Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 30, 2023 | Jan. 26, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000088948 | |
Entity Registrant Name | Seneca Foods Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 30, 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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock Class B, $.25 Par | |
Trading Symbol | SENEB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,660,953 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock Class A, $.25 Par | |
Trading Symbol | SENEA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 5,456,549 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | |||
Cash and cash equivalents | $ 7,168 | $ 5,236 | $ 5,579 |
Restricted cash | 7,251 | 7,020 | 6,937 |
Accounts receivable, net of allowance for credit losses of $51, $77 and $34, respectively | 89,928 | 97,101 | 94,947 |
Inventories | 968,889 | 670,898 | 774,121 |
Refundable income taxes | 1,153 | 6,976 | 0 |
Other current assets | 3,906 | 6,808 | 5,898 |
Total current assets | 1,078,295 | 794,039 | 887,482 |
Property, plant and equipment, net | 307,714 | 301,212 | 297,676 |
Right-of-use assets operating, net | 20,538 | 23,235 | 26,012 |
Right-of-use assets financing, net | 23,146 | 33,571 | 33,882 |
Pension assets | 59,003 | 59,304 | 51,786 |
Other assets | 841 | 1,360 | 1,670 |
Total assets | 1,489,537 | 1,212,721 | 1,298,508 |
Current liabilities: | |||
Accounts payable | 125,182 | 69,232 | 156,065 |
Deferred revenue | 8,708 | 9,956 | 14,412 |
Accrued vacation | 10,997 | 11,143 | 11,682 |
Accrued payroll | 13,083 | 16,772 | 12,469 |
Other accrued expenses | 29,530 | 23,293 | 26,921 |
Income taxes payable | 5,967 | 0 | 2,427 |
Current portion of long-term debt and lease obligations | 30,582 | 25,792 | 21,344 |
Total current liabilities | 224,049 | 156,188 | 245,320 |
Long-term debt, less current portion | 611,349 | 432,695 | 399,948 |
Operating lease obligations, less current portion | 13,617 | 16,675 | 17,219 |
Financing lease obligations, less current portion | 13,102 | 17,293 | 17,382 |
Deferred income tax liability, net | 30,820 | 31,481 | 34,434 |
Other liabilities | 3,162 | 3,639 | 3,933 |
Total liabilities | 896,099 | 657,971 | 718,236 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock | 351 | 351 | 607 |
Common stock, $0.25 par value per share | 3,050 | 3,049 | 3,043 |
Additional paid-in capital | 99,430 | 99,152 | 98,862 |
Treasury stock, at cost | (195,706) | (168,573) | (170,088) |
Accumulated other comprehensive loss | (20,488) | (20,488) | (26,468) |
Retained earnings | 706,801 | 641,259 | 674,316 |
Total stockholders' equity | 593,438 | 554,750 | 580,272 |
Total liabilities and stockholders’ equity | $ 1,489,537 | $ 1,212,721 | $ 1,298,508 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 51 | $ 34 | $ 77 |
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | |
Net sales | $ 444,481 | $ 473,254 | $ 1,150,620 | $ 1,178,289 |
Costs and expenses: | ||||
Cost of product sold | 390,448 | 419,465 | 983,180 | 1,059,878 |
Selling, general and administrative | 22,921 | 21,914 | 63,801 | 60,636 |
Plant restructuring | (42) | 1,829 | 107 | 1,937 |
Other operating expense (income), net | 392 | 229 | (1,151) | (2,411) |
Total costs and expenses | 413,719 | 443,437 | 1,045,937 | 1,120,040 |
Operating income | 30,762 | 29,817 | 104,683 | 58,249 |
Other income and expenses: | ||||
Other non-operating income | (1,825) | (2,017) | (4,500) | (5,070) |
Interest expense, net | 9,388 | 4,277 | 23,146 | 8,037 |
Earnings before income taxes | 23,199 | 27,557 | 86,037 | 55,282 |
Income taxes | 5,524 | 6,503 | 20,472 | 12,994 |
Net earnings | $ 17,675 | $ 21,054 | $ 65,565 | $ 42,288 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 2.47 | $ 2.77 | $ 8.86 | $ 5.36 |
Diluted (in dollars per share) | $ 2.45 | $ 2.74 | $ 8.78 | $ 5.31 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 7,131 | 7,582 | 7,391 | 7,858 |
Diluted (in shares) | 7,202 | 7,655 | 7,462 | 7,931 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | |
Comprehensive income: | ||||
Net earnings | $ 17,675 | $ 21,054 | $ 65,565 | $ 42,288 |
Total | $ 17,675 | $ 21,054 | $ 65,565 | $ 42,288 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net earnings | $ 65,565 | $ 42,288 |
Adjustments to reconcile net earnings to net cash from operating activities: | ||
Depreciation and amortization | 38,070 | 39,721 |
LIFO charge | 19,643 | 79,333 |
Gain on the sale of assets | (1,843) | (2,191) |
Deferred income taxes | (661) | 1,418 |
Stock-based compensation expense | 207 | 109 |
Pension expense | 300 | 1,110 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 7,173 | 24,722 |
Inventories | (317,634) | (449,459) |
Other current assets | (1,112) | 910 |
Income taxes | 11,790 | 7,873 |
Accounts payable | 55,950 | 68,463 |
Accrued expenses and other | (5,574) | (3,777) |
Net cash used in operating activities | (128,126) | (189,480) |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (31,843) | (56,509) |
Proceeds from the sale of assets | 7,987 | 5,013 |
Net cash used in investing activities | (23,856) | (51,496) |
Cash flows from financing activities: | ||
Borrowings under revolving credit facility | 657,476 | 783,346 |
Repayments under revolving credit facility | (579,966) | (490,046) |
Borrowings under term loans | 124,433 | 0 |
Principal payments on term loans | (14,252) | (2,976) |
Payments on financing leases | (6,401) | (6,515) |
Purchase of treasury stock | (27,133) | (41,209) |
Dividends | (12) | (12) |
Net cash provided by financing activities | 154,145 | 242,588 |
Net increase in cash, cash equivalents and restricted cash | 2,163 | 1,612 |
Cash, cash equivalents and restricted cash, beginning of the period | 12,256 | 10,904 |
Cash, cash equivalents and restricted cash, end of the period | 14,419 | 12,516 |
Supplemental disclosures of cash flow information: | ||
Interest, net of capitalized interest | 22,112 | 7,228 |
Income taxes | 8,791 | 3,082 |
