Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | May 19, 2017 | Oct. 01, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document period end date | Mar. 31, 2017 | ||
Amendment flag | false | ||
Document Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Current fiscal year end date | --03-31 | ||
Entity central index key | 88,948 | ||
Entity current reporting status | Yes | ||
Entity filer category | Accelerated Filer | ||
Entity registrant name | SENECA FOODS CORP /NY/ | ||
Entity voluntary filers | No | ||
Entity well known seasoned issuer | No | ||
Class Of Stock [Line Items] | |||
Trading Symbol | SENEA | ||
Entity public float | $ 202,531,000 | ||
Common Class A Member | |||
Class Of Stock [Line Items] | |||
Entity common stock shares outstanding | 7,916,008 | ||
Common Class B Member | |||
Class Of Stock [Line Items] | |||
Entity common stock shares outstanding | 1,884,639 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | |||
Net Sales | $ 1,245,681 | $ 1,275,360 | $ 1,286,350 |
Costs and Expenses: | |||
Cost of Product Sold | 1,139,298 | 1,127,965 | 1,201,987 |
Selling and Administrative | 72,996 | 73,515 | 67,381 |
Plant Restructuring | 1,829 | 10,302 | 1,376 |
Other Operating Income Expense Net | 2,437 | (24,971) | (4,748) |
Total Costs and Expenses | 1,216,560 | 1,186,811 | 1,265,996 |
Operating Income (Loss) | 29,121 | 88,549 | 20,354 |
Earnings from equity investment | (578) | 48 | (628) |
Interest Expense, Net | 9,672 | 8,044 | 6,862 |
Earnings (Loss) Before Income Taxes | 20,027 | 80,457 | 14,120 |
Income Taxes Expense (Benefit) | 7,414 | 25,999 | 4,221 |
Net Earnings (Loss) | $ 12,613 | $ 54,458 | $ 9,899 |
Basic Earnings (Loss) per Common Share | $ 1.27 | $ 5.46 | $ 0.91 |
Diluted Earnings (Loss) per Common Share | $ 1.27 | $ 5.42 | $ 0.9 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (PARENTHETICAL) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | |||
Interest Income, Operating | $ 54 | $ 18 | $ 4 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Income and Comprehensive Income [Abstract] | |||
Net (Loss) Earnings | $ 12,613 | $ 54,458 | $ 9,899 |
Change in pension and post retirement benefits adjustment (net of tax) | 17,221 | 3,408 | (20,552) |
Total | $ 29,834 | $ 57,866 | $ (10,653) |
CONSOLIDATED STATEMENT OF COMP5
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Income and Comprehensive Income [Abstract] | |||
Change in pension and post retirement benefits adjustment tax | $ 10,367 | $ 2,179 | $ 13,140 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Current Assets: | ||
Cash and Cash Equivalents | $ 11,992 | $ 8,602 |
Accounts Receivable, Net | 72,080 | 76,788 |
Inventories: | ||
Finished Goods | 435,247 | 366,911 |
Work in Process | 32,528 | 17,122 |
Raw Materials and Supplies | 130,281 | 183,674 |
Total Inventories | 598,056 | 567,707 |
Deferred Income Tax Asset, Net | 0 | 0 |
Refundable Income Taxes | 2,471 | |
Other Current Assets | 3,671 | 15,765 |
Assets Current | 688,270 | 673,887 |
Assets Held For Sale | 0 | 5,025 |
Deferred Tax Assets, Net, Noncurrent | 0 | 12,897 |
Other Assets | 20,273 | 19,706 |
Property, Plant and Equipment: | ||
Land | 25,219 | 22,430 |
Buildings and Improvements | 216,859 | 204,944 |
Machinery and Equipment | 414,859 | 359,927 |
Property, Plant and Equipment | 656,937 | 587,301 |
Accumulated Depreciation, Depletion and Amortization | 419,461 | 398,464 |
Property, Plant and Equipment, Net | 237,476 | 188,837 |
Total Assets | 946,019 | 895,327 |
Current Liabilities: | ||
Notes Payable | 166 | 402 |
Accounts Payable | 72,824 | 67,410 |
Accrued Vacation | 11,867 | 11,792 |
Accrued Payroll | 6,593 | 9,438 |
Other Accrued Expenses | 32,493 | 27,627 |
Income Taxes Payable | 0 | 2,974 |
Current Portion of Long-Term Debt and Capital Lease Obligations | 8,334 | 279,815 |
Liabilities Current | 132,277 | 399,458 |
Long-Term Debt, Less Current Portion | 329,138 | 35,967 |
Pension | 8,193 | 37,798 |
Deferred Income Taxes, Net | 4,181 | |
Other Long-Term Liabilities | 3,775 | 11,942 |
Long-term capital lease obligations | 34,194 | 4,988 |
Total Liabilities | 511,758 | 490,153 |
Stockholders' Equity: | ||
Preferred Stock | 1,324 | 1,344 |
Common Stock | 3,024 | 3,023 |
Additional Paid-in Capital | 97,458 | 97,373 |
Treasury Stock, at cost | (66,499) | (65,709) |
Accumulated Other Comprehensive Loss | (11,175) | (28,396) |
Retained Earnings | 410,129 | 397,539 |
Total Stockholders' Equity | 434,261 | 405,174 |
Total Liabilities and Stockholders Equity | $ 946,019 | $ 895,327 |
CONDENSED CONSOLIDATED BALANCE7
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 50 | $ 111 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net (Loss) Earnings | $ 12,613 | $ 54,458 | $ 9,899 |
Adjustments to Reconcile Net (Loss) Earnings to Net Cash Used in Operations: | |||
Depreciation & Amortization | 24,824 | 21,737 | 21,834 |
Gain on the Sale of Assets | 177 | (432) | 2 |
Deferred Income Tax Expense (Benefit) | 6,524 | (533) | (612) |
Impairment Provision and Other Expenses | 2,881 | 10,302 | 264 |
Earnings from equity investment | (578) | 48 | (628) |
401 (k) match stock amount | 2,017 | 1,820 | 2,123 |
Changes in Operating Assets and Liabilities (Net of Acquisition): | |||
Accounts Receivable | 4,708 | 1,289 | 6,373 |
Inventories | (30,349) | (52,185) | (21,162) |
Other Current Assets | 12,094 | 12,544 | 6,155 |
Income Taxes | (5,445) | 2,246 | 874 |
Accounts Payable, Accrued Expenses and Other Liabilities | (5,142) | (12,136) | (5,690) |
Net Cash Provided by (Used in) Operations | 24,324 | 39,158 | 19,432 |
Cash Flows from Investing Activities: | |||
Payments to Acquire Property, Plant and Equipment | 32,139 | 9,864 | 26,213 |
Proceeds from the Sale of Assets | 427 | 1,026 | 337 |
Cash Paid for Acquisition (Net of Cash Acquired) | (38,795) | ||
Purchase equity method investment | 16,242 | ||
Net Cash Provided by (Used in) Investing Activities | (31,712) | (47,633) | (42,118) |
Cash Flow from Financing Activities: | |||
Long-Term Borrowing | 506,831 | 355,932 | 384,510 |
Payments on Long-Term Debt | (491,494) | (333,382) | (328,862) |
(Payments) Borrowings on Notes Payable | (236) | (9,501) | (2,352) |
Other | (1,493) | (305) | (312) |
Purchase of Treasury Stock | (2,807) | (6,252) | (33,506) |
Dividends | (23) | (23) | (23) |
Net Cash Provided by (Used in) Financing Activities | 10,778 | 6,469 | 19,455 |
Net Increase (Decrease) in Cash and Cash Equivalents | 3,390 | (2,006) | (3,231) |
Cash and Cash Equivalents, Beginning of the Period | 8,602 | 10,608 | 13,839 |
Cash and Cash Equivalents, End of the Period | 11,992 | 8,602 | 10,608 |
Cash Paid During the Year | |||
Interest Paid | 8,352 | 6,820 | 5,116 |
Income Taxes Paid | 6,284 | 24,108 | $ 6,003 |
Noncash Transactions | |||
Property, plant and equipment issued under capital lease | 35,559 | $ 5,313 | |
Assets Previously Held for Sale | $ 5,025 |
CONDENSED CONSOLIDATED STATEME9
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] |
Balance at Mar. 31, 2014 | $ 5,332,000 | $ 2,958,000 | $ 93,260,000 | $ (29,894,000) | $ (11,252,000) | $ 333,228,000 | |
Net (Loss) Earnings | $ 9,899,000 | 9,899,000 | |||||
Cash dividends paid on preferred stock | (23,000) | ||||||
Equity incentive program | 100,000 | ||||||
Stock issued for bonus program | 1,000 | 56,000 | |||||
401 (k) match stock amount | 2,123,000 | 2,123,000 | |||||
Treasury stock purchased | (33,506,000) | ||||||
Stock conversion | (3,213,000) | 51,000 | 3,162,000 | ||||
Change in pension and post retirement benefits adjustment (net of tax) | (20,552,000) | 20,552,000 | |||||
Balance at Mar. 31, 2015 | 2,119,000 | 3,010,000 | 96,578,000 | (61,277,000) | (31,804,000) | 343,104,000 | |
Net (Loss) Earnings | 54,458,000 | 54,458,000 | |||||
Cash dividends paid on preferred stock | (23,000) | ||||||
Equity incentive program | 33,000 | ||||||
Stock issued for bonus program | 0 | 0 | |||||
401 (k) match stock amount | 1,820,000 | 1,820,000 | |||||
Treasury stock purchased | (6,252,000) | ||||||
Stock conversion | (775,000) | 13,000 | 762,000 | ||||
Change in pension and post retirement benefits adjustment (net of tax) | 3,408,000 | 3,408,000 | |||||
Balance at Mar. 31, 2016 | 405,174,000 | 1,344,000 | 3,023,000 | 97,373,000 | (65,709,000) | (28,396,000) | 397,539,000 |
Net (Loss) Earnings | 12,613,000 | 12,613,000 | |||||
Cash dividends paid on preferred stock | (23,000) | (23,000) | |||||
Equity incentive program | 66,000 | ||||||
401 (k) match stock amount | 2,017,000 | 2,017,000 | |||||
Treasury stock purchased | (2,807,000) | ||||||
Stock conversion | (20,000) | 1,000 | 19,000 | ||||
Change in pension and post retirement benefits adjustment (net of tax) | 17,221,000 | 17,221,000 | |||||
Balance at Mar. 31, 2017 | $ 434,261,000 | $ 1,324,000 | $ 3,024,000 | $ 97,458,000 | $ (66,499,000) | $ (11,175,000) | $ 410,129,000 |
CONDENSED CONSOLIDATED STATEM10
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Change in pension and post retirement benefits adjustment tax | $ 10,367 | $ 2,179 | $ 13,140 |
CONDENSED CONSOLIDATED STATEM11
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (preferred stock common stock) - USD ($) $ in Thousands | Total | 6% Cumulative Preferred Stock [Member] | 10% Nonredeemable Convertible Preferred Stock [Member] | Participating Preferred Stock [Member] | 2003 Series Participating Preferred Stock [Member] | Common Class A Member | Common Class B Member |
Preferred Stock, Shares Outstanding | 200,000 | 807,240 | 90,826 | 500 | |||
Common Stock, Shares, Outstanding | 7,918,069 | 1,894,599 | |||||
Preferred Stock | $ 1,344 | ||||||
Common Stock | 3,023 | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 10.00% | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.025 | $ 0.025 | $ 0.025 | |||
Common Stock Par Or Stated Value Per Share | $ 0.25 | $ 0.25 | |||||
Preferred Stock, Shares Authorized | 200,000 | 1,400,000 | 90,826 | 500 | |||
Common Stock, Shares Authorized | 20,000,000 | 10,000,000 | |||||
Preferred Stock, Shares Outstanding | 200,000 | 807,240 | 89,251 | 500 | |||
Common Stock, Shares, Outstanding | 7,910,508 | 1,884,839 | |||||
Preferred Stock | 1,324 | $ 50 | $ 202 | $ 1,064 | $ 8 | ||
Common Stock | $ 3,024 | $ 2,520 | $ 504 |
Basis Of Presentation Policies
Basis Of Presentation Policies | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Seneca Foods Corporation and Subsidiaries 1. Summary of Significant Accounting Policies Nature of Operations — Seneca Foods Corporation (the “Parent Company”) and subsidiaries (the “Company”) conducts its business almost entirely in food packaging, operating 27 plants and 3 1 warehouses in ten states. The Company markets private label and branded packag ed foods to retailers and institutional food distributors. Principles of Consolidation — The consolidated financial statement s include the accounts f or the Parent C ompany and all of its wholly-owned subsidiaries after elimination of intercompany transactions, profits, and balances. Revenue Recognition — Sales and related cost of product sold are recognized when legal title passes to the purchaser, wh ich is primarily upon shipment of products. When customers, under the terms of specific orders, request that the Company invoice but hold the goods (“Bill and Hold”) for future shipment, the Company recognizes revenue when legal title to the finished goods inventory passes to the purchaser. Generally, the Company receives cash from the purchaser when legal title pas ses. During the years ended March 31, 2017 and 2016 , the Company sold for cash , on a bill and hold basis, $ 95.8 million and $ 126.1 million, r espectively, of Green Giant finished goods inventory. At the time of the sale of th e Green Giant vegetables , title of the specifi ed inventory transferred . The Company believes it has met the criteria required by the accounting standards for Bill and Hold t reatment. As of March 31, 2017, $ 43.3 million of 2017 product remained unshipped. Trade promotions are an important component of the sales and marketing of the Company’s branded products, and are critical to the support of the business. Trade promotion c osts, which are recorded as a reduction of sales, include amounts paid to retailers for shelf space , to obtain favorable display positions and to offer temporary price reductions for the sa le of our products to consumers. Accruals for trade promotions are recorded primarily at the time of sale to the retailer based on expected levels of performance. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a retailer from amounts o therwise due to the Company. As a result, the ultimate cost of a trade promotion program is dependent on the relative success of the events and the actions and level of deductions taken by retailers. Final determination of the permissible deductions may ta ke extended periods of time. Concentration of Credit Risk — Financial instruments that potentially subject the Company to credit risk consist of trade receivables and interest-bearing investments. Wholesale and retail food distributors comprise a signifi cant portion of the trade receivables; collateral is generally not required. A relatively limited number of customers account for a large percentage of the Company’s total sales. GMOL sales represented 6 %, 1 1 % and 13 % of net sales in each of 2017, 2016 and 2015, respectively . The top ten customers , including GMOL, represent ed approximately 4 2 %, 48 % and 49 % of n et sales for 2017, 2016 and 2015 , respectively. The Company closely monitors the credit risk associated with its customers. The Company places substa ntially all of its interest-bearing investments with financial institutions and monitors credit exposure. Cash and short-term investments in certain accounts exceed the federal insured limit; however, the Company has not experienced any losses in such acco unts . Cash Equivalents — The Company considers all highly liquid instruments purchased with an original maturity of three months or less as cash equivalents . Fair Value of Financial Instruments — The carrying values of cash and cash equivalents (Level 1), accounts receivable, short-term debt (Level 2) and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. See Note 9, Fair Value of Financial Instruments, for a discussion of the fair val ue of long-term debt. The three-tier value hierarchy is utilized to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobserved inputs (Le vel 3). The three levels are defined as follows: Level 1- Quoted prices for identical instruments in active markets. Level 2- Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and mo del-derived valuations in which all significant inputs or significant value-drivers are observable. Level 3- Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable. Deferred Financing Costs — Deferred financing costs incurred in obtaining debt are amortized on a straight-line basis over the term of the debt, which is not materially different than using the effective interest rate method. As of March 31, 2017 , there we re $ 0.9 million of unamortized financing cost included in other current assets and $ 0. 