Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 29, 2024 | Jul. 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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 29, 2024 | |
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, $0.25 Par | |
Trading Symbol | SENEB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,650,151 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock Class A, $0.25 Par | |
Trading Symbol | SENEA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 5,281,595 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 29, 2024 | Mar. 31, 2024 | Jul. 01, 2023 |
Current assets: | |||
Cash and cash equivalents | $ 5,544 | $ 4,483 | $ 5,216 |
Restricted cash | 7,431 | 7,370 | 7,075 |
Accounts receivable, net of allowance for credit losses of $72, $33 and $53, respectively | 96,448 | 79,767 | 84,964 |
Inventories | 841,847 | 872,692 | 735,124 |
Assets held for sale | 64 | 64 | 3,158 |
Refundable income taxes | 597 | 0 | 31 |
Other current assets | 3,751 | 2,639 | 2,370 |
Total current assets | 955,682 | 967,015 | 837,938 |
Property, plant and equipment, net | 307,654 | 305,016 | 305,221 |
Right-of-use assets operating, net | 13,841 | 19,705 | 22,105 |
Right-of-use assets financing, net | 18,660 | 20,386 | 31,162 |
Pension assets | 52,254 | 52,442 | 58,904 |
Other assets | 21,034 | 19,433 | 1,286 |
Total assets | 1,369,125 | 1,383,997 | 1,256,616 |
Current liabilities: | |||
Accounts payable | 62,460 | 40,326 | 117,700 |
Note payable | 13,921 | 8,926 | 0 |
Deferred revenue | 5,061 | 8,185 | 6,460 |
Accrued vacation | 11,823 | 11,632 | 11,307 |
Accrued payroll | 8,425 | 15,845 | 10,667 |
Income taxes payable | 7,842 | 2,648 | 0 |
Other accrued expenses | 32,538 | 33,383 | 21,452 |
Current portion of long-term debt and lease obligations | 107,440 | 30,090 | 32,616 |
Total current liabilities | 249,510 | 151,035 | 200,202 |
Long-term debt | 473,065 | 585,786 | 414,894 |
Operating lease obligations | 8,925 | 13,758 | 15,196 |
Financing lease obligations | 11,231 | 12,259 | 15,484 |
Deferred income tax liability, net | 24,161 | 24,320 | 31,513 |
Other liabilities | 13,287 | 13,946 | 3,503 |
Total liabilities | 780,179 | 801,104 | 680,792 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock | 351 | 351 | 351 |
Common stock | 3,050 | 3,050 | 3,049 |
Additional paid-in capital | 100,469 | 100,425 | 99,304 |
Treasury stock, at cost | (206,747) | (200,107) | (170,750) |
Accumulated other comprehensive loss | (25,380) | (25,380) | (20,488) |
Retained earnings | 717,203 | 704,554 | 664,358 |
Total stockholders' equity | 588,946 | 582,893 | 575,824 |
Total liabilities and stockholders’ equity | $ 1,369,125 | $ 1,383,997 | $ 1,256,616 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 29, 2024 | Mar. 31, 2024 | Jul. 01, 2023 |
Allowance for doubtful accounts | $ 72 | $ 53 | $ 33 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Net sales | $ 304,727 | $ 298,664 |
Costs and expenses: | ||
Cost of products sold | 262,036 | 243,375 |
Selling, general, and administrative expense | 17,480 | 19,849 |
Plant restructuring | 196 | 140 |
Other operating income, net | (428) | (197) |
Total costs and expenses | 279,284 | 263,167 |
Operating income | 25,443 | 35,497 |
Other income and expenses: | ||
Other non-operating income | (1,403) | (1,337) |
Interest expense, net | 10,345 | 6,573 |
Earnings before income taxes | 16,501 | 30,261 |
Income taxes | 3,840 | 7,150 |
Net earnings | $ 12,661 | $ 23,111 |
Earnings per share: | ||
Basic (in dollars per share) | $ 1.82 | $ 3.04 |
Diluted (in dollars per share) | $ 1.8 | $ 3.01 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 6,962 | 7,596 |
Diluted (in shares) | 7,029 | 7,663 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Comprehensive income: | ||
Net earnings | $ 12,661 | $ 23,111 |
Total | $ 12,661 | $ 23,111 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Cash flows from operating activities: | ||
Net earnings | $ 12,661 | $ 23,111 |
Adjustments to reconcile net earnings to net cash from operating activities: | ||
Depreciation and amortization | 10,819 | 10,680 |
Non-cash lease expense | 1,627 | 1,923 |
LIFO credit | (2,918) | (1,700) |
Deferred income tax expense | (159) | 32 |
Gain on the sale of assets | (299) | (304) |
Stock-based compensation expense | 37 | 80 |
Pension expense | 188 | 399 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (16,681) | 12,137 |
Inventories | 33,763 | (62,526) |
Other assets | (1,112) | 80 |
Accounts payable | 22,134 | 48,468 |
Accrued expenses and other | (14,325) | (14,301) |
Income taxes | 4,597 | 6,945 |
Net cash provided by operating activities | 50,332 | 25,024 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (12,073) | (14,744) |
Proceeds from the sale of assets | 371 | 3,073 |
Increase in non-current deposits | (1,675) | 0 |
Net cash used in investing activities | (13,377) | (11,671) |
