75,123 23,652 Raw materials and supplies 284,593 165,491 973,338 574,824 Less excess of FIFO cost over LIFO cost 302,440 170,829 Total inventories $ 670,898 $ 403,995 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of: March 31, March 31, 2023 2022 Land and land improvements $ 46,978 $ 42,981 Buildings and improvements 214,110 202,444 Machinery and equipment 421,067 403,192 Office furniture, vehicles and computer software 11,738 10,003 Construction in progress 40,539 29,976 Property, plant and equipment, cost 734,432 688,596 Less: accumulated depreciation (433,220 ) (420,553 ) Property, plant and equipment, net $ 301,212 $ 268,043 |
Note 7 - Assets Held For Sale (
Note 7 - Assets Held For Sale (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Property, plant and equipment (net) $ 4,358 $ 5,979 Current assets held for sale $ 4,358 $ 5,979 |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of: March 31, March 31, 2023 2022 Revolving credit facility $ 180,598 $ 20,508 Term loans Term Loan A-1 Outstanding principal 89,000 93,000 Unamortized debt issuance costs (68 ) (100 ) Term Loan A-1, net 88,932 92,900 Term Loan A-2 Outstanding principal 173,500 - Unamortized debt issuance costs (551 ) - Term Loan A-2, net 172,949 - Other 216 216 Total long-term debt 442,695 113,624 Less current portion 10,000 4,000 Long-term debt, less current portion $ 432,695 $ 109,624 |
Schedule of Line of Credit Facilities [Table Text Block] | As of: March 31, March 31, 2023 2022 Outstanding borrowings $ 180,598 $ 20,508 Interest rate 6.34 % 1.71 % Fiscal Year: 2023 2022 Maximum amount of borrowings $ 350,828 $ 58,323 Average outstanding borrowings $ 159,670 $ 22,357 Weighted average interest rate 5.03 % 1.37 % |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2024 $ 10,000 2025 10,000 2026 267,598 2027 6,000 2028 149,500 Thereafter 216 Total $ 443,314 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Fiscal Year: 2023 2022 2021 Lease cost: Amortization of right of use asset $ 6,715 $ 5,970 $ 4,746 Interest on lease liabilities 959 1,048 1,102 Finance lease cost 7,674 7,018 5,848 Operating lease cost 13,506 19,250 23,736 Total lease cost $ 21,180 $ 26,268 $ 29,584 Fiscal Year: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 959 $ 1,048 $ 1,102 Operating cash flows from operating leases 13,736 19,010 23,864 Financing cash flows from finance leases 8,814 7,868 6,321 Total $ 23,509 $ 27,926 $ 31,287 Right-of-use assets obtained in exchange for new finance lease liabilities $ 5,825 $ 9,754 $ 1,985 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,362 $ 10,550 $ 4,261 Weighted-average lease term (years): Financing leases 4.7 4.6 4.5 Operating leases 4.6 4.3 3.5 Weighted-average discount rate: Financing leases 3.8 % 3.4 % 4.1 % Operating leases 4.4 % 4.2 % 4.4 % |
Lessee, Lease Liability, Maturity [Table Text Block] | Years ending March 31: Operating Financing 2024 $ 8,627 $ 8,784 2025 6,092 5,353 2026 3,544 4,261 2027 3,028 3,203 2028 2,819 2,826 2029-2033 2,709 3,248 Total minimum payment required $ 26,819 $ 27,675 Less interest 2,359 2,375 Present value of minimum lease payments 24,460 25,300 Amount due within one year 7,785 8,007 Long-term lease obligation $ 16,675 $ 17,293 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Year: 2023 2022 2021 (Restated) (Restated) Current: Federal $ 5,819 $ 3,454 $ 13,121 State 2,277 3,107 4,145 Total 8,096 6,561 17,266 Deferred: Federal $ (3,886 ) $ 7,084 $ 13,486 State 352 50 3,164 Total (3,534 ) 7,134 16,650 Total income taxes $ 4,562 $ 13,695 $ 33,916 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year: 2023 2022 2021 (Restated) (Restated) Computed (expected tax rate) 21.0 % 21.0 % 21.0 % State income taxes (net of federal tax benefit) 4.1 % 3.7 % 3.1 % Federal credits -3.9 % -0.9 % -0.3 % State rate changes 2.8 % 0.3 % 0.0 % State credit expiration 2.1 % 0.9 % 0.0 % Change in valuation allowance 7.8 % -1.2 % 0.2 % Federal return to accrual -0.3 % -1.0 % 0.0 % State return to accrual -0.6 % 0.1 % 0.0 % Permanent differences 0.8 % 0.2 % 0.0 % Federal net operating loss (NOL) carryback rate difference 0.0 % 0.0 % -2.8 % Interest received on federal NOL carryback 0.0 % -0.3 % -0.2 % Uncertain tax benefits return to accrual 0.0 % 0.3 % 0.0 % Other -0.7 % -0.2 % 0.2 % Effective income tax rate 33.1 % 22.9 % 21.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of: March 31, March 31, 2023 2022 (Restated) (Restated) Deferred income tax assets: Future tax credits $ 5,007 $ 5,245 Inventory valuation 8,364 3,024 Employee benefits 2,335 2,191 Insurance 471 345 State depreciation basis differences 3,218 - Operating leases 942 - Intangibles 1,514 - Other comprehensive loss 7,117 8,975 Interest 8 3 Prepaid revenue 296 374 Net operating loss and other tax attribute carryovers 1,233 614 Other 327 - Total assets 30,832 20,771 Deferred income tax liabilities: Property basis and depreciation difference 26,450 21,805 Inventory reserve 2,101 - Intangibles - 17 Right-of-use assets 7,045 5,764 Pension 21,528 21,253 Other 182 1,017 Total liabilities 57,306 49,856 Valuation allowance - noncurrent 5,007 3,931 Deferred income tax liability, net $ (31,481 ) $ (33,016 ) |