2 million of unamortized financing costs included as a contra to long-term debt on the Consolidated Balance Sheets . Inventories — S ubstantially all inventories are stated at the lower of cost; determined under the last-in, first-out (“LIFO”) method; or market. Inc ome Taxes — The provision for income taxes includes federal and state income taxes currently payable and those deferred because of temporary differences be tween the financial statement and tax basis of assets and liabilities and tax credit carryforwards. The Company uses the flow-through method to account for its investment tax credits. The Com pany evaluates the likelihood of realization of its net deferre d income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of te mporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim pe riods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. Shipping and Handling Costs — The Company includes all shipping and handling costs billed to customers in net sales and the corresponding costs in cost of products sold. The shipping and handling costs billed to customers in net sales were $ 38. 0 million, $ 38.3 million and $ 38.8 million in 2017, 2016, and 20 15, respectively. Advertising Costs — Advertising costs are expensed as incurred. Advertising costs charged to operations were $ 2.1 million, $ 2. 0 million and $ 1.7 million in 2017, 2016 and 2015, respectively. Accounts Receivable and Doubtful Accounts — Accounts r eceivable is stated at invoice value, which is net of any off invoice promotions. A provision for doubtful accounts is recorded based upon an assessment of credit risk within the accounts receivable portfolio, experience of delinquencies (acco unts over 15 days past due) and charge-offs (accounts removed from accounts receivable for expectation of non-payment), and current market conditions. Management believes these provisions are adequate based upon the relevant information presently available . Earnings per Common Share — The Company has three series of convertible preferred stock, which are deemed to be participating securities that are entitled to participate in any dividend on Class A common stock as if the preferred stock had been convert ed into common stock immediately prior to the record date for such dividend. Basic earnings per share for common stock is calculated using the “two-class” method by dividing the earnings attributable to common stockholders by the weighted average of common shares outstanding during the period. Restricted stock is included in all earnings per share calculations. Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. Years ended March 31, 2017 2016 2015 (In thousands, except per share amounts) Basic Net earnings $ 12,613 $ 54,458 $ 9,899 Deduct preferred stock dividends 23 23 23 Undistributed earnings 12,590 54,435 9,876 Earnings attributable to participating preferred shareholders 115 544 160 Earnings attributable to common shareholders $ 12,475 $ 53,891 $ 9,716 Weighted average common shares outstanding 9,785 9,878 10,690 Basic earnings per common share $ 1.27 $ 5.46 $ 0.91 Diluted Earnings attributable to common shareholders $ 12,475 $ 53,891 $ 9,716 Add dividends on convertible preferred stock 20 20 20 Earnings attributable to common stock on a diluted basis $ 12,495 $ 53,911 $ 9,736 Weighted average common shares outstanding-basic 9,785 9,878 10,690 Additional shares to be issued related to the equity compensation plan 2 3 5 Additional shares to be issued under full conversion of preferred stock 67 67 67 Total shares for diluted 9,854 9,948 10,762 Diluted earnings per share $ 1.27 $ 5.42 $ 0.90 Depreciation and Valuation — Property, plant, and equipment are stated at cost. Interest incurred during the construction of major projects is capitalized. For financial reporting, the Company provides for depreciation on the straight-line method at rates based upon the estimated useful lives of the various assets. Deprec iation was $ 24.2 million, $ 21.4 million, and $ 21.5 million in 2017, 2016, and 2015 , respectively. The estimated useful lives are as follows: buildings and improvements — 30 years ; machiner y and equipment — 10-15 years ; computer software — 3-5 years ; vehicles — 3-7 years ; and land improvements — 10-20 years . The Company assesses its long-lived assets for impairment whenever there is an indicator of impairment. Impairment losses a re evaluated if the estimated undiscounted cash flows from using the assets are less than carrying value. A loss is recognized when the carrying value of an asset exceeds its fair value. There were $ 5 . 1 million of impairment losses in 2016 included in Plant Restructur ing (see Note 14, Plant Restructuring). There were no sign ificant impairment losses in 2017 and 2015 . Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in confo rmity with accounting principles generall y accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as wel l as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimate s . Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new sta ndard will be effective for the Company on April 1, 2018 (beginning of fiscal 2019). Early adoption is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has selected the modified retrosp ective approach for its transition method and applied the five-step model of the new standard to a selection of contracts within each of the revenue streams and has compared the results to our current accounting practices. The Company has evaluated the eff ect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has substantially completed its evaluation of significant contracts and is currently assessing the impact of adopting the standards update on our consolidated financial statement s. The Company will continue its evaluation of the standards update through the date of adoption. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes which requires that all deferre d tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and be presented as a single noncurrent amount in a classified balance sheet. This standard is effective for the Company for fiscal years beginning after December 15, 2017 (beginning of fiscal 2019). Early adoption is permitted. The Company adopted this standard during 2016 on a prospective basis. In February 2016, the FASB issued Accounting Standards Update No. 2016-0 2, Leases . The new standard establishes a right-of-use ( “ ROU ” ) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or op erating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018 (beginning fiscal 2020), including interim periods within those fiscal years . A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical exped ients available. While we are still evaluating the impact of our pending adoption of the new standard on our consolidated financial statements, we expect that upon adoption we will recognize ROU assets and lease liabilities and that the amounts could be m aterial. In January 2017, the FASB issued Accounting Standards Update No. 2017-01 ("ASU 2017-01"), which clarifies the definition of a business, with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years, and early adoption is permitted for transactions which occur be fore the issuance or effective date of the amendments, only when the transaction has not been reported in the financial statements that have been issued or made available for issuance. ASU 2017-01 is to be applied on a prospective basis. The Company does n ot expect the adoption of ASU 2017-01 to have a material impact on its consolidated financial statements. Reclassifications — Certain previously reported amounts have been reclassified to conform to the current period classification |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2017 | |
Acquisitions [Abstract] | |
Business Combination Disclosure Text Block | 2 . Acquisitions In October 2015, the Company completed the acquisition of 100 % of the stock of Gray & Company. The business, based in Hart, Michigan, is a processor of maraschino cherries and a provider of glace or candied fruit products . This acquisition includes a plant in Dayton, Oregon. The purchase price was approximately $ 2 3.8 million (net of cash acquired) plus the assumption of certain liabilities. In conjunction with the closing, the Company paid off $ 12.0 million of liabilities acquir ed. The rationale for the acquisition was twofold: (1) the business is a complementary fit with the existing business and (2) it provides an extension of the Company’s product offerings. This acquisition was financed with proceeds from the Company's revo lving credit facility. The purchase price to acquire Gray & Company was allocated based on the i nternally developed fair value of the assets acquired and liabilit ies assumed and the independent valuation of inventory, intangibles, and property , plant , and equipment. T he purchase price of $23.8 million has been al located as follows (in millions ): Purchase Price (net of cash received) $ 23.8 Allocated as follows: Current assets $ 36.6 Other long-term assets 1.4 Property, plant and equipment 13.7 Deferred taxes (7.7) Current liabilities (16.0) Other long-term liabilities (4.2) Total $ 23.8 In February 2016, the Company completed the acquisition of 100 % of the stock of Diana Fruit Co., Inc. The business, based in Santa Clara, California, is a processor of maraschino cherries and cherries for fruit cocktail. The purchase price was approximately $ 15.0 million (net of cash acquired) plus the assumption of certain liabilities. In conjunction with the closing, the Company paid off $ 1.4 million of liabilities acquired. The rationale for the acquisition was the business is a complementa ry fit with the recent acquisition of Gray & Company. This acquisition was financed with proceeds from the Company's revolving credit facility. The purchase price to acquire Diana was allocated based on the internally developed fair value of the assets acquired and liabilities assumed and the independent valuation of inventory, intangibles, and property, plant, and equipment. The purchase price of $15.0 million has been allocated as follows (in millions ): Purchase Price (net of cash received) $ 15.0 Allocated as follows: Current assets $ 16.8 Other long-term assets 0.5 Property, plant and equipment 0.9 Deferred taxes 0.4 Current liabilities (3.6) Total $ 15.0 The Company’s Consolidated Statement of Net Earnings for the year ended March 31, 2016 includes five months of the acquired Gray & Company and one month of Diana Fruit operating results which amounted to Net Sales of $ 25.5 million and Net Loss of $ 1.7 million. If Gray and Diana had been acquired at the beginning of the year ended March 31, 2015, total Net Sales would be $ 1,324.8 million (unaudited) for 2016 and $ 1,363.7 million (unaudited) for 2015 and Net Earnings would have been $ 54.2 million (unaudi ted) for 2016 and $ 8.6 million (unaudited) for 2015. In April 2014, the Company purchased a 50 % equity interest in Truitt Bros. Inc. ("Truitt") for $ 16.2 million. The purchase agreement grants the Company the right to acquire the remaining 50 % ownership of Truitt in the future under certain conditions. Truitt is known for its industry innovation related to packing shelf stable foods in trays, pouches and bowls. Truitt has two state-of-the-art plants located in Oregon and Kentucky. This investment is in cluded in Other Assets in the Consolidated Bal ance Sheets as of March 31, 2017 and is accounted for using the equity method of accounting. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Mar. 31, 2017 | |
Debt Instruments [Abstract] | |
Debt Disclosure Text Block | 3 . Short-Term Borrowings The Company completed the closing of a new five- year revolving credit facility (“Revolver”) on July 5, 2016. Maximum borrowings under the Revolver total $ 400 .0 million from April through July and $ 500 .0 million from August through March. The Revolver balance as of March 31, 201 7 was $ 214.8 million , with a weighted average interest rate of 2.22 % (LIBOR plus a spread) and is included in Long-Term Debt in the accompanying Consolidated Balance Shee t. The R evolver is secured by accounts receivable and invent ories with a carrying value of $ 6 7 0.2 million . The Company had $ 13. 1 million and $ 13.2 million of outstanding standby letters of cred it as of March 31, 2017 and 2016 , respectively, which reduces borrowin g availabilit y under the Revolver. See Note 4 , Long-Term Debt, for additional comments related to the Revolver. During 201 7 and 2016 , the Company entered into some interim lease notes which financed down payments for various equipment orders at market rat es. As of March 31, 201 7 , these interim notes had not been converted into operating leases since the equipment was not yet delivered. These notes, which total $ 0.2 million and $ 0.4 million as of March 31, 201 7 and 201 6 , respectively, are included in note s payable in the accompanying Consolidated Balance Sheets. These notes are expected to be converted into operating leases within the next twelve months. Until then, they bear interest at an annual rate of 2.29 % in 201 7 and 1. 94 % in 201 6 . |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Long-term Debt [Text Block] | 4. Long-Term Debt 2017 2016 (In thousands) Revolving credit facility, 2.22% and 1.95%, due through 2022 $ 214,781 $ 271,592 Farm Credit term loan, 3.38% due 2022 99,836 - Secured Industrial Revenue Development Bonds, 3.02% - 22,630 Secured promissory note, 6.98%, due through 2022 10,340 12,114 Lease financing obligations, 2.62%, due through 2020 4,679 5,313 Secured promissory note, 6.35%, due through 2020 1,782 2,474 2.00%, due through 2021 999 1,200 Other 216 216 332,633 315,539 Less current portion 3,495 279,572 $ 329,138 $ 35,967 See Note 3, Short-Term Borrowings, for discussion of the Revolver. The Company’s debt agreements, including the Revolver and term loan , contain covenants that restrict the Company’s ability to incur additional indebtedne ss, pay dividends on the Company’s capital stock, make other restricted payments, including investments, sell the Company’s assets, incur liens, transfer all or substantially all of the Company’s assets and enter into consolidations or mergers. The Company’s debt agreements also require th e Company to meet certain financial covenants, including a minimum fixed charge coverage ratio, a minimum interest coverage ratio and minimum tangible net worth . The Revolver also contains borrowing base requirements related to a ccounts receivable and inve ntories . These financial requirements and ratios generally become more restrictive over time and are subject to allowances for seasonal fluctuations. The most restrictive financial covenant in the debt agreements is the interest coverage ratio within the F arm Credit term loan which for 2017 is defined as greater than 3 to 1. The Company computes its financial covenants as if the Company were on the FIFO method of inventory accounting. The Company was in compliance with all such financial covenants as of March 31, 201 7 . The Company's debt agreement s limit the payment of dividends and other distributions. There is an annual total distribution limitation of $ 50,000 , less aggregate annual dividend payments totaling $ 23,000 that the Company presently pays on two outstanding classes of preferred stock. On August 16, 2016, the Company paid off four industrial revenue bonds ("IRBs"), totaling $ 22.6 million. On December 9, 2016, the Company entered into a $ 100.0 million unsecured term loan payable to Farm Credit East, ACA, with a variable interest rate. The maturity date f or this term loan is of December 9, 2021. The Company incurred financing costs totaling $0.2 million which have been classified as a discount to the debt. The carrying value of assets pledged for secured de bt, including the Revolver, is $ 8 03.2 million . Debt repayment requirements for the next five fiscal years are (in thousands): Years ending March 31: 2018 $ 3,495 2019 3,702 2020 3,217 2021 5,518 2022 316,485 Thereafter 216 Total $ 332,633 |