Cash flows from financing activities: | ||
Borrowings under revolving credit facility | 104,270 | 124,675 |
Repayments under revolving credit facility | (132,306) | (253,159) |
Borrowings under term loans and note payable | 4,995 | 124,433 |
Payments on term loans | (4,750) | (4,750) |
Payments on financing leases | (1,390) | (2,328) |
Purchase of treasury stock | (6,640) | (2,177) |
Dividends | (12) | (12) |
Net cash used in financing activities | (35,833) | (13,318) |
Net increase in cash, cash equivalents and restricted cash | 1,122 | 35 |
Cash, cash equivalents and restricted cash, beginning of the period | 11,853 | 12,256 |
Cash, cash equivalents and restricted cash, end of the period | 12,975 | 12,291 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest, net of capitalized interest | 10,217 | 6,118 |
Cash received for income taxes, net | 509 | 258 |
Right-of-use assets obtained in exchange for lease obligations | 1,391 | 2,266 |
Right-of-use assets derecognized upon early lease termination | 5,627 | 1,931 |
Assets acquired from exercise of finance lease purchase options, net of accumulated depreciation | 565 | 128 |
Property, plant and equipment purchased on account | $ 190 | $ 837 |
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] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Mar. 31, 2023 | $ 351 | $ 3,049 | $ 99,152 | $ (168,573) | $ (20,488) | $ 641,259 | $ 554,750 | |||||
Net earnings | 0 | 0 | 0 | 0 | 0 | 23,111 | 23,111 | |||||
Cash dividends declared on preferred stock | 0 | 0 | 0 | 0 | 0 | (12) | (12) | |||||
Stock issued for profit sharing plan | 0 | 0 | 72 | 0 | 0 | 0 | 72 | |||||
Equity incentive program | 0 | 0 | 80 | 0 | 0 | 0 | 80 | |||||
Purchase treasury stock | $ (2,200) | 0 | 0 | 0 | (2,177) | 0 | 0 | (2,177) | ||||
Balance at Jul. 01, 2023 | 351 | 3,049 | 99,304 | (170,750) | (20,488) | 664,358 | 575,824 | |||||
Balance at Mar. 31, 2024 | 351 | 3,050 | 100,425 | (200,107) | (25,380) | 704,554 | 582,893 | |||||
Net earnings | 0 | 0 | 0 | 0 | 0 | 12,661 | 12,661 | |||||
Cash dividends declared on preferred stock | 0 | 0 | 0 | 0 | 0 | (12) | (12) | |||||
Stock issued for profit sharing plan | 0 | 0 | 7 | 0 | 0 | 0 | 7 | |||||
Equity incentive program | 0 | 0 | 37 | 0 | 0 | 0 | 37 | |||||
Purchase treasury stock | $ (6,600) | 0 | 0 | 0 | (6,640) | 0 | 0 | (6,640) | ||||
Balance at Jun. 29, 2024 | $ 351 | $ 3,050 | $ 100,469 | $ (206,747) | $ (25,380) | $ 717,203 | $ 588,946 | |||||
Preferred stock, shares authorized (in shares) | 200,000 | 1,400,000 | 8,292 | |||||||||
Common stock, shares authorized (in shares) | 20,000,000 | 10,000,000 | ||||||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 8,292 | |||||||||
Common stock, shares outstanding (in shares) | 5,292,367 | 1,650,319 |
Note 1 - Basis of Preparation a
Note 1 - Basis of Preparation and Presentation | 3 Months Ended |
Jun. 29, 2024 | |
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 states in support of its main operations. The Company’s product offerings include canned, frozen and jarred produce, and snack chips. The Company’s fruits and vegetables are sold nationwide by major grocery outlets, including supermarkets, mass merchandisers, limited assortment stores, club stores and dollar stores. The Company also sells its products to foodservice distributors, restaurant chains, industrial markets, other food processors, and export customers in approximately 55 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 March 31, 2024. Due to the seasonal nature of the business, quarterly operating results and cash flows are not may March 31 may not In certain circumstances, the preparation of financial statements in conformity with GAAP requires management to use judgment to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of net sales 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 may The Company uses the same accounting policies in preparing quarterly and annual financial statements. A summary of significant accounting policies followed by the Company are set forth in Note 1 10 March 31, 2024. Reclassifications no 2024, Cash, Cash Equivalents and Restricted Cash As of: June 29, July 1, March 31, 2024 2023 2024 Cash and cash equivalents $ 5,544 $ 5,216 $ 4,483 Restricted cash 7,431 7,075 7,370 Total cash, cash equivalents and restricted cash $ 12,975 $ 12,291 $ 11,853 Other Assets June 29, 2024, one Recently Issued Accounting Pronouncements 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, March 31, 2025 All other newly issued accounting pronouncements not not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 3 Months Ended |
Jun. 29, 2024 | |