Summary of Income Tax Contingencies [Table Text Block] | As of: March 31, March 31, 2023 2022 (Restated) (Restated) Beginning balance $ 655 $ 376 Tax positions related to current year: Additions 96 139 Tax positions related to prior years: Additions - 215 Reductions - - Lapses in statues of limitations (9 ) (75 ) Ending balance $ 742 $ 655 |
Note 11 - Retirement Plans (Tab
Note 11 - Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Fiscal Year: 2023 2022 Change in benefit obligation Benefit obligation at beginning of year $ 275,001 $ 286,063 Service cost 7,429 8,483 Interest cost 9,254 7,721 Actuarial gain (47,403 ) (972 ) Benefit payments and expenses (9,243 ) (26,294 ) Benefit obligation at end of year $ 235,038 $ 275,001 Change in plan assets Fair value of plan assets at beginning of year $ 327,867 $ 348,914 Actual return on plan assets (23,169 ) 6,666 Benefit payments and expenses (10,356 ) (27,713 ) Fair value of plan assets at end of year $ 294,342 $ 327,867 Funded status $ 59,304 $ 52,866 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Fiscal Year: 2023 2022 2021 Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (75 ) $ (167 ) $ (258 ) Net loss (28,310 ) (36,136 ) (26,265 ) Accumulated other comprehensive pre-tax loss $ (28,385 ) $ (36,303 ) $ (26,523 ) |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Fiscal Year: 2023 2022 2021 Service cost including administration $ 8,240 $ 9,508 $ 10,627 Interest cost 9,254 7,721 9,266 Expected return on plan assets (16,104 ) (17,114 ) (15,804 ) Amortization of net loss - - 9,919 Prior service cost 91 91 91 Net periodic benefit cost $ 1,481 $ 206 $ 14,099 |
Defined Benefit Plan, Assumptions [Table Text Block] | Fiscal Year: 2023 2022 2021 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 5.04 % 3.81 % 3.43 % Rate of compensation increase 3.00 % 3.00 % 3.00 % Mortality table Pri-2012 Blue Collar Generational Table Improvement Scale MP-2021 Pri-2012 Blue Collar Generational Table Improvement Scale MP-2021 Pri-2012 Blue Collar Generational Table Improvement Scale MP-2020 Weighted Average Assumptions for Benefit Cost at Beginning of Year: Discount rate - benefit obligations 3.81 % 3.43 % 3.69 % Discount rate - interest cost 3.52 % 2.68 % 3.30 % Discount rate - service cost 3.93 % 3.75 % 3.87 % Expected return on plan assets 5.00 % 5.00 % 7.25 % Rate of compensation increase 3.00 % 3.00 % 3.00 % |
Schedule of Allocation of Plan Assets [Table Text Block] | Target Allocation for: Percentage of Plan Assets as of: Fiscal Year March 31, 2023 March 31, 2022 Equity securities 16 % 13 % 21 % Debt securities 80 % 75 % 61 % Real estate 2 % 8 % 7 % Cash 1 % 1 % 7 % Other 1 % 3 % 4 % Total 100 % 100 % 100 % |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | As of March 31, 2023 Level 1 Level 2 Level 3 ` Subtotal Measured Total Equity securities $ 25,045 $ - $ - $ 25,045 $ - $ 25,045 Held in common/collective trusts Equity securities - - - - 12,639 12,639 Real estate - - - - 24,766 24,766 Debt securities - - - - 219,767 219,767 Cash/short-term investments (2) - - - - 2,799 2,799 Other investments - - - - 9,326 9,326 Fair value of plan assets $ 25,045 $ - $ - $ 25,045 $ 269,297 $ 294,342 As of 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 |
Schedule of Expected Contributions [Table Text Block] | Expected Employer Contributions $ - Expected Employee Contributions $ - |
Schedule of Expected Benefit Payments [Table Text Block] | 2024 $ 10,706 2025 11,446 2026 12,210 2027 12,975 2028 13,648 2029 - 2033 76,496 |
Note 13 - Fair Value of Finan_2
Note 13 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of: March 31, March 31, 2023 2022 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Long-term debt, including current portion $ 442,695 $ 436,293 $ 113,624 $ 108,608 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fruit and Prepared Snack Vegetable Foods Products Other Total (Restated) (Restated) Fiscal Year 2023: Net sales $ 1,465,963 $ - $ 12,661 $ 30,728 $ 1,509,352 Operating income 19,695 - (1,241 ) 2,905 21,359 Capital expenditures 64,192 - 131 7,482 71,805 Depreciation and amortization 40,256 - 102 583 40,941 Fiscal Year 2022: Net sales $ 1,344,586 $ - $ 12,332 $ 28,362 $ 1,385,280 Operating income 60,414 - 75 3,520 64,009 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 29,533 2,299 194 349 32,376 |
Note 17 - Plant Restructuring (
Note 17 - Plant Restructuring (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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 - - - Charge to expense 361 3,189 3,550 Cash payments/write offs (244 ) (3,189 ) (3,433 ) Balance March 31, 2023 $ 117 $ - $ 117 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Valuation and Qualifying Accounts [Table Text Block] | Charged/ Balance Balance at (credited) Charged to Deductions at end beginning to income other from of period of period (Restated) accounts reserve (Restated) Year-ended March 31, 2023: Allowance for doubtful accounts $ 54 $ (20 ) $ - $ - (a) $ 34 Income tax valuation allowance $ 3,931 $ 1,076 $ - $ - $ 5,007 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, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Number of States in which Entity Operates | 8 | ||