Operating Leases
Operating Leases | 12 Months Ended |
Mar. 31, 2017 | |
Leases, Operating [Abstract] | |
Operating Leases Of Lessor Disclosure Text Block | 5 . Leases The Company had c apital leases of $40.9 million as of March 31, 2017 and $5.3 million as of March 31, 2016. Leased assets under capital leases consist of the following: 2017 2016 Land - - Buildings 5,313 5,313 Equipment 35,597 - 40,910 5,313 Less accumulated amortization 1,706 89 39,204 5,224 The Company has operating leases expiring at various dates through 2031 . Operating leases generally provide for early purchase options one year prior to expiration. The following is a schedule, by year, of minimum operating and capital lease payments due as of March 31, 2017 (in thousands): Years ending March 31: Operating Capital 2018 $ 39,794 $ 6,307 2019 35,297 6,306 2020 30,448 6,307 2021 24,506 6,307 2022 16,166 6,307 2023-2031 14,136 14,046 Total minimum payment required $ 160,347 $ 45,580 Less interest 6,547 Present value of minimum lease payments 39,033 Amount due within one year 4,839 Long-term capital lease obligation $ 34,194 Lease expense in fiscal 201 7 , 201 6 and 201 5 was $ 4 8.3 million , $ 51.4 million and $ 49.6 million , respectively. |
Income Tax Disclosure
Income Tax Disclosure | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure Text Block | 6. Income Taxes The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows: 2017 2016 2015 (In thousands) Current: Federal $ 395 $ 24,579 $ 4,380 State 495 1,953 453 890 26,532 4,833 Deferred: Federal 6,259 (689) (925) State 265 156 313 6,524 (533) (612) Total income taxes $ 7,414 $ 25,999 $ 4,221 A reconciliation of the expected U.S. statutory rate to the effective rate follows: 2017 2016 2015 Computed (expected tax rate) 35.0 % 35.0 % 35.0 % State income taxes (net of federal tax benefit) 4.1 2.7 2.9 State tax credits (2.5) (0.9) (8.7) Federal credits (1.8) (0.4) (2.4) Manufacturer’s deduction (1.7) (3.9) (5.0) (Reversal of) addition to uncertain tax positions 0.2 0.2 (1.0) Other permanent differences not deductible 2.4 (0.2) 0.7 Change in valuation allowance 0.2 0.1 9.9 Other 1.1 (0.3) (1.5) Effective income tax rate 37.0 % 32.3 % 29.9 % The effective tax rate was 37.0% in 2017 and 32.3% in 2016 . Of the 4 . 7 percentage point increase in the effective tax rate for the year, the major contributor to this increase is the permanent differences not deductible which account for 2.6 % of this increase. The other significant change is in the manufacturer’s deduction, which is based on taxable income. As a result of significant bonus depreciation in the fourth quarter of 2017, the percentage of the deduction in relationship to book income is low er than last year by 2.2 %. The following is a summary of the significant components of the Company's deferred income tax assets and liabilities as of March 31: 2017 2016 (In thousands) Deferred income tax assets: Future tax credits $ 3,827 $ 3,807 Employee benefits 3,119 3,174 Insurance 924 881 Other comprehensive loss 7,135 18,154 Interest 32 21 Prepaid revenue 444 571 Other 472 2,804 Severance - 3 15,953 29,415 Deferred income tax liabilities: Property basis and depreciation difference 12,786 9,330 481(a) adjustment 429 880 Inventory valuation 1,032 1,247 Intangibles 213 235 Earnings from equity investment 193 69 Pension 3,590 2,896 18,243 14,657 Valuation allowance - non-current 1,891 1,861 Net deferred income tax (liability) asset $ (4,181) $ 12,897 N et non- current deferred income tax liabilities of $4.2 million as of March 31, 2017 and net non-current deferr ed income tax assets of $12.9 million as of March 31, 2016 are recognized in the Consolidated Balance Sheets . In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes which requires that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and be presented as a single noncurrent amount in a classified balance sheet. This standard is effective for the Company for fiscal years beginning after December 15, 2017 (beginning of fiscal 2019). Early adoption is permitted. The Company adopted this standard during 2016 on a pr ospective basis. The Company has State tax credit carryforwards amounting to $ 1.2 million (California, net of Federal impact), $ 0. 9 million (New York, net of Federal impact), and $ 1.7 million (Wisconsin, ne t of Federal impact), which are available to reduce future taxes payable in each respective state through 20 32 (Wisconsin), through 2032 (New York), and through 2027 (California). The Company has performed the required assessment regarding the realization of deferred tax assets and at March 31, 2017 , the Company has recorded a valuation allowance amounting to $1.9 million, which relates primarily to tax credit carryforwards which management has concluded it is more likely than not they will not be realized in the ordinary course of operations. Although realization is not assured, management has concluded that it is more likely than not that the deferred tax assets for which a valuation allowance was determined to be unnecessary will be realized in the ordina ry course of operations. The amount of net deferred tax assets considered realizable, however, could be reduced if actual future income or income taxes rates are lower than estimated or if there are differences in the timing or amount of future reversals o f existing taxable or deductible temporary differences. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met b efore being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company classifies the liability for uncertain tax positions in other accrued expenses or other long-term liabilities depending on their expected settlement. The change in the liability fo r the years ended March 31, 2017 and 2016 consists of the following: 2017 2016 (In thousands) Beginning balance $ 694 $ 464 Tax positions related to current year: Additions 67 291 Tax positions related to prior years: Additions - 241 Reductions (46) (7) Settlements - (166) Lapses in statues of limitations - (129) Balance as of March 31, $ 715 $ 694 Ne ither balances at March 31, 2017 nor 2016 include tax positions that are highly certain but for which there is uncertainty about the timing. Because of t he impact of deferred tax accounting, other than interest and penalties, the disallowance of these positions would not impact the annual effective tax rate but would accelerate the payment of cash to the tax authority to an earlier period. The Company recognizes interest and penalties accrued on unrec ognized tax benefits as well as interest received from favorable settlements within income tax expense. Durin g the years ended March 31, 2017 and 2016 , the Company recog nized approximately $ 0.1 million decrease and $ 0.1 million decrease, respectively, in i nterest and penalties. As of March 31, 2017 and 2016 , the Company had approximately $ 0.1 million and $ 0.1 million, respectively, of interest and penalties accrued associated with unrecognized tax benefits. Although management believes that an adequate pro vision has been made for uncertain tax positions , there is the possibility that the ultimate resolution could have an adverse effect on the earnings of the Comp any. Conversely, if resolved favorably in the future, the related provisions would be reduced, t hus having a positive impact on earnings. It is anticipated that audit settlements will be reached during 201 8 with federal and state taxing authorities that could have an impact on earnings. Due to the uncertainty of amounts and in accordance with its acc ounting policies, the Company has not recorded any potential impact of these settlements. The federal income tax returns for years after March 31, 2013 are subject to examination. |
Stockholders Equity Note
Stockholders Equity Note | 12 Months Ended |
Mar. 31, 2017 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure Text Block | 7 . Stockholders’ Equity Preferred Stock — The Company has authorized three classes of preferred stock consisting of 200,000 shares of Six Percent (6%) Voting Cumulative Preferred Stock, par value $0.25 (“6% Preferred”); 30,000 shares of Preferred Stock Without Par Value to be issued in series by the Board of Directors, none of which are currently designated or outstanding; and 8,200,000 shares of Preferred Stock with $ . 025 par value, Class A, to be issued in series by the Board of Directors (“Class A Preferred”). The Board of Directors has designated four series of Class A Preferred including 10 % Cumulative Convertible Voting Preferred Stock—Series A (“Series A Preferred”); 10% Cumulative Convertible Voting Preferred Stock—Serie s B (“Series B Preferred”); Convertible Participating Preferred Stock; and Convertible Participating Preferred Stock, Series 2003. The Convertible Participating Preferred Stock and Convertible Participating Preferred Stock, Series 2003 are convertible at the holders’ option on a one-for-one basis into shares of Class A Common Stock, subject to antidilution adjustments. These series of preferred stock have the right to receive dividends and distributions at a rate equal to the amount of any dividends and d istributions declared or made on the Class A Common Stock. No dividends were declared or paid on thi s preferred stock in fiscal 2017, 2016 or 2015 . In addition, these series of preferred stock have certain distribution rights upon liquidation. Upon convers ion, shares of these series of preferred stock become authorized but unissued shares of Class A Preferred and may be reissued as part of another series of Class A Preferred. As of March 31, 2017 , the Company has an aggregate of 6, 710,249 shares of non-desi gnated Class A Preferred authorized for issuance. The Convertible Participating Preferred Stock has a liquidation preference of $ 12 per share and a stated value of $ 11.931 per share. There were 89 , 251 shares outstanding as of March 31, 2017 after convers ions of 1,575 shares into Class A C ommon Stock during the year. The Convertible Participating Preferred Stock, Series 2003 was issued as partial consideration of the purchase price in the Chiquita Processed Foods acquisition. The 967,742 shares issued in t hat 2003 acquisition were valued at $ 16.60 per share which represented the then market value of the Class A Common Stock into which the preferred shares were immediately convertible. This series has a liquidation preference of $ 15.50 per share and has 500 shares outstanding as of March 31, 2017 . There are 407,240 shares of Series A Preferred outstanding as of March 31, 2017 which are convertible into one share of Class A Common Stock and one share of Class B Common stock for every 20 shares of Series A Preferred. There are 400,000 shares of Series B Preferred outstanding as of March 31, 2017 which are convertible into one share of Class A Common Stock and one share of Class B Common Stock for every 30 shares of Series B preferred. The re are 200,000 shares of 6% Preferred outstanding as of March 31, 2017 which are callable at their par value at any time at the option of the Company. The Company paid dividends of $ 20,000 on the Series A and Series B Preferred and $ 3,000 on the 6% Pref err ed during each of fiscal 2017, 2016 and 2015 . Common Stock — The Class A Common Stock and the Class B Common Stock have substantially identical rights with respect to any dividends or distributions of cash or property declared on shares of common stock, a nd rank equally as to the right to receive proceeds on liquidation or dissolution of the Company after payment of the Company’s indebtedness and liquidation right to the holders of preferred shares. However, holders of Class B Common Stock retain a full vo te per share, whereas the holders of Class A Common Stock have voting rights of 1/20 th of one vote per share on all matters as to which shareholders of the Company a re entitled to vote. During 2017 , there were no shares of Class B Common Stock issued in li eu of cash compensation under the Company's Profit Sharing Bonus Plan. Unissued shares of common stock reserved for conversion privileges of designated no n-participating preferred stock were 33,695 of both Class A and Class B as of March 31, 201 7 and 201 6 . Additionally, there were 89 , 751 and 91,326 shares of Class A reserved for conversion of the Participating Pref erred Stock as of March 31, 2017 and 2016 , respectively. Treasury Stock — During 2017 , the Company repurchased $ 2.4 million, or 73,400 shares o f its Class A Common Stock and $ 0.4 million, or 9 , 042 shares of its Class B Com mon Stock. As of March 31, 2017 , there is a total of $ 6 6 . 