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(s) provide that title to the specified inventory is transferred to the customer(s) 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 June 29, July 1, 2024 2023 Canned vegetables $ 253,749 $ 250,950 Frozen vegetables 25,334 21,539 Fruit products 18,841 16,738 Snack products 2,865 3,098 Other 3,938 6,339 Total $ 304,727 $ 298,664 As a result of certain contracts with customers, the Company has contract asset balances of $1.2 million, $0.6 million, and $0.4 million as of June 29, 2024, July 1, 2023, March 31, 2024, The deferred revenue activity is shown in the following table (in thousands): Three Months Ended June 29, July 1, 2024 2023 Beginning balance $ 8,185 $ 9,956 Deferral of revenue 1,239 864 Recognition of unearned revenue (4,363 ) (4,360 ) Ending balance $ 5,061 $ 6,460 |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 3 Months Ended |
Jun. 29, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Earnings per Common Share Earnings per share for the three June 29, 2024 July 1, 2023 Three Months Ended June 29, July 1, 2024 2023 Basic Net earnings $ 12,661 $ 23,111 Deduct preferred stock dividends paid 6 6 Undistributed net earnings 12,655 23,105 Earnings attributable to participating preferred shareholders 15 25 Earnings attributable to common shareholders $ 12,640 $ 23,080 Weighted average common shares outstanding 6,962 7,596 Basic earnings per common share $ 1.82 $ 3.04 Diluted Earnings attributable to common shareholders $ 12,640 $ 23,080 Add dividends on convertible preferred stock 5 5 Earnings attributable to common stock on a diluted basis $ 12,645 $ 23,085 Weighted average common shares outstanding - basic 6,962 7,596 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted 7,029 7,663 Diluted earnings per common share $ 1.80 $ 3.01 |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Jun. 29, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories The Company uses the last-in, first As of June 29, 2024, July 1, 2023, March 31, 2024, first first three June 29, 2024 July 1, 2023, The inventories by category and the impact of using the LIFO method are shown in the following table (in thousands): As of: June 29, July 1, March 31, 2024 2023 2024 Finished products $ 753,175 $ 616,470 795,993 In process 118,914 77,624 125,027 Raw materials and supplies 291,622 341,770 276,454 1,163,711 1,035,864 1,197,474 Less excess of FIFO cost over LIFO cost 321,864 300,740 324,782 Total inventories $ 841,847 $ 735,124 $ 872,692 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 3 Months Ended |
Jun. 29, 2024 | |
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: June 29, July 1, March 31, 2024 2023 2024 Land and land improvements $ 49,985 $ 46,693 $ 49,627 Buildings and improvements 237,690 219,936 236,141 Machinery and equipment 467,272 428,355 457,433 Office equipment, furniture, vehicles and computer software 15,374 12,368 14,971 Construction in progress 14,308 39,704 14,450 Property, plant and equipment, cost 784,629 747,056 772,622 Less: accumulated depreciation (476,975 ) (441,835 ) (467,606 ) Property, plant and equipment, net $ 307,654 $ 305,221 $ 305,016 Depreciation expense totaled $9.6 million and $8.8 million for the three June 29, 2024 July 1, 2023, |
Note 6 - Debt
Note 6 - Debt | 3 Months Ended |
Jun. 29, 2024 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 6. Debt Note Payable 2024, June 30, 2024, July 31, 2024. June 29, 2024 one SOFR June 29, 2024 Long-term debt is comprised of the following (in thousands): As of: June 29, July 1, March 31, 2024 2023 2024 Revolving credit facility $ 209,189 $ 52,064 $ 237,225 Term loans Term Loan A-1 Outstanding principal 84,000 88,000 85,000 Unamortized debt issuance costs (29 ) (60 ) (37 ) Term Loan A-1, net 83,971 87,940 84,963 Term Loan A-2 Outstanding principal 279,750 294,750 283,500 Unamortized debt issuance costs (845 ) (1,076 ) (902 ) Term Loan A-2, net 278,905 293,674 282,598 Other - 216 - Total long-term debt 572,065 433,894 604,786 Less current portion 99,000 19,000 19,000 Long-term debt, less current portion $ 473,065 $ 414,894 $ 585,786 Revolving Credit Facility March 24, 2021, On September 14, 2022, not No On May 5, 2023, “2023 No 2023 On March 8, 2024, “2024 April July No 2024 Maximum borrowing availability under the Revolver totals $350.0 million from April July August March. June 29, 9024 March 24, 2026 The Revolver is secured by substantially all of the Company’s accounts receivable and inventories and contains borrowing base requirements as well as a financial covenant, if certain circumstances apply. The Company utilizes its Revolver for general corporate purposes, including seasonal working capital needs, to pay debt principal and interest obligations, and to fund capital expenditures and acquisitions. 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 may one seven may The following table summarizes certain quantitative data for Revolver borrowings during fiscal year 2025 2024 As of: June 29, July 1, March 31, 2024 2023 2024 Outstanding borrowings $ 209,189 $ 52,064 $ 237,225 Interest rate 6.94 % 6.72 % 6.93 % Three Months Ended June 29, July 1, 2024 2023 Maximum amount of borrowings drawn during the period $ 233,063 $ 180,785 Average outstanding borrowings $ 217,005 $ 108,303 Weighted average interest rate 6.93 % 6.36 % Term Loans May 28, 2020, June 1, 2025 2021. On January 20, 2023, two Term Loan A- 1: 1 June 1, 2025, may no 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 June 29, 2024, 2 The Amendment for Term Loan A- 1 2 2, As of June 29, 2024, Standby Letters of Credit June 29, 2024, |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Jun. 29, 2024 | |