Equity Method Investment, Other than Temporary Impairment | $ 6,300 | ||
Equity Method Investments | $ 0 | ||
Advertising Expense | $ 2,200 | $ 2,200 | $ 1,800 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Top Ten Customers [Member] | |||
Concentration Risk, Percentage | 55% | 53% | |
Other Assets [Member] | |||
Debt Issuance Costs, Net | $ 600 | ||
Current and Non-Current Portion of Long Term Debt [Member] | |||
Debt Issuance Costs, Net | $ 600 | ||
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) | Mar. 31, 2023 |
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 - Restatement of Previ_3
Note 2 - Restatement of Previously Issued Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cost of products sold | $ 1,405,033 | $ 1,243,684 | $ 1,235,459 |
Total costs and expenses | 1,487,993 | 1,321,271 | 1,286,577 |
Operating income | 21,359 | 64,009 | 181,067 |
Earnings before income taxes | 13,793 | 59,895 | 160,016 |
Income taxes | 4,562 | 13,695 | 33,916 |
Net earnings | $ 9,231 | $ 46,200 | $ 126,100 |
Basic (in dollars per share) | $ 1.19 | $ 5.28 | $ 13.82 |
Diluted (in dollars per share) | $ 1.16 | $ 5.24 | $ 13.72 |
Inventories | $ 670,898 | $ 403,995 | |
Refundable income taxes | 6,976 | 5,446 | |
Total current assets | 794,039 | 550,686 | |
Total assets | 1,212,721 | 942,274 | |
Income taxes payable | 0 | 0 | |
Total current liabilities | 156,188 | 173,155 | |
Deferred income tax liability, net | 31,481 | 33,016 | |
Other liabilities | 3,639 | 4,974 | |
Total liabilities | 657,971 | 363,244 | |
Retained earnings | 641,259 | 632,051 | |
Total stockholders’ equity | 554,750 | 579,030 | |
Total liabilities and stockholders’ equity | 1,212,721 | 942,274 | |
Previously Reported [Member] | |||
Cost of products sold | 1,373,456 | 1,237,348 | |
Total costs and expenses | 1,456,416 | 1,314,935 | |
Operating income | 52,936 | 70,345 | |
Earnings before income taxes | 45,370 | 66,231 | |
Income taxes | 12,232 | 15,224 | |
Net earnings | $ 33,138 | $ 51,007 | |
Basic (in dollars per share) | $ 4.23 | $ 5.83 | |
Diluted (in dollars per share) | $ 4.20 | $ 5.79 | |
Inventories | $ 708,811 | $ 410,331 | |
Refundable income taxes | 0 | 3,866 | |
Total current assets | 824,976 | 555,442 | |
Total assets | 1,243,658 | 947,030 | |
Income taxes payable | 2,018 | 0 | |
Total current liabilities | 158,206 | 173,155 | |
Deferred income tax liability, net | 31,625 | 32,944 | |
Other liabilities | 3,700 | 4,995 | |
Total liabilities | 660,194 | 363,193 | |
Retained earnings | 669,973 | 636,858 | |
Total stockholders’ equity | 583,464 | 583,837 | |
Total liabilities and stockholders’ equity | 1,243,658 | 947,030 | |
Revision of Prior Period, Adjustment [Member] | |||
Cost of products sold | 31,577 | 6,336 | |
Total costs and expenses | 31,577 | 6,336 | |
Operating income | (31,577) | (6,336) | |
Earnings before income taxes | (31,577) | (6,336) | |
Income taxes | (7,670) | (1,529) | |
Net earnings | $ (23,907) | $ (4,807) | |
Basic (in dollars per share) | $ (3.04) | $ (0.55) | |
Diluted (in dollars per share) | $ (3.04) | $ (0.55) | |
Inventories | $ (37,913) | $ (6,336) | |
Refundable income taxes | 6,976 | 1,580 | |
Total current assets | (30,937) | (4,756) | |
Total assets | (30,937) | (4,756) | |
Income taxes payable | (2,018) | 0 | |
Total current liabilities | (2,018) | 0 | |
Deferred income tax liability, net | (144) | 72 | |
Other liabilities | (61) | (21) | |
Total liabilities | (2,223) | 51 | |
Retained earnings | (28,714) | (4,807) | |
Total stockholders’ equity | (28,714) | (4,807) | |
Total liabilities and stockholders’ equity | $ (30,937) | $ (4,756) |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | $ 0.6 | $ 0.9 |
Product Concentration Risk [Member] | Revenue Benchmark [Member] | Food Packaging [Member] | ||
Concentration Risk, Percentage | 98% |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 1,509,352 | $ 1,385,280 | $ 1,467,644 |
Canned Vegetables [Member] | |||
Net sales | 1,253,257 | 1,135,983 | 1,172,635 |
Frozen [Member] | |||
Net sales | 121,211 | 123,895 | 102,197 |
Fruit [Member] | |||
Net sales | 91,495 | 84,708 | 88,431 |
Snack [Member] | |||
Net sales | 12,661 | 12,332 | 10,999 |
Prepared Foods [Member] | |||
Net sales | 0 | 0 | 71,866 |
Manufactured Product, Other [Member] | |||
Net sales | $ 30,728 | $ 28,362 | $ 21,516 |
Note 4 - Earnings Per Share - E
Note 4 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net earnings | $ 9,231 | $ 46,200 | $ 126,100 |
Deduct preferred stock dividends | 23 | 23 | 23 |
Undistributed earnings | 9,208 | 46,177 | 126,077 |
Earnings attributable to participating preferred shareholders | 30 | 178 | 493 |
Earnings attributable to common shareholders | $ 9,178 | $ 45,999 | $ 125,584 |
Weighted average common shares outstanding (in shares) | 7,796 | 8,707 | 9,088 |
Basic earnings per common share (in dollars per share) | $ 1.19 | $ 5.28 | $ 13.82 |
Earnings attributable to common shareholders | $ 9,178 | $ 45,999 | $ 125,584 |
Add dividends on convertible preferred stock | 20 | 20 | 20 |