5 million, or 2, 300,146 shares, of repurchased stock. These shares are not considered outstanding. The Company contributed $ 2.0 million or 6 3 , 846 treasury sha res for the 401(k) match in 2017 as described in Note 8, Retirement Plans. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2017 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits Disclosure Text Block | 8 . Retirement Plans The Company has a noncontributory defined benefit pension plan (the “Plan”) covering all employees who meet certain age-entry requirements and work a stated minimum number of hours per year. Annual contributions are made to the Plan sufficient to satisfy legal funding requirements. The following tables provide a reconciliation of the changes in the Plan’s benefit obligation and fair value of plan assets over the two- year period ended March 31, 2017 and a statement of the un funded st atu s as of March 31, 2017 and 2016 : 2017 2016 (In thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 214,036 $ 212,908 Service cost 8,375 10,502 Interest cost 7,633 8,902 Plan amendments 92 - Actuarial (gain) loss (3,201) (11,340) Benefit payments and expenses (10,913) (6,936) Benefit obligation at end of year $ 216,022 $ 214,036 Change in Plan Assets Fair value of plan assets at beginning of year $ 176,238 $ 157,948 Actual gain on plan assets 34,304 2,126 Employer contributions 8,200 23,100 Benefit payments and expenses (10,913) (6,936) Fair value of plan assets at end of year $ 207,829 $ 176,238 Unfunded Status $ (8,193) $ (37,798) The unfunded status decreased by $ 29.6 million during 2017 reflecting the actual fair value of plan assets and the projected benefit obligation as of March 31 , 2017. This unfunded status reduction was recognized via the actual gain on plan assets and the de crease in accumulated other comprehensive loss of $ 16.9 million aft er the income tax benefit of $ 10.8 million. The increase in projected benefit ob ligation was a function of using the full yield curve approach, a de crease in t he discount rate from 4.36% to 4.35 % and the change to using an upda ted mortality table. During 2016 , the Company converted to the 2006 base rates from the RP-2014 mortality study with the Blue Collar adjustment, with a gene rational projection of future mortality improvements from 2006 using Scale MP-2016 for calculating the pension obligation in 2017 and the related pension expense in 2018 . Effective March 31, 2016, the Company elected to change the approach used to calcula te the service and interest cost components of the net periodic benefit cost for its pension and postretirement benefit plans to provide a more precise measurement of service and interest costs. Historically the Company calculated the service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. Now the new estimate utilizes a full yield curve approach in the estimation of these comp onents by applying the specific spot rates along the yield curve used in determination of the benef it obligation to their underlying projected cash flows. The change does not affect the measurement of pension and postretirement obligations and is accounte d for as a change in accounting estimate, which is applied prospectively. P lan assets increased from $176.2 mill ion as of March 31, 2016 to $207.8 million as of March 31, 2017 due to a gain on plan assets of $34.3 million from a continued recovery in mark et conditions and the $8.2 million contribution by the Company. The Company made this contribution to maintain its funding status at an acceptable level. 2017 2016 (In thousands) Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (826) $ (843) Net loss (17,580) (45,248) Accumulated other comprehensive pre-tax loss $ (18,406) $ (46,091) Pension and post retirement plan adjustments, net of tax (In thousands) Accumulated Other Comprehensive Loss Balance at March 31, 2016 $ (28,396) Other comprehensive gain before reclassifications 17,221 Reclassified from accumulated other comprehensive loss - Net current period other comprehensive loss 17,221 Balance at March 31, 2017 $ (11,175) The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2017, 2016, and 2015: 2017 2016 2015 (In thousands) Service cost $ 8,375 $ 10,502 $ 8,515 Interest cost 7,633 8,902 8,236 Expected return on plan assets (12,696) (11,685) (11,360) Amortization of net loss 2,858 3,854 350 Prior service cost 109 109 - Net periodic benefit cost $ 6,279 $ 11,682 $ 5,741 The Plan’s accumulated benefit obligation was $ 199.2 million at March 31, 201 7 , and $ 195.3 million at March 31, 20 16 . Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants. The assumptions used to measure the Company’s benefit obligation and p ension expense are shown in the following table: 2017 2016 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 4.35 % 4.36 % Expected return on plan assets 7.25 % 7.25 % Rate of compensation increase 3.00 % 3.00 % Weighted Average Assumptions for Benefit Cost at Beginning of Year: Discount rate - pension expense 4.34 % 4.15 % Discount rate - service cost 4.67 % 4.15 % Discount rate - interest cost 3.62 % 4.15 % Expected return on plan assets 7.25 % 7.25 % Rate of compensation increase 3.00 % 3.00 % The Company's plan assets consist of the following: Target Percentage of Plan Allocation Assets at March 31, 2018 2017 2016 Plan Assets Equity securities 99 % 99 % 99 % Debt securities - - - Real estate - - - Cash 1 1 1 Total 100 % 100 % 100 % All securities, which are valued at fair market value, are considered to be level 1, due to the active public market. 2017 2016 Market Value Market Value (In thousands) Assets by Industry Type Asset Category Cash and cash equivalents: Money market funds $ 1,585 $ 1,497 Total cash and cash equivalents 1,585 1,497 Common equity securities: Materials 10,952 9,379 Industrials 25,383 30,355 Telecommunication services 18,060 9,325 Consumer staples 43,641 33,048 Energy 16,110 14,658 Financials 33,818 34,891 Health Care 17,587 10,538 Information technology 13,887 9,681 Utilities 26,806 22,866 Total common equity securities 206,244 174,741 Total assets $ 207,829 $ 176,238 Expected Return on Plan Assets The expected long-term rate of return on Plan assets is 7.25%. The Company expects 7.25 % to fall within the 40-to-50 percentile range of returns on investment portfolios with asset diversification similar to that of the Plan’s target asset allocation. Investment Policy and Strategy The Company maintains an investment policy designed to a chieve a long-term rate of return, including investment income through dividends and equity appreciation, sufficient to meet the actuarial requirements of the Plan. The Company seeks to accomplish its return objectives by prudently investing in a diversifi ed portfolio of public company equities with broad industry representation seeking to provide long-term growth consistent with the performance of relevant market indices, as well as maintain an adequate level of liquidity for pension distributions as they fall due. The strategy of being fully invested in equities has historically provided greater rates of return over extended periods of time. The Company’s gain on plan assets during 2017 was 19.5 % as compar ed to the S&P 500 unaudited loss (including divide nds) of 19.7 %. Plan assets include Company common stock with a fair market value of $ 18.4 million as of March 31, 2017 and $ 1 8.4 million as of March 31, 2016 . Cash Flows Expected contributions for f iscal year ending March 31, 2018 (in thousands): Exp ected Employer Contributions $ - Expected Employee Contributions - Estimated future benefit payments reflecting expected future service for the fiscal years ending March 31 (in thousands): 2018 $ 7,784 2019 8,409 2020 8,995 2021 9,682 2022 10,295 2023-2027 61,816 401(k) Plans The Company also has employees’ savings 401(k) plans covering all employees who meet certain age-entry requirements and work a stated minimum number of hours per year. Participants may make contributions up to the legal limit. The Company’s matching contributions are discretionary. Costs charged to operations for the Company’s matching contributions amounted to $ 1.9 million, $ 1 . 8 million, and $ 2.3 million in fiscal 2017, 2016, and 2015, respectively. In fiscal 2017 and 2016 , the matching cont ribution was entirely treasury stock . This stock portion of the matching contribution is valued at current market value while the treasury stock is valued at cost. Multi-employer Plan The Company contributes to the Teamsters California State Council of Cannery and Food Processing Unions, International Brotherhood of Teamsters Pension Fund (Western Conference of Teamsters Pension Plan# 91-6145047/001) ("Teamsters Plan") under the terms of a collective-bargaining agreement with some of its Modesto, Califo rnia employees. The term of the current collective bargaining agreement is June 1, 2015 through June 30, 2018. For the fiscal years ended March 31, 2017, 2016 and 2015, contributions to the Teamsters Plan were $ 2. 3 million, $ 2.5 million and $ 2.4 million, respectively . The contributions to this plan are paid monthly based upon the number of hours worked by covered employees . They represent less than 5 % of the total contributions received by this plan during the most recent plan ye ar. The risks of participating in multi-employer plans are different from single-employer plans in the following aspects: (a) assets contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, (b) if a participating employer stops contributing to the multi-employer plan, the unfunded obligations of the plan may be borne by the remaining participating employers and (c) if the Company chooses to stop participating in the plan, the Compa ny may be required to pay a withdraw al liability based on the underfunded status of the plan. The Teamsters Plan received a Pension Protection Act “green” zone status for the plan year beginning January 1, 2016 . The zone status is based on information th e Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures Text Block | 9. Fair Value of Financial Instruments The carrying amount and estimated fair values of the Company's debt are summarized as follows: 2017 2016 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (In thousands) Long-term debt, including current portion $ 332,633 $ 332,926 $ 315,539 $ 315,478 Capital leases, including current portion $ 39,033 $ 37,505 $ 5,231 $ 5,076 The estimated fair value for long-term debt and capital leases is determined by the quoted market prices for similar debt (comparable to the Company’s financial strength) or current rates offered to the Company for debt with the same maturities which is Level 2 from the fair value hierarchy. Since quoted prices for identical instruments in active markets are not available (Level 1), the Company makes use of observable market based inputs to calculate fair value, which is Level 2. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2017 | |
Inventories: | |
Inventory Disclosure [Text Block] | 1 0 . Inventories Effective December 30, 2007 (beginning of 4th quarter of Fiscal Year 2008), the Company change d its inventory valuatio n method from the lower of cost, d etermined under the FIFO method, or market to the lower of cost, determined under the LIFO method, or market. In the high inflation environment that the Company was experiencing, the Company believed that the LIFO inventory method was preferable over the FIFO method because it better compares the cost of current production to cur rent revenue. The effect of LIFO was to increase net earnings by $ 3.9 million in 2017; to increase net earnings by $ 16.1 million in 2016, and reduce net earnings by $ 6.9 million in 2015, compared to what would have been reported using the FIFO inventory me thod. The increase in earnings per share was $ 0.40 ($ 0.40 diluted) in 2017; increase earnings per share was $ 1.62 ($ 1.60 diluted) in 2016, and reduce earnings per share was $ 0.64 ($ 0.63 diluted) in 2015 . There was no LIFO liquidations during the three-year period ended March 31, 2017. The inventories by categor y and the impact of using the LIFO method are shown in the following table: 2017 2016 2015 (In thousands) Finished products $ 534,995 $ 467,337 $ 414,154 In process 35,982 25,855 22,651 Raw materials and supplies 160,333 213,790 199,674 731,310 706,982 636,479 Less excess of FIFO cost over LIFO cost 133,254 139,275 164,067 Total inventories $ 598,056 $ 567,707 $ 472,412 |
Other Income And Expenses
Other Income And Expenses | 12 Months Ended |
Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | 1 1 . Other Operating Income and Expense Other operating expense in 2017 includes a charge for $ 1.2 million related to costs incurred due to some roof collapses at a Northwest plant as a result of heavy snowfall. In addition, there was a charge for an impairment of a long-term asset of $ 1.1 million. The Company also recorded a loss of $ 0.2 million on the sale of fixed assets. Other operating income in 2016 included a gain of $ 24.3 million related to a contractual payment received in conjunction with a relationship transfer agreement with General Mills. The Company reversed a provision for the Prop 65 litigation of $0 .2 million and reduced an environmental accrual by $ 0.1 million. The Company also recorded a gain of $ 0.4 million from the sale of other fixed assets. Other operating income in 2015 included a gain of $ 5.0 million related to a contractual payment received in connection with the closing of a Midwest plant and a charge of $ 0.3 million related to environmental costs related to a Company-owne d plant in New York State. The Company also recorded a gain of $ 0.1 million from the sale of other fixed assets. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 1 2 . Segment Information The Company manages its business on the basis of two reportable segments — th e primary segment is the packag ing and sale of fruits and vegetables and secondarily, the packaging and sale of snack products and finally, other products . The Company markets its product almost entirely in the United States. Export sales represented 7.7 %, 8.5 %, and 9. 0 % of total sales in 201 7 , 201 6 , and 201 5 , respectively. In 201 7 , 201 6 , and 201 5 , the sale of Green Giant vegetables accounted for 1 0 %, 1 1 %, and 13 % of net sales, respectively. “Other” in the table below represents activity related to can sales, trucking, seed sales, and flight operations. Fruit and Vegetable Snack Other Total (In thousands) 2017: Net sales $ 1,210,170 $ 12,430 $ 23,081 $ 1,245,681 Operating income 26,543 945 1,633 29,121 Interest expense, net 9,518 17 137 9,672 Income tax expense 6,475 355 584 7,414 Identifiable assets 940,300 2,833 2,886 946,019 Capital expenditures 30,969 225 1,318 32,512 Depreciation and amortization 23,525 346 953 24,824 2016: Net sales $ 1,239,179 $ 12,336 $ 23,845 $ 1,275,360 Operating income 87,120 1,164 265 88,549 Interest expense, net 7,923 18 103 8,044 Income tax expense 25,551 372 76 25,999 Identifiable assets 888,968 2,697 3,662 895,327 Capital expenditures 9,232 52 682 9,966 Depreciation and amortization 20,438 351 948 21,737 2015: Net sales $ 1,246,115 $ 11,667 $ 28,568 $ 1,286,350 Operating income 18,865 779 710 20,354 Interest expense, net 6,778 12 72 6,862 Income tax expense 3,775 225 221 4,221 Identifiable assets 798,640 3,235 4,573 806,448 Capital expenditures 22,177 157 1,400 23,734 Depreciation and amortization 20,445 367 1,022 21,834 The fruit and vegetable segment, consisting of Green Giant, canned fruit and vegetables and frozen products, represented 99 %, 99 % and 99 % of assets and 97 %, 10 0 % and 102 % of pre-tax earnings in 201 7 , 201 6 and 201 5 , respectively. Classes of similar products/services: 2017 2016 2015 (In thousands) Net Sales: Green Giant * $ 119,812 $ 144,310 $ 161,993 Canned vegetables 705,297 746,501 754,556 Frozen 98,597 94,710 94,648 Fruit 286,464 253,658 234,918 Snack 12,430 12,336 11,667 Other 23,081 23,845 28,568 Total $ 1,245,681 $ 1,275,360 $ 1,286,350 * Green Giant includes canned and frozen vegetables exclusively for B&G Foods. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Mar. 31, 2017 | |
Legal Proceedings [Abstract] | |
Commitments And Contingencies Disclosure Text Block | 1 3 . 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 limited to, environmental, employee, and product safety issues. While it is not feasible to predict or determine the ultimate outcome of t hese matters, the Company does not believe that an adverse decision in any of these legal proceedings would have a material adverse impact on its financial position, results of operations, or cash flows. |
Restructuring And Related Activ
Restructuring And Related Activities | 12 Months Ended |
Mar. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure Text Block | 14. Plant Restructuring During 2016, the Company recorded a restructuring charge of $10.3 million related to the closing of a plant in the Northwest of which $ 0.2 million was related to severance cost, $ 5.1 million was related to asset impairments (contra fixed assets), and $ 5.1 million was related to other costs ($ 3.6 related to operating lease costs). During 2016, the Company reduced the costs of the plant closing in the Midwest, started in 2015, by $ 0.1 million, mostly related to severance costs. During 2017, the Company increased the costs related to the closing of the plant in the Northwest, started in 2016, by $ 0.5 million, mostly related to operating equipment move costs partially offset by impairmen t credits. In addition, in 2017 the Company incurred $ 1.3 million related to severance costs for a plant in the West. During 2015, the Company recorded a restructuring charge of $1.4 million related to the closing of a plant in the Midwest and the real ignment of two other plants, one in the Midwest and the other in the Northwest, of which $ 0.8 million was related to severance cost, $ 0.3 million was related to equipment costs (contra fixed assets), and $ 0.3 million was related to equipment relocation cos ts. These charges are included under Plant Restructuring in the Consolidated Statements of Net Earnings. Severance Payable and Other Costs Payable are included in Other Accrued Expenses on the Consolidated Balance Sheets. The following table summarizes the restructuring and related asset impairment charges recorded and the accruals established during 2015, 2016 and 2017: Long-Lived Other Severance Asset Costs Payable Impairment Payable Total (In thousands) Balance March 31, 2014 $ 10 $ - $ - $ 10 Charge to expense 842 264 270 1,376 Cash payments/write offs (137) - - (137) Balance March 31, 2015 715 264 270 1,249 Charge to expense 162 5,065 5,075 10,302 Cash payments/write offs (877) (354) (1,448) (2,679) Balance March 31, 2016 - 4,975 3,897 8,872 Charge to expense 1,578 (384) 635 1,829 Cash payments/write offs (1,541) 182 (4,227) (5,586) Balance March 31, 2017 $ 37 $ 4,773 $ 305 $ 5,115 |
Certain Transactions
Certain Transactions | 12 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Certain Transactions Disclosure [Text Block] | 1 5 . Related Party Transactions A small percentage ( less than 1% in fiscal 2017, 2016 and 2015 ) of vegetables supplied t o the Company’s New York packag ing plants are grown by a director of Seneca Foods Corporation, which supplied the Company approximately $ 1.0 million, $ 1. 0 million, and $ 0.8 million pursuant to a raw vegetabl e grower contract in fiscal 2017, 2016 and 2015, respectively . The Chairman of the Audit Committee reviewed the relationship and determined that the contract was negotiat ed at arm's length and on no more favorable terms than to other growers in the marketplace . During the year s ended March 31, 2017 , 2016 and 2015 , the Company made charitable contributions to a related party foundation in the amount of approximately $ 1.3 mi llion , $ 2.3 million a nd $ 2.2 million, respectively. The Foundation is a nonprofit entity that supports charitable activities by making grants to unrelated organizations or institutions. This Foundation is managed by current employees of the Company. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Mar. 31, 2017 | |
Subsequent Event [Abstract] | |
Subsequent Events [Text Block] | 1 6 . Subsequent Event On April 1, 2017 , the Company and David J. Truitt entered into a Share Purchase agreement to buy David’s 50 % ownership interest in Truitt Bros., Inc. (“TBI”). With this transaction, the Company now owns 100% of TBI which it retains as a wholly owned subsidiary and will be consolidated in all future reporting periods. The Company had owned a 50 % interest in TBI for the past three years which was recorded as an equity investment. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature Of Operations [PolicyText Block] | Nature of Operations — Seneca Foods Corporation (the “Parent Company”) and subsidiaries (the “Company”) conducts its business almost entirely in food packaging, operating 27 plants and 3 1 warehouses in ten states. The Company markets private label and branded packag ed foods to retailers and institutional food distributors. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation — The consolidated financial statement s include the accounts f or the Parent C ompany and all of its wholly-owned subsidiaries after elimination of intercompany transactions, profits, and balances. |
Revenue Recognition, Bill and Hold Arrangements [Policy Text Block] | Revenue Recognition — Sales and related cost of product sold are recognized when legal title passes to the purchaser, wh ich is primarily upon shipment of products. When customers, under the terms of specific orders, request that the Company invoice but hold the goods (“Bill and Hold”) for future shipment, the Company recognizes revenue when legal title to the finished goods inventory passes to the purchaser. Generally, the Company receives cash from the purchaser when legal title pas ses. During the years ended March 31, 2017 and 2016 , the Company sold for cash , on a bill and hold basis, $ 95.8 million and $ 126.1 million, r espectively, of Green Giant finished goods inventory. At the time of the sale of th e Green Giant vegetables , title of the specifi ed inventory transferred . The Company believes it has met the criteria required by the accounting standards for Bill and Hold t reatment. As of March 31, 2017, $ 43.3 million of 2017 product remained unshipped. Trade promotions are an important component of the sales and marketing of the Company’s branded products, and are critical to the support of the business. Trade promotion c osts, which are recorded as a reduction of sales, include amounts paid to retailers for shelf space , to obtain favorable display positions and to offer temporary price reductions for the sa le of our products to consumers. Accruals for trade promotions are recorded primarily at the time of sale to the retailer based on expected levels of performance. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a retailer from amounts o therwise due to the Company. As a result, the ultimate cost of a trade promotion program is dependent on the relative success of the events and the actions and level of deductions taken by retailers. Final determination of the permissible deductions may ta ke extended periods of time. |
Concentration Risk, Credit Risk | Concentration of Credit Risk — Financial instruments that potentially subject the Company to credit risk consist of trade receivables and interest-bearing investments. Wholesale and retail food distributors comprise a signifi cant portion of the trade receivables; collateral is generally not required. A relatively limited number of customers account for a large percentage of the Company’s total sales. GMOL sales represented 6 %, 1 1 % and 13 % of net sales in each of 2017, 2016 and 2015, respectively . The top ten customers , including GMOL, represent ed approximately 4 2 %, 48 % and 49 % of n et sales for 2017, 2016 and 2015 , respectively. The Company closely monitors the credit risk associated with its customers. The Company places substa ntially all of its interest-bearing investments with financial institutions and monitors credit exposure. Cash and short-term investments in certain accounts exceed the federal insured limit; however, the Company has not experienced any losses in such acco unts |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents — The Company considers all highly liquid instruments purchased with an original maturity of three months or less as cash equivalents |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments — The carrying values of cash and cash equivalents (Level 1), accounts receivable, short-term debt (Level 2) and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. See Note 9, Fair Value of Financial Instruments, for a discussion of the fair val ue of long-term debt. The three-tier value hierarchy is utilized to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobserved inputs (Le vel 3). The three levels are defined as follows: Level 1- Quoted prices for identical instruments in active markets. Level 2- Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and mo del-derived valuations in which all significant inputs or significant value-drivers are observable. Level 3- Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable. |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs — Deferred financing costs incurred in obtaining debt are amortized on a straight-line basis over the term of the debt, which is not materially different than using the effective interest rate method. As of March 31, 2017 , there we re $ 0.9 million of unamortized financing cost included in other current assets and $ 0. 2 million of unamortized financing costs included as a contra to long-term debt on the Consolidated Balance Sheets . |
Inventory, Policy [Policy Text Block] | Inventories — S ubstantially all inventories are stated at the lower of cost; determined under the last-in, first-out (“LIFO”) method; or market. |
Income Tax, Policy [Policy Text Block] | Inc ome Taxes — The provision for income taxes includes federal and state income taxes currently payable and those deferred because of temporary differences be tween the financial statement and tax basis of assets and liabilities and tax credit carryforwards. The Company uses the flow-through method to account for its investment tax credits. The Com pany evaluates the likelihood of realization of its net deferre d income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of te mporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim pe riods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs — The Company includes all shipping and handling costs billed to customers in net sales and the corresponding costs in cost of products sold. The shipping and handling costs billed to customers in net sales were $ 38. 0 million, $ 38.3 million and $ 38.8 million in 2017, 2016, and 20 15, respectively. |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Advertising Costs — Advertising costs are expensed as incurred. Advertising costs charged to operations were $ 2.1 million, $ 2. 0 million and $ 1.7 million in 2017, 2016 and 2015, respectively. |
Receivables, Policy [Policy Text Block] | Accounts Receivable and Doubtful Accounts — Accounts r eceivable is stated at invoice value, which is net of any off invoice promotions. A provision for doubtful accounts is recorded based upon an assessment of credit risk within the accounts receivable portfolio, experience of delinquencies (acco unts over 15 days past due) and charge-offs (accounts removed from accounts receivable for expectation of non-payment), and current market conditions. Management believes these provisions are adequate based upon the relevant information presently available |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share — The Company has three series of convertible preferred stock, which are deemed to be participating securities that are entitled to participate in any dividend on Class A common stock as if the preferred stock had been convert ed into common stock immediately prior to the record date for such dividend. Basic earnings per share for common stock is calculated using the “two-class” method by dividing the earnings attributable to common stockholders by the weighted average of common shares outstanding during the period. Restricted stock is included in all earnings per share calculations. Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. |