Right-of-use assets obtained in exchange for lease obligations | 4,268 | 8,237 |
Right-of-use assets derecognized upon early lease termination | 2,392 | 2,874 |
Assets acquired from exercise of finance lease purchase options, net of accumulated depreciation | 5,183 | 0 |
Property, plant and equipment purchased on account | 95 | 970 |
Sale of property, plant and equipment in exchange for note receivable | $ 0 | $ 750 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Preferred Stock [Member] | Cumulative Convertible Preferred Stock [Member] | Participating Convertible Preferred Stock [Member] | 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 |
Balances at Mar. 31, 2022 | $ 632,051 | $ 644 | $ 3,041 | $ 98,641 | $ (128,879) | $ (26,468) | ||||||
Net earnings | 5,103 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash dividends declared on preferred stock | (12) | 0 | 0 | 0 | 0 | 0 | ||||||
Issue stock for bonus program | 0 | 0 | 1 | 76 | 0 | 0 | ||||||
Equity incentive program | 0 | 0 | 0 | 33 | 0 | 0 | ||||||
Purchase treasury stock | 0 | 0 | 0 | 0 | (15,923) | 0 | ||||||
Net earnings | 5,103 | 0 | 0 | 0 | 0 | 0 | ||||||
Balances at Jul. 02, 2022 | 637,142 | 644 | 3,042 | 98,750 | (144,802) | (26,468) | ||||||
Balances at Mar. 31, 2022 | 632,051 | 644 | 3,041 | 98,641 | (128,879) | (26,468) | ||||||
Net earnings | $ 42,288 | |||||||||||
Purchase treasury stock | $ (41,200) | |||||||||||
Net earnings | 42,288 | |||||||||||
Balances at Dec. 31, 2022 | 674,316 | 607 | 3,043 | 98,862 | (170,088) | (26,468) | 580,272 | |||||
Balances at Jul. 02, 2022 | 637,142 | 644 | 3,042 | 98,750 | (144,802) | (26,468) | ||||||
Net earnings | 16,131 | 0 | 0 | 0 | 0 | 0 | ||||||
Equity incentive program | 0 | 0 | 0 | 37 | 0 | 0 | ||||||
Purchase treasury stock | 0 | 0 | 0 | 0 | (21,069) | 0 | ||||||
Net earnings | 16,131 | 0 | 0 | 0 | 0 | 0 | ||||||
Balances at Oct. 01, 2022 | 653,273 | 612 | 3,043 | 98,818 | (165,871) | (26,468) | ||||||
Preferred stock conversion | 0 | (32) | 1 | 31 | 0 | 0 | ||||||
Net earnings | 21,054 | 0 | 0 | 0 | 0 | 0 | 21,054 | |||||
Cash dividends declared on preferred stock | (11) | 0 | 0 | 0 | 0 | 0 | ||||||
Equity incentive program | 0 | 0 | 0 | 39 | 0 | 0 | ||||||
Purchase treasury stock | 0 | 0 | 0 | 0 | (4,217) | 0 | ||||||
Net earnings | 21,054 | 0 | 0 | 0 | 0 | 0 | 21,054 | |||||
Balances at Dec. 31, 2022 | 674,316 | 607 | 3,043 | 98,862 | (170,088) | (26,468) | 580,272 | |||||
Preferred stock conversion | 0 | (5) | 0 | 5 | 0 | 0 | ||||||
Balances at Mar. 31, 2023 | 641,259 | 351 | 3,049 | 99,152 | (168,573) | (20,488) | 554,750 | |||||
Net earnings | 23,111 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash dividends declared on preferred stock | (12) | 0 | 0 | 0 | 0 | 0 | ||||||
Issue stock for bonus program | 0 | 0 | 0 | 72 | 0 | 0 | ||||||
Equity incentive program | 0 | 0 | 0 | 80 | 0 | 0 | ||||||
Purchase treasury stock | 0 | 0 | 0 | 0 | (2,177) | 0 | ||||||
Net earnings | 23,111 | 0 | 0 | 0 | 0 | 0 | ||||||
Balances at Jul. 01, 2023 | 664,358 | 351 | 3,049 | 99,304 | (170,750) | (20,488) | ||||||
Balances at Mar. 31, 2023 | 641,259 | 351 | 3,049 | 99,152 | (168,573) | (20,488) | 554,750 | |||||
Net earnings | 65,565 | |||||||||||
Purchase treasury stock | $ (27,100) | (195,700) | ||||||||||
Net earnings | 65,565 | |||||||||||
Balances at Dec. 30, 2023 | 706,801 | 351 | 3,050 | 99,430 | (195,706) | (20,488) | 593,438 | |||||
Balances at Jul. 01, 2023 | 664,358 | 351 | 3,049 | 99,304 | (170,750) | (20,488) | ||||||
Net earnings | 24,779 | 0 | 0 | 0 | 0 | 0 | ||||||
Equity incentive program | 0 | 0 | 1 | 88 | 0 | 0 | ||||||
Purchase treasury stock | 0 | 0 | 0 | 0 | (17,467) | 0 | ||||||
Net earnings | 24,779 | 0 | 0 | 0 | 0 | 0 | ||||||
Balances at Sep. 30, 2023 | 689,137 | 351 | 3,050 | 99,392 | (188,217) | (20,488) | ||||||
Net earnings | 17,675 | 0 | 0 | 0 | 0 | 0 | 17,675 | |||||
Cash dividends declared on preferred stock | (11) | 0 | 0 | 0 | 0 | 0 | ||||||
Equity incentive program | 0 | 0 | 0 | 38 | 0 | 0 | ||||||
Purchase treasury stock | 0 | 0 | 0 | 0 | (7,489) | 0 | ||||||
Net earnings | 17,675 | 0 | 0 | 0 | 0 | 0 | 17,675 | |||||
Balances at Dec. 30, 2023 | $ 706,801 | $ 351 | $ 3,050 | $ 99,430 | $ (195,706) | $ (20,488) | $ 593,438 | |||||
Preferred stock, shares authorized (in shares) | 200,000 | 1,400,000 | 8,292 | 20,000,000 | 10,000,000 | |||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 8,292 | |||||||||
Common stock, shares outstanding (in shares) | 5,456,549 | 1,660,953 |
Note 1 - Basis of Preparation a
Note 1 - Basis of Preparation and Presentation | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Preparation and Presentation Seneca Foods Corporation (the “Company”) is a leading provider of packaged fruits and vegetables with 26 facilities in eight 60 The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial statements. While these statements reflect all adjustments (consisting of items of a normal recurring nature) that are, in the opinion of management, necessary for a fair presentation of the results of the interim period, they do not 10 No. 1 March 31, 2023. Due to the seasonal nature of the business, quarterly operating results and cash flows are not may March 31 may not The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the current economic environment. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from those estimates. The Company uses the same accounting policies in preparing quarterly and annual financial statements. A summary of significant accounting policies followed by the Company are set forth in Note 1 10 No. 1 March 31, 2023. Reclassifications—Certain prior year amounts have been reclassified for consistency with the current year presentation within the condensed consolidated financial statements. There was no December 31, 2022 March 31, 2022 10 No. 1 July 31, 2023. Recently Issued Accounting Pronouncements In December 2023, 2023 09, Income Taxes (Topic 740 2023 09” December 15, 2024, April 1, 2025, In November 2023, 2023 07, Segment Reporting (Topic 280 2023 07” December 15, 2023, December 15, 2024, April 1, 2024, All other newly issued accounting pronouncements not not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Recognition Revenue recognition is completed for most customers at a point in time when product control is transferred to the customer. In general, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can direct the use and obtain substantially all of the remaining benefits from the asset at this point in time. The Company does sell certain finished goods inventory for cash on a bill and hold basis. The terms of the bill and hold agreement provide that title to the specified inventory is transferred to the customer prior to shipment and the Company has the right to payment (prior to physical delivery) which results in recorded revenue as determined under the revenue recognition standard. In the following table, revenue is disaggregated by product category groups (in thousands): Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, 2023 2022 2023 2022 Canned vegetables $ 372,690 $ 392,942 $ 952,226 $ 976,026 Frozen vegetables 27,454 33,754 92,039 93,560 Fruit products 32,022 33,371 71,561 75,674 Snack products 3,463 3,360 10,817 10,035 Other 8,852 9,827 23,977 22,994 $ 444,481 $ 473,254 $ 1,150,620 $ 1,178,289 As a result of certain contracts with customers, the Company has contract asset balances of $0.5 million, $0.7 million, and $0.6 million as of December 30, 2023, December 31, 2022, March 31, 2023, |
Note 3 - Earnings Per Common Sh
Note 3 - Earnings Per Common Share | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Earnings per Common Share Earnings per share for the three nine December 30, 2023 December 31, 2022 Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, 2023 2022 2023 2022 Basic Net earnings $ 17,675 $ 21,054 $ 65,565 $ 42,288 Deduct preferred stock dividends paid 6 6 17 17 Undistributed net earnings 17,669 21,048 65,548 42,271 Earnings attributable to participating preferred shareholders 21 82 73 169 Earnings attributable to common shareholders $ 17,648 $ 20,966 $ 65,475 $ 42,102 Weighted average common shares outstanding 7,131 7,582 7,391 7,858 Basic earnings per common share $ 2.47 $ 2.77 $ 8.86 $ 5.36 Diluted Earnings attributable to common shareholders $ 17,648 $ 20,966 $ 65,475 $ 42,102 Add dividends on convertible preferred stock 5 5 15 15 Earnings attributable to common stock on a diluted basis $ 17,653 $ 20,971 $ 65,490 $ 42,117 Weighted average common shares outstanding-basic 7,131 7,582 7,391 7,858 Additional shares issued related to the equity compensation plan 4 6 4 6 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 7,202 7,655 7,462 7,931 Diluted earnings per common share $ 2.45 $ 2.74 $ 8.78 $ 5.31 |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories The Company uses the last-in, first As of December 30, 2023, December 31, 2022, March 31, 2023, first first three December 30, 2023 December 31, 2022, nine December 30, 2023 December 31, 2022, The following table shows inventory by category and the related LIFO reserve (in thousands): As of: December 30, December 31, March 31, 2023 2022 2023 Finished products $ 912,430 $ 738,331 613,622 In process 111,939 67,380 75,123 Raw materials and supplies 266,603 218,572 284,593 1,290,972 1,024,283 973,338 Less excess of FIFO cost over LIFO cost 322,083 250,162 302,440 Total inventories $ 968,889 $ 774,121 $ 670,898 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property, Plant and Equipment Property, plant and equipment is comprised of the following (in thousands): As of: December 30, December 31, March 31, 2023 2022 2023 Land and land improvements $ 48,401 $ 46,832 $ 46,978 Buildings and improvements 233,255 210,991 214,110 Machinery and equipment 444,709 423,901 421,067 Office furniture, vehicles and computer software 13,934 11,397 11,738 Construction in progress 27,703 46,395 40,539 Property, plant and equipment, cost 768,002 739,516 734,432 Less: accumulated depreciation (460,288 ) (441,840 ) (433,220 ) Property, plant and equipment, net $ 307,714 $ 297,676 $ 301,212 Depreciation expense totaled $9.3 million and $8.7 million for the three December 30, 2023 December 31, 2022, nine December 30, 2023 December 31, 2022, |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 6. Long-Term Debt Long-term debt is comprised of the following (in thousands): As of: December 30, December 31, March 31, 2023 2022 2023 Revolving credit facility $ 258,108 $ 313,808 $ 180,598 Term loans Term Loan A-1 Outstanding principal 86,000 90,000 89,000 Unamortized debt issuance costs (45 ) (76 ) (68 ) Term Loan A-1, net 85,955 89,924 88,932 Term Loan A-2 Outstanding principal 287,250 - 173,500 Unamortized debt issuance costs (964 ) - (551 ) Term Loan A-2, net 286,286 - 172,949 Other 214 216 216 Total long-term debt 630,563 403,948 442,695 Less current portion 19,214 4,000 10,000 Long-term debt, less current portion $ 611,349 $ 399,948 $ 432,695 Revolving Credit Facility On March 24, 2021, April July August March. March 24, 2026 Seasonal working capital needs are affected by the growing cycles of the vegetables the Company packages. The majority of vegetable inventories are produced during the months of June November three seven may On September 14, 2022, not No The following table illustrates certain quantitative data for Revolver borrowings during fiscal year 2024 2023 As of: December 30, December 31, March 31, 2023 2022 2023 Outstanding borrowings $ 258,108 $ 313,808 $ 180,598 Weighted average interest rate 6.70 % 5.85 % 6.34 % Three Months Ended: Nine Months Ended: December 30, December 31, December 30, December 31, 2023 2022 2023 2022 Maximum amount of borrowings $ 275,912 $ 327,881 $ 275,912 $ 327,881 Average outstanding borrowings $ 210,034 $ 269,833 $ 131,346 $ 140,996 Weighted average interest rate 6.76 % 5.11 % 6.77 % 4.50 % Term Loans On 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 2 March 1, 2023. On May 23, 2023, 2 2 one 2” 2 2 June 1, 2023. 