Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 30, 2017 | Jan. 19, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | Seneca Foods Corp | |
Entity Central Index Key | 88,948 | |
Trading Symbol | senea | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Type | 10-Q | |
Document Period End Date | Dec. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,884,439 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,854,451 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) - USD ($) | Dec. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets: | |||
Cash and Cash Equivalents | $ 13,122,000 | $ 11,992,000 | $ 10,260,000 |
Accounts Receivable, Net | 66,233,000 | 72,080,000 | 67,357,000 |
Assets Held For Sale | 5,025,000 | ||
Inventories: | |||
Finished Goods | 576,896,000 | 435,247,000 | 511,838,000 |
Work in Process | 39,542,000 | 32,528,000 | 24,642,000 |
Raw Materials and Supplies | 93,680,000 | 130,281,000 | 119,888,000 |
Total Inventories | 710,118,000 | 598,056,000 | 656,368,000 |
Refundable Income Taxes | 2,222,000 | 2,471,000 | |
Other Current Assets | 2,815,000 | 3,671,000 | 11,146,000 |
Total Current Assets | 794,510,000 | 688,270,000 | 750,156,000 |
Property, Plant and Equipment, Net | 272,363,000 | 237,476,000 | 217,983,000 |
Deferred Income Taxes, Net | 16,534,000 | ||
Other Assets | 5,130,000 | 20,273,000 | 20,038,000 |
Total Assets | 1,072,003,000 | 946,019,000 | 1,004,711,000 |
Current Liabilities: | |||
Notes Payable | 166,000 | 1,255,000 | |
Accounts Payable | 102,020,000 | 72,824,000 | 98,170,000 |
Accrued Vacation | 12,428,000 | 11,867,000 | 11,702,000 |
Accrued Payroll | 5,468,000 | 6,593,000 | 5,843,000 |
Other Accrued Expenses | 32,804,000 | 32,493,000 | 41,826,000 |
Income Taxes Payable | 8,830,000 | ||
Current Portion of Long-Term Debt and Capital Lease Obligations | 9,703,000 | 8,334,000 | 11,106,000 |
Total Current Liabilities | 162,423,000 | 132,277,000 | 178,732,000 |
Long-Term Debt, Less Current Portion | 411,799,000 | 329,138,000 | 343,634,000 |
Capital Lease Obligations, Less Current Portion | 37,447,000 | 34,194,000 | 25,992,000 |
Pension Liabilities | 7,106,000 | 8,193,000 | 35,230,000 |
Deferred Income Taxes, Net | 2,982,000 | 4,181,000 | |
Other Long-Term Liabilities | 13,447,000 | 3,775,000 | 3,509,000 |
Total Liabilities | 635,204,000 | 511,758,000 | 587,097,000 |
Commitments and Contingencies | |||
Stockholders' Equity: | |||
Preferred Stock | 707,000 | 1,324,000 | 1,324,000 |
Common Stock, $.25 Par Value Per Share | 3,038,000 | 3,024,000 | 3,024,000 |
Additional Paid-in Capital | 98,136,000 | 97,458,000 | 97,433,000 |
Treasury Stock, at Cost | (69,941,000) | (66,499,000) | (67,550,000) |
Accumulated Other Comprehensive Loss | (11,023,000) | (11,175,000) | (28,396,000) |
Retained Earnings | 415,882,000 | 410,129,000 | 411,779,000 |
Total Stockholders' Equity | 436,799,000 | 434,261,000 | 417,614,000 |
Total Liabilities and Stockholders’ Equity | $ 1,072,003,000 | $ 946,019,000 | $ 1,004,711,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) (Parentheticals) - $ / shares | Dec. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Net Sales | $ 392,714 | $ 369,705 | $ 1,049,209 | $ 979,566 |
Costs and Expenses: | ||||
Cost of Product Sold | 361,013 | 332,230 | 981,344 | 891,904 |
Selling, General and Administrative | 20,112 | 21,116 | 56,430 | 57,023 |
Plant Restructuring Charge | 101 | 1,316 | 157 | 2,778 |
Other Operating (Income) Loss | 17 | 1,153 | (2,615) | 1,172 |
Total Costs and Expenses | 381,243 | 355,815 | 1,035,316 | 952,877 |
Operating Income | 11,471 | 13,890 | 13,893 | 26,689 |
Earnings From Equity Investment | (333) | (21) | (500) | |
Interest Expense, Net | 4,012 | 2,414 | 10,662 | 6,709 |