Earnings attributable to common stock on a diluted basis | $ 9,198 | $ 46,019 | $ 125,604 |
Additional shares to be issued related to the equity compensation plan (in shares) | 7 | 4 | 3 |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 | 67 |
Total shares for diluted (in shares) | 7,870 | 8,778 | 9,158 |
Diluted earnings per share (in dollars per share) | $ 1.16 | $ 5.24 | $ 13.72 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Inventory, LIFO Reserve | $ 302,440 | $ 170,829 |
Inventory, LIFO Reserve, Period Charge | $ 131,600 | $ 42,200 |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Finished products | $ 613,622 | $ 385,681 |
In process | 75,123 | 23,652 |
Raw materials and supplies | 284,593 | 165,491 |
FIFO Inventory Amount | 973,338 | 574,824 |
Less excess of FIFO cost over LIFO cost | 302,440 | 170,829 |
Total inventories | $ 670,898 | $ 403,995 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation | $ 33.9 | $ 30.2 | $ 27.1 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Property, Plant and Equipment, Gross | $ 734,432 | $ 688,596 |
Less: accumulated depreciation | (433,220) | (420,553) |
Property, plant and equipment, net | 301,212 | 268,043 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment, Gross | 46,978 | 42,981 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | 214,110 | 202,444 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 421,067 | 403,192 |
Office Furniture, Vehicles and Computer Software [Member] | ||
Property, Plant and Equipment, Gross | 11,738 | 10,003 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 40,539 | $ 29,976 |
Note 7 - Assets Held For Sale_2
Note 7 - Assets Held For Sale (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 2.3 | $ 0.1 |
Other Accrued Expenses [Member] | ||
Deposit Liability, Current | 0.6 | |
Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] | Manufacturing Facility [Member] | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 3.1 | |
Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] | Equipment [Member] | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 1.2 |
Note 7 - Assets Held For Sale -
Note 7 - Assets Held For Sale - Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets held for sale | $ 4,358 | $ 5,979 |
Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] | ||
Property, plant and equipment (net) | 4,358 | 5,979 |
Current assets held for sale | $ 4,358 | $ 5,979 |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) - USD ($) | 12 Months Ended | |||||
Jan. 20, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jul. 31, 2021 | Mar. 24, 2021 | May 28, 2020 | |
Long-Term Line of Credit | $ 180,598,000 | $ 20,508,000 | ||||
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 | |||||
Long-Term Debt | 443,314,000 | |||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 50,000 | |||||
Dividends, Preferred Stock, Cash | 23,000 | |||||
Pledged Assets Not Separately Reported, Fixed Assets | 949,700,000 | |||||
Term Loan A-1 [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.3012% | |||||
Long-Term Debt | $ 100,000,000 | 88,932,000 | $ 92,900,000 | |||
Debt Issuance Costs, Net | 68,000 | 100,000 | ||||
Debt Instrument, Maturity Date | Jun. 01, 2025 | |||||
Term Loan A-2 [Member] | ||||||
Long-Term Debt | $ 175,000,000 | 172,949,000 | 0 | |||
Debt Issuance Costs, Net | $ 600,000 | 551,000 | $ 0 | |||
Debt Instrument, Maturity Date | Jan. 20, 2028 | |||||
Term Loan [Member] | ||||||
Debt Agreements, Financial Covenants, Minimum EBITDA | 75,000,000 | |||||
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 | |||||
Long-Term Debt | 173,500,000 | |||||
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 | $ 180,600,000 | |||||
Debt Instrument, Covenant, Maximum Percentage of Commitments for Available Line of Credit that Requires Minimum Fixed Charge Coverage Ratio | 10% | |||||
Debt Instrument, Covenant, Maximum Amount for Available Line of Credit that Requires Minimum Fixed Charge Coverage Ratio | $ 25,000,000 |
Note 8 - Long-term Debt - Summa
Note 8 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 20, 2023 | Mar. 31, 2022 |
Long-term debt | $ 443,314 | ||
Total | 443,314 | ||
Total long-term debt | 442,695 | $ 113,624 | |
Less current portion | 10,000 | 4,000 | |
Long-term debt, less current portion | 432,695 | 109,624 | |
Line of Credit [Member] | |||
Long-term debt | 180,598 | 20,508 | |
Total | 180,598 | 20,508 | |
Term Loan A-1 [Member] | |||
Long-term debt | 88,932 | $ 100,000 | 92,900 |
Outstanding principal | 89,000 | 93,000 | |
Unamortized debt issuance costs | (68) | (100) | |
Total | 88,932 | 100,000 | 92,900 |
Term Loan A-2 [Member] | |||
Long-term debt | 172,949 | 175,000 | 0 |
Outstanding principal | 173,500 | 0 | |
Unamortized debt issuance costs | (551) | (600) | 0 |
Total | 172,949 | $ 175,000 | 0 |
Other [Member] | |||
Long-term debt | 216 | 216 | |
Total | $ 216 | $ 216 |
Note 8 - Long-term Debt - Revol
Note 8 - Long-term Debt - Revolving Line of Credit Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Outstanding borrowings | $ 180,598 | $ 20,508 |
Interest rate | 6.34% | 1.71% |