1 December 30, 2023, 2 The Amendment contains restrictive covenants usual and customary for loans of its type, in addition to financial covenants including minimum EBITDA and minimum tangible net worth. In connection with Amended Term Loan A- 2, As of December 30, 2023, |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 7. Leases The Company determines whether an arrangement is a lease at inception of the agreement. Presently, the Company leases land, machinery and equipment under various operating and financing leases. Right-of-Use (“ROU”) assets represent the Company’s right to use the underlying assets for the lease term, and lease obligations represent the net present value of the Company’s obligation to make payments arising from these leases. ROU assets and lease obligations are recognized at commencement date based on the present value of lease payments over the lease term using the implicit lease interest rate or, when unknown, an incremental borrowing rate based on the information available at commencement date or April 1, 2019 Lease terms may not may 12 not ROU assets and lease obligations for the Company’s operating and financing leases are disclosed separately in the Company’s condensed consolidated balance sheets. The components of lease cost were as follows (in thousands): Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, 2023 2022 2023 2022 Lease cost: Amortization of ROU assets $ 1,419 $ 1,703 $ 4,903 $ 4,960 Interest on lease liabilities 180 239 602 720 Finance lease cost 1,599 1,942 5,505 5,680 Operating lease cost 1,919 2,926 6,077 10,810 Total lease cost $ 3,518 $ 4,868 $ 11,582 $ 16,490 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 602 $ 720 Operating cash flows from operating leases 7,880 12,343 Financing cash flows from finance leases 6,401 6,515 $ 14,883 $ 19,578 Right-of-use assets obtained in exchange for new finance lease liabilities $ 106 $ 4,053 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,162 $ 4,184 Weighted-average lease term (years): Financing leases 4.5 4.6 Operating leases 4.6 4.6 Weighted-average discount rate (percentage): Financing leases 3.9 % 3.6 % Operating leases 4.7 % 4.4 % Undiscounted future lease payments under non-cancelable operating and financing leases, along with a reconciliation of undiscounted cash flows to operating and financing lease obligations, respectively, as of December 30, 2023 Years ending March 31: Operating Financing Balance of 2024 $ 849 $ 1,713 2025 6,457 5,296 2026 4,661 4,210 2027 3,525 3,152 2028 3,269 2,774 2029-2034 2,969 2,965 Total minimum payment required $ 21,730 $ 20,110 Less interest 2,050 1,703 Present value of minimum lease payments 19,680 18,407 Amount due within one year 6,063 5,305 Long-term lease obligations $ 13,617 $ 13,102 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income Taxes The Company’s effective tax rate was 23.8% and 23.5% for the nine December 30, 2023 December 31, 2022, nine |
Note 9 - Retirement Plans
Note 9 - Retirement Plans | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 9. Retirement Plans The net periodic benefit (income) cost for the Company’s pension plan consisted of (in thousands): Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, 2023 2022 2023 2022 Service cost including administration $ 1,327 $ 1,310 $ 4,800 $ 6,180 Interest cost 2,914 2,193 8,550 6,941 Expected return on plan assets (4,926 ) (4,027 ) (13,275 ) (12,079 ) Amortization of prior service cost 22 22 60 68 Amortization of net loss 165 (205 ) 165 - Net periodic benefit (income) cost $ (498 ) $ (707 ) $ 300 $ 1,110 There were no pension contributions made during the nine December 30, 2023 December 31, 2022. |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 10. Stockholders Equity During the nine December 30, 2023, nine December 31, 2022, not nine December 30, 2023, not |
Note 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Instruments | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. Fair Value of Financial Instruments Cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses are reflected in the condensed consolidated balance sheets at carrying value, which approximates fair value due to the short-term maturity of these instruments. On a quarterly basis, the Company estimates the fair values for financial instruments that are recorded at carrying value on the condensed consolidated balance sheets. The estimated fair value for long-term debt (classified as Level 2 As of: December 30, December 31, March 31, 2023 2022 2023 Carrying value $ 630,563 $ 403,948 $ 442,695 Fair value $ 624,896 $ 396,408 $ 436,293 |
Note 12 - Restructuring
Note 12 - Restructuring | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 12. Restructuring The following table summarizes the rollforward of restructuring charges recorded and the accruals established (in thousands): Restructuring Payable Severance Other Costs Total Balance March 31, 2023 $ 117 $ - $ 117 First quarter charge (42 ) 182 140 Second quarter charge - 9 9 Third quarter charge - (42 ) (42 ) Cash payments/write offs (75 ) (149 ) (224 ) Balance December 30, 2023 $ - $ - $ - Severance Other Costs Total Balance March 31, 2022 $ - $ - $ - First quarter charge - 56 56 Second quarter charge - 52 52 Third quarter charge 389 1,440 1,829 Cash payments/write offs - (1,548 ) (1,548 ) Balance December 31, 2022 $ 389 $ - $ 389 The restructuring charges pertain to the vegetable reportable segment. During the three nine December 30, 2023, three nine December 31, 2022, twelve |
Note 13 - Legal Proceedings and
Note 13 - Legal Proceedings and Other Contingencies | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 13. Legal Proceedings and Other Contingencies 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 14 - Asset Acquisition