Earnings Before Income Taxes | 7,459 | 11,809 | 3,252 | 20,480 |
Income Taxes (Benefit) Expense | (268) | 3,628 | (2,524) | 6,217 |
Net Earnings | 7,727 | 8,181 | 5,776 | 14,263 |
Earnings Applicable to Common Stock | $ 7,690 | $ 8,100 | $ 5,730 | $ 14,116 |
Basic Earnings per Common Share (in dollars per share) | $ 0.79 | $ 0.83 | $ 0.59 | $ 1.44 |
Diluted Earnings per Common Share (in dollars per share) | $ 0.78 | $ 0.82 | $ 0.58 | $ 1.43 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Comprehensive income: | ||||
Net earnings | $ 7,727 | $ 8,181 | $ 5,776 | $ 14,263 |
Change in pension, post retirement benefits and other (net of tax of $30 and $93) | 50 | 152 | ||
Total | $ 7,777 | $ 8,181 | $ 5,928 | $ 14,263 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Change in pension, post retirement benefits and other, tax | $ 30 | $ 93 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | ||
Net Earnings | $ 5,776 | $ 14,263 |
Net Cash Used In Operations (Net of Acquisition): | ||
Depreciation & Amortization | 23,112 | 18,209 |
(Gain) Loss on the Sale of Assets | (1,590) | 149 |
Bargain purchase gain | (1,078) | |
Provision for Restructuring and Impairment | 157 | 3,830 |
Earnings From Equity Investment | (21) | (500) |
Deferred Income Tax Benefit | (903) | (3,637) |
Changes in Operating Assets and Liabilities: | ||
Accounts Receivable | 11,891 | 9,431 |
Inventories | (95,986) | (88,661) |
Other Current Assets | 954 | 4,619 |
Income Taxes | 240 | 5,856 |
Accounts Payable, Accrued Expenses and Other Liabilities | 30,700 | 26,732 |
Net Cash Used in Operations | (26,748) | (9,709) |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (21,120) | (23,389) |
Cash Paid for Acquisition (Net of Cash Acquired) | (14,420) | |
Proceeds from the Sale of Assets | 1,841 | 123 |
Net Cash Used In Investing Activities | (33,699) | (23,266) |
Cash Flow from Financing Activities: | ||
Long-Term Borrowing | 438,730 | 411,483 |
Payments on Long-Term Debt and Capital Lease Obligations | (373,298) | (374,577) |
Borrowings (Payments) on Notes Payable | (166) | 853 |
Other Assets | (235) | (1,273) |
Purchase of Treasury Stock | (3,442) | (1,841) |
Dividends | (12) | (12) |
Net Cash Provided by Financing Activities | 61,577 | 34,633 |
Net Increase in Cash and Cash Equivalents | 1,130 | 1,658 |
Cash and Cash Equivalents, Beginning of the Period | 11,992 | 8,602 |
Cash and Cash Equivalents, End of the Period | 13,122 | 10,260 |
Noncash Transactions: | ||
Property, Plant and Equipment Purchased Under Capital Lease Obligations | 8,381 | 23,056 |
Silgan Payable | $ 8,000 |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Dec. 30, 2017 - USD ($) | Cumulative Preferred Stock [Member] | Cumulative Convertible Preferred Stock [Member] | Participating Convertible Preferred Stock [Member] | Series 2003 Convertible Preferred Stock [Member] | Common Class A [Member] | Common Class B [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Mar. 31, 2017 | $ 1,324,000 | $ 3,024,000 | $ 97,458,000 | $ (66,499,000) | $ (11,175,000) | $ 410,129,000 | $ 434,261,000 | ||||||
Net earnings | 5,776,000 | 5,776,000 | |||||||||||
Cash dividends on preferred stock | (23,000) | (17,000) | |||||||||||
Equity incentive program | 75,000 | ||||||||||||
Preferred stock conversion | (617,000) | 14,000 | 603,000 | ||||||||||
Purchase treasury stock | $ (3,441,000) | (3,442,000) | |||||||||||
Change in pension, post retirement benefits and other (net of tax of $30 and $93) | 152,000 | 152,000 | |||||||||||
Balance at Dec. 30, 2017 | $ 707,000 | $ 3,038,000 | $ 98,136,000 | $ (69,941,000) | $ (11,023,000) | $ 415,882,000 | $ 436,799,000 | ||||||
Preferred stock, shares authorized (in shares) | 200,000 | 1,400,000 | 37,529 | 500 | |||||||||