Maximum amount of borrowings | $ 350,828 | $ 58,323 |
Average outstanding borrowings | $ 159,670 | $ 22,357 |
Weighted average interest rate | 5.03% | 1.37% |
Note 8 - Long-term Debt - Debt
Note 8 - Long-term Debt - Debt Repayment Requirements (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2024, debt | $ 10,000 |
2025, debt | 10,000 |
2026, debt | 267,598 |
2027, debt | 6,000 |
2028, debt | 149,500 |
Thereafter, debt | 216 |
Total | $ 443,314 |
Note 9 - Leases - Lease Expense
Note 9 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of right of use asset | $ 6,715 | $ 5,970 | $ 4,746 |
Interest on lease liabilities | 959 | 1,048 | 1,102 |
Finance lease cost | 7,674 | 7,018 | 5,848 |
Operating lease cost | 13,506 | 19,250 | 23,736 |
Total lease cost | 21,180 | 26,268 | 29,584 |
Operating cash flows from finance leases | 959 | 1,048 | 1,102 |
Operating cash flows from operating leases | 13,736 | 19,010 | 23,864 |
Financing cash flows from finance leases | 8,814 | 7,868 | 6,321 |
Total | 23,509 | 27,926 | 31,287 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 5,825 | 9,754 | 1,985 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4,362 | $ 10,550 | $ 4,261 |
Financing leases, lease term (Year) | 4 years 8 months 12 days | 4 years 7 months 6 days | 4 years 6 months |
Operating leases, lease term (Year) | 4 years 7 months 6 days | 4 years 3 months 18 days | 3 years 6 months |
Financing leases, discount rate | 3.80% | 3.40% | 4.10% |
Operating leases, discount rate | 4.40% | 4.20% | 4.40% |
Note 9 - Leases - Undiscounted
Note 9 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
2024, operating | $ 8,627 | |
2024, financing | 8,784 | |
2025, operating | 6,092 | |
2025, financing | 5,353 | |
2026, operating | 3,544 | |
2026, financing | 4,261 | |
2027, operating | 3,028 | |
2027, financing | 3,203 | |
2028, operating | 2,819 | |
2028, financing | 2,826 | |
2029-2033, operating | 2,709 | |
2029-2033, financing | 3,248 | |
Total minimum payment required, operating | 26,819 | |
Total minimum payment required, financing | 27,675 | |
Less interest, operating | 2,359 | |
Less interest, financing | 2,375 | |
Present value of minimum lease payments, operating | 24,460 | |
Present value of minimum lease payments, financing | 25,300 | |
Long-term lease obligation | 16,675 | $ 22,533 |
Long-term lease obligation | 17,293 | $ 19,942 |
Current Portion of Long-term Debt and Lease Obligations [Member] | ||
Amount due within one year, operating | 7,785 | |
Amount due within one year, financing | $ 8,007 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Percent | 33.10% | 22.90% | 21.20% | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 7.80% | (1.20%) | 0.20% | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 2.80% | 0.30% | 0% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | 35% |
Effective Income Tax Rate Reconciliation, Net Operating Loss Carryback Rate Difference | (2.80%) | |||
Effective Income Tax Rate Reconciliation, Tax Law Change, Percent | (2.80%) | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Federal, Percent | 0.60% | |||
Deferred Income Tax Liabilities, Net | $ 31,481 | $ 33,016 | ||
Tax Credit Carryforward, Valuation Allowance | 5,000 | |||
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 | $ 2,200 | |||
State and Local Jurisdiction [Member] | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 9% | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 2.50% |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provision of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Federal | $ 5,819 | $ 3,454 | $ 13,121 |
State | 2,277 | 3,107 | 4,145 |
Total | 8,096 | 6,561 | 17,266 |
Federal | (3,886) | 7,084 | 13,486 |
State | 352 | 50 | 3,164 |
Total | (3,534) | 7,134 | 16,650 |
Total income taxes | $ 4,562 | $ 13,695 | $ 33,916 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2015 | |
Computed (expected tax rate) | 21% | 21% | 21% | 35% |
State income taxes (net of federal tax benefit) | 4.10% | 3.70% | 3.10% | |
Federal credits | 3.90% | 0.90% | 0.30% | |
State rate changes | 2.80% | 0.30% | 0% | |
State credit expiration | 2.10% | 0.90% | 0% | |
Change in valuation allowance | 7.80% | (1.20%) | 0.20% | |
Federal return to accrual | 0.30% | 1% | (0.00%) | |
State return to accrual | 0.60% | (0.10%) | (0.00%) | |
Permanent differences | 0.80% | 0.20% | 0% | |
Federal net operating loss (NOL) carryback rate difference | 0% | 0% | (2.80%) | |
Interest received on federal NOL carryback | 0% | (0.30%) | (0.20%) | |
Uncertain tax benefits return to accrual | (0.00%) | (0.30%) | (0.00%) | |
Other | (0.70%) | (0.20%) | 0.20% | |
Effective income tax rate | 33.10% | 22.90% | 21.20% |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Future tax credits | $ 5,007 | $ 5,245 |
Inventory valuation | 8,364 | 3,024 |
Employee benefits | 2,335 | 2,191 |
Insurance | 471 | 345 |
State depreciation basis differences | 3,218 | 0 |
Operating leases | 942 | 0 |
Intangibles | 1,514 | 0 |
Other comprehensive loss | 7,117 | 8,975 |
Interest | 8 | 3 |
Prepaid revenue | 296 | 374 |
Net operating loss and other tax attribute carryovers | 1,233 | 614 |