Note 14 - Asset Acquisition | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Asset Acquisition [Text Block] | 14. Asset Acquisition On November 8, 2023, Green Giant Green Giant March 31, 2024. The transaction was accounted for as an asset acquisition in accordance with Accounting Standards Codification (“ASC”) 805 50, Business Combinations Related Issues not |
Note 15 - Segment Information
Note 15 - Segment Information | 9 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. Segment Information The Company conducts its business almost entirely in food packaging with two The other category consists of the Company's non-food operations including revenue derived from the sale of cans, ends, seed, outside revenue from the Company's trucking and aircraft operations, and certain corporate items. These ancillary activities do not not one During the Company’s fiscal year 2024 14 one Segment information is provided on a FIFO basis which is consistent with how financial information is prepared internally and provided to the CODM. The LIFO impact on earnings (loss) before income taxes and total assets is shown separately for purposes of reconciling to the U.S. GAAP financial statement measure shown on the condensed consolidated statements of net earnings and condensed consolidated balance sheets. The following table summarizes certain financial data for the Company’s reportable segments (in thousands): Three Months Ended December 30, 2023 Fruit and LIFO Vegetable Snack Other Impact Total Net sales $ 400,144 $ 35,485 $ 8,852 $ - $ 444,481 Earnings (loss) before income taxes 33,304 2,217 (295 ) (12,027 ) 23,199 Total assets 1,705,008 103,542 3,070 (322,083 ) 1,489,537 Three Months Ended December 31, 2022 Fruit and LIFO Vegetable Snack Other Impact Total Net sales $ 426,696 $ 36,731 $ 9,827 $ - $ 473,254 Earnings (loss) before income taxes 56,300 34 2,121 (30,898 ) 27,557 Total assets 1,454,204 90,855 3,611 (250,162 ) 1,298,508 Nine Months Ended December 30, 2023 Fruit and LIFO Vegetable Snack Other Impact Total Net sales $ 1,044,265 $ 82,378 $ 23,977 $ - $ 1,150,620 Earnings (loss) before income taxes 92,461 4,416 8,803 (19,643 ) 86,037 Total assets 1,705,008 103,542 3,070 (322,083 ) 1,489,537 Nine Months Ended December 31, 2022 Fruit and LIFO Vegetable Snack Other Impact Total Net sales $ 1,069,586 $ 85,709 $ 22,994 $ - $ 1,178,289 Earnings (loss) before income taxes 124,604 (1,640 ) 11,651 (79,333 ) 55,282 Total assets 1,454,204 90,855 3,611 (250,162 ) 1,298,508 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Dec. 30, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. (c) Trading Plans During the quarterly period ended December 30, 2023, no 16 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In December 2023, 2023 09, Income Taxes (Topic 740 2023 09” December 15, 2024, April 1, 2025, In November 2023, 2023 07, Segment Reporting (Topic 280 2023 07” December 15, 2023, December 15, 2024, April 1, 2024, All other newly issued accounting pronouncements not not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 9 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, 2023 2022 2023 2022 Canned vegetables $ 372,690 $ 392,942 $ 952,226 $ 976,026 Frozen vegetables 27,454 33,754 92,039 93,560 Fruit products 32,022 33,371 71,561 75,674 Snack products 3,463 3,360 10,817 10,035 Other 8,852 9,827 23,977 22,994 $ 444,481 $ 473,254 $ 1,150,620 $ 1,178,289 |
Note 3 - Earnings Per Common _2
Note 3 - Earnings Per Common Share (Tables) | 9 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, 2023 2022 2023 2022 Basic Net earnings $ 17,675 $ 21,054 $ 65,565 $ 42,288 Deduct preferred stock dividends paid 6 6 17 17 Undistributed net earnings 17,669 21,048 65,548 42,271 Earnings attributable to participating preferred shareholders 21 82 73 169 Earnings attributable to common shareholders $ 17,648 $ 20,966 $ 65,475 $ 42,102 Weighted average common shares outstanding 7,131 7,582 7,391 7,858 Basic earnings per common share $ 2.47 $ 2.77 $ 8.86 $ 5.36 Diluted Earnings attributable to common shareholders $ 17,648 $ 20,966 $ 65,475 $ 42,102 Add dividends on convertible preferred stock 5 5 15 15 Earnings attributable to common stock on a diluted basis $ 17,653 $ 20,971 $ 65,490 $ 42,117 Weighted average common shares outstanding-basic 7,131 7,582 7,391 7,858 Additional shares issued related to the equity compensation plan 4 6 4 6 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 7,202 7,655 7,462 7,931 Diluted earnings per common share $ 2.45 $ 2.74 $ 8.78 $ 5.31 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of: December 30, December 31, March 31, 2023 2022 2023 Finished products $ 912,430 $ 738,331 613,622 In process 111,939 67,380 75,123 Raw materials and supplies 266,603 218,572 284,593 1,290,972 1,024,283 973,338 Less excess of FIFO cost over LIFO cost 322,083 250,162 302,440 Total inventories $ 968,889 $ 774,121 $ 670,898 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of: December 30, December 31, March 31, 2023 2022 2023 Land and land improvements $ 48,401 $ 46,832 $ 46,978 Buildings and improvements 233,255 210,991 214,110 Machinery and equipment 444,709 423,901 421,067 Office furniture, vehicles and computer software 13,934 11,397 11,738 Construction in progress 27,703 46,395 40,539 Property, plant and equipment, cost 768,002 739,516 734,432 Less: accumulated depreciation (460,288 ) (441,840 ) (433,220 ) Property, plant and equipment, net $ 307,714 $ 297,676 $ 301,212 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 9 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of: December 30, December 31, March 31, 2023 2022 2023 Revolving credit facility $ 258,108 $ 313,808 $ 180,598 Term loans Term Loan A-1 Outstanding principal 86,000 90,000 89,000 Unamortized debt issuance costs (45 ) (76 ) (68 ) Term Loan A-1, net 85,955 89,924 88,932 Term Loan A-2 Outstanding principal 287,250 - 173,500 Unamortized debt issuance costs (964 ) - (551 ) Term Loan A-2, net 286,286 - 172,949 Other 214 216 216 Total long-term debt 630,563 403,948 442,695 Less current portion 19,214 4,000 10,000 Long-term debt, less current portion $ 611,349 $ 399,948 $ 432,695 |