Common stock, shares authorized (in shares) | 20,000,000 | 10,000,000 | |||||||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 37,529 | 500 | |||||||||
Common stock, shares outstanding (in shares) | 7,854,451 | 1,884,439 |
Condensed Consolidated Stateme9
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Cumulative Preferred Stock [Member] | |||||
Preferred stock, dividend rate | 6.00% | ||||
Preferred stock, par value (in dollars per share) | $ 0.25 | $ 0.25 | |||
Cumulative Convertible Preferred Stock [Member] | |||||
Preferred stock, dividend rate | 10.00% | ||||
Preferred stock, par value (in dollars per share) | 0.025 | $ 0.025 | |||
Participating Convertible Preferred Stock [Member] | |||||
Preferred stock, par value (in dollars per share) | 0.25 | 0.25 | |||
Series 2003 Convertible Preferred Stock [Member] | |||||
Preferred stock, par value (in dollars per share) | 0.025 | 0.025 | |||
Common Class A [Member] | |||||
Common Stock, Par Value (in dollars per share) | 0.25 | 0.25 | |||
Common Class B [Member] | |||||
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | |||
AOCI Attributable to Parent [Member] | |||||
Change in pension, post retirement benefits, other adjustment, tax | $ 93 | ||||
Change in pension, post retirement benefits, other adjustment, tax | $ 30 | $ 93 | |||
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Unaudited Condensed Consolidated Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of Seneca Foods Corporation (the “Company”) as of December 30, 2017 March 31, 2017 The results of operations for the three nine December 30, 2017 not During the nine December 30, 2017, $112,768,000 $95,253,000 nine December 31, 2016. The accounting policies followed by the Company are set forth in Note 1 Statements in the Company’s 2017 10 Other footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and note s included in the Company's 2017 10 All references to years are fiscal years ended or ending March 31 may not Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification. |
Note 2 - Acquisition
Note 2 - Acquisition | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Acquisition In April 2014, 50% $16,242,000 50% April 3, 2017, 50% first 2018. first 2018 $1,078,000 $562,000 first 2018 $542,000 two 50% $14,420,000 $3,030,000 $17,422,000, $34,872,000. $3,608,000 1 2 $31,842,000 Purchase Price (net of cash received ) $ 31,842 Approximate fair values of assets acquired and liabilities assumed : Current asset s $ 22,823 Other long-term asset s 1,744 Property, plant and equipmen t 28,696 Current liabilitie s (5,068 ) Deferred taxe s 389 Other long-term liabilitie s (15,664 ) Bargain purchase gai n (1,078 ) Tota l $ 31,842 The Company is continuing to evaluate the purchase price allocation and these preliminary estimates could change. Proforma results of operations for the Truitt acquisition are not not |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories $152,091,000 third 2018 $139,709,000 third 2017. three December 30, 2017 $994,000 $3,941,000 three December 31, 2016. $18,835,000 first nine 2018 $434,000 first nine 2017. 2018 2017. |
Note 4 - Revolving Credit Facil