Other | 327 | 0 |
Total assets | 30,832 | 20,771 |
Property basis and depreciation difference | 26,450 | 21,805 |
Inventory reserve | 2,101 | 0 |
Intangibles | 0 | 17 |
Right-of-use assets | 7,045 | 5,764 |
Pension | 21,528 | 21,253 |
Other | 182 | 1,017 |
Total liabilities | (57,306) | (49,856) |
Valuation allowance - noncurrent | (5,007) | (3,931) |
Deferred income tax liability, net | $ (31,481) | $ (33,016) |
Note 10 - Income Taxes - Uncert
Note 10 - Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Beginning balance | $ 655 | $ 376 |
Additions | 96 | 139 |
Additions | 0 | 215 |
Reductions | 0 | 0 |
Lapses in statues of limitations | (9) | (75) |
Ending balance | $ 742 | $ 655 |
Note 11 - Retirement Plans (Det
Note 11 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | ||
Increase Decrease In Unfunded status | 6,400 | ||
Defined Benefit Plan, Plan Assets, Amount | $ 294,342 | $ 327,867 | $ 348,914 |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 5% | 5% | 7.25% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Change Due to Subsequent Interim Measurement, Weighted-Average Expected Long-Term Rate of Return on Plan Assets | 6.15% | ||
Defined Benefit Plan, Benefit Obligation | $ 235,038 | $ 275,001 | $ 286,063 |
Unfunded Deferred Compensation Plan [Member] | |||
Defined Benefit Plan, Benefit Obligation | 1,700 | 900 | |
Employees’ Savings 401(k) Plan [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,500 | $ 1,100 | $ 1,600 |
Diversified Mix of Return-seeking Investments [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20% | ||
Fixed Income Investment [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80% |
Note 11 - Retirement Plans - St
Note 11 - Retirement Plans - Statement of Unfunded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Benefit obligation at beginning of year | $ 275,001 | $ 286,063 | |
Service cost | 7,429 | 8,483 | |
Interest cost | 9,254 | 7,721 | $ 9,266 |
Actuarial gain | (47,403) | (972) | |
Benefit payments and expenses | (9,243) | (26,294) | |
Benefit obligation at end of year | 235,038 | 275,001 | 286,063 |
Fair value of plan assets at beginning of year | 327,867 | 348,914 | |
Actual return on plan assets | (23,169) | 6,666 | |
Benefit payments and expenses | (10,356) | (27,713) | |
Fair value of plan assets at end of year | 294,342 | 327,867 | $ 348,914 |
Funded status | $ 59,304 | $ 52,866 |
Note 11 - Retirement Plans - Am
Note 11 - Retirement Plans - Amounts Recognized in Accumulated Other Comprehensive (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Prior service cost | $ (75) | $ (167) | $ (258) |
Net loss | (28,310) | (36,136) | (26,265) |
Accumulated other comprehensive pre-tax loss | $ (28,385) | $ (36,303) | $ (26,523) |
Note 11 - Retirement Plans - Ne
Note 11 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Service cost including administration | $ 8,240 | $ 9,508 | $ 10,627 |
Interest cost | 9,254 | 7,721 | 9,266 |
Expected return on plan assets | (16,104) | (17,114) | (15,804) |
Amortization of net loss | 0 | 0 | 9,919 |
Prior service cost | 91 | 91 | 91 |
Net periodic benefit cost | $ 1,481 | $ 206 | $ 14,099 |
Note 11 - Retirement Plans - As
Note 11 - Retirement Plans - Assumptions Used to Measure (Details) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Discount rate - projected benefit obligation | 5.04% | 3.81% | 3.43% |
Rate of compensation increase | 3% | 3% | 3% |
Discount rate - benefit obligations | 3.81% | 3.43% | 3.69% |
Discount rate - interest cost | 3.52% | 2.68% | 3.30% |
Discount rate - service cost | 3.93% | 3.75% | 3.87% |
Expected return on plan assets | 5% | 5% | 7.25% |
Rate of compensation increase | 3% | 3% | 3% |
Note 11 - Retirement Plans - Pl
Note 11 - Retirement Plans - Plan Assets (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Target Allocation | 100% | |
Percentage of Plan Assets | 100% | 100% |
Defined Benefit Plan, Equity Securities [Member] | ||
Target Allocation | 16% | |
Percentage of Plan Assets | 13% | 21% |
Defined Benefit Plan, Debt Security [Member] | ||
Target Allocation | 80% | |
Percentage of Plan Assets | 75% | 61% |
Defined Benefit Plan, Real Estate [Member] | ||
Target Allocation | 2% | |
Percentage of Plan Assets | 8% | 7% |
Defined Benefit Plan, Cash [Member] | ||
Target Allocation | 1% | |
Percentage of Plan Assets | 1% | 7% |
Defined Benefit Plan, Other [Member] | ||
Target Allocation | 1% | |
Percentage of Plan Assets | 3% | 4% |
Note 11 - Retirement Plans - Fa
Note 11 - Retirement Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |||
Plan Assets, Amount | $ 294,342 | $ 327,867 | $ 348,914 | |||
Defined Benefit Plan, Equity Securities [Member] | ||||||
Plan Assets, Amount | 25,045 | 29,427 | ||||
Defined Benefit Plan, Equity Securities Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 12,639 | 40,969 | ||||
Defined Benefit Plan, Real Estate Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 24,766 | 23,200 | ||||
Defined Benefit Plan, Debt Security Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 219,767 | 200,225 | ||||
Defined Benefit Plan, Cash and Short-term Investments Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 2,799 | [1] | 22,224 | [2] | ||