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 The components of lease cost were as follows (in thousands): Three Months Ended June 29, July 1, 2024 2023 Lease cost: Amortization of right of use assets $ 1,127 $ 1,840 Interest on lease liabilities 154 223 Finance lease cost 1,281 2,063 Operating lease cost 1,832 2,349 Short-term lease cost 2,745 1,330 Total lease cost $ 5,858 $ 5,742 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 154 $ 223 Operating cash flows from operating leases 3,089 3,734 Financing cash flows from finance leases 1,390 2,328 $ 4,633 $ 6,285 Right-of-use assets obtained in exchange for new finance lease liabilities $ - $ 73 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,391 $ 2,193 Weighted-average lease term (years): Financing leases 4.2 4.5 Operating leases 4.6 4.9 Weighted-average discount rate (percentage): Financing leases 4.0 % 3.9 % Operating leases 4.9 % 4.5 % 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 June 29, 2024 Years ending March 31: Operating Financing Balance of 2025 $ 2,771 $ 3,828 2026 3,532 4,280 2027 2,510 3,218 2028 2,237 2,811 2029 1,236 1,659 2030-2034 2,092 1,307 Total minimum payment required $ 14,378 $ 17,103 Less interest 1,476 1,409 Present value of minimum lease payments 12,902 15,694 Amount due within one year 3,977 4,463 Long-term lease obligations $ 8,925 $ 11,231 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Jun. 29, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income Taxes The Company’s effective tax rate was 23.3% and 23.6% for the three June 29, 2024 July 1, 2023, |
Note 9 - Retirement Plans
Note 9 - Retirement Plans | 3 Months Ended |
Jun. 29, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 9. Retirement Plans The net periodic benefit cost for the Company’s pension plan consisted of (in thousands): Three Months Ended June 29, July 1, 2024 2023 Service cost including administrative expenses $ 1,591 $ 1,736 Interest cost 2,942 2,818 Expected return on plan assets (4,423 ) (4,174 ) Amortization of net loss 76 - Amortization of prior service cost 2 19 Net periodic benefit cost $ 188 $ 399 There were no three June 29, 2024 July 1, 2023. |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 3 Months Ended |
Jun. 29, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 10. Stockholders Equity During the three June 29, 2024, three July 1, 2023, not three June 29, 2024, not |
Note 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Instruments | 3 Months Ended |
Jun. 29, 2024 | |
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, note 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 consolidated condensed balance sheets. The estimated fair value for long-term debt (classified as Level 2 As of: June 29, July 1, March 31, 2024 2023 2024 Carrying value $ 572,065 $ 433,894 $ 604,786 Fair value $ 567,442 $ 427,116 $ 599,408 |
Note 12 - Segment Information
Note 12 - Segment Information | 3 Months Ended |
Jun. 29, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. 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 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 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 June 29, 2024 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 279,083 $ 21,706 $ 3,938 $ 304,727 $ - $ 304,727 Earnings before income taxes 11,342 2,002 239 13,583 2,918 16,501 Total assets 1,579,664 107,739 3,586 1,690,989 (321,864 ) 1,369,125 Three Months Ended July 1, 2023 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 272,489 $ 19,836 $ 6,339 $ 298,664 $ - $ 298,664 Earnings before income taxes 25,073 199 3,289 28,561 1,700 30,261 Total assets 1,449,404 104,506 3,446 1,557,356 (300,740 ) 1,256,616 |
Note 13 - Legal Proceedings and
Note 13 - Legal Proceedings and Other Contingencies | 3 Months Ended |
Jun. 29, 2024 | |
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 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 29, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. (c) Trading Plans During the quarterly period ended June 29, 2024, no 16 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 29, 2024 | |