Note 4 - Revolving Credit Facility | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Revolving Credit Facility five July 5, 2016. $400,000,000 April July $500,000,000 August March. December 30, 2017 $290,196,000 July 5, 2021. June November three seven may The de crease in average amount of Revolver borrowings during the first nine 2018 first nine 2017 $100,000,000 2016 $14,420,000 first nine 2018, $7,168,000 $37,674,000 twelve December 30, 2017 $4,126,000. General terms of the Revolver include payment of interest at LIBOR plus a defined spread. The following table documents the quantitative data for Revolver borrowings during the third 2018 2017: Third Quarte r Year-to-Dat e 201 8 201 7 201 8 201 7 (In thousands ) (In thousands ) Reported end of period : Outstanding borrowing s $ 290,196 $ 232,586 $ 290,196 $ 232,586 Weighted average interest rat e 3.04 % 2.00 % 3.04 % 2.00 % Reported during the period : Maximum amount of borrowing s $ 296,088 $ 349,710 $ 296,088 $ 361,800 Average outstanding borrowing s $ 280,960 $ 301,395 $ 246,414 $ 289,949 Weighted average interest rat e 2.82 % 1.89 % 2.59 % 1.88 % |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5 . Stockholders’ Equity nine December 30, 2017 114,532 $3,441,000 December 30, 2017, 2,414,678 $69,941,000 not |
Note 6 - Retirement Plans
Note 6 - Retirement Plans | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 6. Retirement Plans Three Months Ende d Nine Months Ende d December 30, 201 7 December 31, 201 6 December 30, 201 7 December 31, 201 6 (In thousands ) Service Cos t $ 1,981 $ 2,164 $ 5,944 $ 6,491 Interest Cos t 1,985 1,919 5,956 5,756 Expected Return on Plan Asset s (3,673 ) (2,978 ) (10,640 ) (8,934 ) Amortization of Actuarial Los s - 679 - 2,037 Amortization of Transition Asse t 30 27 90 82 Net Periodic Benefit Cos t $ 323 $ 1,811 $ 1,350 $ 5,432 There was a contribution of $2,500,000 nine December 30, 2017. $8,000,000 nine December 31, 2016. |
Note 7 - Plant Restructuring
Note 7 - Plant Restructuring | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 7. Plant Restructuring Long-Live d Severanc e Asset Charge s Other Cost s Tota l (In thousands ) Balance March 31, 201 7 $ 37 $ 4,773 $ 305 $ 5,115 First quarter charg e 36 9 36 81 Second quarter charge (credit ) - 8 (33 ) (25 ) Third quarter charge (credit ) 98 - 3 101 Cash payments/write off s (73 ) (3,888 ) (311 ) (4,272 ) Balance December 30, 201 7 $ 98 $ 902 $ - $ 1,000 Balance March 31, 201 6 $ - $ 4,975 $ 3,897 $ 8,872 First quarter charge (credit ) 127 (6 ) 1,064 1,185 Second quarter charge (credit ) 112 (286 ) 451 277 Third quarter charge (credit ) 1,261 62 (7 ) 1,316 Cash payments/write off s (1,480 ) 164 (3,588 ) (4,904 ) Balance December 31, 201 6 $ 20 $ 4,909 $ 1,817 $ 6,746 During fiscal 2016, $10,302,000 $162,000 $5,065,000 $5,075,000 2017, $1,829,000 $1,590,000 $384,000 $635,000 During the nine December 30, 2017, $157,000 |
Note 8 - Other Operating Income
Note 8 - Other Operating Income and Expense | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. Other Operating Income and Expense nine December 30, 2017, $1,590,000 $149,000 nine December 31, 2016. $1,081,000 $1,078,000 nine 30, 2017. |
Note 9 - Recently Issued Accoun
Note 9 - Recently Issued Accounting Standards | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 9. Recently Issued Accounting Standards May 2014, 2014 09, April 1, 2018 ( 2019 five ’s assessment efforts to date have has included reviewing current accounting policies, processes, and system requirements, as well as assigning internal resources and engaging third 2014 09. 2014 09 not The Company will continue its evaluation of the standards update through the date of adoption. In February 2016, No. 2016 02, . 12 December 15, 2018 ( 2020 In January 2017, No. 2017 01 ("ASU 2017 01" 2017 01 December 15, 2017 not 2017 01 not 2017 01 In March 2017, ASU 2017 07, 715 2017 07 statement of earnings captions as other compensation costs arising from services rendered by the covered employees during the period. The other components of net benefit cost will be presented in the statement of earnings separately from service costs. ASU 2017 07 December 31, 2017 ( 2019 2017 07 2018. 2019, There were no other recently issued accounting pronouncements that impacted the Company’s condensed consolidated financial statements. In addition, the Company did not December 30, 2017. |