Other Investments [Member] | ||||||
Plan Assets, Amount | 9,326 | 11,822 | ||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Plan Assets, Amount | 25,045 | 29,427 | ||||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||||
Plan Assets, Amount | 25,045 | 29,427 | ||||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Real Estate Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Debt Security Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Cash and Short-term Investments Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | [1] | 0 | [2] | ||
Fair Value, Inputs, Level 1 [Member] | Other Investments [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Real Estate Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Debt Security Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Cash and Short-term Investments Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | [1] | 0 | [2] | ||
Fair Value, Inputs, Level 2 [Member] | Other Investments [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Real Estate Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Debt Security Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Cash and Short-term Investments Held in Common Collective Trusts [Member] | ||||||
Plan Assets, Amount | 0 | [1] | 0 | [2] | ||
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | ||||||
Plan Assets, Amount | 25,045 | 29,427 | ||||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||||
Plan Assets, Amount | 25,045 | 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 | 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 | 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 | 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 | 0 | [1] | 0 | [2] | ||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Other Investments [Member] | ||||||
Plan Assets, Amount | 0 | 0 | ||||
Fair Value Measured at Net Asset Value Per Share [Member] | ||||||
Plan Assets, Amount | [3] | 269,297 | 298,439 | |||
Fair Value Measured at Net Asset Value Per Share [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||||
Plan Assets, Amount | [3] | 0 | 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 | [3] | 12,639 | 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 | [3] | 24,766 | 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 | [3] | 219,767 | 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 | [3] | 2,799 | [1] | 22,224 | [2] | |
Fair Value Measured at Net Asset Value Per Share [Member] | Other Investments [Member] | ||||||
Plan Assets, Amount | [3] | $ 9,326 | $ 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]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.[3]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, 2023 USD ($) |
Expected Employer Contributions | $ 0 |
Expected Employee Contributions | $ 0 |
Note 10 - Retirement Plans - Es
Note 10 - Retirement Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2024 | $ 10,706 |
2025 | 11,446 |
2026 | 12,210 |
2027 | 12,975 |
2028 | 13,648 |
2029-2033 | $ 76,496 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | 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) | 4,566,242 | |||
Treasury Stock, Value | $ 168,573,000 | $ 128,879,000 | ||
Defined Contribution Plan, Employer Discretionary Contribution Value of Shares | $ 1,500,000 | |||
Defined Contribution Plan, Employer Discretionary Contribution Share Amount (in shares) | 39,177 | |||
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% | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.25 | |||
Preferred Stock, Shares Outstanding (in shares) | 200,000 | 200,000 | 200,000 | |
Dividends, Preferred Stock, Cash | $ 3,000 | |||
No Par Value Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized (in shares) | 30,000 | |||
Preferred Stock, Shares Outstanding (in shares) | 0 | |||
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% | |||
Preferred Stock, Shares Outstanding (in shares) | 407,240 | |||
Preferred Stock, Shares Non-designated (in shares) | 6,791,708 | |||
Dividends, Preferred Stock, Cash | $ 20,000 | |||
Series B Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 10% | |||
Preferred Stock, Shares Outstanding (in shares) | 400,000 | |||
Convertible Preferred Stock [Member] | ||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 11.931 | |||
Preferred Stock, Shares Outstanding (in shares) | 8,292 | |||
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 | |||
Conversion of Stock, Shares Converted (in shares) | 23,964 | |||
Series 2003 Convertible Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized (in shares) | 0 | |||
Preferred Stock, Shares Outstanding (in shares) | 0 | 500 | 500 | |
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 15.50 | |||
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] | ||||
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | |||
Voting Rights, Percentage of Vote Per Share | 0.05% | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 8,292 | 32,756 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 41,200,000 | |||
Treasury Stock, Shares, Acquired (in shares) | 766,071 | |||