Schedule of Line of Credit Facilities [Table Text Block] | As of: December 30, December 31, March 31, 2023 2022 2023 Outstanding borrowings $ 258,108 $ 313,808 $ 180,598 Weighted average interest rate 6.70 % 5.85 % 6.34 % Three Months Ended: Nine Months Ended: December 30, December 31, December 30, December 31, 2023 2022 2023 2022 Maximum amount of borrowings $ 275,912 $ 327,881 $ 275,912 $ 327,881 Average outstanding borrowings $ 210,034 $ 269,833 $ 131,346 $ 140,996 Weighted average interest rate 6.76 % 5.11 % 6.77 % 4.50 % |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 9 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, 2023 2022 2023 2022 Lease cost: Amortization of ROU assets $ 1,419 $ 1,703 $ 4,903 $ 4,960 Interest on lease liabilities 180 239 602 720 Finance lease cost 1,599 1,942 5,505 5,680 Operating lease cost 1,919 2,926 6,077 10,810 Total lease cost $ 3,518 $ 4,868 $ 11,582 $ 16,490 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 602 $ 720 Operating cash flows from operating leases 7,880 12,343 Financing cash flows from finance leases 6,401 6,515 $ 14,883 $ 19,578 Right-of-use assets obtained in exchange for new finance lease liabilities $ 106 $ 4,053 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,162 $ 4,184 Weighted-average lease term (years): Financing leases 4.5 4.6 Operating leases 4.6 4.6 Weighted-average discount rate (percentage): Financing leases 3.9 % 3.6 % Operating leases 4.7 % 4.4 % |
Lessee, Lease Liability, Maturity [Table Text Block] | Years ending March 31: Operating Financing Balance of 2024 $ 849 $ 1,713 2025 6,457 5,296 2026 4,661 4,210 2027 3,525 3,152 2028 3,269 2,774 2029-2034 2,969 2,965 Total minimum payment required $ 21,730 $ 20,110 Less interest 2,050 1,703 Present value of minimum lease payments 19,680 18,407 Amount due within one year 6,063 5,305 Long-term lease obligations $ 13,617 $ 13,102 |
Note 9 - Retirement Plans (Tabl
Note 9 - Retirement Plans (Tables) | 9 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, 2023 2022 2023 2022 Service cost including administration $ 1,327 $ 1,310 $ 4,800 $ 6,180 Interest cost 2,914 2,193 8,550 6,941 Expected return on plan assets (4,926 ) (4,027 ) (13,275 ) (12,079 ) Amortization of prior service cost 22 22 60 68 Amortization of net loss 165 (205 ) 165 - Net periodic benefit (income) cost $ (498 ) $ (707 ) $ 300 $ 1,110 |
Note 11 - Fair Value of Finan_2
Note 11 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of: December 30, December 31, March 31, 2023 2022 2023 Carrying value $ 630,563 $ 403,948 $ 442,695 Fair value $ 624,896 $ 396,408 $ 436,293 |
Note 12 - Restructuring (Tables
Note 12 - Restructuring (Tables) | 9 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Restructuring Payable Severance Other Costs Total Balance March 31, 2023 $ 117 $ - $ 117 First quarter charge (42 ) 182 140 Second quarter charge - 9 9 Third quarter charge - (42 ) (42 ) Cash payments/write offs (75 ) (149 ) (224 ) Balance December 30, 2023 $ - $ - $ - Severance Other Costs Total Balance March 31, 2022 $ - $ - $ - First quarter charge - 56 56 Second quarter charge - 52 52 Third quarter charge 389 1,440 1,829 Cash payments/write offs - (1,548 ) (1,548 ) Balance December 31, 2022 $ 389 $ - $ 389 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 9 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 30, 2023 Fruit and LIFO Vegetable Snack Other Impact Total Net sales $ 400,144 $ 35,485 $ 8,852 $ - $ 444,481 Earnings (loss) before income taxes 33,304 2,217 (295 ) (12,027 ) 23,199 Total assets 1,705,008 103,542 3,070 (322,083 ) 1,489,537 Three Months Ended December 31, 2022 Fruit and LIFO Vegetable Snack Other Impact Total Net sales $ 426,696 $ 36,731 $ 9,827 $ - $ 473,254 Earnings (loss) before income taxes 56,300 34 2,121 (30,898 ) 27,557 Total assets 1,454,204 90,855 3,611 (250,162 ) 1,298,508 Nine Months Ended December 30, 2023 Fruit and LIFO Vegetable Snack Other Impact Total Net sales $ 1,044,265 $ 82,378 $ 23,977 $ - $ 1,150,620 Earnings (loss) before income taxes 92,461 4,416 8,803 (19,643 ) 86,037 Total assets 1,705,008 103,542 3,070 (322,083 ) 1,489,537 Nine Months Ended December 31, 2022 Fruit and LIFO Vegetable Snack Other Impact Total Net sales $ 1,069,586 $ 85,709 $ 22,994 $ - $ 1,178,289 Earnings (loss) before income taxes 124,604 (1,640 ) 11,651 (79,333 ) 55,282 Total assets 1,454,204 90,855 3,611 (250,162 ) 1,298,508 |
Note 1 - Basis of Preparation_2
Note 1 - Basis of Preparation and Presentation (Details Textual) | Dec. 30, 2023 |
Number of States in which Entity Operates | 8 |
Seneca Food Plants [Member] | |
Number of Real Estate Properties | 26 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | Dec. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | $ 0.5 | $ 0.6 | $ 0.7 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | |
Net sales | $ 444,481 | $ 444,481 | $ 473,254 | $ 1,150,620 | $ 1,150,620 | $ 1,178,289 |
Canned Vegetables [Member] | ||||||
Net sales | 372,690 | 392,942 | 952,226 | 976,026 | ||
Frozen [Member] | ||||||
Net sales | 27,454 | 33,754 | 92,039 | 93,560 | ||
Fruit [Member] | ||||||
Net sales | 32,022 | 33,371 | 71,561 | 75,674 | ||
Snack [Member] | ||||||
Net sales | 3,463 | 3,360 | 10,817 | 10,035 | ||
Manufactured Product, Other [Member] | ||||||
Net sales | $ 8,852 | $ 9,827 | $ 23,977 | $ 22,994 |
Note 3 - Earnings Per Common _3
Note 3 - Earnings Per Common Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | |
Net earnings | $ 17,675 | $ 21,054 | $ 65,565 | $ 42,288 |
Deduct preferred stock dividends paid | 6 | 6 | 17 | 17 |
Undistributed net earnings | 17,669 | 21,048 | 65,548 | 42,271 |
Earnings attributable to participating preferred shareholders | 21 | 82 | 73 | 169 |
Earnings attributable to common shareholders | $ 17,648 | $ 20,966 | $ 65,475 | $ 42,102 |
Weighted average common shares outstanding (in shares) | 7,131 | 7,582 | 7,391 | 7,858 |
Basic earnings per common share (in dollars per share) | $ 2.47 | $ 2.77 | $ 8.86 | $ 5.36 |