Note 10 - Earnings Per Common S
Note 10 - Earnings Per Common Share | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Earnings per Common Share December 30, 2017 December 31, 2016 Q U A R T E R Y E A R T O D A T E (Thousands, except share amounts ) Fiscal 201 8 Fiscal 201 7 Fiscal 201 8 Fiscal 201 7 Basi c Net earning s $ 7,727 $ 8,181 $ 5,776 $ 14,263 Deduct preferred stock dividends pai d 6 6 17 17 Undistributed earning s 7,721 8,175 5,759 14,246 Earnings attributable to participating preferre d 31 75 29 130 Earnings attributable to common shareholder s $ 7,690 $ 8,100 $ 5,730 $ 14,116 Weighted average common shares outstandin g 9,740 9,770 9,782 9,790 Basic earnings per common share $ 0.79 $ 0.83 $ 0.59 $ 1.44 Dilute d Earnings attributable to common shareholder s $ 7,690 $ 8,100 $ 5,730 $ 14,116 Add dividends on convertible preferred stoc k 5 5 15 15 Earnings attributable to common stock on a diluted basi s $ 7,695 $ 8,105 $ 5,745 $ 14,131 Weighted average common shares outstanding-basi c 9,740 9,770 9,782 9,790 Additional shares issued related to the equity compensation pla n 2 2 2 2 Additional shares to be issued under full conversion of preferred stoc k 67 67 67 67 Total shares for dilute d 9,809 9,839 9,851 9,859 Diluted earnings per common shar e $ 0.78 $ 0.82 $ 0.58 $ 1.43 |
Note 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Instruments | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. Fair Value of Financial Instruments 825, 2 $415,448,000 $415,173,000 December 30, 2017. March 31, 2017, $332,633,000 $332,926,000. $43,501,000 $40,621,000 December 30, 2017. March 31, 2017, $39,033,000 $37,505,000. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes 77.6 30.4% nine December 30, 2017 December 31, 2016, 108.0 $3,040,000 The Tax Cut and Jobs Act was signed into law on December 22, 2017 35% 21%. |
Note 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
Truitt Bros. Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price (net of cash received ) $ 31,842 Approximate fair values of assets acquired and liabilities assumed : Current asset s $ 22,823 Other long-term asset s 1,744 Property, plant and equipmen t 28,696 Current liabilitie s (5,068 ) Deferred taxe s 389 Other long-term liabilitie s (15,664 ) Bargain purchase gai n (1,078 ) Tota l $ 31,842 |
Note 4 - Revolving Credit Fac23
Note 4 - Revolving Credit Facility (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | Third Quarte r Year-to-Dat e 201 8 201 7 201 8 201 7 (In thousands ) (In thousands ) Reported end of period : Outstanding borrowing s $ 290,196 $ 232,586 $ 290,196 $ 232,586 Weighted average interest rat e 3.04 % 2.00 % 3.04 % 2.00 % Reported during the period : Maximum amount of borrowing s $ 296,088 $ 349,710 $ 296,088 $ 361,800 Average outstanding borrowing s $ 280,960 $ 301,395 $ 246,414 $ 289,949 Weighted average interest rat e 2.82 % 1.89 % 2.59 % 1.88 % |
Note 6 - Retirement Plans (Tabl
Note 6 - Retirement Plans (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ende d Nine Months Ende d December 30, 201 7 December 31, 201 6 December 30, 201 7 December 31, 201 6 (In thousands ) Service Cos t $ 1,981 $ 2,164 $ 5,944 $ 6,491 Interest Cos t 1,985 1,919 5,956 5,756 Expected Return on Plan Asset s (3,673 ) (2,978 ) (10,640 ) (8,934 ) Amortization of Actuarial Los s - 679 - 2,037 Amortization of Transition Asse t 30 27 90 82 Net Periodic Benefit Cos t $ 323 $ 1,811 $ 1,350 $ 5,432 |
Note 7 - Plant Restructuring (T