Accounting Policies [Abstract] | |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no 2024, |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash As of: June 29, July 1, March 31, 2024 2023 2024 Cash and cash equivalents $ 5,544 $ 5,216 $ 4,483 Restricted cash 7,431 7,075 7,370 Total cash, cash equivalents and restricted cash $ 12,975 $ 12,291 $ 11,853 |
Other Assets [Policy Text Block] | Other Assets June 29, 2024, one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements 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, March 31, 2025 All other newly issued accounting pronouncements not not |
Note 1 - Basis of Preparation_2
Note 1 - Basis of Preparation and Presentation (Tables) | 3 Months Ended |
Jun. 29, 2024 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | As of: June 29, July 1, March 31, 2024 2023 2024 Cash and cash equivalents $ 5,544 $ 5,216 $ 4,483 Restricted cash 7,431 7,075 7,370 Total cash, cash equivalents and restricted cash $ 12,975 $ 12,291 $ 11,853 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 3 Months Ended |
Jun. 29, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 29, July 1, 2024 2023 Canned vegetables $ 253,749 $ 250,950 Frozen vegetables 25,334 21,539 Fruit products 18,841 16,738 Snack products 2,865 3,098 Other 3,938 6,339 Total $ 304,727 $ 298,664 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Three Months Ended June 29, July 1, 2024 2023 Beginning balance $ 8,185 $ 9,956 Deferral of revenue 1,239 864 Recognition of unearned revenue (4,363 ) (4,360 ) Ending balance $ 5,061 $ 6,460 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 3 Months Ended |
Jun. 29, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 29, July 1, 2024 2023 Basic Net earnings $ 12,661 $ 23,111 Deduct preferred stock dividends paid 6 6 Undistributed net earnings 12,655 23,105 Earnings attributable to participating preferred shareholders 15 25 Earnings attributable to common shareholders $ 12,640 $ 23,080 Weighted average common shares outstanding 6,962 7,596 Basic earnings per common share $ 1.82 $ 3.04 Diluted Earnings attributable to common shareholders $ 12,640 $ 23,080 Add dividends on convertible preferred stock 5 5 Earnings attributable to common stock on a diluted basis $ 12,645 $ 23,085 Weighted average common shares outstanding - basic 6,962 7,596 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted 7,029 7,663 Diluted earnings per common share $ 1.80 $ 3.01 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Jun. 29, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of: June 29, July 1, March 31, 2024 2023 2024 Finished products $ 753,175 $ 616,470 795,993 In process 118,914 77,624 125,027 Raw materials and supplies 291,622 341,770 276,454 1,163,711 1,035,864 1,197,474 Less excess of FIFO cost over LIFO cost 321,864 300,740 324,782 Total inventories $ 841,847 $ 735,124 $ 872,692 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Jun. 29, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of: June 29, July 1, March 31, 2024 2023 2024 Land and land improvements $ 49,985 $ 46,693 $ 49,627 Buildings and improvements 237,690 219,936 236,141 Machinery and equipment 467,272 428,355 457,433 Office equipment, furniture, vehicles and computer software 15,374 12,368 14,971 Construction in progress 14,308 39,704 14,450 Property, plant and equipment, cost 784,629 747,056 772,622 Less: accumulated depreciation (476,975 ) (441,835 ) (467,606 ) Property, plant and equipment, net $ 307,654 $ 305,221 $ 305,016 |
Note 6 - Debt (Tables)
Note 6 - Debt (Tables) | 3 Months Ended |
Jun. 29, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of: June 29, July 1, March 31, 2024 2023 2024 Revolving credit facility $ 209,189 $ 52,064 $ 237,225 Term loans Term Loan A-1 Outstanding principal 84,000 88,000 85,000 Unamortized debt issuance costs (29 ) (60 ) (37 ) Term Loan A-1, net 83,971 87,940 84,963 Term Loan A-2 Outstanding principal 279,750 294,750 283,500 Unamortized debt issuance costs (845 ) (1,076 ) (902 ) Term Loan A-2, net 278,905 293,674 282,598 Other - 216 - Total long-term debt 572,065 433,894 604,786 Less current portion 99,000 19,000 19,000 Long-term debt, less current portion $ 473,065 $ 414,894 $ 585,786 |
Schedule of Line of Credit Facilities [Table Text Block] | As of: June 29, July 1, March 31, 2024 2023 2024 Outstanding borrowings $ 209,189 $ 52,064 $ 237,225 Interest rate 6.94 % 6.72 % 6.93 % Three Months Ended June 29, July 1, 2024 2023 Maximum amount of borrowings drawn during the period $ 233,063 $ 180,785 Average outstanding borrowings $ 217,005 $ 108,303 Weighted average interest rate 6.93 % 6.36 % |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Jun. 29, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 29, July 1, 2024 2023 Lease cost: Amortization of right of use assets $ 1,127 $ 1,840 Interest on lease liabilities 154 223 Finance lease cost 1,281 2,063 Operating lease cost 1,832 2,349 Short-term lease cost 2,745 1,330 Total lease cost $ 5,858 $ 5,742 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 154 $ 223 Operating cash flows from operating leases 3,089 3,734 Financing cash flows from finance leases 1,390 2,328 $ 4,633 $ 6,285 Right-of-use assets obtained in exchange for new finance lease liabilities $ - $ 73 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,391 $ 2,193 Weighted-average lease term (years): Financing leases 4.2 4.5 Operating leases 4.6 4.9 Weighted-average discount rate (percentage): Financing leases 4.0 % 3.9 % Operating leases 4.9 % 4.5 % |