Depreciation and Valuation [Policy Text Block] | Depreciation and Valuation — Property, plant, and equipment are stated at cost. Interest incurred during the construction of major projects is capitalized. For financial reporting, the Company provides for depreciation on the straight-line method at rates based upon the estimated useful lives of the various assets. Deprec iation was $ 24.2 million, $ 21.4 million, and $ 21.5 million in 2017, 2016, and 2015 , respectively. The estimated useful lives are as follows: buildings and improvements — 30 years ; machiner y and equipment — 10-15 years ; computer software — 3-5 years ; vehicles — 3-7 years ; and land improvements — 10-20 years . The Company assesses its long-lived assets for impairment whenever there is an indicator of impairment. Impairment losses a re evaluated if the estimated undiscounted cash flows from using the assets are less than carrying value. A loss is recognized when the carrying value of an asset exceeds its fair value. There were $ 5 . 1 million of impairment losses in 2016 included in Plant Restructur ing (see Note 14, Plant Restructuring). There were no sign ificant impairment losses in 2017 and 2015 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in confo rmity with accounting principles generall y accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as wel l as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimate |
Recently Issued Accounting Standards [Text Block] | Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new sta ndard will be effective for the Company on April 1, 2018 (beginning of fiscal 2019). Early adoption is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has selected the modified retrosp ective approach for its transition method and applied the five-step model of the new standard to a selection of contracts within each of the revenue streams and has compared the results to our current accounting practices. The Company has evaluated the eff ect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has substantially completed its evaluation of significant contracts and is currently assessing the impact of adopting the standards update on our consolidated financial statement s. The Company will continue its evaluation of the standards update through the date of adoption. |
Prior Period Reclassification Adjustment, Description | Reclassifications — Certain previously reported amounts have been reclassified to conform to the current period classification |
Significant Accounting Polici29
Significant Accounting Policies (Table) ( Earnings Per Share) | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
ScheduleOfEarningsPerShareBasicAndDilutedByCommonClassTextBlock | Years ended March 31, 2017 2016 2015 (In thousands, except per share amounts) Basic Net earnings $ 12,613 $ 54,458 $ 9,899 Deduct preferred stock dividends 23 23 23 Undistributed earnings 12,590 54,435 9,876 Earnings attributable to participating preferred shareholders 115 544 160 Earnings attributable to common shareholders $ 12,475 $ 53,891 $ 9,716 Weighted average common shares outstanding 9,785 9,878 10,690 Basic earnings per common share $ 1.27 $ 5.46 $ 0.91 Diluted Earnings attributable to common shareholders $ 12,475 $ 53,891 $ 9,716 Add dividends on convertible preferred stock 20 20 20 Earnings attributable to common stock on a diluted basis $ 12,495 $ 53,911 $ 9,736 Weighted average common shares outstanding-basic 9,785 9,878 10,690 Additional shares to be issued related to the equity compensation plan 2 3 5 Additional shares to be issued under full conversion of preferred stock 67 67 67 Total shares for diluted 9,854 9,948 10,762 Diluted earnings per share $ 1.27 $ 5.42 $ 0.90 |
Acquistion (table)
Acquistion (table) | 12 Months Ended |
Mar. 31, 2017 | |
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price (net of cash received) $ 23.8 Allocated as follows: Current assets $ 36.6 Other long-term assets 1.4 Property, plant and equipment 13.7 Deferred taxes (7.7) Current liabilities (16.0) Other long-term liabilities (4.2) Total $ 23.8 Purchase Price (net of cash received) $ 15.0 Allocated as follows: Current assets $ 16.8 Other long-term assets 0.5 Property, plant and equipment 0.9 Deferred taxes 0.4 Current liabilities (3.6) Total $ 15.0 |
Long-Term Debt (tables)
Long-Term Debt (tables) | 12 Months Ended |
Mar. 31, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 4. Long-Term Debt 2017 2016 (In thousands) Revolving credit facility, 2.22% and 1.95%, due through 2022 $ 214,781 $ 271,592 Farm Credit term loan, 3.38% due 2022 99,836 - Secured Industrial Revenue Development Bonds, 3.02% - 22,630 Secured promissory note, 6.98%, due through 2022 10,340 12,114 Lease financing obligations, 2.62%, due through 2020 4,679 5,313 Secured promissory note, 6.35%, due through 2020 1,782 2,474 2.00%, due through 2021 999 1,200 Other 216 216 332,633 315,539 Less current portion 3,495 279,572 $ 329,138 $ 35,967 Years ending March 31: 2018 $ 3,495 2019 3,702 2020 3,217 2021 5,518 2022 316,485 Thereafter 216 Total $ 332,633 |
Leases (table)
Leases (table) | 12 Months Ended |
Mar. 31, 2017 | |
Leases {Abstract} | |
Operating Leases of Lessee Disclosure [Table Text Block] | Years ending March 31: Operating Capital 2018 $ 39,794 $ 6,307 2019 35,297 6,306 2020 30,448 6,307 2021 24,506 6,307 2022 16,166 6,307 2023-2031 14,136 14,046 Total minimum payment required $ 160,347 $ 45,580 Less interest 6,547 Present value of minimum lease payments 39,033 Amount due within one year 4,839 Long-term capital lease obligation $ 34,194 |
ScheduleOfCapitalLeasedAsssetsTableTextBlock | 2017 2016 Land - - Buildings 5,313 5,313 Equipment 35,597 - 40,910 5,313 Less accumulated amortization 1,706 89 39,204 5,224 |
Income Tax (tables)
Income Tax (tables) | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 6. Income Taxes The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows: 2017 2016 2015 (In thousands) Current: Federal $ 395 $ 24,579 $ 4,380 State 495 1,953 453 890 26,532 4,833 Deferred: Federal 6,259 (689) (925) State 265 156 313 6,524 (533) (612) Total income taxes $ 7,414 $ 25,999 $ 4,221 A reconciliation of the expected U.S. statutory rate to the effective rate follows: 2017 2016 2015 Computed (expected tax rate) 35.0 % 35.0 % 35.0 % State income taxes (net of federal tax benefit) 4.1 2.7 2.9 State tax credits (2.5) (0.9) (8.7) Federal credits (1.8) (0.4) (2.4) Manufacturer’s deduction (1.7) (3.9) (5.0) (Reversal of) addition to uncertain tax positions 0.2 0.2 (1.0) Other permanent differences not deductible 2.4 (0.2) 0.7 Change in valuation allowance 0.2 0.1 9.9 Other 1.1 (0.3) (1.5) Effective income tax rate 37.0 % 32.3 % 29.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 (In thousands) Deferred income tax assets: Future tax credits $ 3,827 $ 3,807 Employee benefits 3,119 3,174 Insurance 924 881 Other comprehensive loss 7,135 18,154 Interest 32 21 Prepaid revenue 444 571 Other 472 2,804 Severance - 3 15,953 29,415 Deferred income tax liabilities: Property basis and depreciation difference 12,786 9,330 481(a) adjustment 429 880 Inventory valuation 1,032 1,247 Intangibles 213 235 Earnings from equity investment 193 69 Pension 3,590 2,896 18,243 14,657 Valuation allowance - non-current 1,891 1,861 Net deferred income tax (liability) asset $ (4,181) $ 12,897 |
Summary of Income Tax Contingencies [Table Text Block] | 2017 2016 (In thousands) Beginning balance $ 694 $ 464 Tax positions related to current year: Additions 67 291 Tax positions related to prior years: Additions - 241 Reductions (46) (7) Settlements - (166) Lapses in statues of limitations - (129) Balance as of March 31, $ 715 $ 694 |
Retirement Plans (tables)
Retirement Plans (tables) | 12 Months Ended |
Mar. 31, 2017 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2017 2016 (In thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 214,036 $ 212,908 Service cost 8,375 10,502 Interest cost 7,633 8,902 Plan amendments 92 - Actuarial (gain) loss (3,201) (11,340) Benefit payments and expenses (10,913) (6,936) Benefit obligation at end of year $ 216,022 $ 214,036 Change in Plan Assets Fair value of plan assets at beginning of year $ 176,238 $ 157,948 Actual gain on plan assets 34,304 2,126 Employer contributions 8,200 23,100 Benefit payments and expenses (10,913) (6,936) Fair value of plan assets at end of year $ 207,829 $ 176,238 Unfunded Status $ (8,193) $ (37,798) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | 2017 2016 (In thousands) Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (826) $ (843) Net loss (17,580) (45,248) Accumulated other comprehensive pre-tax loss $ (18,406) $ (46,091) |
Schedule of Amounts Recognized In Other Comprehensive Income Loss [Table Text Block] | Pension and post retirement plan adjustments, net of tax (In thousands) Accumulated Other Comprehensive Loss Balance at March 31, 2016 $ (28,396) Other comprehensive gain before reclassifications 17,221 Reclassified from accumulated other comprehensive loss - Net current period other comprehensive loss 17,221 Balance at March 31, 2017 $ (11,175) |
Schedule of Costs of Retirement Plans [Table Text Block] | The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2017, 2016, and 2015: 2017 2016 2015 (In thousands) Service cost $ 8,375 $ 10,502 $ 8,515 Interest cost 7,633 8,902 8,236 Expected return on plan assets (12,696) (11,685) (11,360) Amortization of net loss 2,858 3,854 350 Prior service cost 109 109 - Net periodic benefit cost $ 6,279 $ 11,682 $ 5,741 |
Schedule of Assumptions Used [Table Text Block] | 2017 2016 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 4.35 % 4.36 % Expected return on plan assets 7.25 % 7.25 % Rate of compensation increase 3.00 % 3.00 % Weighted Average Assumptions for Benefit Cost at Beginning of Year: Discount rate - pension expense 4.34 % 4.15 % Discount rate - service cost 4.67 % 4.15 % Discount rate - interest cost 3.62 % 4.15 % Expected return on plan assets 7.25 % 7.25 % Rate of compensation increase 3.00 % 3.00 % |
Schedule of Allocation of Plan Assets [Table Text Block] | The Company's plan assets consist of the following: Target Percentage of Plan Allocation Assets at March 31, 2018 2017 2016 Plan Assets Equity securities 99 % 99 % 99 % Debt securities - - - Real estate - - - Cash 1 1 1 Total 100 % 100 % 100 % |
Schedule Of Derivative Assets At Fair Value [Table Text Block] | 2017 2016 Market Value Market Value (In thousands) Assets by Industry Type Asset Category Cash and cash equivalents: Money market funds $ 1,585 $ 1,497 Total cash and cash equivalents 1,585 1,497 Common equity securities: Materials 10,952 9,379 Industrials 25,383 30,355 Telecommunication services 18,060 9,325 Consumer staples 43,641 33,048 Energy 16,110 14,658 Financials 33,818 34,891 Health Care 17,587 10,538 Information technology 13,887 9,681 Utilities 26,806 22,866 Total common equity securities 206,244 174,741 Total assets $ 207,829 $ 176,238 |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments reflecting expected future service for the fiscal years ending March 31 (in thousands): 2018 $ 7,784 2019 8,409 2020 8,995 2021 9,682 2022 10,295 2023-2027 61,816 |
Fair Value (table)
Fair Value (table) | 12 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 9. Fair Value of Financial Instruments The carrying amount and estimated fair values of the Company's debt are summarized as follows: 2017 2016 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (In thousands) Long-term debt, including current portion $ 332,633 $ 332,926 $ 315,539 $ 315,478 Capital leases, including current portion $ 39,033 $ 37,505 $ 5,231 $ 5,076 |
Inventory (table)
Inventory (table) | 12 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2017 2016 2015 (In thousands) Finished products $ 534,995 $ 467,337 $ 414,154 In process 35,982 25,855 22,651 Raw materials and supplies 160,333 213,790 199,674 731,310 706,982 636,479 Less excess of FIFO cost over LIFO cost 133,254 139,275 164,067 Total inventories $ 598,056 $ 567,707 $ 472,412 |
Segment Information (tables)
Segment Information (tables) | 12 Months Ended |
Mar. 31, 2017 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fruit and Vegetable Snack Other Total (In thousands) 2017: Net sales $ 1,210,170 $ 12,430 $ 23,081 $ 1,245,681 Operating income 26,543 945 1,633 29,121 Interest expense, net 9,518 17 137 9,672 Income tax expense 6,475 355 584 7,414 Identifiable assets 940,300 2,833 2,886 946,019 Capital expenditures 30,969 225 1,318 32,512 Depreciation and amortization 23,525 346 953 24,824 2016: Net sales $ 1,239,179 $ 12,336 $ 23,845 $ 1,275,360 Operating income 87,120 1,164 265 88,549 Interest expense, net 7,923 18 103 8,044 Income tax expense 25,551 372 76 25,999 Identifiable assets 888,968 2,697 3,662 895,327 Capital expenditures 9,232 52 682 9,966 Depreciation and amortization 20,438 351 948 21,737 2015: Net sales $ 1,246,115 $ 11,667 $ 28,568 $ 1,286,350 Operating income 18,865 779 710 20,354 Interest expense, net 6,778 12 72 6,862 Income tax expense 3,775 225 221 4,221 Identifiable assets 798,640 3,235 4,573 806,448 Capital expenditures 22,177 157 1,400 23,734 Depreciation and amortization 20,445 367 1,022 21,834 |
Schedule Of Classes Of Similar Products And Services [table text Block] | Classes of similar products/services: 2017 2016 2015 (In thousands) Net Sales: Green Giant * $ 119,812 $ 144,310 $ 161,993 Canned vegetables 705,297 746,501 754,556 Frozen 98,597 94,710 94,648 Fruit 286,464 253,658 234,918 Snack 12,430 12,336 11,667 Other 23,081 23,845 28,568 Total $ 1,245,681 $ 1,275,360 $ 1,286,350 * Green Giant includes canned and frozen vegetables exclusively for B&G Foods. |
Plant Restructuring (table)
Plant Restructuring (table) | 12 Months Ended |
Mar. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | Long-Lived Other Severance Asset Costs Payable Impairment Payable Total (In thousands) Balance March 31, 2014 $ 10 $ - $ - $ 10 Charge to expense 842 264 270 1,376 Cash payments/write offs (137) - - (137) Balance March 31, 2015 715 264 270 1,249 Charge to expense 162 5,065 5,075 10,302 Cash payments/write offs (877) (354) (1,448) (2,679) Balance March 31, 2016 - 4,975 3,897 8,872 Charge to expense 1,578 (384) 635 1,829 Cash payments/write offs (1,541) 182 (4,227) (5,586) Balance March 31, 2017 $ 37 $ 4,773 $ 305 $ 5,115 |
Significant Accounting Polici39
Significant Accounting Policies (narrative) (detail) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017USD ($)Number | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Sales Revenue [Line Items] | |||
Net Sales | $ 1,245,681 | $ 1,275,360 | $ 1,286,350 |
Advertising Expense | 2,100 | 2,000 | $ 1,700 |
Deferred Financing Cost, Current | 900 | ||
Deferred Finance Costs, Noncurrent | $ 200 | ||
Seneca Foods Plants [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | Number | 27 | ||