Note 7 - Plant Restructuring (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Long-Live d Severanc e Asset Charge s Other Cost s Tota l (In thousands ) Balance March 31, 201 7 $ 37 $ 4,773 $ 305 $ 5,115 First quarter charg e 36 9 36 81 Second quarter charge (credit ) - 8 (33 ) (25 ) Third quarter charge (credit ) 98 - 3 101 Cash payments/write off s (73 ) (3,888 ) (311 ) (4,272 ) Balance December 30, 201 7 $ 98 $ 902 $ - $ 1,000 Balance March 31, 201 6 $ - $ 4,975 $ 3,897 $ 8,872 First quarter charge (credit ) 127 (6 ) 1,064 1,185 Second quarter charge (credit ) 112 (286 ) 451 277 Third quarter charge (credit ) 1,261 62 (7 ) 1,316 Cash payments/write off s (1,480 ) 164 (3,588 ) (4,904 ) Balance December 31, 201 6 $ 20 $ 4,909 $ 1,817 $ 6,746 |
Note 10 - Earnings Per Common26
Note 10 - Earnings Per Common Share (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Q U A R T E R Y E A R T O D A T E (Thousands, except share amounts ) Fiscal 201 8 Fiscal 201 7 Fiscal 201 8 Fiscal 201 7 Basi c Net earning s $ 7,727 $ 8,181 $ 5,776 $ 14,263 Deduct preferred stock dividends pai d 6 6 17 17 Undistributed earning s 7,721 8,175 5,759 14,246 Earnings attributable to participating preferre d 31 75 29 130 Earnings attributable to common shareholder s $ 7,690 $ 8,100 $ 5,730 $ 14,116 Weighted average common shares outstandin g 9,740 9,770 9,782 9,790 Basic earnings per common share $ 0.79 $ 0.83 $ 0.59 $ 1.44 Dilute d Earnings attributable to common shareholder s $ 7,690 $ 8,100 $ 5,730 $ 14,116 Add dividends on convertible preferred stoc k 5 5 15 15 Earnings attributable to common stock on a diluted basi s $ 7,695 $ 8,105 $ 5,745 $ 14,131 Weighted average common shares outstanding-basi c 9,740 9,770 9,782 9,790 Additional shares issued related to the equity compensation pla n 2 2 2 2 Additional shares to be issued under full conversion of preferred stoc k 67 67 67 67 Total shares for dilute d 9,809 9,839 9,851 9,859 Diluted earnings per common shar e $ 0.78 $ 0.82 $ 0.58 $ 1.43 |
Note 1 - Unaudited Condensed 27
Note 1 - Unaudited Condensed Consolidated Financial Statements (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Revenue, Net | $ 392,714,000 | $ 369,705,000 | $ 1,049,209,000 | $ 979,566,000 |
B&G Foods, Inc [Member] | ||||
Revenue, Net | $ 112,768,000 | $ 95,253,000 |
Note 2 - Acquisition (Details T
Note 2 - Acquisition (Details Textual) - USD ($) | Apr. 03, 2017 | Jul. 01, 2017 | Dec. 30, 2017 | Dec. 31, 2016 | Apr. 02, 2017 | Apr. 30, 2014 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,078,000 | |||||
Truitt Bros. Inc. [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,078,000 | $ 1,078,000 | 1,078,000 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 562,000 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement of Inventory, Impact on Cost of Goods Sold | $ 542,000 | |||||
Business Combination, Consideration Transferred | 14,420,000 | $ 14,420,000 | ||||
Cash Acquired from Acquisition | 3,030,000 | |||||
Equity Method Investments | 34,872,000 | $ 17,422,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3,608,000 | |||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | $ 31,842,000 | |||||
Truitt Bros. Inc. Investment [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Equity Method Investment, Aggregate Cost | $ 16,242,000 | |||||
Purchase Agreement, Additional Percentage of Voting Interests Acquirable | 50.00% |
Note 2 - Acquisition - Purchase
Note 2 - Acquisition - Purchase Price Allocation (Details) - USD ($) | Apr. 03, 2017 | Jul. 01, 2017 | Dec. 30, 2017 | Dec. 31, 2016 |
Bargain purchase gain | $ (1,078,000) | |||
Truitt Bros. Inc. [Member] | ||||
Purchase Price (net of cash received) | $ 31,842,000 | |||
Current assets | 22,823,000 | |||
Other long-term assets | 1,744,000 | |||
Property, plant and equipment | 28,696,000 | |||