Lessee, Lease Liability, Maturity [Table Text Block] | Years ending March 31: Operating Financing Balance of 2025 $ 2,771 $ 3,828 2026 3,532 4,280 2027 2,510 3,218 2028 2,237 2,811 2029 1,236 1,659 2030-2034 2,092 1,307 Total minimum payment required $ 14,378 $ 17,103 Less interest 1,476 1,409 Present value of minimum lease payments 12,902 15,694 Amount due within one year 3,977 4,463 Long-term lease obligations $ 8,925 $ 11,231 |
Note 9 - Retirement Plans (Tabl
Note 9 - Retirement Plans (Tables) | 3 Months Ended |
Jun. 29, 2024 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended June 29, July 1, 2024 2023 Service cost including administrative expenses $ 1,591 $ 1,736 Interest cost 2,942 2,818 Expected return on plan assets (4,423 ) (4,174 ) Amortization of net loss 76 - Amortization of prior service cost 2 19 Net periodic benefit cost $ 188 $ 399 |
Note 11 - Fair Value of Finan_2
Note 11 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Jun. 29, 2024 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of: June 29, July 1, March 31, 2024 2023 2024 Carrying value $ 572,065 $ 433,894 $ 604,786 Fair value $ 567,442 $ 427,116 $ 599,408 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 3 Months Ended |
Jun. 29, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 29, 2024 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 279,083 $ 21,706 $ 3,938 $ 304,727 $ - $ 304,727 Earnings before income taxes 11,342 2,002 239 13,583 2,918 16,501 Total assets 1,579,664 107,739 3,586 1,690,989 (321,864 ) 1,369,125 Three Months Ended July 1, 2023 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 272,489 $ 19,836 $ 6,339 $ 298,664 $ - $ 298,664 Earnings before income taxes 25,073 199 3,289 28,561 1,700 30,261 Total assets 1,449,404 104,506 3,446 1,557,356 (300,740 ) 1,256,616 |
Note 1 - Basis of Preparation_3
Note 1 - Basis of Preparation and Presentation (Details Textual) $ in Millions | Jun. 29, 2024 USD ($) |
Number of States in which Entity Operates | 8 |
Deposits Assets | $ 20.3 |
Seneca Food Plants [Member] | |
Number of Real Estate Properties | 26 |
Note 1 - Basis of Preparation_4
Note 1 - Basis of Preparation and Presentation - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 29, 2024 | Mar. 31, 2024 | Jul. 01, 2023 |
Cash and cash equivalents | $ 5,544 | $ 4,483 | $ 5,216 |
Restricted cash | 7,431 | 7,370 | 7,075 |
Total cash, cash equivalents and restricted cash | $ 12,975 | $ 11,853 | $ 12,291 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | Jun. 29, 2024 | Mar. 31, 2024 | Jul. 01, 2023 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | $ 1.2 | $ 0.4 | $ 0.6 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Net sales | $ 304,727 | $ 298,664 |
Canned Vegetables [Member] | ||
Net sales | 253,749 | 250,950 |
Frozen [Member] | ||
Net sales | 25,334 | 21,539 |
Fruit [Member] | ||
Net sales | 18,841 | 16,738 |
Snack [Member] | ||
Net sales | 2,865 | 3,098 |
Manufactured Product, Other [Member] | ||
Net sales | $ 3,938 | $ 6,339 |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition - Summary of Deferred Revenue Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Beginning balance | $ 8,185 | $ 9,956 |
Deferral of revenue | 1,239 | 864 |
Recognition of unearned revenue | (4,363) | (4,360) |
Ending balance | $ 5,061 | $ 6,460 |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Net earnings | $ 12,661 | $ 23,111 |
Deduct preferred stock dividends paid | 6 | 6 |
Undistributed net earnings | 12,655 | 23,105 |
Earnings attributable to participating preferred shareholders | 15 | 25 |
Earnings attributable to common shareholders | $ 12,640 | $ 23,080 |
Weighted average common shares outstanding (in shares) | 6,962 | 7,596 |
Basic earnings per common share (in dollars per share) | $ 1.82 | $ 3.04 |
Earnings attributable to common shareholders | $ 12,640 | $ 23,080 |
Add dividends on convertible preferred stock | 5 | 5 |
Earnings attributable to common stock on a diluted basis | $ 12,645 | $ 23,085 |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 |
Total shares for diluted (in shares) | 7,029 | 7,663 |
Diluted earnings per common share (in dollars per share) | $ 1.8 | $ 3.01 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Mar. 31, 2024 | |
Inventory, LIFO Reserve | $ 321,864 | $ 300,740 | $ 324,782 |