Seneca Foods Warehouses [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | Number | 31 | ||
General Mills Operations LLC [Member] | |||
Sales Revenue [Line Items] | |||
UnshippedProduct | $ 43,300 | ||
General Mills Operations LLC [Member] | Sales Revenue Net [Member] | |||
Sales Revenue [Line Items] | |||
Net Sales | $ 95,800 | $ 126,100 | |
Net Sales Percentage | 6.00% | 11.00% | 13.00% |
Top Ten Customers [Member] | Sales Revenue Net [Member] | |||
Sales Revenue [Line Items] | |||
Net Sales Percentage | 42.00% | 48.00% | 49.00% |
Shipping and Handling Cost [Member] | Sales Revenue Net [Member] | |||
Sales Revenue [Line Items] | |||
Net Sales | $ 38,000 | $ 38,300 | $ 38,800 |
Significant Accounting Polici40
Significant Accounting Policies Depreciation (narrative) (detail) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 24.2 | $ 21.4 | $ 21.5 |
Impairment Losses | $ 5.1 | ||
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 30 years | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 10-15 years | ||
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 3-5 years | ||
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 3-7 years | ||
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 10-20 years |
Significant Accouting Policies
Significant Accouting Policies (Earnings Per Share) (detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share, Basic [Abstract] | |||
Net (Loss) Earnings | $ 12,613 | $ 54,458 | $ 9,899 |
Deduct Preffered Stock Dividends | 23 | 23 | 23 |
Undistributed Earnings, Basic | 12,590 | 54,435 | 9,876 |
Undistributed Earnings Allocated to Participating Securities | 115 | 544 | 160 |
Earnings (Loss) Attributable to Common Stock | $ 12,475 | $ 53,891 | $ 9,716 |
Weighted Average Number of Shares Outstanding, Basic | 9,785 | 9,878 | 10,690 |
Basic Earnings (Loss) per Common Share | $ 1.27 | $ 5.46 | $ 0.91 |
Earnings Per Share, Diluted [Abstract] | |||
Earnings (Loss) Attributable to Common Stock | $ 12,475 | $ 53,891 | $ 9,716 |
Dividends Convertible Preferred Stock Cash | 20 | 20 | 20 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 12,495 | $ 53,911 | $ 9,736 |
Weighted Average Number of Shares Outstanding, Basic | 9,785 | 9,878 | 10,690 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized | 2 | 3 | 5 |
Incremental Common Shares Attributable to Conversion of Preferred Stock | 67 | 67 | 67 |
Weighted Average Number of Shares Outstanding, Diluted | 9,854 | 9,948 | 10,762 |
Diluted Earnings (Loss) per Common Share | $ 1.27 | $ 5.42 | $ 0.9 |
Acquisition (narrative) (detail
Acquisition (narrative) (detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Mar. 31, 2016 | Mar. 31, 2015 | Apr. 01, 2017 | Feb. 17, 2016 | Oct. 30, 2015 | Apr. 01, 2014 | |
Business Acquisition [Line Items] | ||||||
Equity Method Right to Acquire | 50.00% | |||||
Diana Fruit Co., Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase Price | $ 15 | |||||
Ownership percentage | 100.00% | |||||
Liabilities paid off | $ 1.4 | |||||
Gray & Company[Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase Price | $ 23.8 | |||||
Ownership percentage | 100.00% | |||||
Liabilities paid off | $ 12 | |||||
TruittBros.Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equity Method Investments | $ 16.2 | |||||
Equity Method Ownership | 50.00% | |||||
Equity Method Right to Acquire | 50.00% | |||||
Gray & Company and Diana Fruit | ||||||
Business Acquisition [Line Items] | ||||||
Pro Forma Revenue | $ 1,324.8 | $ 1,363.7 | ||||
Pro Forma Net Income Loss | 54.2 | $ 8.6 | ||||
Net Sales Since Acquisition | 25.5 | |||||
Net Income Since Acquisition | $ 1.7 |
Acquisition (purchase price tab
Acquisition (purchase price table) (detail) - USD ($) $ in Millions | Feb. 17, 2016 | Oct. 30, 2015 |
Diana Fruit Co., Inc [Member] | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 15 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Current assets | 16.8 | |
Property, plant and equipment | 0.9 | |
Other long-term assets | 0.5 | |
Deferred tax asset | 0.4 | |
Current liabilities | (3.6) | |
Total | $ 15 | |
Gray & Company[Member] | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 23.8 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Current assets | 36.6 | |
Property, plant and equipment | 13.7 | |
Other long-term assets | 1.4 | |
Deferred taxes liabilitie | (7.7) | |
Current liabilities | (16) | |
Other long-term liabilites | (4.2) | |
Total | $ 23.8 |
Short-Term Borrowings (narrativ
Short-Term Borrowings (narrative) (detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 214,800 | |
Pledged Assets, Not Separately Reported, Other | 670,200 | |
Notes Payable | $ 166 | $ 402 |
Short-term Debt, Weighted Average Interest Rate | 2.29% | 1.94% |
Production Period [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 500,000 | |
Nonproduction Period [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 400,000 | |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 13,100 | $ 13,200 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt, Weighted Average Interest Rate | 2.22% |
Long-Term Debt (Schedule of deb
Long-Term Debt (Schedule of debt) (detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 332,633 | $ 315,539 |
Total | 332,633 | 315,539 |
Current Portion of Long-Term Debt | 3,495 | 279,572 |
Long-Term Debt, Less Current Portion | 329,138 | 35,967 |
Revolving credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 214,781 | $ 271,592 |
Long-term Debt, Weighted Average Interest Rate | 2.22% | 1.95% |
Debt Instrument, Maturity Date | 2,022 | |
Total | $ 214,781 | $ 271,592 |
Secured Industrial Revenue Development Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 22,630 | |
Long-term Debt, Weighted Average Interest Rate | 3.02% | |
Total | $ 22,630 | |
Secured Industrial Revenue Development Bond [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 999 | $ 1,200 |
Long-term Debt, Weighted Average Interest Rate | 2.00% | 2.00% |
Debt Instrument, Maturity Date | 2,021 | |
Total | $ 999 | $ 1,200 |
Secured promissory note 1 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 10,340 | $ 12,114 |
Long-term Debt, Weighted Average Interest Rate | 6.98% | 6.98% |
Debt Instrument, Maturity Date | 2,022 | |
Total | $ 10,340 | $ 12,114 |
Secured promissory note 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,782 | $ 2,474 |
Long-term Debt, Weighted Average Interest Rate | 6.35% | 6.35% |
Debt Instrument, Maturity Date | 2,020 | |
Total | $ 1,782 | $ 2,474 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 216 | 216 |
Total | 216 | 216 |
Lease financing obligations [Member} | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 4,679 | $ 5,313 |
Long-term Debt, Weighted Average Interest Rate | 2.62% | 2.62% |
Debt Instrument, Maturity Date | 2,020 | |
Total | $ 4,679 | $ 5,313 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 99,836 | |
Long-term Debt, Weighted Average Interest Rate | 3.38% | |
Debt Instrument, Maturity Date | 2,022 | |
Total | $ 99,836 |
Long-Term Debt (Repayment sched
Long-Term Debt (Repayment schedule) (detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Long-term Debt, by Maturity [Abstract] | ||
2,018 | $ 3,495 | |
2,019 | 3,702 | |
2,020 | 3,217 | |
2,021 | 5,518 | |
2,022 | 316,485 | |
Thereafter | 216 | |
Total | $ 332,633 | $ 315,539 |
Long Term Debt (narrative) (det
Long Term Debt (narrative) (detail) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Dec. 09, 2016 | |
Debt Instrument [Line Items] | ||
Farm Credit Term Loan | $ 100,000,000 | |
Deferred Finance Costs, Noncurrent | $ 200,000 | |
Other Restrictions on Payment of Dividends | 50,000 | |
Cash dividends paid on preferred stock | 23,000 | |
Pledged Assets Not Separately Reported Fixed Assets | 803,200,000 | |
Repayments Of Notes Payable | $ 22,600,000 |
Leases Capital (table) (detail)
Leases Capital (table) (detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Capital Leased Assets [Line Items] | ||
Capital Lease Assets Gross | $ 40,910 | $ 5,313 |
Less accumulated amortizaion | 1,706 | 89 |
Total | 39,204 | 5,224 |
Building [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Lease Assets Gross | 5,313 | $ 5,313 |
Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Lease Assets Gross | $ 35,597 |
Leases (table) (detail)
Leases (table) (detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Operating Leases, Future Minimum Payments Due [Abstract] | ||
2,018 | $ 39,794 | |
2,019 | 35,297 | |
2,020 | 30,448 | |
2,021 | 24,506 | |
2,022 | 16,166 | |
2023-2031 | 14,136 | |
Total | 160,347 | |
CapitalLeasesFutureMinimumPaymentsDueAbstract | ||
2,018 | 6,307 | |
2,019 | 6,306 | |
2,020 | 6,307 | |
2,021 | 6,307 | |
2,022 | 6,307 | |
2023-2030 | 14,046 | |
Total | 45,580 | |
Less interest | 6,547 | |
Present value of minimum lease payments | 39,033 | $ 5,231 |
Amount due within one year | 4,839 | |
Long-term capital lease obligations | $ 34,194 | $ 4,988 |
Leases (narrative) (detail)
Leases (narrative) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense | $ 48,300 | $ 51,400 | $ 49,600 |
Capital Leased Assets [Line Items] | |||
Capital Lease Assets Gross | 40,910 | 5,313 | |
Less accumulated amortizaion | 1,706 | 89 | |
Building [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital Lease Assets Gross | 5,313 | $ 5,313 | |
Equipment [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital Lease Assets Gross | $ 35,597 |
Income Tax (narrative) (detail)
Income Tax (narrative) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 37.00% | 32.30% | 29.90% |
Effective Income Tax Rate Continuing Operations Change | 4.70% | ||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 100 | $ 100 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 100 | 100 | |
Tax Credit Carryforward [Line Items] | |||
Valuation allowance - non-current | 1,891 | 1,861 | |
Deferred Income Tax Asset, Net | 0 | 0 | |
Deferred Tax Assets, Net, Noncurrent | 0 | $ 12,897 | |
Deferred Income Taxes, Net | $ 4,181 | ||
Change in other items | 2.20% | ||
Permanent difference change | 2.60% | ||
New York [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Valuation Allowance | $ 900 | ||
Expiration Date | Dec. 31, 2032 | ||
California [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Valuation Allowance | $ 1,200 | ||
Expiration Date | Dec. 31, 2027 | ||
Wisconsin [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Valuation Allowance | $ 1,700 | ||
Expiration Date | Dec. 31, 2032 |
Income Tax (Effective Income Ta
Income Tax (Effective Income Tax Rate) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 395 | $ 24,579 | $ 4,380 |
Current State and Local Tax Expense (Benefit) | 495 | 1,953 | 453 |
Total | 890 | 26,532 | 4,833 |
Deferred Federal Income Tax Expense (Benefit) | 6,259 | (689) | (925) |
Deferred State and Local Income Tax Expense (Benefit) | 265 | 156 | 313 |
Total | 6,524 | (533) | (612) |
Income Tax Expense (Benefit), Total | $ 7,414 | $ 25,999 | $ 4,221 |
Computed | 35.00% | 35.00% | 35.00% |
State income taxes (net of federal tax benefit) | 4.10% | 2.70% | 2.90% |
Federal tax credits | (1.80%) | (0.40%) | (2.40%) |
State tax credits | (2.50%) | (0.90%) | (8.70%) |
Manufacturer's deduction | (1.70%) | (3.90%) | (5.00%) |
Addition to (reversal of) uncertain tax positions | 0.20% | 0.20% | (1.00%) |
State VDA/Nexus Changes | 0.00% | 0.00% | 0.00% |
Other permanent differences not (taxable) deductible | 2.40% | (0.20%) | 0.70% |
Change in valuation allowance | 0.20% | 0.10% | 9.90% |
Effective Income Tax Rate Reconciliation Pension Contribution | 0.00% | 0.00% | 0.00% |
Other | 1.10% | (0.30%) | (1.50%) |
Effective income tax rate | 37.00% | 32.30% | 29.90% |
Income Tax (Deferred Income Tax
Income Tax (Deferred Income Tax Assets and Liabilities) (detail) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Future tax credits | $ 3,827,000 | $ 3,807,000 |
Inventory valuation | 0 | 0 |
Employee benefits | 3,119,000 | 3,174,000 |
Insurance | 924,000 | 881,000 |
Otrher comprehensive loss | 7,135,000 | 18,154,000 |
Interest | 32,000 | 21,000 |
Defined benefit plan | 0 | |
Prepaid revenue | 444,000 | 571,000 |
Other deferred | 472,000 | 2,804,000 |
Severance | 0 | 3,000 |
Total | 15,953,000 | 29,415,000 |
Property basis and depreciation difference | 12,786,000 | 9,330,000 |
481 (a) adjustment | 429,000 | 880,000 |
Income from Equity Investment | 193,000 | 69,000 |
Inventory valuation | 1,032,000 | 1,247,000 |
Intangibles | 213,000 | 235,000 |
Pension | 3,590,000 | 2,896,000 |
Total | 18,243,000 | 14,657,000 |
Valuation allowance - non-current | 1,891,000 | 1,861,000 |
Net deferred income tax asset | $ (4,181,000) | $ 12,897,000 |
Income Tax (Summary of Income T
Income Tax (Summary of Income Tax Contigencies) (detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Uncertainties [Abstract] | ||
Beginning Balance | $ 694 | $ 464 |
Additions | 67 | 291 |
Prior year additions | 0 | 241 |
Reductions | (46) | (7) |
Settlements | 0 | (166) |
Lapses in statues of limitaions | 0 | (129) |
Ending Balance | $ 715 | $ 694 |
Stockholders' Equity (narrative
Stockholders' Equity (narrative) (detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2003 | |
Cash dividends paid on preferred stock | $ 23,000 | |||
401 (k) match stock amount | $ 2,017,000 | $ 1,820,000 | $ 2,123,000 | |
6% Cumulative Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.25 | |||
Preferred Stock, Shares Authorized | 200,000 | |||
Preferred Stock, Shares Outstanding | 200,000 | 200,000 | 200,000 | |
Cash dividends paid on preferred stock | $ 3,000 | $ 3,000 | $ 3,000 | |
10% Nonredeemable Convertible Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 10.00% | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.025 | |||
Preferred Stock, Shares Authorized | 1,400,000 | |||
Preferred Stock, Shares Outstanding | 807,240 | 807,240 | 807,240 | |
10% Series A Nonredeemable Convertible Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 10.00% | |||
Share For Share Conversion Number | 20 | |||
Preferred Stock, Shares Outstanding | 407,240 | |||
10% Series B Nonredeemable Convertible Preferred Stock [Member] | ||||
Share For Share Conversion Number | 30 | |||
Preferred Stock, Shares Outstanding | 400,000 | |||
Participating Preferred Stock [Member] | ||||
Preferred Stock Liquidation Preference | $ 12 | |||
Preferred Stock, Par or Stated Value Per Share | 0.025 | |||
Stated Value Per Share | $ 11.931 | |||
Preferred Stock, Shares Authorized | 90,826 | |||
Preferred Stock, Shares Outstanding | 89,251 | 90,826 | 90,826 | |