Current liabilities | (5,068,000) | |||
Deferred taxes | 389,000 | |||
Other long-term liabilities | (15,664,000) | |||
Bargain purchase gain | $ (1,078,000) | $ (1,078,000) | $ (1,078,000) |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Inventory, LIFO Reserve | $ 152,091,000 | $ 139,709,000 | $ 152,091,000 | $ 139,709,000 |
Inventory, LIFO Reserve, Period Charge | $ (994,000) | $ (3,941,000) | $ 18,835,000 | $ 434,000 |
Note 4 - Revolving Credit Fac31
Note 4 - Revolving Credit Facility (Details Textual) - USD ($) | Apr. 03, 2017 | Jul. 05, 2016 | Dec. 30, 2017 | Dec. 30, 2017 | Dec. 31, 2016 |
Accounts Receivable, Vegetable and Fruit Products Sold, Standard Payment Term | 90 days | ||||
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term | 210 days | ||||
Increase (Decrease) in Accounts Receivable, Excluding Receivables Acquired from Business Combinations | $ (7,168,000) | ||||
Increase (Decrease) in Inventories, Excluding Inventories Acquired in a Business Combination | 37,674,000 | ||||
Truitt Bros. Inc. [Member] | |||||
Business Combination, Consideration Transferred | $ 14,420,000 | 14,420,000 | |||
Farm Credit [Member] | Term Loan [Member] | |||||
Debt Instrument, Face Amount | 100,000,000 | $ 100,000,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument, Term | 5 years | ||||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | 400,000,000 | 400,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | 500,000,000 | 500,000,000 | |||
Long-term Line of Credit | $ 290,196,000 | 290,196,000 | $ 232,586,000 | ||
Line of Credit Facility, Impact on Average Amount Borrowed, Results of Operations | $ 4,126,000 |
Note 4 - Revolving Credit Fac32
Note 4 - Revolving Credit Facility - Revolving Line of Credit Summary (Details) - Revolving Credit Facility [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Outstanding borrowings | $ 290,196,000 | $ 232,586,000 | $ 290,196,000 | $ 232,586,000 |
Weighted average interest rate | 3.04% | 2.00% | 3.04% | 2.00% |
Maximum amount of borrowings | $ 296,088,000 | $ 349,710,000 | $ 296,088,000 | $ 361,800,000 |
Average outstanding borrowings | $ 280,960,000 | $ 301,395,000 | $ 246,414,000 | $ 289,949,000 |
Weighted average interest rate | 2.82% | 1.89% | 2.59% | 1.88% |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Details Textual) - USD ($) | 9 Months Ended | ||
Dec. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Treasury Stock, Shares | 2,414,678 | ||
Treasury Stock, Value | $ 69,941,000 | $ 66,499,000 | $ 67,550,000 |
Common Class A [Member] | |||
Treasury Stock, Shares, Acquired | 114,532 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 3,441,000 |
Note 6 - Retirement Plans (Deta
Note 6 - Retirement Plans (Details Textual) - USD ($) | 9 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2,500,000 | $ 8,000,000 |
Note 6 - Retirement Plans - Net
Note 6 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Service Cost | $ 1,981 | $ 2,164 | $ 5,944 | $ 6,491 |
Interest Cost | 1,985 | 1,919 | 5,956 | 5,756 |
Expected Return on Plan Assets | (3,673) | (2,978) | (10,640) | (8,934) |
Amortization of Actuarial Loss | 679 | 2,037 | ||
Amortization of Transition Asset | 30 | 27 | 90 | 82 |
Net Periodic Benefit Cost | $ 323 | $ 1,811 | $ 1,350 | $ 5,432 |
Note 7 - Plant Restructuring (D
Note 7 - Plant Restructuring (Details Textual) - Closing of Northwest Plant [Member] - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Charges | $ 157,000 | $ 10,302,000 | |
Restructuring Reserve, Accrual Adjustment | $ 1,829,000 | ||
Employee Severance [Member] | |||
Restructuring Charges | 162,000 | ||
Restructuring Reserve, Accrual Adjustment | 1,590,000 | ||