Inventory, LIFO Reserve, Period Charge | $ (2,900) | $ (1,700) |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) $ in Thousands | Jun. 29, 2024 | Mar. 31, 2024 | Jul. 01, 2023 |
Finished products | $ 753,175 | $ 795,993 | $ 616,470 |
In process | 118,914 | 125,027 | 77,624 |
Raw materials and supplies | 291,622 | 276,454 | 341,770 |
FIFO Inventory Amount | 1,163,711 | 1,197,474 | 1,035,864 |
Less excess of FIFO cost over LIFO cost | 321,864 | 324,782 | 300,740 |
Total inventories | $ 841,847 | $ 872,692 | $ 735,124 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Depreciation | $ 9.6 | $ 8.8 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 29, 2024 | Mar. 31, 2024 | Jul. 01, 2023 |
Property, Plant and Equipment, Gross | $ 784,629 | $ 772,622 | $ 747,056 |
Less: accumulated depreciation | (476,975) | (467,606) | (441,835) |
Property, plant and equipment, net | 307,654 | 305,016 | 305,221 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment, Gross | 49,985 | 49,627 | 46,693 |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Gross | 237,690 | 236,141 | 219,936 |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Gross | 467,272 | 457,433 | 428,355 |
Office Furniture, Vehicles and Computer Software [Member] | |||
Property, Plant and Equipment, Gross | 15,374 | 14,971 | 12,368 |
Construction in Progress [Member] | |||
Property, Plant and Equipment, Gross | $ 14,308 | $ 14,450 | $ 39,704 |
Note 6 - Debt (Details Textual)
Note 6 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
May 23, 2023 | Jan. 20, 2023 | Jun. 29, 2024 | Mar. 31, 2022 | Mar. 31, 2024 | Mar. 08, 2024 | Jul. 31, 2023 | Jul. 01, 2023 | Mar. 24, 2021 | May 28, 2020 | |
Accounts Receivable, Vegetable and Fruit Products Sold, Standard Payment Term (Month) | 3 months | |||||||||
Long-Term Debt | $ 572,065 | $ 604,786 | $ 433,894 | |||||||
Long-Term Line of Credit | $ 209,189 | 237,225 | 52,064 | |||||||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||||
Term Loan A-1 [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.3012% | |||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,000 | |||||||||
Long-Term Debt | $ 100,000 | 83,971 | 84,963 | 87,940 | ||||||
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 | $ 278,905 | 282,598 | 293,674 | |||||
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 | 7.35% | |||||||||
Debt Instrument, Periodic Payment, Principal | 3,750 | |||||||||
Long-Term Debt | $ 298,500 | |||||||||
Debt Instrument, Unamortized Discount | $ 1,100 | |||||||||
Minimum [Member] | ||||||||||
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term (Month) | 1 month | |||||||||
Maximum [Member] | ||||||||||
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term (Month) | 7 months | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 400,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Increase | $ 50,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | 400,000 | $ 350,000 | ||||||||
Line of Credit Facility, Commitment Fee Amount | 133,900 | |||||||||
Long-Term Line of Credit | 209,189 | $ 237,225 | $ 52,064 | |||||||
Standby Letters of Credit [Member] | ||||||||||
Long-Term Line of Credit | 7,000 | |||||||||
Unsecured Note Payable [Member] | ||||||||||
Notes Payable | $ 13,900 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.13% | |||||||||
Term Loan Payable to Farm Credit East ACA [Member] | ||||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.3012% |
Note 6 - Debt - Summary of Long
Note 6 - Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 29, 2024 | Mar. 31, 2024 | Jul. 01, 2023 | May 23, 2023 | Jan. 20, 2023 |
Revolving credit facility | $ 209,189 | $ 237,225 | $ 52,064 | ||
Long-term debt | 572,065 | 604,786 | 433,894 | ||
Other | 0 | 0 | 216 | ||
Total long-term debt | 572,065 | 604,786 | 433,894 | ||
Less current portion | 99,000 | 19,000 | 19,000 | ||
Long-term debt | 473,065 | 585,786 | 414,894 | ||
Term Loan A-1 [Member] | |||||
Outstanding principal | 84,000 | 85,000 | 88,000 | ||
Unamortized debt issuance costs | (29) | (37) | (60) | ||
Long-term debt | 83,971 | 84,963 | 87,940 | $ 100,000 | |
Term Loan A-2 [Member] | |||||
Outstanding principal | 279,750 | 283,500 | 294,750 | ||
Unamortized debt issuance costs | (845) | (902) | (1,076) | ||
Long-term debt | 278,905 | 282,598 | 293,674 | $ 173,500 | $ 175,000 |
Revolving Credit Facility [Member] | |||||
Revolving credit facility | $ 209,189 | $ 237,225 | $ 52,064 |
Note 6 - Debt - Revolving Line
Note 6 - Debt - Revolving Line of Credit Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Mar. 31, 2024 | |
Outstanding borrowings | $ 209,189 | $ 52,064 | $ 237,225 |
Interest rate | 6.94% | 6.72% | 6.93% |
Maximum amount of borrowings drawn during the period | $ 233,063 | $ 180,785 | |
Average outstanding borrowings | $ 217,005 | $ 108,303 | |
Weighted average interest rate | 6.93% | 6.36% |
Note 7 - Leases - Lease Expense