Cash dividends paid on preferred stock | $ 20,000 | $ 20,000 | $ 20,000 | |
2003 Series Participating Preferred Stock [Member] | ||||
Preferred Stock Liquidation Preference | $ 15.5 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.025 | |||
Preferred Stock, Shares Authorized | 500 | |||
Preferred Stock, Shares Outstanding | 500 | 500 | 50,500 | |
Price Per Share | $ 16.6 | |||
Preferred Stock Shares Issued | 967,742 | |||
No Par Value Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized | 30,000 | |||
Class A Preferred Stock [Member] | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.025 | |||
Preferred Stock, Shares Authorized | 8,200,000 | |||
Common Stock Capital Shares Reserved For Future Issuance | 89,751 | 91,326 | ||
Class A Preferred Non Designated Stock [Member] | ||||
Preferred Stock, Shares Authorized | 6,710,249 | |||
Common Class A Member | ||||
Common Stock Voting Right Per Share | $ 0.05 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 2,400,000 | |||
Treasury Stock Shares Acquired | 73,400 | |||
Common Class B Member | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 400,000 | |||
Treasury Stock Shares Acquired | 9,042 | |||
Treasury Stock [Member] | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 66,500,000 | |||
Treasury Stock Shares Acquired | 2,300,146 | |||
401 (k) match shares | 63,846 | |||
401 (k) match stock amount | $ 2,000,000 | |||
Common Stock [Member] | ||||
Common Stock Capital Shares Reserved For Future Issuance | 33,695 | 33,695 |
Retirement Plans (narrative) (d
Retirement Plans (narrative) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |||
Decrease in Unfunded Status | $ 29,600 | ||
Defined Benefit Plan, Benefit Obligation | 216,022 | $ 214,036 | $ 212,908 |
Employer contributions | 8,200 | 23,100 | |
Fair value of plan assets at end of year | 207,829 | 176,238 | 157,948 |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 199,200 | $ 195,300 | |
Expected return | 7.25% | 7.25% | |
Loss on plan assets | 19.50% | ||
Common stock included in plan assets | $ 18,400 | $ 18,400 | |
401 (k) match | 1,900 | 1,800 | 2,300 |
401 (k) match stock amount | 2,017 | 1,820 | 2,123 |
Teamsters Plan Contributions | $ 2,300 | $ 2,500 | $ 2,400 |
Contribution Percentage | 5.00% | ||
Discount rate - benefit obligation | 4.35% | 4.36% | |
Actual gain on plan assets | $ 34,304 | $ 2,126 | |
Accumulated Other Comprehensive Loss | 16,900 | ||
Tax on Accumulated Other Comprehensive Loss | $ 10,800 |
Retirement Plans (Schedule of C
Retirement Plans (Schedule of Changes in Projected Benefit Obligations) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of year | $ 214,036 | $ 212,908 | |
Service cost | 8,375 | 10,502 | $ 8,515 |
Interest cost | 7,633 | 8,902 | 8,236 |
Plan Amendments | 92 | 0 | |
Actuarial (gain) loss | (3,201) | (11,340) | |
Benefits payments and expenses | (10,913) | (6,936) | |
Benefit obligation at end of year | 216,022 | 214,036 | 212,908 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 176,238 | 157,948 | |
Actual gain on plan assets | 34,304 | 2,126 | |
Employer contributions | 8,200 | 23,100 | |
Benefits payments and expenses | (10,913) | (6,936) | |
Fair value of plan assets at end of year | 207,829 | 176,238 | $ 157,948 |
Unfunded Status | $ 8,193 | $ 37,798 |
Retirement Plans (Schedule of A
Retirement Plans (Schedule of Amounts Included in Accumulated Other Comprehensive Income/Loss (detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Amounts Included in Accumulated Other Comprehensive Pre-Tax Loss [Abstract] | ||
Net loss | $ (17,580) | $ (45,248) |
Prior service cost | (826) | (843) |
Accumulated other comprehensive pre-tax loss | $ (18,406) | $ (46,091) |
Retirement Plans (Schedule of59
Retirement Plans (Schedule of Accumulated Other Comprehensive Loss) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease [Abstract] | |||
Beginning Balance | $ (28,396) | ||
Change in pension and post retirement benefits adjustment (net of tax) | (17,221) | $ (3,408) | $ 20,552 |
Ending Balance | $ (11,175) | $ (28,396) |
Retirement Plans (Schedule of60
Retirement Plans (Schedule of Cost of Retirement Plans) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 8,375 | $ 10,502 | $ 8,515 |
Interest cost | 7,633 | 8,902 | 8,236 |
Expected return on plan assets | 12,696 | 11,685 | 11,360 |
Amortization of net loss | (2,858) | (3,854) | (350) |
Amortization of prior service cost | 109 | 109 | |
Net periodic benefit cost | $ 6,279 | $ 11,682 | $ 5,741 |
Retirement Plans (Schedule of61
Retirement Plans (Schedule of Assumptions Used) (detail) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Assumbptions Used [Abstract] | ||
Discount rate - benefit obligation | 4.35% | 4.36% |
Expected return on plan assets | 7.25% | 7.25% |
Rate of compensation increase | 3.00% | 3.00% |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate - pension expense | 4.34% | 4.15% |
Discount rate - service cost | 4.67% | 4.15% |
Discount rate - interest cost | 3.62% | 4.15% |
Expected return on plan assets | 7.25% | 7.25% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement Plans (Schedule of62
Retirement Plans (Schedule of Allocation of Plan Assets) (detail) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 99.00% | |
Percentage of Plan Assets | 99.00% | 99.00% |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 1.00% | |
Percentage of Plan Assets | 1.00% | 1.00% |
Retirement Plans (Schedule of63
Retirement Plans (Schedule of Assets by Industry Type) (detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | $ 207,829 | $ 176,238 | $ 157,948 |
MoneyMarketFundsMember | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 1,585 | 1,497 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 206,244 | 174,741 | |
Equity Securities [Member] | Materials | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 10,952 | 9,379 | |
Equity Securities [Member] | Industrials | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 25,383 | 30,355 | |
Equity Securities [Member] | Telecommunication services | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 18,060 | 9,325 | |
Equity Securities [Member] | Consumer staples | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 43,641 | 33,048 | |
Equity Securities [Member] | Energy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 16,110 | 14,658 | |
Equity Securities [Member] | Financials | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 33,818 | 34,891 | |
Equity Securities [Member] | Health Care | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 17,587 | 10,538 | |
Equity Securities [Member] | Information technology | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 13,887 | 9,681 | |
Equity Securities [Member] | Uitlities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | $ 26,806 | $ 22,866 |
Retirement Plans (Schedule of E
Retirement Plans (Schedule of Estimated Benefit Payments) (detail) $ in Thousands | Mar. 31, 2017USD ($) |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,018 | $ 7,784 |
2,019 | 8,409 |
2,020 | 8,995 |
2,021 | 9,682 |
2,022 | 10,295 |
2023-2027 | $ 61,816 |
Fair Value (table) (detail)
Fair Value (table) (detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Gross | $ 332,633 | $ 315,539 |
Long-term Debt, Fair Value | 332,926 | 315,478 |
Capital Lease Obligation, Gross | 39,033 | 5,231 |
Captial Lease Obligation, Fair Vaue | $ 37,505 | $ 5,076 |
Inventory (narrative) (detail)
Inventory (narrative) (detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Inventory Disclosure [Abstract] | |||
Inventory, LIFO Reserve, Effect on Income, Net | $ 3.9 | $ 16.1 | $ 6.9 |
Effect Of LIFO Earnings Per Share Basic | $ 0.4 | $ 1.62 | $ 0.64 |
Effect Of LIFO Earnings Per Share Diluted | $ 0.4 | $ 1.6 | $ 0.63 |
Inventory (table) (detail)
Inventory (table) (detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Inventory Disclosure [Abstract] | |||
Finished products | $ 534,995 | $ 467,337 | $ 414,154 |
In process | 35,982 | 25,855 | 22,651 |
Raw material and supplies | 160,333 | 213,790 | 199,674 |
Total | 731,310 | 706,982 | 636,479 |
Inventory, LIFO Reserve | 133,254 | 139,275 | 164,067 |
Total Inventories | $ 598,056 | $ 567,707 | $ 472,412 |
Other Operating Income and Expe
Other Operating Income and Expenses (detail) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Gain from plant closing | $ 5 | ||
Loss On Sale Of Other Assets | $ 0.2 | ||
Gain (Loss) on Disposition of Assets | $ 0.4 | 0.1 | |
Environmental Remediation Expense | 0.1 | $ 0.3 | |
Relationship transfer agreement | 24.3 | ||
Prop 65 litigation settlement | $ 0.2 | ||
Roof Collapse Expneses | 1.2 | ||
Goodwill Impairment Loss | $ 1.1 |
Segment Information (narrative)
Segment Information (narrative) (detail) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Export [Member] | Sales Revenue Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales Percentage | 7.70% | 8.50% | 9.00% |
Green Giant Vegetables [Member] | Sales Revenue Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales Percentage | 10.00% | 11.00% | 13.00% |
Fruit And Vegetable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets Percentage | 99.00% | 99.00% | 99.00% |
Income Loss Fom Continuing Operations Before Income Taxes Percentage | 97.00% | 100.00% | 102.00% |
Segment Information (table) (de
Segment Information (table) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 1,245,681 | $ 1,275,360 | $ 1,286,350 |
Operating Income | 29,121 | 88,549 | 20,354 |
Interest Expense, Net | 9,672 | 8,044 | 6,862 |
Income Taxes Expense (Benefit) | 7,414 | 25,999 | 4,221 |
Total Assets | 946,019 | 895,327 | 806,448 |
Additions to Property, Plant and Equipment | 32,512 | 9,966 | 23,734 |
Depreciation & Amortization | 24,824 | 21,737 | 21,834 |
Fruit And Vegetable [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 1,210,170 | 1,239,179 | 1,246,115 |
Operating Income | 26,543 | 87,120 | 18,865 |
Interest Expense, Net | 9,518 | 7,923 | 6,778 |
Income Taxes Expense (Benefit) | 6,475 | 25,551 | 3,775 |
Total Assets | 940,300 | 888,968 | 798,640 |
Additions to Property, Plant and Equipment | 30,969 | 9,232 | 22,177 |
Depreciation & Amortization | 23,525 | 20,438 | 20,445 |
Snack [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 12,430 | 12,336 | 11,667 |
Operating Income | 945 | 1,164 | 779 |
Interest Expense, Net | 17 | 18 | 12 |
Income Taxes Expense (Benefit) | 355 | 372 | 225 |
Total Assets | 2,833 | 2,697 | 3,235 |
Additions to Property, Plant and Equipment | 225 | 52 | 157 |
Depreciation & Amortization | 346 | 351 | 367 |
Other Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 23,081 | 23,845 | 28,568 |
Operating Income | 1,633 | 265 | 710 |
Interest Expense, Net | 137 | 103 | 72 |
Income Taxes Expense (Benefit) | 584 | 76 | 221 |
Total Assets | 2,886 | 3,662 | 4,573 |
Additions to Property, Plant and Equipment | 1,318 | 682 | 1,400 |
Depreciation & Amortization | $ 953 | $ 948 | $ 1,022 |
Segment Information (classes of
Segment Information (classes of similar products/services) (table) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 1,245,681 | $ 1,275,360 | $ 1,286,350 |
General Mills Operations LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 119,812 | 144,310 | 161,993 |
Canned Vegetables [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 705,297 | 746,501 | 754,556 |
Frozen [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 98,597 | 94,710 | 94,648 |
Fruit [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 286,464 | 253,658 | 234,918 |
Snack [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 12,430 | 12,336 | 11,667 |
Other Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 23,081 | $ 23,845 | $ 28,568 |
Plant Restructuring (narrative)
Plant Restructuring (narrative) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Plant Restructuring | $ 1,829 | $ 10,302 | $ 1,376 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Plant Restructuring | 1,578 | 162 | 842 |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Relocation | 300 | ||
Plant Restructuring | 635 | 5,075 | $ 270 |
Property Subject To Operating Lease [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Plant Restructuring | 3,600 | ||
Midwest Plant Member [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Plant Restructuring | 100 | ||
Asset impairment cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Plant Restructuring | 5,100 | ||
West Plant [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Plant Restructuring | $ 1,300 | ||
Northwest Processing Facility [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Plant Restructuring | $ 200 |
Plant Restructuring (table) (de
Plant Restructuring (table) (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Balance | $ 8,872 | $ 1,249 | $ 10 |
Plant Restructuring | 1,829 | 10,302 | 1,376 |
Cash payment/write offs | (5,586) | (2,679) | (137) |
Balance | 5,115 | 8,872 | 1,249 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance | 0 | 715 | 10 |
Plant Restructuring | 1,578 | 162 | 842 |
Cash payment/write offs | (1,541) | (877) | (137) |
Balance | 37 | 0 | 715 |
Long Lived Asset Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance | 4,975 | 264 | 0 |
Plant Restructuring | (384) | 5,065 | 264 |
Cash payment/write offs | 182 | (354) | 0 |
Balance | 4,773 | 4,975 | 264 |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance | 3,897 | 270 | 0 |
Plant Restructuring | 635 | 5,075 | 270 |
Cash payment/write offs | (4,227) | (1,448) | 0 |
Balance | $ 305 | $ 3,897 | $ 270 |
Certain Transactions (detail)
Certain Transactions (detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party [Line Items] | |||
Raw Materials and Supplies | $ 130,281 | $ 183,674 | |
Payments to a foundation | 1,300 | 2,300 | $ 2,200 |
Director [Member] | |||
Related Party [Line Items] | |||
Raw Materials and Supplies | $ 1,000 | $ 1,000 | $ 800 |
Subsequent Event (detail)
Subsequent Event (detail) | Apr. 01, 2017 | Mar. 31, 2017 |
Subsequent Event [Abstract] | ||
Business Combination Step Acquisition Equity Interest In Acquiree Percentage | 50.00% | |
Equity Method Right to Acquire | 50.00% |
Assets Held For Sale (detail)
Assets Held For Sale (detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Assets Held For Sale Not Part Of Disposal Group Current [Abstract] | ||
Assets Held For Sale | $ 0 | $ 5,025 |
Uncategorized Items - senea-201
Label | Element | Value |
Common Class B Member | ||
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 1,967,958 |
Common Class A Member | ||
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 7,926,280 |