Earnings attributable to common shareholders | $ 17,648 | $ 20,966 | $ 65,475 | $ 42,102 |
Add dividends on convertible preferred stock | 5 | 5 | 15 | 15 |
Earnings attributable to common stock on a diluted basis | $ 17,653 | $ 20,971 | $ 65,490 | $ 42,117 |
Additional shares issued related to the equity compensation plan (in shares) | 4 | 6 | 4 | 6 |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 | 67 | 67 |
Total shares for diluted (in shares) | 7,202 | 7,655 | 7,462 | 7,931 |
Diluted earnings per common share (in dollars per share) | $ 2.45 | $ 2.74 | $ 8.78 | $ 5.31 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Inventory, LIFO Reserve | $ 322,083 | $ 250,162 | $ 322,083 | $ 250,162 | $ 302,440 |
Inventory, LIFO Reserve, Period Charge | $ 12,000 | $ 30,900 | $ 19,600 | $ 79,300 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Finished products | $ 912,430 | $ 613,622 | $ 738,331 |
In process | 111,939 | 75,123 | 67,380 |
Raw materials and supplies | 266,603 | 284,593 | 218,572 |
FIFO Inventory Amount | 1,290,972 | 973,338 | 1,024,283 |
Less excess of FIFO cost over LIFO cost | 322,083 | 302,440 | 250,162 |
Total inventories | $ 968,889 | $ 670,898 | $ 774,121 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | |
Depreciation | $ 9.3 | $ 8.7 | $ 27.4 | $ 25.1 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment, Gross | $ 768,002 | $ 734,432 | $ 739,516 |
Less: accumulated depreciation | (460,288) | (433,220) | (441,840) |
Property, plant and equipment, net | 307,714 | 301,212 | 297,676 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment, Gross | 48,401 | 46,978 | 46,832 |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Gross | 233,255 | 214,110 | 210,991 |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Gross | 444,709 | 421,067 | 423,901 |
Office Furniture, Vehicles and Computer Software [Member] | |||
Property, Plant and Equipment, Gross | 13,934 | 11,738 | 11,397 |
Construction in Progress [Member] | |||
Property, Plant and Equipment, Gross | $ 27,703 | $ 40,539 | $ 46,395 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
May 23, 2023 | Jan. 20, 2023 | Jul. 01, 2023 | Mar. 31, 2022 | Dec. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jul. 31, 2021 | Mar. 24, 2021 | May 28, 2020 | |
Accounts Receivable, Vegetable and Fruit Products Sold, Standard Payment Term (Month) | 3 months | |||||||||
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term (Month) | 7 months | |||||||||
Long-Term Debt | $ 630,563 | $ 442,695 | $ 403,948 | |||||||
Term Loan A-1 [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.3012% | |||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,000 | $ 1,000 | ||||||||
Long-Term Debt | $ 100,000 | 85,955 | 88,932 | 89,924 | ||||||
Debt Instrument, Maturity Date | Jun. 01, 2025 | |||||||||
Term Loan A-2 [Member] | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,500 | |||||||||
Long-Term Debt | $ 173,500 | $ 175,000 | $ 286,286 | $ 172,949 | $ 0 | |||||
Debt Instrument, Maturity Date | Jan. 20, 2028 | |||||||||
Second Amended and Restated Loan and Guaranty Agreement Amendment One with Farm Credit East, ACA [Member] | ||||||||||
Debt Instrument, Face Amount | 125,000 | |||||||||
Amended Term Loan A-2 [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.10% | |||||||||
Debt Instrument, Periodic Payment, Principal | 3,750 | |||||||||
Long-Term Debt | $ 298,500 | |||||||||
Debt Instrument, Unamortized Discount | $ 1,100 | |||||||||
Term Loan Payable to Farm Credit East ACA [Member] | ||||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.3012% | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 300,000 | $ 400,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | $ 400,000 |
Note 6 - Long-term Debt - Summa
Note 6 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | May 23, 2023 | Mar. 31, 2023 | Jan. 20, 2023 | Dec. 31, 2022 |
Long-term debt | $ 630,563 | $ 442,695 | $ 403,948 | ||
Long-term debt | 630,563 | 442,695 | 403,948 | ||
Total long-term debt | 630,563 | 442,695 | 403,948 | ||
Less current portion | 19,214 | 10,000 | 4,000 | ||
Long-term debt, less current portion | 611,349 | 432,695 | 399,948 | ||
Line of Credit [Member] | |||||
Long-term debt | 258,108 | 180,598 | 313,808 | ||
Long-term debt | 258,108 | 180,598 | 313,808 | ||
Term Loan A-1 [Member] | |||||
Long-term debt | 85,955 | 88,932 | $ 100,000 | 89,924 | |
Outstanding principal | 86,000 | 89,000 | 90,000 | ||
Unamortized debt issuance costs | (45) | (68) | (76) | ||
Long-term debt | 85,955 | 88,932 | 100,000 | 89,924 | |
Term Loan A-2 [Member] | |||||
Long-term debt | 286,286 | $ 173,500 | 172,949 | 175,000 | 0 |
Outstanding principal | 287,250 | 173,500 | 0 | ||
Unamortized debt issuance costs | (964) | (551) | 0 | ||
Long-term debt | 286,286 | $ 173,500 | 172,949 | $ 175,000 | 0 |
Other [Member] | |||||
Long-term debt | 214 | 216 | 216 | ||
Long-term debt | $ 214 | $ 216 | $ 216 |
Note 6 - Long-term Debt - Revol
Note 6 - Long-term Debt - Revolving Line of Credit Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Outstanding borrowings | $ 258,108 | $ 313,808 | $ 258,108 | $ 313,808 | $ 180,598 |
Weighted average interest rate | 6.70% | 5.85% | 6.70% | 5.85% | 6.34% |
Maximum amount of borrowings | $ 275,912 | $ 327,881 | $ 275,912 | $ 327,881 | |
Average outstanding borrowings | $ 210,034 | $ 269,833 | $ 131,346 | $ 140,996 | |
Weighted average interest rate | 6.76% | 5.11% | 6.77% | 4.50% |
Note 7 - Leases - Lease Expense
Note 7 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | |
Amortization of ROU assets | $ 1,419 | $ 1,703 | $ 4,903 | $ 4,960 |
Interest on lease liabilities | 180 | 239 | 602 | 720 |
Finance lease cost | 1,599 | 1,942 | 5,505 | 5,680 |
Operating lease cost | 1,919 | 2,926 | 6,077 | 10,810 |
Total lease cost | $ 3,518 | $ 4,868 | 11,582 | 16,490 |
Operating cash flows from finance leases | 602 | 720 | ||
Operating cash flows from operating leases | 7,880 | 12,343 | ||