Note 7 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Amortization of right of use assets | $ 1,127 | $ 1,840 |
Interest on lease liabilities | 154 | 223 |
Finance lease cost | 1,281 | 2,063 |
Operating lease cost | 1,832 | 2,349 |
Short-term lease cost | 2,745 | 1,330 |
Total lease cost | 5,858 | 5,742 |
Operating cash flows from finance leases | 154 | 223 |
Operating cash flows from operating leases | 3,089 | 3,734 |
Financing cash flows from finance leases | 1,390 | 2,328 |
Payments for Amounts Included in the Measurement of Lease Liabilities, Total | 4,633 | 6,285 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 | 73 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,391 | $ 2,193 |
Financing leases (Year) | 4 years 2 months 12 days | 4 years 6 months |
Operating leases, lease term (Year) | 4 years 7 months 6 days | 4 years 10 months 24 days |
Financing leases | 4% | 3.90% |
Operating leases | 4.90% | 4.50% |
Note 7 - Leases - Undiscounted
Note 7 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands | Jun. 29, 2024 | Mar. 31, 2024 | Jul. 01, 2023 |
Balance of 2025, operating | $ 2,771 | ||
Balance of 2025, financing | 3,828 | ||
2026, operating | 3,532 | ||
2026, financing | 4,280 | ||
2027, operating | 2,510 | ||
2027, financing | 3,218 | ||
2028, operating | 2,237 | ||
2028, financing | 2,811 | ||
2029, operating | 1,236 | ||
2029, financing | 1,659 | ||
2030-2034, operating | 2,092 | ||
2030-2034, financing | 1,307 | ||
Total minimum payment required, operating | 14,378 | ||
Total minimum payment required, financing | 17,103 | ||
Less interest, operating | 1,476 | ||
Less interest, financing | 1,409 | ||
Present value of minimum lease payments, operating | 12,902 | ||
Present value of minimum lease payments, financing | 15,694 | ||
Amount due within one year, operating | 3,977 | ||
Amount due within one year, financing | 4,463 | ||
Long-term lease obligations, operating | 8,925 | $ 13,758 | $ 15,196 |
Long-term lease obligations, financing | $ 11,231 | $ 12,259 | $ 15,484 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 3 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 23.30% | 23.60% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.70% | |
State and Local Jurisdiction [Member] | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.40% |
Note 9 - Retirement Plans (Deta
Note 9 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
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 | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Service cost including administrative expenses | $ 1,591 | $ 1,736 |
Interest cost | 2,942 | 2,818 |
Expected return on plan assets | (4,423) | (4,174) |
Amortization of net loss | 76 | 0 |
Amortization of prior service cost | 2 | 19 |
Net periodic benefit cost | $ 188 | $ 399 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Mar. 31, 2024 | |
Treasury Stock, Shares, Acquired (in shares) | 5,262,680 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 6,640 | $ 2,177 | |
Treasury Stock, Value | $ 206,747 | $ 170,750 | $ 200,107 |
Common Class A [Member] | |||
Treasury Stock, Shares, Acquired (in shares) | 117,262 | 43,600 | |
Treasury Stock, Value, Acquired, Cost Method | $ 6,600 | $ 2,200 | |
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 | Jun. 29, 2024 | Mar. 31, 2024 | Jul. 01, 2023 |
Carrying value | $ 572,065 | $ 604,786 | $ 433,894 |
Fair value | $ 567,442 | $ 599,408 | $ 427,116 |
Note 12 - Segment Information_2
Note 12 - Segment Information (Details Textual) | 3 Months Ended |
Jun. 29, 2024 | |
Number of Reportable Segments | 2 |
Note 12 - Segment Information -
Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Mar. 31, 2024 | |
Net sales | $ 304,727 | $ 298,664 | |
Earnings before income taxes | 16,501 | 30,261 | |
Total assets | 1,369,125 | 1,256,616 | $ 1,383,997 |
Continuing Operations [Member] | |||
Net sales | 304,727 | 298,664 | |
Earnings before income taxes | 16,501 | 30,261 | |
Total assets | 1,369,125 | 1,256,616 | |
Continuing Operations [Member] | Vegetable Segment [Member] | |||
Net sales | 279,083 | 272,489 | |
Earnings before income taxes | 11,342 | 25,073 | |
Total assets | 1,579,664 | 1,449,404 | |
Continuing Operations [Member] | Fruit and Snack Segment [Member] | |||
Net sales | 21,706 | 19,836 | |
Earnings before income taxes | 2,002 | 199 | |
Total assets | 107,739 | 104,506 | |
Continuing Operations [Member] | Corporate Segment and Other Operating Segment [Member] | |||
Net sales | 3,938 | 6,339 | |
Earnings before income taxes | 239 | 3,289 | |
Total assets | 3,586 | 3,446 | |
Continuing Operations [Member] | Subtotal FIFO Basis [Member] | |||
Net sales | 304,727 | 298,664 | |
Earnings before income taxes | 13,583 | 28,561 | |
Total assets | 1,690,989 | 1,557,356 | |
Continuing Operations [Member] | LIFO Impact [Member] | |||
Net sales | 0 | 0 | |
Earnings before income taxes | 2,918 | 1,700 | |
Total assets | $ (321,864) | $ (300,740) |