Common Class B [Member] | ||||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | |||
Stock Issued During Period, Profit Sharing Bonus Plan (in shares) | 1,319 | |||
Treasury Stock, Shares, Acquired (in shares) | 0 |
Note 13 - Fair Value of Finan_3
Note 13 - Fair Value of Financial Instruments - Fair Value and Carrying Value of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Reported Value Measurement [Member] | ||
Long-term debt, including current portion | $ 442,695 | $ 113,624 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt, including current portion | $ 436,293 | $ 108,608 |
Note 14 - Other Operating Inc_2
Note 14 - Other Operating Income and Expense (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Other Operating Income (Expense), Net | $ 1,662 | $ (1,174) | $ 29,014 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Number of Reportable Segments | 2 | 3 | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | |||
Concentration Risk, Percentage | 6.70% | 7.20% | 7.20% |
Assets, Total [Member] | Segment Concentration Risk [Member] | Fruit and Vegetable Segment [Member] | |||
Concentration Risk, Percentage | 99% |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 1,509,352 | $ 1,385,280 | $ 1,467,644 |
Operating income (loss) | 21,359 | 64,009 | 181,067 |
Capital expenditures | 70,628 | 53,367 | 71,431 |
Depreciation and amortization | 40,941 | 36,523 | 32,375 |
Continuing Operations [Member] | |||
Net sales | 1,509,352 | 1,385,280 | 1,467,644 |
Operating income (loss) | 21,359 | 64,009 | 181,067 |
Capital expenditures | 71,805 | 52,100 | 71,450 |
Depreciation and amortization | 40,941 | 36,523 | 32,376 |
Fruit and Vegetable Segment [Member] | Continuing Operations [Member] | |||
Net sales | 1,465,963 | 1,344,586 | 1,363,263 |
Operating income (loss) | 19,695 | 60,414 | 175,810 |
Capital expenditures | 64,192 | 47,421 | 67,963 |
Depreciation and amortization | 40,256 | 36,126 | 29,533 |
Prepared Foods [Member] | Continuing Operations [Member] | |||
Net sales | 0 | 0 | 71,866 |
Operating income (loss) | 0 | 0 | 1,967 |
Capital expenditures | 0 | 0 | 1,451 |
Depreciation and amortization | 0 | 0 | 2,299 |
Snack Segment [Member] | Continuing Operations [Member] | |||
Net sales | 12,661 | 12,332 | 10,999 |
Operating income (loss) | (1,241) | 75 | 705 |
Capital expenditures | 131 | 67 | 508 |
Depreciation and amortization | 102 | 121 | 194 |
Corporate and Other [Member] | Continuing Operations [Member] | |||
Net sales | 30,728 | 28,362 | 21,516 |
Operating income (loss) | 2,905 | 3,520 | 2,585 |
Capital expenditures | 7,482 | 4,612 | 1,528 |
Depreciation and amortization | $ 583 | $ 276 | $ 349 |
Note 17 - Plant Restructuring -
Note 17 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Balance | $ 0 | $ 0 | $ 202 |
Charge to expense | 3,550 | 70 | 182 |
Cash payments/write offs | (3,433) | (70) | (384) |
Charge to expense | 3,550 | 70 | 182 |
Balance | 117 | 0 | 0 |
Employee Severance [Member] | |||
Balance | 0 | 0 | 202 |
Charge to expense | 361 | 0 | 227 |
Cash payments/write offs | (244) | 0 | (429) |
Charge to expense | 361 | 0 | 227 |
Balance | 117 | 0 | 0 |
Other Restructuring [Member] | |||
Balance | 0 | 0 | 0 |
Charge to expense | 3,189 | 70 | (45) |
Cash payments/write offs | (3,189) | (70) | 45 |
Charge to expense | 3,189 | 70 | (45) |
Balance | $ 0 | $ 0 | $ 0 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Director [Member] | Vegetables Supply [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 3.1 | $ 2.9 | $ 2.2 |
Related Party Foudation [Member] | Charitable Contributions [Member] | |||
Related Party Transaction, Amounts of Transaction | 0.5 | 1 | $ 1 |
Beneficiaries of Former Employees That Have Family Relationships to Two of Current Directors [Member] | Retirement Arrangements [Member] | |||
Liability, Defined Benefit Plan | $ 1 | $ 1.9 |
Note 19 - Subsequent Event (Det
Note 19 - Subsequent Event (Details Textual) - USD ($) $ in Thousands | May 23, 2023 | Mar. 31, 2023 | May 28, 2020 |
Long-Term Debt | $ 443,314 | ||
Second Amended and Restated Loan and Guaranty Agreement Amendment One with Farm Credit East, ACA [Member] | Subsequent Event [Member] | |||
Debt Instrument, Face Amount | $ 125,000 | ||
Term Loan Payable to Farm Credit East ACA [Member] | |||
Debt Instrument, Face Amount | $ 100,000 | ||
Long-Term Debt | $ 173,500 | ||
Amended Term Loan A-2 [Member] | Subsequent Event [Member] | |||
Long-Term Debt | $ 298,500 |
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, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Balance at beginning of period | $ 54 | $ 339 | $ 1,598 | |
Charged/(credited) to income | (20) | (291) | (1,304) | |
Charged to other accounts | 0 | 0 | 0 | |
Deductions from reserve | [1] | 0 | (6) | (45) |
Balance at end of period | 34 | 54 | 339 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Balance at beginning of period | 3,931 | 4,674 | 4,473 | |
Charged/(credited) to income | 1,076 | (743) | 201 | |
Charged to other accounts | 0 | 0 | 0 | |
Deductions from reserve | 0 | 0 | 0 | |
Balance at end of period | $ 5,007 | $ 3,931 | $ 4,674 | |
[1]Accounts written off, net of recoveries. |