Financing cash flows from finance leases | 6,401 | 6,515 | ||
Payments for Amounts Included in the Measurement of Lease Liabilities, Total | 14,883 | 19,578 | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | 106 | 4,053 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4,162 | $ 4,184 | ||
Financing leases (Year) | 4 years 6 months | 4 years 7 months 6 days | 4 years 6 months | 4 years 7 months 6 days |
Operating leases, lease term (Year) | 4 years 7 months 6 days | 4 years 7 months 6 days | 4 years 7 months 6 days | 4 years 7 months 6 days |
Financing leases | 3.90% | 3.60% | 3.90% | 3.60% |
Operating leases, discount rate | 4.70% | 4.40% | 4.70% | 4.40% |
Note 7 - Leases - Undiscounted
Note 7 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Balance of 2024, operating | $ 849 | ||
Balance of 2024, financing | 1,713 | ||
2025, operating | 6,457 | ||
2025, financing | 5,296 | ||
2026, operating | 4,661 | ||
2026, financing | 4,210 | ||
2027, operating | 3,525 | ||
2027, financing | 3,152 | ||
2028, operating | 3,269 | ||
2028, financing | 2,774 | ||
2029-2034, operating | 2,969 | ||
2029-2034, financing | 2,965 | ||
Total minimum payment required, operating | 21,730 | ||
Total minimum payment required, financing | 20,110 | ||
Less interest, operating | 2,050 | ||
Less interest, financing | 1,703 | ||
Present value of minimum lease payments, operating | 19,680 | ||
Present value of minimum lease payments, financing | 18,407 | ||
Long-term lease obligations, operating | 13,617 | $ 16,675 | $ 17,219 |
Long-term lease obligations, financing | 13,102 | $ 17,293 | $ 17,382 |
Current Portion of Long-term Debt and Lease Obligations [Member] | |||
Amount due within one year, operating | 6,063 | ||
Amount due within one year, financing | $ 5,305 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 9 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 23.80% | 23.50% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.30% |
Note 9 - Retirement Plans (Deta
Note 9 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 |
Note 9 - Retirement Plans - Net
Note 9 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | |
Service cost including administration | $ 1,327 | $ 1,310 | $ 4,800 | $ 6,180 |
Interest cost | 2,914 | 2,193 | 8,550 | 6,941 |
Expected return on plan assets | (4,926) | (4,027) | (13,275) | (12,079) |
Amortization of prior service cost | 22 | 22 | 60 | 68 |
Amortization of net loss | 165 | (205) | 165 | 0 |
Net periodic benefit (income) cost | $ (498) | $ (707) | $ 300 | $ 1,110 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Treasury Stock, Shares, Acquired (in shares) | 5,090,840 | |
Treasury Stock, Value, Acquired, Cost Method | $ 195.7 | |
Common Class A [Member] | ||
Treasury Stock, Shares, Acquired (in shares) | 524,598 | 766,071 |
Treasury Stock, Value, Acquired, Cost Method | $ 27.1 | $ 41.2 |
Common Class B [Member] | ||
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 |
Note 11 - Fair Value of Finan_3
Note 11 - Fair Value of Financial Instrument - Fair Value and Carrying Value of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Carrying value | $ 630,563 | $ 442,695 | $ 403,948 |
Fair value | $ 624,896 | $ 436,293 | $ 396,408 |
Note 12 - Restructuring - Restr
Note 12 - Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Balance | $ 117 | $ 0 |
Cash payments/write offs | (224) | (1,548) |
Balance | 0 | 389 |
First Quarter [Member] | ||
Charge to expense | 140 | 56 |
Second Quarter [Member] | ||
Charge to expense | 9 | 52 |
Third Quarter [Member] | ||
Charge to expense | (42) | 1,829 |
Employee Severance [Member] | ||
Balance | 117 | 0 |
Cash payments/write offs | (75) | 0 |
Balance | 0 | 389 |
Employee Severance [Member] | First Quarter [Member] | ||
Charge to expense | (42) | 0 |
Employee Severance [Member] | Second Quarter [Member] | ||
Charge to expense | 0 | 0 |
Employee Severance [Member] | Third Quarter [Member] | ||
Charge to expense | 0 | 389 |
Other Restructuring [Member] | ||
Balance | 0 | 0 |
Cash payments/write offs | (149) | (1,548) |
Balance | 0 | 0 |
Other Restructuring [Member] | First Quarter [Member] | ||
Charge to expense | 182 | 56 |
Other Restructuring [Member] | Second Quarter [Member] | ||
Charge to expense | 9 | 52 |
Other Restructuring [Member] | Third Quarter [Member] | ||
Charge to expense | $ (42) | $ 1,440 |
Note 14 - Asset Acquisition (De
Note 14 - Asset Acquisition (Details Textual) - B&G Foods, Inc [Member] $ in Millions | Nov. 08, 2023 USD ($) |
Asset Acquisition, Price of Acquisition, Expected | $ 55.6 |
Asset Acquisition, Consideration Transferred | 52.9 |
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 2.7 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 9 Months Ended |
Dec. 31, 2023 | |
Number of Reportable Segments | 2 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Net sales | $ 444,481 | $ 444,481 | $ 473,254 | $ 1,150,620 | $ 1,150,620 | $ 1,178,289 | |
Earnings (loss) before income taxes | 23,199 | 23,199 | 27,557 | 86,037 | 86,037 | 55,282 | |
Total assets | 1,489,537 | $ 1,489,537 | 1,298,508 | 1,489,537 | $ 1,489,537 | 1,298,508 | $ 1,212,721 |
Vegetable Segment [Member] | |||||||
Net sales | 400,144 | 426,696 | 1,044,265 | 1,069,586 | |||
Earnings (loss) before income taxes | 33,304 | 56,300 | 92,461 | 124,604 | |||
Total assets | 1,705,008 | 1,454,204 | 1,705,008 | 1,454,204 | |||
Fruit and Snack Segment [Member] | |||||||
Net sales | 35,485 | 36,731 | 82,378 | 85,709 | |||
Earnings (loss) before income taxes | 2,217 | 34 | 4,416 | (1,640) | |||
Total assets | 103,542 | 90,855 | 103,542 | 90,855 | |||
Other Segments [Member] | |||||||
Net sales | 8,852 | 9,827 | 23,977 | 22,994 | |||
Earnings (loss) before income taxes | (295) | 2,121 | 8,803 | 11,651 | |||
Total assets | 3,070 | 3,611 | 3,070 | 3,611 | |||
LIFO Impact [Member] | |||||||
Net sales | 0 | 0 | 0 | 0 | |||
Earnings (loss) before income taxes | (12,027) | (30,898) | (19,643) | (79,333) | |||
Total assets | $ (322,083) | $ (250,162) | $ (322,083) | $ (250,162) |