Impairment of Long-Lived Assets [Member] | |||
Restructuring Charges | 5,065,000 | ||
Restructuring Reserve, Accrual Adjustment | (384,000) | ||
Other Restructuring [Member] | |||
Restructuring Charges | $ 5,075,000 | ||
Restructuring Reserve, Accrual Adjustment | $ 635,000 |
Note 7 - Plant Restructuring -
Note 7 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Balance | $ 5,115 | $ 8,872 | $ 5,115 | $ 8,872 | ||||
Quarter charge (credit) | $ 101 | $ (25) | 81 | $ 1,316 | $ 277 | 1,185 | 157 | 2,778 |
Cash payments/write offs | (4,272) | (4,904) | ||||||
Balance | 1,000 | 6,746 | 1,000 | 6,746 | ||||
Employee Severance [Member] | ||||||||
Balance | 37 | 37 | ||||||
Quarter charge (credit) | 98 | 36 | 1,261 | 112 | 127 | |||
Cash payments/write offs | (73) | (1,480) | ||||||
Balance | 98 | 20 | 98 | 20 | ||||
Impairment of Long-Lived Assets [Member] | ||||||||
Balance | 4,773 | 4,975 | 4,773 | 4,975 | ||||
Quarter charge (credit) | 8 | 9 | 62 | (286) | (6) | |||
Cash payments/write offs | (3,888) | 164 | ||||||
Balance | 902 | 4,909 | 902 | 4,909 | ||||
Other Restructuring [Member] | ||||||||
Balance | 305 | 3,897 | 305 | 3,897 | ||||
Quarter charge (credit) | 3 | $ (33) | $ 36 | (7) | $ 451 | $ 1,064 | ||
Cash payments/write offs | (311) | (3,588) | ||||||
Balance | $ 1,817 | $ 1,817 |
Note 8 - Other Operating Inco38
Note 8 - Other Operating Income and Expense (Details Textual) - USD ($) | Apr. 03, 2017 | Jul. 01, 2017 | Dec. 30, 2017 | Dec. 31, 2016 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1,590,000 | $ 149,000 | ||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 1,078,000 | |||
Truitt Bros. Inc. [Member] | ||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,078,000 | $ 1,078,000 | 1,078,000 | |
Closed Plant in the Midwest [Member] | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 1,081,000 |
Note 10 - Earnings Per Common39
Note 10 - Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Net Earnings | $ 7,727 | $ 8,181 | $ 5,776 | $ 14,263 |
Deduct preferred stock dividends paid | 6 | 6 | 17 | 17 |
Undistributed earnings | 7,721 | 8,175 | 5,759 | 14,246 |
Earnings attributable to participating preferred | 31 | 75 | 29 | 130 |
Earnings attributable to common shareholders | $ 7,690 | $ 8,100 | $ 5,730 | $ 14,116 |
Weighted average common shares outstanding-basic (in shares) | 9,740 | 9,770 | 9,782 | 9,790 |
Basic earnings per common share (in dollars per share) | $ 0.79 | $ 0.83 | $ 0.59 | $ 1.44 |
Earnings attributable to common shareholders | $ 7,690 | $ 8,100 | $ 5,730 | $ 14,116 |
Add dividends on convertible preferred stock | 5 | 5 | 15 | 15 |
Earnings attributable to common stock on a diluted basis | $ 7,695 | $ 8,105 | $ 5,745 | $ 14,131 |
Additional shares issued related to the equity compensation plan (in shares) | 2 | 2 | 2 | 2 |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 | 67 | 67 |
Total shares for diluted (in shares) | 9,809 | 9,839 | 9,851 | 9,859 |
Diluted earnings per common share (in dollars per share) | $ 0.78 | $ 0.82 | $ 0.58 | $ 1.43 |
Note 11 - Fair Value of Finan40
Note 11 - Fair Value of Financial Instruments (Details Textual) - USD ($) | Dec. 30, 2017 | Mar. 31, 2017 |
Long-term Debt, Gross | $ 415,448,000 | $ 332,633,000 |
Long-term Debt, Fair Value | 415,173,000 | 332,926,000 |
Capital Lease Obligations | 43,501,000 | 39,033,000 |
Capital Lease Obligations, Fair Value Disclosure | $ 40,621,000 | $ 37,505,000 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent | (77.60%) | 30.40% | |
Effective Income Tax Rate Reconciliation, Increase (Decrease), Percent | (108.00%) | ||
Effective Income Tax Rate Reconciliation, Increase (Decrease), Amount | $ (3,040,000) | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |