Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Jun. 15, 2018 | Oct. 01, 2017 | |
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 | ||
Entity Public Float | $ 241,650 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
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) | 7,860,033 |
Consolidated Statements of Net
Consolidated Statements of Net (Loss) Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 1,314,765 | $ 1,262,198 | $ 1,279,567 |
Costs and expenses: | |||
Cost of products sold | 1,240,178 | 1,150,194 | 1,128,990 |
Selling, general, and administrative expense | 73,514 | 72,996 | 73,515 |
Other operating expense (income), net | (3,671) | 2,437 | (24,971) |
Plant restructuring | 10,011 | 1,829 | 10,302 |
Total costs and expenses | 1,320,032 | 1,227,456 | 1,187,836 |
Operating (loss) income | (5,267) | 34,742 | 91,731 |
(Earnings) loss from equity investment | (21) | (578) | 48 |
Interest expense, net of interest income of $54, $18, and $4, respectively | 15,037 | 9,672 | 8,044 |
(Loss) earnings before income taxes | (20,283) | 25,648 | 83,639 |
Income tax (benefit) expense | (6,472) | 9,753 | 27,240 |
Net (loss) earnings | $ (13,811) | $ 15,895 | $ 56,399 |
Basic (loss) earnings per common share (in dollars per share) | $ (1.41) | $ 1.61 | $ 5.65 |
Diluted (loss) earnings per share (in dollars per share) | $ (1.41) | $ 1.60 | $ 5.61 |
Consolidated Statements of Net3
Consolidated Statements of Net (Loss) Earnings (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income | $ 54 | $ 18 | $ 4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Comprehensive (loss) income : | |||
Net (loss) earnings | $ (13,811) | $ 15,895 | $ 56,399 |
Change in pension and postretirement benefits (net of income tax of $3,774, $10,367, and $2,179, respectively) | (11,483) | 17,221 | 3,408 |
Total comprehensive (loss) income | $ (25,294) | $ 33,116 | $ 59,807 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive (Loss) Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
AOCI Attributable to Parent [Member] | |||
Change in pension and postretirement benefits, tax | $ 3,774 | $ 10,367 | $ 2,179 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 15,102 | $ 11,992 |
Accounts receivable, less allowance for doubtful accounts of $56 and $50, respectively | 78,796 | 72,080 |
Inventories: | ||
Finished products | 511,313 | 466,126 |
In process | 41,665 | 32,528 |
Raw materials and supplies | 127,850 | 130,281 |
Total inventories | 680,828 | 628,935 |
Refundable income taxes | 1,142 | 2,471 |
Other current assets | 2,144 | 3,671 |
Total Current Assets | 778,012 | 719,149 |
Deferred income tax asset, net | 10,289 | 1,370 |
Other assets | 5,105 | 20,273 |
Property, plant, and equipment: | ||
Land | 30,074 | 25,219 |
Buildings and improvements | 226,857 | 216,859 |
Equipment | 462,568 | 414,859 |
Total | 719,499 | 656,937 |
Less accumulated depreciation and amortization | 442,474 | 419,461 |
Net property, plant, and equipment | 277,025 | 237,476 |
Total Assets | 1,070,431 | 978,268 |
Current Liabilities: | ||
Notes payable | 166 | |
Accounts payable | 69,618 | 72,824 |
Deferred Revenue | 60,657 | 46,100 |
Accrued vacation | 13,023 | 11,867 |
Accrued payroll | 5,320 | 6,593 |
Other accrued expenses | 35,921 | 31,880 |
Current portion of long-term debt and capital lease obligations | 9,815 | 8,334 |
Total Current Liabilities | 194,354 | 177,764 |
Long-term debt, less current portion | 414,132 | 329,138 |
Pension liabilities | 23,290 | 8,193 |
Other liabilities | 5,829 | 3,775 |
Capital lease obligations, less current portion | 35,896 | 34,194 |
Total Liabilities | 673,501 | 553,064 |
Commitments and contingencies | ||
Stockholders’ Equity: | ||
Preferred stock | 707 | 1,324 |
Common stock | 3,038 | 3,024 |
Additional paid-in capital | 98,161 | 97,458 |
Treasury stock, at cost | (69,556) | (66,499) |
Accumulated other comprehensive loss | (25,067) | (11,175) |
Retained earnings | 389,647 | 401,072 |
Total Stockholders’ Equity | 396,930 | 425,204 |
Total Liabilities and Stockholders’ Equity | $ 1,070,431 | $ 978,268 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Allowance for doubtful accounts | $ 56 | $ 50 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | |||
Net (loss) earnings | $ (13,811,000) | $ 15,895,000 | $ 56,399,000 |
Adjustments to reconcile net earnings to net cash (used in) provided by operations: | |||
Depreciation and amortization | 31,547,000 | 24,824,000 | 21,737,000 |
Deferred income tax (benefit) expense | (4,923,000) | 8,863,000 | 708,000 |
(Gain) loss on the sale of assets | (1,855,000) | 177,000 | (432,000) |
Impairment and restructuring provision | 10,011,000 | 2,881,000 | 10,302,000 |
(Earnings) loss from equity investment | (21,000) | (578,000) | 48,000 |
Bargain purchase gain | (1,786,000) | ||
401(k) match stock contribution | 1,501,000 | 2,017,000 | 1,820,000 |
Changes in operating assets and liabilities (net of acquisitions): | |||
Accounts receivable | (672,000) | 4,708,000 | 1,289,000 |
Inventories | (35,817,000) | (19,454,000) | (53,527,000) |
Other current assets | 1,527,000 | 12,094,000 | 12,544,000 |
Accounts payable, accrued expenses, and other liabilities | (207,000) | (21,658,000) | (13,976,000) |
Income taxes | 1,319,000 | (5,445,000) | 2,246,000 |
Net cash (used in) provided by operating activities | (13,187,000) | 24,324,000 | 39,158,000 |
Cash flows from investing activities: | |||
Additions to property, plant, and equipment | (32,665,000) | (32,139,000) | (9,864,000) |
Cash paid for acquisitions (net of cash acquired) | (14,420,000) | (38,795,000) | |
Proceeds from the sale of assets | 2,075,000 | 427,000 | 1,026,000 |
Net cash used in investing activities | (45,010,000) | (31,712,000) | (47,633,000) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 532,374,000 | 506,831,000 | 355,932,000 |
Payments of long-term debt and capital lease obligations | (466,048,000) | (491,494,000) | (333,382,000) |
Payments on notes payable | (166,000) | (236,000) | (9,501,000) |
Change in other assets | (272,000) | (1,493,000) | (305,000) |
Purchase of treasury stock | (4,558,000) | (2,807,000) | (6,252,000) |
Preferred stock dividends paid | (23,000) | (23,000) | (23,000) |
Net cash provided by financing activities | 61,307,000 | 10,778,000 | 6,469,000 |
Net increase (decrease) in cash and cash equivalents | 3,110,000 | 3,390,000 | (2,006,000) |
Cash and cash equivalents, beginning of year | 11,992,000 | 8,602,000 | 10,608,000 |
Cash and cash equivalents, end of year | 15,102,000 | 11,992,000 | 8,602,000 |
Supplemental disclosures of cash flow information: | |||
Interest | 13,475,000 | 8,352,000 | 6,820,000 |
Income taxes (refunded) paid | (3,082,000) | 6,284,000 | 24,108,000 |
Noncash transactions: | |||
Property, plant and equipment issued under capital lease | 8,381,000 | 35,559,000 | 5,313,000 |
Assets previously held for sale reclassified back to property, plant and equipment | $ 5,025,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Cumulative Preferred Stock [Member] | Cumulative Convertible Preferred Stock [Member] | Participating Convertible Preferred Stock [Member] | Series 2003 Convertible Preferred Stock [Member] | Common Class A [Member] | Common Class B [Member] | 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, 2015 | $ 2,119,000 | $ 3,010,000 | $ 96,578,000 | $ (61,277,000) | $ (31,804,000) | $ 328,824,000 | |||||||
Net Income (Loss) Attributable to Parent, Total | 56,399,000 | $ 56,399,000 | |||||||||||
Cash dividends paid on preferred stock | $ (3,000) | (23,000) | |||||||||||
Equity incentive program | 33,000 | ||||||||||||
Contribution of 401(k) match | 1,820,000 | ||||||||||||
Purchase of treasury stock | (6,252,000) | ||||||||||||
Preferred stock conversion | (775,000) | 13,000 | 762,000 | ||||||||||
Change in pension and postretirement benefits adjustment | 3,408,000 | (3,408,000) | |||||||||||
Balance at Mar. 31, 2016 | 1,344,000 | 3,023,000 | 97,373,000 | (65,709,000) | (28,396,000) | 385,200,000 | 392,835,000 | ||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 90,826 | 500 | |||||||||
Common stock, shares outstanding (in shares) | 7,918,069 | 1,894,599 | |||||||||||
Net Income (Loss) Attributable to Parent, Total | 15,895,000 | 15,895,000 | |||||||||||
Cash dividends paid on preferred stock | $ (3,000) | (23,000) | |||||||||||
Equity incentive program | 66,000 | ||||||||||||
Contribution of 401(k) match | 2,017,000 | ||||||||||||
Purchase of treasury stock | (2,807,000) | ||||||||||||
Preferred stock conversion | (20,000) | 1,000 | 19,000 | ||||||||||
Change in pension and postretirement benefits adjustment | 17,221,000 | (17,221,000) | |||||||||||
Balance at Mar. 31, 2017 | 1,324,000 | 3,024,000 | 97,458,000 | (66,499,000) | (11,175,000) | 401,072,000 | 425,204,000 | ||||||
Balance at Jul. 02, 2016 | 393,342,000 | ||||||||||||
Net Income (Loss) Attributable to Parent, Total | 6,821,000 | ||||||||||||
Balance at Oct. 01, 2016 | 399,617,000 | ||||||||||||
Net Income (Loss) Attributable to Parent, Total | 7,789,000 | ||||||||||||
Balance at Dec. 31, 2016 | 406,610,000 | ||||||||||||
Net Income (Loss) Attributable to Parent, Total | 320,000 | ||||||||||||
Balance at Mar. 31, 2017 | 1,324,000 | 3,024,000 | 97,458,000 | (66,499,000) | (11,175,000) | 401,072,000 | 425,204,000 | ||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 89,251 | 500 | |||||||||
Common stock, shares outstanding (in shares) | 7,910,508 | 1,884,839 | |||||||||||
Net Income (Loss) Attributable to Parent, Total | (980,000) | ||||||||||||
Balance at Jul. 01, 2017 | 424,330,000 | ||||||||||||
Balance at Mar. 31, 2017 | 1,324,000 | 3,024,000 | 97,458,000 | (66,499,000) | (11,175,000) | 401,072,000 | 425,204,000 | ||||||
Net Income (Loss) Attributable to Parent, Total | (13,811,000) | (13,811,000) | |||||||||||
Cash dividends paid on preferred stock | $ (3,000) | (23,000) | (23,000) | ||||||||||
Equity incentive program | 100,000 | ||||||||||||
Contribution of 401(k) match | 1,501,000 | ||||||||||||
Purchase of treasury stock | $ (4,600,000) | $ (7,000) | (4,558,000) | ||||||||||
Preferred stock conversion | (617,000) | 14,000 | 603,000 | ||||||||||
Change in pension and postretirement benefits adjustment | (11,483,000) | 11,483,000 | |||||||||||
Reclassification of certain tax effects | Accounting Standards Update 2018-02 [Member] | (2,409,000) | 2,409,000 | |||||||||||
Balance at Mar. 31, 2018 | 707,000 | 3,038,000 | 98,161,000 | (69,556,000) | (25,067,000) | 389,647,000 | 396,930,000 | ||||||
Balance at Jul. 01, 2017 | 424,330,000 | ||||||||||||
Net Income (Loss) Attributable to Parent, Total | (2,958,000) | ||||||||||||
Balance at Sep. 30, 2017 | 418,744,000 | ||||||||||||
Net Income (Loss) Attributable to Parent, Total | 4,377,000 | ||||||||||||
Balance at Dec. 30, 2017 | 422,439,000 | ||||||||||||
Reclassification of certain tax effects | 2,400,000 | ||||||||||||
Balance at Mar. 31, 2018 | $ 707,000 | $ 3,038,000 | $ 98,161,000 | $ (69,556,000) | $ (25,067,000) | $ 389,647,000 | $ 396,930,000 | ||||||
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) | 7,860,033 | 1,884,439 | |||||||||||
Preferred stock, stock amount | $ 50,000 | $ 202,000 | $ 447,000 | $ 8,000 | |||||||||
Common stock, stock amount | $ 2,534,000 | $ 504,000 |
Consolidated Statements of St10
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Cumulative Preferred Stock [Member] | |||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% |
Preferred stock, par value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Cumulative Convertible Preferred Stock [Member] | |||
Preferred stock, dividend rate | 10.00% | 10.00% | 10.00% |
Preferred stock, par value (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.025 |
Participating Convertible Preferred Stock [Member] | |||
Preferred stock, par value (in dollars per share) | 0.025 | 0.025 | 0.025 |
Series 2003 Convertible Preferred Stock [Member] | |||
Preferred stock, par value (in dollars per share) | 0.025 | 0.025 | 0.025 |
Common Class A [Member] | |||
Common Stock, Par Value (in dollars per share) | 0.25 | 0.25 | 0.25 |
Common Class B [Member] | |||
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
AOCI Attributable to Parent [Member] | |||
Change in pension and postretirement benefits adjustment, tax | $ 3,774 | $ 10,367 | $ 2,179 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Nature of Operations — 30 34 eleven Principles of Consolidation Revenue Recognition Trade promotions are an important component of the sales and marketing of the Company’s branded products, and are critical to the support of the business. Trade promotion costs, which are recorded as a reduction of sales, include amounts paid to retailers for shelf space, to obtain favorable display positions and to offer temporary price reductions for the sale of our products to consumers. Accruals for trade promotions are recorded primarily at the time of sale to the retailer based on expected levels of performance. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a retailer from amounts otherwise due to the Company. As a result, the ultimate cost of a trade promotion program is dependent on the relative success of the events and the actions and level of deductions taken by retailers. Final determination of the permissible deductions may Concentration of Credit Risk not 9%, 11% 12% 2018, 2017 2016, ten November 2015), 45%, 46% 46% 2018, 2017 2016, not Cash Equivalents three Fair Value of Financial Instruments 1 2 10, The three 1 3 three ● Level 1 ● Level 2 not ● Level 3 one Deferred Financing Costs not March 31, 2018, $0.7 $0.1 Inventories first Income Taxes The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. Shipping and Handling Costs $40.6 $38.0 $38.3 2018, 2017, 2016, Advertising Costs $2.4 $2.1 $2.0 2018, 2017 2016, Accounts Receivable and Doubtful Accounts 15 Earnings per Common Share three Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. Years ended March 31, 2018 2017 2016 (Restated) (Restated) (In thousands, except per share amounts) Basic Net (loss) earnings $ (13,811 ) $ 15,895 $ 56,399 Deduct preferred stock dividends 23 23 23 Undistributed (loss) earnings (13,834 ) 15,872 56,376 (Loss) earnings attributable to participating preferred shareholders (66 ) 146 563 (Loss) earnings attributable to common shareholders $ (13,768 ) $ 15,726 $ 55,813 Weighted average common shares outstanding 9,769 9,785 9,878 Basic (loss) earnings per common share $ (1.41 ) $ 1.61 $ 5.65 Diluted (Loss) earnings attributable to common shareholders $ (13,768 ) $ 15,726 $ 55,813 Add dividends on convertible preferred stock - 20 20 Earnings attributable to common stock on a diluted basis $ (13,768 ) $ 15,746 $ 55,833 Weighted average common shares outstanding-basic 9,769 9,785 9,878 Additional shares to be issued related to the equity compensation plan - 2 3 Additional shares to be issued under full conversion of preferred stock - 67 67 Total shares for diluted 9,769 9,854 9,948 Diluted (loss) earnings per share $ (1.41 ) $ 1.60 $ 5.61 Depreciation and Valuation $31.1 $24.2 $21.4 2018, 2017, 2016, 30 10 15 3 5 3 7 10 20 $5.1 2016 15, no 2018 2017. Use of Estimates in the Preparation of Financial Statements Recently Issued Accounting Standards May 2014, No. 2014 09, Revenue from Contracts with Customers August 2015, one April 1, 2018. 2 not 13. 2018, $14.0 $5.3 March 31, 2018 $14.4 2019, In February 2016, No. 2016 02, Leases. 12 December 15, 2018 ( 2020 In January 2017, No. 2017 01 2017 01" Business Combinations (Topic 805 2017 01 December 15, 2017 not 2017 01 not 2017 01 In February 2018, No. 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. December 2017 not December 31, 2018 fourth March 31, 2018 $2.4 $2.4 In March 2017, Update2017 07, Compensation – Retirement Benefits (Topic 715 2017 07 April 1, 2018. not Reclassifications |
Note 2 - Restatement of Previou
Note 2 - Restatement of Previously Issued Financial Statements | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 2. On June 28, 2018, not 13 not not March 31, 2016 2017 March 31, 2017 2018 The Consolidated Statements of Cash Flows are not no The following tables present a summary of these effects of these restatements. Consolidated Statements of Earnings (Loss) Year Ended March 31, 2017 (Audited) March 31, 2016 (Audited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 1,245,681 $ 16,517 $ 1,262,198 $ 1,275,360 $ 4,207 $ 1,279,567 Cost of Products Sold 1,139,298 10,896 1,150,194 1,127,965 1,025 1,128,990 Gross Profit 106,383 5,621 112,004 147,395 3,182 150,577 Operating Income/(Loss) 29,121 5,621 34,742 88,549 3,182 91,731 Earnings/(Loss) before income taxes 20,027 5,621 25,648 80,457 3,182 83,639 Income tax (benefit) expense 7,414 2,339 9,753 25,999 1,241 27,240 Net Earnings 12,613 3,282 15,895 54,458 1,941 56,399 Earnings Per Common Share-Basic $ 1.27 $ 0.34 $ 1.61 $ 5.46 $ 0.20 $ 5.65 Earnings Per Common Share-Diluted $ 1.27 $ 0.33 $ 1.60 $ 5.42 $ 0.20 $ 5.61 Three Months Ended December 30, 2017 (Unaudited) September 30, 2017 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 392,714 $ (5,025 ) $ 387,689 $ 376,308 $ (37,838 ) $ 338,470 Cost of Products Sold 361,013 (3,825 ) 357,188 355,904 (34,845 ) 321,059 Gross Profit 31,701 (1,200 ) 30,501 20,404 (2,993 ) 17,411 Operating Income/(Loss) 11,471 (1,200 ) 10,271 1,584 (2,993 ) (1,409 ) Earnings/(Loss) before income taxes 7,459 (1,200 ) 6,259 (1,849 ) (2,993 ) (4,842 ) Income tax (benefit) expense (268 ) 2,150 1,882 (737 ) (1,147 ) (1,884 ) Net Earnings (Loss) 7,727 (3,350 ) 4,377 (1,112 ) (1,846 ) (2,958 ) Earnings Per Common Share-Basic $ 0.79 $ (0.34 ) $ 0.45 $ (0.11 ) $ (0.19 ) $ (0.30 ) Earnings Per Common Share-Diluted $ 0.78 $ (0.34 ) $ 0.44 $ (0.11 ) $ (0.19 ) $ (0.30 ) Three Months Ended July 1, 2017 (Unaudited) March 31, 2017 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 280,187 $ 8,740 $ 288,927 $ 266,115 $ 14,575 $ 280,690 Cost of Products Sold 264,427 8,965 273,392 247,394 12,198 259,592 Gross Profit 15,760 (225 ) 15,535 18,721 2,377 21,098 Operating Income/(Loss) 838 (225 ) 613 2,432 2,377 4,809 Earnings/(Loss) before income taxes (2,358 ) (225 ) (2,583 ) (453 ) 2,377 1,924 Income tax (benefit) expense (1,519 ) (84 ) (1,603 ) 1,197 407 1,604 Net Earnings (Loss) (839 ) (141 ) (980 ) (1,650 ) 1,970 320 Earnings Per Common Share-Basic $ (0.09 ) $ (0.01 ) $ (0.10 ) $ (0.17 ) $ 0.20 $ 0.03 Earnings Per Common Share-Diluted $ (0.09 ) $ (0.01 ) $ (0.10 ) $ (0.17 ) $ 0.20 $ 0.03 Three Months Ended December 31, 2016 (Unaudited) October 1, 2016 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 369,705 $ (12,938 ) $ 356,767 $ 357,247 $ (4,641 ) $ 352,606 Cost of Products Sold 332,230 (13,389 ) 318,841 327,035 (5,454 ) 321,581 Gross Profit 37,475 451 37,926 30,212 813 31,025 Operating Income/(Loss) 13,890 451 14,341 11,202 813 12,015 Earnings/(Loss) before income taxes 11,809 451 12,260 8,781 813 9,594 Income tax (benefit) expense 3,628 843 4,471 2,637 136 2,773 Net Earnings (Loss) 8,181 (392 ) 7,789 6,144 677 6,821 Earnings Per Common Share-Basic $ 0.83 $ (0.05 ) $ 0.78 $ 0.62 $ 0.07 $ 0.69 Earnings Per Common Share-Diluted $ 0.82 $ (0.05 ) $ 0.77 $ 0.62 $ 0.07 $ 0.69 Three Months Ended July 2, 2016 (Unaudited) As As Reported Correction Restated Net Sales $ 252,614 $ 19,521 $ 272,135 Cost of Products Sold 232,639 17,541 250,180 Gross Profit 19,975 1,980 21,955 Operating Income/(Loss) 1,597 1,980 3,577 Earnings/(Loss) before income taxes (110 ) 1,980 1,870 Income tax (benefit) expense (48 ) 953 905 Net Earnings (Loss) (62 ) 1,027 965 Earnings Per Common Share-Basic $ (0.01 ) $ 0.10 $ 0.09 Earnings Per Common Share-Diluted $ (0.01 ) $ 0.10 $ 0.09 Consolidated Balance Sheets As of December 30, 2017 (Unaudited) As of September 30, 2017 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Assets Inventory $ 710,118 $ 60,584 $ 770,702 $ 802,387 $ 56,759 $ 859,146 Total Current Assets 794,510 60,584 855,094 932,609 56,759 989,368 Total Assets 1,072,003 62,234 1,134,237 1,209,968 61,976 1,271,944 Liabilities and Stockholders' Equity Deferred Revenue $ 545 $ 79,606 $ 80,151 $ 542 $ 74,608 $ 75,150 Total Current Liabilities 162,423 79,576 241,999 322,982 74,551 397,533 Total Liabilities 635,204 76,594 711,798 780,214 72,986 853,200 Stockholders' Equity 436,799 (14,360 ) 422,439 429,754 (11,010 ) 418,744 Total Liabilities and Stockholders' Equity 1,072,003 62,234 1,134,237 1,209,968 61,976 1,271,944 As of July 1, 2017 (Unaudited) As of March 31, 2017 (Audited) As As As As Reported Correction Restated Reported Correction Restated Assets Inventory $ 633,505 $ 21,914 $ 655,419 $ 598,056 $ 30,879 $ 628,935 Total Current Assets 731,857 21,914 753,771 688,270 30,879 719,149 Total Assets 1,006,943 25,038 1,031,981 946,019 32,249 978,268 Liabilities and Stockholders' Equity Deferred Revenue $ 472 $ 36,865 $ 37,337 $ 545 $ 45,555 $ 46,100 Total Current Liabilities 164,200 36,713 200,913 132,277 45,487 177,764 Total Liabilities 573,449 34,202 607,651 511,758 41,306 553,064 Stockholders' Equity 433,494 (9,164 ) 424,330 434,261 (9,057 ) 425,204 Total Liabilities and Stockholders' Equity 1,006,943 25,038 1,031,981 946,019 32,249 978,268 As of December 31, 2016 (Unaudited) As of October 1, 2016 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Assets Inventory $ 656,368 $ 43,077 $ 699,445 $ 771,996 $ 29,688 $ 801,684 Total Current Assets 750,156 43,077 793,233 905,029 29,688 934,717 Total Assets 1,004,711 49,035 1,053,746 1,148,714 36,489 1,185,203 Liabilities and Stockholders' Equity Deferred Revenue $ 473 $ 60,080 $ 60,553 $ 550 $ 47,166 $ 47,716 Total Current Liabilities 178,732 60,039 238,771 312,466 47,112 359,578 Total Liabilities 587,097 60,039 647,136 738,474 47,112 785,586 Stockholders' Equity 417,614 (11,004 ) 406,610 410,240 (10,623 ) 399,617 Total Liabilities and Stockholders' Equity 1,004,711 49,035 1,053,746 1,148,714 36,489 1,185,203 As of July 2, 2016 (Unaudited) As of March 31, 2016 (Audited) As As As As Reported Correction Restated Reported Correction Restated Assets Inventory $ 586,829 $ 24,234 $ 611,063 $ 567,707 $ 41,774 $ 609,481 Total Current Assets 693,649 24,234 717,883 673,887 41,774 715,661 Total Assets 919,981 31,171 951,152 895,327 49,664 944,991 Liabilities and Stockholders' Equity Deferred Revenue $ 492 $ 42,576 $ 43,068 $ 550 $ 62,034 $ 62,584 Total Current Liabilities 179,579 42,471 222,050 399,458 62,003 461,461 Total Liabilities 515,339 42,471 557,810 490,153 62,003 552,156 Stockholders' Equity 404,642 (11,300 ) 393,342 405,174 (12,339 ) 392,835 Total Liabilities and Stockholders' Equity 919,981 31,171 951,152 895,327 49,664 944,991 |
Note 3 - Acquisitions
Note 3 - Acquisitions | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. In April 2014, 50% $16.2 50% 2018 April 3, 2017, 50% first 2018. 2018 $1.8 $0.9 first 2018 $0.5 two 50% $14.4 $3.0 $17.4 $34.9 $3.6 1 2 $31.8 Purchase Price (net of cash received) $ 31.8 Fair values of assets acquired and liabilities assumed: Current assets $ 22.8 Other long-term assets 1.8 Property, plant and equipment 29.6 Current liabilities (5.1 ) Deferred taxes 0.2 Other long-term liabilities (15.7 ) Bargain purchase gain (1.8 ) Total $ 31.8 |
Note 4 - Short-term Borrowings
Note 4 - Short-term Borrowings | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. On July 5, 2016, five $400.0 April July $500.0 August March July 5, 2021. March 31, 2018 $293.5 3.35% $759.6 $10.4 $13.1 March 31, 2018 2017, 5, During 2017, March 31, 2017, not not $0.2 March 31, 2017, March 31, 2018 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 5. 2018 2017 (In thousands) Revolving credit facility 3.35% and 2.22%, due through 2022 $ 293,459 $ 214,781 Farm Credit term loan 4.48% and 3.38%, due 2022 99,871 99,836 Bluegrass tax exempt bonds 3.11%, due 2033 9,983 - Secured promissory note 6.98%, due through 2022 8,438 10,340 Lease financing obligations 2.62%, due through 2020 4,028 4,679 Secured promissory note 6.35%, due through 2020 1,046 1,782 Economic development note 2.00%, due through 2021 793 999 Other 216 216 417,834 332,633 Less current portion 3,702 3,495 $ 414,132 $ 329,138 See Note 4, The Company’s debt agreements, including the Revolver and term loan, contain covenants that restrict the Company’s ability to incur additional indebtedness, 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 the 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 accounts receivable and inventories. 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 Farm Credit term loan which for 2018 4 1. June 18, 2018. 1.1 1.0 December 31, 2018, 2.0 1.0 March 31, 2019, September 30, 2019 4.0 1.0, March 31, 2018. The Company's debt agreements limit the payment of dividends and other distributions. There is an annual total distribution limitation of $50,000, $23,000 two On August 16, 2016, four $22.6 On December 9, 2016, $100.0 December 9, 2021. $0.2 The Company assumed a tax-exempt bond with the Truitt acquisition on April 3, 2017. March 31, 2018, $10.0 October 1, 2032. The carrying value of assets pledged for secured debt, including the Revolver, is $900.3 Debt repayment requirements for the next five 2019 $ 3,702 2020 3,217 2021 5,518 2022 395,197 2023 - Thereafter 10,200 Total $ 417,834 |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 6. The Company had leased assets under capital leases totaling $49.3 March 31, 2018 $40.9 March 31, 2017. 2030 5.15% 7 3.37% 4.21%. Leased assets under capital leases consist of the following: 2018 2017 Land $ - $ - Buildings 5,313 5,313 Equipment 43,980 35,597 49,293 40,910 Less accumulated amortization 6,121 1,706 $ 43,172 $ 39,204 The Company has operating leases for equipment expiring at various dates through 2031. one The following is a schedule, by year, of minimum operating and capital lease payments due as of March 31, 2018 Years ending March 31: Operating Capital 2019 $ 36,459 $ 7,679 2020 31,474 7,679 2021 25,254 7,678 2022 16,488 7,678 2023 9,610 7,678 2024-2031 4,369 9,744 Total minimum payment required $ 123,654 $ 48,136 Less interest 6,127 Present value of minimum lease payments 42,009 Amount due within one year 6,113 Long-term capital lease obligation $ 35,896 Lease expense in fiscal 2018, 2017 2016 $47.0 $48.3 $51.4 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows: 2018 2017 2016 (Restated) (Restated) (In thousands) Current: Federal $ (1,901 ) $ 395 $ 24,579 State 351 495 1,953 (1,550 ) 890 26,532 Deferred: Federal $ (4,475 ) $ 8,226 $ 425 State (447 ) 637 283 (4,922 ) 8,863 708 Total income tax (benefit) expense $ (6,472 ) $ 9,753 $ 27,240 A reconciliation of the expected U.S. statutory rate to the effective rate follows: 2018 2017 2016 (Restated) (Restated) Computed (expected tax rate) 31.5 % 35.0 % 35.0 % State income taxes (net of federal tax benefit) 3.1 3.9 2.7 State tax credits 2.4 (2.0 ) (0.9 ) Federal credits 3.1 (1.3 ) (0.3 ) Manufacturer’s deduction - (1.3 ) (3.7 ) (Reversal of) addition to uncertain tax positions (0.8 ) 0.2 0.2 Difference between statutory and actual rate (10.5 ) (0.4 ) - Other permanent differences not deductible 1.6 1.8 (0.2 ) Change in valuation allowance (9.7 ) 0.1 0.1 Tax rate change 8.8 - - Other 2.4 2.0 (0.3 ) Effective income tax rate 31.9 % 38.0 % 32.6 % The effective tax rate was 31.9% 2018 38.0% 2017. 6.1 three 9.9% not 4.9% two 8.8% not 2017 2018. 2017 2018, 2018 2017. On December 22, 2017, 35.0% 31.5% 2018 21% 2019. $1.4 March 31, 2018. not 2018 The following is a summary of the significant components of the Company's deferred income tax assets and liabilities as of March 31: 2018 2017 (Restated) (In thousands) Deferred income tax assets: Future tax credits $ 5,030 $ 3,827 Restructuring reserve 2,374 - Employee benefits 2,440 3,119 Insurance 361 924 Other comprehensive loss 8,500 7,135 Interest 31 32 Future federal tax credits 443 - Prepaid revenue 15,422 17,729 Other 715 472 Net operating loss carryovers 4,512 - 39,828 33,238 Deferred income tax liabilities: Property basis and depreciation difference 11,750 12,786 481(a) adjustment - 429 Inventory valuation 11,270 12,766 Intangibles 325 213 Earnings from equity investment - 193 Pension 2,329 3,590 25,674 29,977 Valuation allowance - non-current 3,865 1,891 Net deferred income tax (liability) asset $ 10,289 $ 1,370 Net non-current deferred income tax assets of $10.3 March 31, 2018 $1.4 March 31, 2017 The Company has State tax credit carryforwards amounting to $1.5 $1.3 $2.2 2033 2033 2028 March 31, 2018, $3.9 not not not not Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company classifies the liability for uncertain tax positions in other accrued expenses or other long-term liabilities depending on their expected settlement. The change in the liability for the years ended March 31, 2018 2017 2018 2017 (In thousands) Beginning balance $ 715 $ 694 Tax positions related to current year: Additions 9 67 Tax positions related to prior years: Additions 154 - Reductions (23 ) (46 ) Settlements - - Lapses in statues of limitations - - Balance as of March 31, $ 855 $ 715 Neither balances at March 31, 2018 2017 not The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. During the years ended March 31, 2018 2017, $0.0 $0.1 March 31, 2018 2017, $0.1 $0.1 Although management believes that an adequate provision 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 Company. Conversely, if resolved favorably in the future, the related provisions would be reduced, thus having a positive impact on earnings. It is anticipated that audit settlements will be reached during 2019 not The federal income tax returns for years after March 31, 2014 |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Preferred Stock three 200,000 6% $0.25 “6% 30,000 none 8,200,000 $.025 four 10% 10% 2003. The Convertible Participating Preferred Stock and Convertible Participating Preferred Stock, Series 2003 one one No 2018, 2017 2016. may March 31, 2018, 6,761,971 The Convertible Participating Preferred Stock has a liquidation preference of $12 $11.931 37,529 March 31, 2018 51,722 2003 967,742 2003 $16.60 $15.50 500 March 31, 2018. There are 407,240 March 31, 2018 one one 20 400,000 March 31, 2018 one one 30 200,000 6% March 31, 2018 $20,000 $3,000 6% 2018, 2017 2016. Common Stock 1/20th one 2018, no Unissued shares of common stock reserved for conversion privileges of designated non-participating preferred stock were 33,695 March 31, 2018 2017. 38,029 89,751 March 31, 2018 2017, Treasury Stock 2018, $4.6 150,303 $7,000, 200 March 31, 2018, $69.6 2,409,096 not $1.5 41,553 401 2018 8, |
Note 9 - Retirement Plans
Note 9 - Retirement Plans | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. 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 March 31, 2018 March 31, 2018 2017: 2018 2017 (In thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 216,022 $ 214,036 Merge the Gray Plan into the Seneca Plan 3,796 - Service cost 8,457 8,375 Interest cost 8,125 7,633 Plan amendments - 92 Actuarial loss (gain) 7,714 (3,201 ) Benefit payments and expenses (7,980 ) (10,913 ) Benefit obligation at end of year $ 236,134 $ 216,022 Change in Plan Assets Fair value of plan assets at beginning of year $ 207,829 $ 176,238 Merge the Gray Plan into the Seneca Plan 3,300 - Actual gain on plan assets 6,963 34,304 Employer contributions 2,732 8,200 Benefit payments and expenses (7,980 ) (10,913 ) Fair value of plan assets at end of year $ 212,844 $ 207,829 Unfunded Status $ (23,290 ) $ (8,193 ) The unfunded status increased by $15.1 2018 March 31, 2018. $11.7 $3.9 4.35% 4.14% 2018, 2006 2016 2006 2017 2018 2019. March 31, 2016, not Plan assets increased from $207.8 March 31, 2017 $212.8 March 31, 2018 $6.9 $2.7 $3.3 $8.0 2018 2017 (In thousands) Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (707 ) $ (826 ) Net loss (33,415 ) (17,580 ) Accumulated other comprehensive pre-tax loss $ (34,122 ) $ (18,406 ) Pension and post retirement plan adjustments, net of tax (In thousands) Accumulated Other Comprehensive Loss Balance at March 31, 2017 $ (11,175 ) Other comprehensive loss before reclassifications (11,483 ) Reclassified of certain tax effects of accumulated other comprehensive loss in connection with the new Tax Cuts and Jobs Act (2,409 ) Net current period other comprehensive loss (13,892 ) Balance at March 31, 2018 $ (25,067 ) The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2018, 2017, 2016: 2018 2017 2016 (In thousands) Service cost $ 8,457 $ 8,375 $ 10,502 Interest cost 8,125 7,633 8,902 Expected return on plan assets (15,050 ) (12,696 ) (11,685 ) Amortization of net loss 106 2,858 3,854 Prior service cost 119 109 109 Net periodic benefit cost $ 1,757 $ 6,279 $ 11,682 The Plan’s accumulated benefit obligation was $217.3 March 31, 2018 $199.2 March 31, 2017. Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% The assumptions used to measure the Company’s benefit obligation and pension expense are shown in the following table: 2018 2017 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 4.14 % 4.35 % 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 4.35 % 4.34 % Discount rate - service cost 4.58 % 4.67 % Discount rate - interest cost 3.74 % 3.62 % 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, 2019 2018 2017 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, 2018 2017 Market Value Market Value (In thousands) Assets by Industry Type Asset Category Cash and cash equivalents: Money market funds $ 595 $ 1,585 Total cash and cash equivalents 595 1,585 Common equity securities: Materials 10,685 10,952 Industrials 21,738 25,383 Telecommunication services 18,120 18,060 Consumer staples 32,543 43,641 Energy 20,017 16,110 Financials 37,634 33,818 Health care 20,702 17,587 Information technology 19,945 13,887 Utilities 30,865 26,806 Total common equity securities 212,249 206,244 Total assets $ 212,844 $ 207,829 Expected Return on Plan Assets The expected long-term rate of return on Plan assets is 7.25%. 7.25% 40 50 Investment Policy and Strategy The Company maintains an investment policy designed to achieve 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 diversified 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 2018 3.2% 500 11.8%. $15.3 March 31, 2018 $18.4 March 31, 2017. Cash Flows Expected contributions for fiscal year ending March 31, 2019 Expected Employer Contributions $ - Expected Employee Contributions - Estimated future benefit payments reflecting expected future service for the fiscal years ending March 31 ( 2019 $ 8,568 2020 9,201 2021 9,935 2022 10,586 2023 11,304 2024-2028 66,955 401 The Company also has employees’ savings 401 may $1.6 $1.9 $1.8 2018, 2017, 2016, 2018 2017, 401 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 June 1, 2015 June 30, 2018. For the fiscal years ended March 31, 2018, 2017 2016, $2.6 $2.3 $2.5 5% 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 may may may The Teamsters Plan received a Pension Protection Act “green” zone status for the plan year beginning January 1, 2017. 80 During 2018, 14, |
Note 10 - Fair Value of Financi
Note 10 - Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. The carrying amount and estimated fair values of the Company's debt are summarized as follows: 2018 2017 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (In thousands) Long-term debt, including current portion $ 417,834 $ 417,485 $ 332,633 $ 332,926 Capital leases, including current portion $ 42,009 $ 39,023 $ 39,033 $ 37,505 . 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 not 1 2. |
Note 11 - Inventories
Note 11 - Inventories | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 11. Effective December 30, 2007 4th 2008 $11.2 2018; $6.6 2017, $18.0 2016, $1.15 $1.15 2018; $0.67 $0.67 2017, $1.81 $1.79 2016. no three March 31, 2018. 2018 2017 (Restated) (In thousands) Finished products $ 636,195 $ 576,459 In process 47,972 35,982 Raw materials and supplies 155,468 160,333 839,635 772,774 Less excess of FIFO cost over LIFO cost 158,807 143,839 Total inventories $ 680,828 $ 628,935 |
Note 12 - Other Operating Incom
Note 12 - Other Operating Income and Expense | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 12. Other operating income in 2018 $1.8 $1.1 $0.4 $0.4 Other operating expense in 2017 $1.2 $1.1 $0.2 Other operating income in 2016 $24.3 65 $0.2 $0.1 $0.4 |
Note 13 - Segment Information
Note 13 - Segment Information | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. The Company manages its business on the basis of three 6.9%, 7.6%, 8.5% 2018, 2017, 2016, 2018, 2017, 2016, 9%, 11%, 12% Fruit and Prepared Vegetable Foods Snack Other Total (In thousands) 2018: Net sales $ 1,194,679 $ 92,826 $ 10,110 $ 17,150 $ 1,314,765 Operating income (loss) (11,238 ) 2,869 558 2,544 (5,267 ) Interest expense, net 14,321 533 24 159 15,037 Income tax (benefit) expense (8,946 ) 931 213 1,330 (6,472 ) Identifiable assets 1,013,359 53,132 1,915 2,025 1,070,431 Capital expenditures 34,445 926 - 535 35,906 Depreciation and amortization 25,978 4,330 336 903 31,547 2017: (Restated) Net sales $ 1,226,687 - $ 12,430 $ 23,081 $ 1,262,198 Operating income 32,164 - 945 1,633 34,742 Interest expense, net 9,518 - 17 137 9,672 Income tax expense 8,814 - 355 584 9,753 Identifiable assets 972,549 - 2,833 2,886 978,268 Capital expenditures 30,969 - 225 1,318 32,512 Depreciation and amortization 23,525 - 346 953 24,824 2016: (Restated) Net sales $ 1,243,386 - $ 12,336 $ 23,845 $ 1,279,567 Operating income 90,302 - 1,164 265 91,731 Interest expense, net 7,923 - 18 103 8,044 Income tax expense 26,792 - 372 76 27,240 Identifiable assets 938,632 - 2,697 3,662 944,991 Capital expenditures 9,232 - 52 682 9,966 Depreciation and amortization 20,438 - 351 948 21,737 The fruit and vegetable segment, consisting of Green Giant, canned fruit and vegetables and frozen products, represented 95%, 99% 99% 112%, 97% 100% 2018, 2017 2016, Classes of similar products/services: 2018 2017 2016 (Restated) (Restated) (In thousands) Net Sales: Green Giant * $ 111,014 $ 136,329 $ 148,517 Canned vegetables 721,121 705,297 746,501 Frozen 105,857 98,597 94,710 Fruit 256,687 286,464 253,658 Prepared foods 92,826 - - Snack 10,110 12,430 12,336 Other 17,150 23,081 23,845 Total $ 1,314,765 $ 1,262,198 $ 1,279,567 * Green Giant includes canned and frozen vegetables exclusively for B&G Foods. |
Note 14 - Legal Proceedings and
Note 14 - Legal Proceedings and Other Contingencies | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. In the ordinary course of its business, the Company is made a party to certain legal proceedings seeking monetary damages, including proceedings involving product liability claims, workers’ compensation along with other employee claims, tort and other general liability claims, for which it carries insurance, as well as patent infringement and related litigation. The Company is in a highly regulated industry and is also periodically involved in government actions for regulatory violations and other matters surrounding the manufacturing of its products, including, but not not not |
Note 15 - Plant Restructuring
Note 15 - Plant Restructuring | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 15. During 2018, $10.0 $5.4 $4.1 $0.7 $0.6 $0.4 $0.1 During 2017, 2016, $0.5 2017 $1.3 During 2016, $10.4 $0.2 $5.1 $5.1 $3.6 2016, 2015, $0.1 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. All of these restructuring charges are related to the Fruit and Vegetable segment. The following table summarizes the restructuring and related asset impairment charges recorded and the accruals established during 2016, 2017 2018: Long-Lived Other Severance Asset Cost Payable Impairment Payable Total (In thousands) 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 Charge to expense 722 (369 ) 9,658 10,011 Cash payments/write offs (198 ) (3,877 ) (468 ) (4,543 ) Balance March 31, 2018 $ 561 $ 527 $ 9,495 $ 10,583 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. A small percentage (less than 1% 2018, 2017 2016 $1.4 $1.0 $1.0 2018, 2017 2016, no During the years ended March 31, 2018, 2017 2016, $0.4 $1.3 $2.3 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. In early June 2018, 2018 not The Company also finalized an agreement to sell the majority of its remaining Modesto fruit inventory to Pacific Coast Producers, Inc. The completion of the sale of inventory happened on June 29, 2018 $55.8 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Charged/ Charged to Deductions Balance beginning (credited) other from at end of period to income accounts reserve of period Year-ended March 31, 2018: Allowance for doubtful accounts $ 50 $ 33 $ — $ (27 ) (a) $ 56 Income tax valuation allowance $ 1,891 $ 1,396 $ 601 $ (23 ) $ 3,865 Year-ended March 31, 2017: Allowance for doubtful accounts $ 111 $ (61 ) $ — $ — (a) $ 50 Income tax valuation allowance $ 1,861 $ 17 $ 118 $ (105 ) $ 1,891 Year-ended March 31, 2016: Allowance for doubtful accounts $ 145 $ (47 ) $ — $ 13 (a) $ 111 Income tax valuation allowance $ 1,787 $ 74 $ — $ — $ 1,861 (a) Accounts written off, net of recoveries. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Trade promotions are an important component of the sales and marketing of the Company’s branded products, and are critical to the support of the business. Trade promotion costs, which are recorded as a reduction of sales, include amounts paid to retailers for shelf space, to obtain favorable display positions and to offer temporary price reductions for the sale of our products to consumers. Accruals for trade promotions are recorded primarily at the time of sale to the retailer based on expected levels of performance. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a retailer from amounts otherwise due to the Company. As a result, the ultimate cost of a trade promotion program is dependent on the relative success of the events and the actions and level of deductions taken by retailers. Final determination of the permissible deductions may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk not 9%, 11% 12% 2018, 2017 2016, ten November 2015), 45%, 46% 46% 2018, 2017 2016, not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents three |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments 1 2 10, The three 1 3 three ● Level 1 ● Level 2 not ● Level 3 one |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs not March 31, 2018, $0.7 $0.1 |
Inventory, Policy [Policy Text Block] | Inventories first |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs $40.6 $38.0 $38.3 2018, 2017, 2016, |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs $2.4 $2.1 $2.0 2018, 2017 2016, |
Receivables, Policy [Policy Text Block] | Accounts Receivable and Doubtful Accounts 15 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share three Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. Years ended March 31, 2018 2017 2016 (Restated) (Restated) (In thousands, except per share amounts) Basic Net (loss) earnings $ (13,811 ) $ 15,895 $ 56,399 Deduct preferred stock dividends 23 23 23 Undistributed (loss) earnings (13,834 ) 15,872 56,376 (Loss) earnings attributable to participating preferred shareholders (66 ) 146 563 (Loss) earnings attributable to common shareholders $ (13,768 ) $ 15,726 $ 55,813 Weighted average common shares outstanding 9,769 9,785 9,878 Basic (loss) earnings per common share $ (1.41 ) $ 1.61 $ 5.65 Diluted (Loss) earnings attributable to common shareholders $ (13,768 ) $ 15,726 $ 55,813 Add dividends on convertible preferred stock - 20 20 Earnings attributable to common stock on a diluted basis $ (13,768 ) $ 15,746 $ 55,833 Weighted average common shares outstanding-basic 9,769 9,785 9,878 Additional shares to be issued related to the equity compensation plan - 2 3 Additional shares to be issued under full conversion of preferred stock - 67 67 Total shares for diluted 9,769 9,854 9,948 Diluted (loss) earnings per share $ (1.41 ) $ 1.60 $ 5.61 |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Valuation $31.1 $24.2 $21.4 2018, 2017, 2016, 30 10 15 3 5 3 7 10 20 $5.1 2016 15, no 2018 2017. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards May 2014, No. 2014 09, Revenue from Contracts with Customers August 2015, one April 1, 2018. 2 not 13. 2018, $14.0 $5.3 March 31, 2018 $14.4 2019, In February 2016, No. 2016 02, Leases. 12 December 15, 2018 ( 2020 In January 2017, No. 2017 01 2017 01" Business Combinations (Topic 805 2017 01 December 15, 2017 not 2017 01 not 2017 01 In February 2018, No. 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. December 2017 not December 31, 2018 fourth March 31, 2018 $2.4 $2.4 In March 2017, Update2017 07, Compensation – Retirement Benefits (Topic 715 2017 07 April 1, 2018. not |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Note 1 - Summary of Significa30
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years ended March 31, 2018 2017 2016 (Restated) (Restated) (In thousands, except per share amounts) Basic Net (loss) earnings $ (13,811 ) $ 15,895 $ 56,399 Deduct preferred stock dividends 23 23 23 Undistributed (loss) earnings (13,834 ) 15,872 56,376 (Loss) earnings attributable to participating preferred shareholders (66 ) 146 563 (Loss) earnings attributable to common shareholders $ (13,768 ) $ 15,726 $ 55,813 Weighted average common shares outstanding 9,769 9,785 9,878 Basic (loss) earnings per common share $ (1.41 ) $ 1.61 $ 5.65 Diluted (Loss) earnings attributable to common shareholders $ (13,768 ) $ 15,726 $ 55,813 Add dividends on convertible preferred stock - 20 20 Earnings attributable to common stock on a diluted basis $ (13,768 ) $ 15,746 $ 55,833 Weighted average common shares outstanding-basic 9,769 9,785 9,878 Additional shares to be issued related to the equity compensation plan - 2 3 Additional shares to be issued under full conversion of preferred stock - 67 67 Total shares for diluted 9,769 9,854 9,948 Diluted (loss) earnings per share $ (1.41 ) $ 1.60 $ 5.61 |
Note 2 - Restatement of Previ31
Note 2 - Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Consolidated Statements of Earnings (Loss) Year Ended March 31, 2017 (Audited) March 31, 2016 (Audited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 1,245,681 $ 16,517 $ 1,262,198 $ 1,275,360 $ 4,207 $ 1,279,567 Cost of Products Sold 1,139,298 10,896 1,150,194 1,127,965 1,025 1,128,990 Gross Profit 106,383 5,621 112,004 147,395 3,182 150,577 Operating Income/(Loss) 29,121 5,621 34,742 88,549 3,182 91,731 Earnings/(Loss) before income taxes 20,027 5,621 25,648 80,457 3,182 83,639 Income tax (benefit) expense 7,414 2,339 9,753 25,999 1,241 27,240 Net Earnings 12,613 3,282 15,895 54,458 1,941 56,399 Earnings Per Common Share-Basic $ 1.27 $ 0.34 $ 1.61 $ 5.46 $ 0.20 $ 5.65 Earnings Per Common Share-Diluted $ 1.27 $ 0.33 $ 1.60 $ 5.42 $ 0.20 $ 5.61 Three Months Ended December 30, 2017 (Unaudited) September 30, 2017 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 392,714 $ (5,025 ) $ 387,689 $ 376,308 $ (37,838 ) $ 338,470 Cost of Products Sold 361,013 (3,825 ) 357,188 355,904 (34,845 ) 321,059 Gross Profit 31,701 (1,200 ) 30,501 20,404 (2,993 ) 17,411 Operating Income/(Loss) 11,471 (1,200 ) 10,271 1,584 (2,993 ) (1,409 ) Earnings/(Loss) before income taxes 7,459 (1,200 ) 6,259 (1,849 ) (2,993 ) (4,842 ) Income tax (benefit) expense (268 ) 2,150 1,882 (737 ) (1,147 ) (1,884 ) Net Earnings (Loss) 7,727 (3,350 ) 4,377 (1,112 ) (1,846 ) (2,958 ) Earnings Per Common Share-Basic $ 0.79 $ (0.34 ) $ 0.45 $ (0.11 ) $ (0.19 ) $ (0.30 ) Earnings Per Common Share-Diluted $ 0.78 $ (0.34 ) $ 0.44 $ (0.11 ) $ (0.19 ) $ (0.30 ) Three Months Ended July 1, 2017 (Unaudited) March 31, 2017 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 280,187 $ 8,740 $ 288,927 $ 266,115 $ 14,575 $ 280,690 Cost of Products Sold 264,427 8,965 273,392 247,394 12,198 259,592 Gross Profit 15,760 (225 ) 15,535 18,721 2,377 21,098 Operating Income/(Loss) 838 (225 ) 613 2,432 2,377 4,809 Earnings/(Loss) before income taxes (2,358 ) (225 ) (2,583 ) (453 ) 2,377 1,924 Income tax (benefit) expense (1,519 ) (84 ) (1,603 ) 1,197 407 1,604 Net Earnings (Loss) (839 ) (141 ) (980 ) (1,650 ) 1,970 320 Earnings Per Common Share-Basic $ (0.09 ) $ (0.01 ) $ (0.10 ) $ (0.17 ) $ 0.20 $ 0.03 Earnings Per Common Share-Diluted $ (0.09 ) $ (0.01 ) $ (0.10 ) $ (0.17 ) $ 0.20 $ 0.03 Three Months Ended December 31, 2016 (Unaudited) October 1, 2016 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 369,705 $ (12,938 ) $ 356,767 $ 357,247 $ (4,641 ) $ 352,606 Cost of Products Sold 332,230 (13,389 ) 318,841 327,035 (5,454 ) 321,581 Gross Profit 37,475 451 37,926 30,212 813 31,025 Operating Income/(Loss) 13,890 451 14,341 11,202 813 12,015 Earnings/(Loss) before income taxes 11,809 451 12,260 8,781 813 9,594 Income tax (benefit) expense 3,628 843 4,471 2,637 136 2,773 Net Earnings (Loss) 8,181 (392 ) 7,789 6,144 677 6,821 Earnings Per Common Share-Basic $ 0.83 $ (0.05 ) $ 0.78 $ 0.62 $ 0.07 $ 0.69 Earnings Per Common Share-Diluted $ 0.82 $ (0.05 ) $ 0.77 $ 0.62 $ 0.07 $ 0.69 Three Months Ended July 2, 2016 (Unaudited) As As Reported Correction Restated Net Sales $ 252,614 $ 19,521 $ 272,135 Cost of Products Sold 232,639 17,541 250,180 Gross Profit 19,975 1,980 21,955 Operating Income/(Loss) 1,597 1,980 3,577 Earnings/(Loss) before income taxes (110 ) 1,980 1,870 Income tax (benefit) expense (48 ) 953 905 Net Earnings (Loss) (62 ) 1,027 965 Earnings Per Common Share-Basic $ (0.01 ) $ 0.10 $ 0.09 Earnings Per Common Share-Diluted $ (0.01 ) $ 0.10 $ 0.09 Consolidated Balance Sheets As of December 30, 2017 (Unaudited) As of September 30, 2017 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Assets Inventory $ 710,118 $ 60,584 $ 770,702 $ 802,387 $ 56,759 $ 859,146 Total Current Assets 794,510 60,584 855,094 932,609 56,759 989,368 Total Assets 1,072,003 62,234 1,134,237 1,209,968 61,976 1,271,944 Liabilities and Stockholders' Equity Deferred Revenue $ 545 $ 79,606 $ 80,151 $ 542 $ 74,608 $ 75,150 Total Current Liabilities 162,423 79,576 241,999 322,982 74,551 397,533 Total Liabilities 635,204 76,594 711,798 780,214 72,986 853,200 Stockholders' Equity 436,799 (14,360 ) 422,439 429,754 (11,010 ) 418,744 Total Liabilities and Stockholders' Equity 1,072,003 62,234 1,134,237 1,209,968 61,976 1,271,944 As of July 1, 2017 (Unaudited) As of March 31, 2017 (Audited) As As As As Reported Correction Restated Reported Correction Restated Assets Inventory $ 633,505 $ 21,914 $ 655,419 $ 598,056 $ 30,879 $ 628,935 Total Current Assets 731,857 21,914 753,771 688,270 30,879 719,149 Total Assets 1,006,943 25,038 1,031,981 946,019 32,249 978,268 Liabilities and Stockholders' Equity Deferred Revenue $ 472 $ 36,865 $ 37,337 $ 545 $ 45,555 $ 46,100 Total Current Liabilities 164,200 36,713 200,913 132,277 45,487 177,764 Total Liabilities 573,449 34,202 607,651 511,758 41,306 553,064 Stockholders' Equity 433,494 (9,164 ) 424,330 434,261 (9,057 ) 425,204 Total Liabilities and Stockholders' Equity 1,006,943 25,038 1,031,981 946,019 32,249 978,268 As of December 31, 2016 (Unaudited) As of October 1, 2016 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Assets Inventory $ 656,368 $ 43,077 $ 699,445 $ 771,996 $ 29,688 $ 801,684 Total Current Assets 750,156 43,077 793,233 905,029 29,688 934,717 Total Assets 1,004,711 49,035 1,053,746 1,148,714 36,489 1,185,203 Liabilities and Stockholders' Equity Deferred Revenue $ 473 $ 60,080 $ 60,553 $ 550 $ 47,166 $ 47,716 Total Current Liabilities 178,732 60,039 238,771 312,466 47,112 359,578 Total Liabilities 587,097 60,039 647,136 738,474 47,112 785,586 Stockholders' Equity 417,614 (11,004 ) 406,610 410,240 (10,623 ) 399,617 Total Liabilities and Stockholders' Equity 1,004,711 49,035 1,053,746 1,148,714 36,489 1,185,203 As of July 2, 2016 (Unaudited) As of March 31, 2016 (Audited) As As As As Reported Correction Restated Reported Correction Restated Assets Inventory $ 586,829 $ 24,234 $ 611,063 $ 567,707 $ 41,774 $ 609,481 Total Current Assets 693,649 24,234 717,883 673,887 41,774 715,661 Total Assets 919,981 31,171 951,152 895,327 49,664 944,991 Liabilities and Stockholders' Equity Deferred Revenue $ 492 $ 42,576 $ 43,068 $ 550 $ 62,034 $ 62,584 Total Current Liabilities 179,579 42,471 222,050 399,458 62,003 461,461 Total Liabilities 515,339 42,471 557,810 490,153 62,003 552,156 Stockholders' Equity 404,642 (11,300 ) 393,342 405,174 (12,339 ) 392,835 Total Liabilities and Stockholders' Equity 919,981 31,171 951,152 895,327 49,664 944,991 |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Truitt Bros. Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price (net of cash received) $ 31.8 Fair values of assets acquired and liabilities assumed: Current assets $ 22.8 Other long-term assets 1.8 Property, plant and equipment 29.6 Current liabilities (5.1 ) Deferred taxes 0.2 Other long-term liabilities (15.7 ) Bargain purchase gain (1.8 ) Total $ 31.8 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2018 2017 (In thousands) Revolving credit facility 3.35% and 2.22%, due through 2022 $ 293,459 $ 214,781 Farm Credit term loan 4.48% and 3.38%, due 2022 99,871 99,836 Bluegrass tax exempt bonds 3.11%, due 2033 9,983 - Secured promissory note 6.98%, due through 2022 8,438 10,340 Lease financing obligations 2.62%, due through 2020 4,028 4,679 Secured promissory note 6.35%, due through 2020 1,046 1,782 Economic development note 2.00%, due through 2021 793 999 Other 216 216 417,834 332,633 Less current portion 3,702 3,495 $ 414,132 $ 329,138 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2019 $ 3,702 2020 3,217 2021 5,518 2022 395,197 2023 - Thereafter 10,200 Total $ 417,834 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Capital Leased Assets [Table Text Block] | 2018 2017 Land $ - $ - Buildings 5,313 5,313 Equipment 43,980 35,597 49,293 40,910 Less accumulated amortization 6,121 1,706 $ 43,172 $ 39,204 |
Schedule of Future Minimum Lease Payments for Operating and Capital Leases [Table Text Block] | Years ending March 31: Operating Capital 2019 $ 36,459 $ 7,679 2020 31,474 7,679 2021 25,254 7,678 2022 16,488 7,678 2023 9,610 7,678 2024-2031 4,369 9,744 Total minimum payment required $ 123,654 $ 48,136 Less interest 6,127 Present value of minimum lease payments 42,009 Amount due within one year 6,113 Long-term capital lease obligation $ 35,896 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2018 2017 2016 (Restated) (Restated) (In thousands) Current: Federal $ (1,901 ) $ 395 $ 24,579 State 351 495 1,953 (1,550 ) 890 26,532 Deferred: Federal $ (4,475 ) $ 8,226 $ 425 State (447 ) 637 283 (4,922 ) 8,863 708 Total income tax (benefit) expense $ (6,472 ) $ 9,753 $ 27,240 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2018 2017 2016 (Restated) (Restated) Computed (expected tax rate) 31.5 % 35.0 % 35.0 % State income taxes (net of federal tax benefit) 3.1 3.9 2.7 State tax credits 2.4 (2.0 ) (0.9 ) Federal credits 3.1 (1.3 ) (0.3 ) Manufacturer’s deduction - (1.3 ) (3.7 ) (Reversal of) addition to uncertain tax positions (0.8 ) 0.2 0.2 Difference between statutory and actual rate (10.5 ) (0.4 ) - Other permanent differences not deductible 1.6 1.8 (0.2 ) Change in valuation allowance (9.7 ) 0.1 0.1 Tax rate change 8.8 - - Other 2.4 2.0 (0.3 ) Effective income tax rate 31.9 % 38.0 % 32.6 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2018 2017 (Restated) (In thousands) Deferred income tax assets: Future tax credits $ 5,030 $ 3,827 Restructuring reserve 2,374 - Employee benefits 2,440 3,119 Insurance 361 924 Other comprehensive loss 8,500 7,135 Interest 31 32 Future federal tax credits 443 - Prepaid revenue 15,422 17,729 Other 715 472 Net operating loss carryovers 4,512 - 39,828 33,238 Deferred income tax liabilities: Property basis and depreciation difference 11,750 12,786 481(a) adjustment - 429 Inventory valuation 11,270 12,766 Intangibles 325 213 Earnings from equity investment - 193 Pension 2,329 3,590 25,674 29,977 Valuation allowance - non-current 3,865 1,891 Net deferred income tax (liability) asset $ 10,289 $ 1,370 |
Summary of Income Tax Contingencies [Table Text Block] | 2018 2017 (In thousands) Beginning balance $ 715 $ 694 Tax positions related to current year: Additions 9 67 Tax positions related to prior years: Additions 154 - Reductions (23 ) (46 ) Settlements - - Lapses in statues of limitations - - Balance as of March 31, $ 855 $ 715 |
Note 9 - Retirement Plans (Tabl
Note 9 - Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2018 2017 (In thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 216,022 $ 214,036 Merge the Gray Plan into the Seneca Plan 3,796 - Service cost 8,457 8,375 Interest cost 8,125 7,633 Plan amendments - 92 Actuarial loss (gain) 7,714 (3,201 ) Benefit payments and expenses (7,980 ) (10,913 ) Benefit obligation at end of year $ 236,134 $ 216,022 Change in Plan Assets Fair value of plan assets at beginning of year $ 207,829 $ 176,238 Merge the Gray Plan into the Seneca Plan 3,300 - Actual gain on plan assets 6,963 34,304 Employer contributions 2,732 8,200 Benefit payments and expenses (7,980 ) (10,913 ) Fair value of plan assets at end of year $ 212,844 $ 207,829 Unfunded Status $ (23,290 ) $ (8,193 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | 2018 2017 (In thousands) Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (707 ) $ (826 ) Net loss (33,415 ) (17,580 ) Accumulated other comprehensive pre-tax loss $ (34,122 ) $ (18,406 ) |
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, 2017 $ (11,175 ) Other comprehensive loss before reclassifications (11,483 ) Reclassified of certain tax effects of accumulated other comprehensive loss in connection with the new Tax Cuts and Jobs Act (2,409 ) Net current period other comprehensive loss (13,892 ) Balance at March 31, 2018 $ (25,067 ) |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 2018 2017 2016 (In thousands) Service cost $ 8,457 $ 8,375 $ 10,502 Interest cost 8,125 7,633 8,902 Expected return on plan assets (15,050 ) (12,696 ) (11,685 ) Amortization of net loss 106 2,858 3,854 Prior service cost 119 109 109 Net periodic benefit cost $ 1,757 $ 6,279 $ 11,682 |
Schedule of Assumptions Used [Table Text Block] | 2018 2017 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 4.14 % 4.35 % 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 4.35 % 4.34 % Discount rate - service cost 4.58 % 4.67 % Discount rate - interest cost 3.74 % 3.62 % 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] | Target Percentage of Plan Allocation Assets at March 31, 2019 2018 2017 Plan Assets Equity securities 99 % 99 % 99 % Debt securities - - - Real estate - - - Cash 1 % 1 % 1 % Total 100 % 100 % 100 % 2018 2017 Market Value Market Value (In thousands) Assets by Industry Type Asset Category Cash and cash equivalents: Money market funds $ 595 $ 1,585 Total cash and cash equivalents 595 1,585 Common equity securities: Materials 10,685 10,952 Industrials 21,738 25,383 Telecommunication services 18,120 18,060 Consumer staples 32,543 43,641 Energy 20,017 16,110 Financials 37,634 33,818 Health care 20,702 17,587 Information technology 19,945 13,887 Utilities 30,865 26,806 Total common equity securities 212,249 206,244 Total assets $ 212,844 $ 207,829 |
Schedule of Expected Contributions [Table Text Block] | Expected Employer Contributions $ - Expected Employee Contributions - |
Schedule of Expected Benefit Payments [Table Text Block] | 2019 $ 8,568 2020 9,201 2021 9,935 2022 10,586 2023 11,304 2024-2028 66,955 |
Note 10 - Fair Value of Finan37
Note 10 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2018 2017 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (In thousands) Long-term debt, including current portion $ 417,834 $ 417,485 $ 332,633 $ 332,926 Capital leases, including current portion $ 42,009 $ 39,023 $ 39,033 $ 37,505 . |
Note 11 - Inventories (Tables)
Note 11 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2018 2017 (Restated) (In thousands) Finished products $ 636,195 $ 576,459 In process 47,972 35,982 Raw materials and supplies 155,468 160,333 839,635 772,774 Less excess of FIFO cost over LIFO cost 158,807 143,839 Total inventories $ 680,828 $ 628,935 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fruit and Prepared Vegetable Foods Snack Other Total (In thousands) 2018: Net sales $ 1,194,679 $ 92,826 $ 10,110 $ 17,150 $ 1,314,765 Operating income (loss) (11,238 ) 2,869 558 2,544 (5,267 ) Interest expense, net 14,321 533 24 159 15,037 Income tax (benefit) expense (8,946 ) 931 213 1,330 (6,472 ) Identifiable assets 1,013,359 53,132 1,915 2,025 1,070,431 Capital expenditures 34,445 926 - 535 35,906 Depreciation and amortization 25,978 4,330 336 903 31,547 2017: (Restated) Net sales $ 1,226,687 - $ 12,430 $ 23,081 $ 1,262,198 Operating income 32,164 - 945 1,633 34,742 Interest expense, net 9,518 - 17 137 9,672 Income tax expense 8,814 - 355 584 9,753 Identifiable assets 972,549 - 2,833 2,886 978,268 Capital expenditures 30,969 - 225 1,318 32,512 Depreciation and amortization 23,525 - 346 953 24,824 2016: (Restated) Net sales $ 1,243,386 - $ 12,336 $ 23,845 $ 1,279,567 Operating income 90,302 - 1,164 265 91,731 Interest expense, net 7,923 - 18 103 8,044 Income tax expense 26,792 - 372 76 27,240 Identifiable assets 938,632 - 2,697 3,662 944,991 Capital expenditures 9,232 - 52 682 9,966 Depreciation and amortization 20,438 - 351 948 21,737 |
Revenue from External Customers by Products and Services [Table Text Block] | Classes of similar products/services: 2018 2017 2016 (Restated) (Restated) (In thousands) Net Sales: Green Giant * $ 111,014 $ 136,329 $ 148,517 Canned vegetables 721,121 705,297 746,501 Frozen 105,857 98,597 94,710 Fruit 256,687 286,464 253,658 Prepared foods 92,826 - - Snack 10,110 12,430 12,336 Other 17,150 23,081 23,845 Total $ 1,314,765 $ 1,262,198 $ 1,279,567 |
Note 15 - Plant Restructuring (
Note 15 - Plant Restructuring (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Long-Lived Other Severance Asset Cost Payable Impairment Payable Total (In thousands) 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 Charge to expense 722 (369 ) 9,658 10,011 Cash payments/write offs (198 ) (3,877 ) (468 ) (4,543 ) Balance March 31, 2018 $ 561 $ 527 $ 9,495 $ 10,583 |
Schedule II - Valuation and Q41
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Valuation and Qualifying Accounts [Table Text Block] | Balance at Charged/ Charged to Deductions Balance beginning (credited) other from at end of period to income accounts reserve of period Year-ended March 31, 2018: Allowance for doubtful accounts $ 50 $ 33 $ — $ (27 ) (a) $ 56 Income tax valuation allowance $ 1,891 $ 1,396 $ 601 $ (23 ) $ 3,865 Year-ended March 31, 2017: Allowance for doubtful accounts $ 111 $ (61 ) $ — $ — (a) $ 50 Income tax valuation allowance $ 1,861 $ 17 $ 118 $ (105 ) $ 1,891 Year-ended March 31, 2016: Allowance for doubtful accounts $ 145 $ (47 ) $ — $ 13 (a) $ 111 Income tax valuation allowance $ 1,787 $ 74 $ — $ — $ 1,861 |
Note 1 - Summary of Significa42
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018USD ($) | Dec. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 01, 2016USD ($) | Jul. 02, 2016USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Number of States in which Entity Operates | 11 | 11 | |||||||||
Debt Issuance Costs, Gross, Current | $ 700 | $ 700 | |||||||||
Debt Issuance Cost, Gross, Noncurrent | 100 | 100 | |||||||||
Revenues, Total | $ 387,689 | $ 338,470 | $ 288,927 | $ 280,690 | $ 356,767 | $ 352,606 | $ 272,135 | 1,314,765 | $ 1,262,198 | $ 1,279,567 | |
Advertising Expense | 2,400 | 2,100 | 2,000 | ||||||||
Depreciation, Total | 31,100 | 24,200 | 21,400 | ||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (5,100) | ||||||||||
Net Income (Loss) Attributable to Parent, Total | 4,377 | (2,958) | (980) | 320 | 7,789 | 6,821 | 965 | (13,811) | 15,895 | 56,399 | |
Stockholders' Equity Attributable to Parent, Ending Balance | 396,930 | $ 422,439 | $ 418,744 | $ 424,330 | $ 425,204 | $ 406,610 | $ 399,617 | $ 393,342 | 396,930 | 425,204 | 392,835 |
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 2,400 | ||||||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Pro Forma [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 14,000 | ||||||||||
Net Income (Loss) Attributable to Parent, Total | 5,300 | ||||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | 2,019,000 | $ 2,019,000 | |||||||||
Building and Building Improvements [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||||||
Machinery and Equipment [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||
Machinery and Equipment [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 15 years | ||||||||||
Software and Software Development Costs [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||
Software and Software Development Costs [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||||
Vehicles [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||
Vehicles [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||||
Land Improvements [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||
Land Improvements [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 20 years | ||||||||||
Shipping and Handling [Member] | |||||||||||
Revenues, Total | $ 40,600 | $ 38,000 | $ 38,300 | ||||||||
General Mills Operations LLC [Member] | |||||||||||
Unshipped Product | $ 14,400 | $ 14,400 | |||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | GMOL and B&G Foods [Member] | |||||||||||
Concentration Risk, Percentage | 9.00% | 11.00% | 12.00% | ||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Top Ten Customers [Member] | |||||||||||
Concentration Risk, Percentage | 45.00% | 46.00% | |||||||||
Seneca Food Plants [Member] | |||||||||||
Number of Real Estate Properties | 30 | 30 | |||||||||
Seneca Foods Warehouses [Member] | |||||||||||
Number of Real Estate Properties | 34 | 34 |
Note 1 - Summary of Significa43
Note 1 - Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Basic | ||||||||||
Net (loss) earnings | $ 4,377 | $ (2,958) | $ (980) | $ 320 | $ 7,789 | $ 6,821 | $ 965 | $ (13,811) | $ 15,895 | $ 56,399 |
Deduct preferred stock dividends | 23 | 23 | 23 | |||||||
Undistributed (loss) earnings | (13,834) | 15,872 | 56,376 | |||||||
(Loss) earnings attributable to participating preferred shareholders | (66) | 146 | 563 | |||||||
(Loss) earnings attributable to common shareholders | $ (13,768) | $ 15,726 | $ 55,813 | |||||||
Weighted average common shares outstanding (in shares) | 9,769 | 9,785 | 9,878 | |||||||
Basic (loss) earnings per common share (in dollars per share) | $ 0.45 | $ (0.30) | $ (0.10) | $ 0.03 | $ 0.78 | $ 0.69 | $ 0.09 | $ (1.41) | $ 1.61 | $ 5.65 |
Diluted | ||||||||||
(Loss) earnings attributable to common shareholders | $ (13,768) | $ 15,726 | $ 55,813 | |||||||
Add dividends on convertible preferred stock | 20 | 20 | ||||||||
Earnings attributable to common stock on a diluted basis | $ (13,768) | $ 15,746 | $ 55,833 | |||||||
Weighted average common shares outstanding (in shares) | 9,769 | 9,785 | 9,878 | |||||||
Additional shares to be issued related to the equity compensation plan (in shares) | 2 | 3 | ||||||||
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 | ||||||||
Total shares for diluted (in shares) | 9,769 | 9,854 | 9,948 | |||||||
Diluted (loss) earnings per share (in dollars per share) | $ 0.44 | $ (0.30) | $ (0.10) | $ 0.03 | $ 0.77 | $ 0.69 | $ 0.09 | $ (1.41) | $ 1.60 | $ 5.61 |
Note 2 - Restatement of Previ44
Note 2 - Restatement of Previously Issued Financial Statements - Summary of Restatement (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 387,689 | $ 338,470 | $ 288,927 | $ 280,690 | $ 356,767 | $ 352,606 | $ 272,135 | $ 1,314,765 | $ 1,262,198 | $ 1,279,567 |
Cost of products sold | 357,188 | 321,059 | 273,392 | 259,592 | 318,841 | 321,581 | 250,180 | 1,240,178 | 1,150,194 | 1,128,990 |
Gross Profit | 30,501 | 17,411 | 15,535 | 21,098 | 37,926 | 31,025 | 21,955 | 112,004 | 150,577 | |
Operating Income/(Loss) | 10,271 | (1,409) | 613 | 4,809 | 14,341 | 12,015 | 3,577 | (5,267) | 34,742 | 91,731 |
Earnings/(Loss) before income taxes | 6,259 | (4,842) | (2,583) | 1,924 | 12,260 | 9,594 | 1,870 | (20,283) | 25,648 | 83,639 |
Income tax (benefit) expense | 1,882 | (1,884) | (1,603) | 1,604 | 4,471 | 2,773 | 905 | (6,472) | 9,753 | 27,240 |
Net (loss) earnings | $ 4,377 | $ (2,958) | $ (980) | $ 320 | $ 7,789 | $ 6,821 | $ 965 | $ (13,811) | $ 15,895 | $ 56,399 |
Basic (loss) earnings per common share (in dollars per share) | $ 0.45 | $ (0.30) | $ (0.10) | $ 0.03 | $ 0.78 | $ 0.69 | $ 0.09 | $ (1.41) | $ 1.61 | $ 5.65 |
Diluted (loss) earnings per share (in dollars per share) | $ 0.44 | $ (0.30) | $ (0.10) | $ 0.03 | $ 0.77 | $ 0.69 | $ 0.09 | $ (1.41) | $ 1.60 | $ 5.61 |
Inventory | $ 770,702 | $ 859,146 | $ 655,419 | $ 628,935 | $ 699,445 | $ 801,684 | $ 611,063 | $ 680,828 | $ 628,935 | $ 609,481 |
Total Current Assets | 855,094 | 989,368 | 753,771 | 719,149 | 793,233 | 934,717 | 717,883 | 778,012 | 719,149 | 715,661 |
Total Assets | 1,134,237 | 1,271,944 | 1,031,981 | 978,268 | 1,053,746 | 1,185,203 | 951,152 | 1,070,431 | 978,268 | 944,991 |
Deferred Revenue | 80,151 | 75,150 | 37,337 | 46,100 | 60,553 | 47,716 | 43,068 | 60,657 | 46,100 | 62,584 |
Total Current Liabilities | 241,999 | 397,533 | 200,913 | 177,764 | 238,771 | 359,578 | 222,050 | 194,354 | 177,764 | 461,461 |
Total Liabilities | 711,798 | 853,200 | 607,651 | 553,064 | 647,136 | 785,586 | 557,810 | 673,501 | 553,064 | 552,156 |
Stockholders' Equity | 422,439 | 418,744 | 424,330 | 425,204 | 406,610 | 399,617 | 393,342 | 396,930 | 425,204 | 392,835 |
Total Liabilities and Stockholders' Equity | 1,134,237 | 1,271,944 | 1,031,981 | 978,268 | 1,053,746 | 1,185,203 | 951,152 | $ 1,070,431 | 978,268 | 944,991 |
Previously Reported [Member] | ||||||||||
Net sales | 392,714 | 376,308 | 280,187 | 266,115 | 369,705 | 357,247 | 252,614 | 1,245,681 | 1,275,360 | |
Cost of products sold | 361,013 | 355,904 | 264,427 | 247,394 | 332,230 | 327,035 | 232,639 | 1,139,298 | 1,127,965 | |
Gross Profit | 31,701 | 20,404 | 15,760 | 18,721 | 37,475 | 30,212 | 19,975 | 106,383 | 147,395 | |
Operating Income/(Loss) | 11,471 | 1,584 | 838 | 2,432 | 13,890 | 11,202 | 1,597 | 29,121 | 88,549 | |
Earnings/(Loss) before income taxes | 7,459 | (1,849) | (2,358) | (453) | 11,809 | 8,781 | (110) | 20,027 | 80,457 | |
Income tax (benefit) expense | (268) | (737) | (1,519) | 1,197 | 3,628 | 2,637 | (48) | 7,414 | 25,999 | |
Net (loss) earnings | $ 7,727 | $ (1,112) | $ (839) | $ (1,650) | $ 8,181 | $ 6,144 | $ (62) | $ 12,613 | $ 54,458 | |
Basic (loss) earnings per common share (in dollars per share) | $ 0.79 | $ (0.11) | $ (0.09) | $ (0.17) | $ 0.83 | $ 0.62 | $ (0.01) | $ 1.27 | $ 5.46 | |
Diluted (loss) earnings per share (in dollars per share) | $ 0.78 | $ (0.11) | $ (0.09) | $ (0.17) | $ 0.82 | $ 0.62 | $ (0.01) | $ 1.27 | $ 5.42 | |
Inventory | $ 710,118 | $ 802,387 | $ 633,505 | $ 598,056 | $ 656,368 | $ 771,996 | $ 586,829 | $ 598,056 | $ 567,707 | |
Total Current Assets | 794,510 | 932,609 | 731,857 | 688,270 | 750,156 | 905,029 | 693,649 | 688,270 | 673,887 | |
Total Assets | 1,072,003 | 1,209,968 | 1,006,943 | 946,019 | 1,004,711 | 1,148,714 | 919,981 | 946,019 | 895,327 | |
Deferred Revenue | 545 | 542 | 472 | 545 | 473 | 550 | 492 | 545 | 550 | |
Total Current Liabilities | 162,423 | 322,982 | 164,200 | 132,277 | 178,732 | 312,466 | 179,579 | 132,277 | 399,458 | |
Total Liabilities | 635,204 | 780,214 | 573,449 | 511,758 | 587,097 | 738,474 | 515,339 | 511,758 | 490,153 | |
Stockholders' Equity | 436,799 | 429,754 | 433,494 | 434,261 | 417,614 | 410,240 | 404,642 | 434,261 | 405,174 | |
Total Liabilities and Stockholders' Equity | 1,072,003 | 1,209,968 | 1,006,943 | 946,019 | 1,004,711 | 1,148,714 | 919,981 | 946,019 | 895,327 | |
Restatement Adjustment [Member] | ||||||||||
Net sales | (5,025) | (37,838) | 8,740 | 14,575 | (12,938) | (4,641) | 19,521 | 16,517 | 4,207 | |
Cost of products sold | (3,825) | (34,845) | 8,965 | 12,198 | (13,389) | (5,454) | 17,541 | 10,896 | 1,025 | |
Gross Profit | (1,200) | (2,993) | (225) | 2,377 | 451 | 813 | 1,980 | 5,621 | 3,182 | |
Operating Income/(Loss) | (1,200) | (2,993) | (225) | 2,377 | 451 | 813 | 1,980 | 5,621 | 3,182 | |
Earnings/(Loss) before income taxes | (1,200) | (2,993) | (225) | 2,377 | 451 | 813 | 1,980 | 5,621 | 3,182 | |
Income tax (benefit) expense | 2,150 | (1,147) | (84) | 407 | 843 | 136 | 953 | 2,339 | 1,241 | |
Net (loss) earnings | $ (3,350) | $ (1,846) | $ (141) | $ 1,970 | $ (392) | $ 677 | $ 1,027 | $ 3,282 | $ 1,941 | |
Basic (loss) earnings per common share (in dollars per share) | $ (0.34) | $ (0.19) | $ (0.01) | $ 0.20 | $ (0.05) | $ 0.07 | $ 0.10 | $ 0.34 | $ 0.20 | |
Diluted (loss) earnings per share (in dollars per share) | $ (0.34) | $ (0.19) | $ (0.01) | $ 0.20 | $ (0.05) | $ 0.07 | $ 0.10 | $ 0.33 | $ 0.20 | |
Inventory | $ 60,584 | $ 56,759 | $ 21,914 | $ 30,879 | $ 43,077 | $ 29,688 | $ 24,234 | $ 30,879 | $ 41,774 | |
Total Current Assets | 60,584 | 56,759 | 21,914 | 30,879 | 43,077 | 29,688 | 24,234 | 30,879 | 41,774 | |
Total Assets | 62,234 | 61,976 | 25,038 | 32,249 | 49,035 | 36,489 | 31,171 | 32,249 | 49,664 | |
Deferred Revenue | 79,606 | 74,608 | 36,865 | 45,555 | 60,080 | 47,166 | 42,576 | 45,555 | 62,034 | |
Total Current Liabilities | 79,576 | 74,551 | 36,713 | 45,487 | 60,039 | 47,112 | 42,471 | 45,487 | 62,003 | |
Total Liabilities | 76,594 | 72,986 | 34,202 | 41,306 | 60,039 | 47,112 | 42,471 | 41,306 | 62,003 | |
Stockholders' Equity | (14,360) | (11,010) | (9,164) | (9,057) | (11,004) | (10,623) | (11,300) | (9,057) | (12,339) | |
Total Liabilities and Stockholders' Equity | $ 62,234 | $ 61,976 | $ 25,038 | $ 32,249 | $ 49,035 | $ 36,489 | $ 31,171 | $ 32,249 | $ 49,664 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) - USD ($) | Apr. 03, 2017 | Jul. 01, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Apr. 02, 2017 | Apr. 30, 2014 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,786,000 | ||||||
Truitt Bros. Inc. [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,800 | 1,800,000 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 900,000 | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement of Inventory, Impact on Cost of Goods Sold | $ 500,000 | ||||||
Business Combination, Consideration Transferred, Total | 14,400,000 | ||||||
Cash Acquired from Acquisition | 3,000,000 | ||||||
Equity Method Investments | 34,900,000 | $ 17,400,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3,600,000 | ||||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination, Total | $ 31,800,000 | ||||||
Truitt Bros. Inc. Investment [Member] | |||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||
Equity Method Investment, Aggregate Cost | $ 16,200,000 | ||||||
Purchase Agreement, Additional Percentage of Voting Interests Acquirable | 50.00% |
Note 3 - Acquisitions - Purchas
Note 3 - Acquisitions - Purchase Price Allocation (Details) - USD ($) | Apr. 03, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Fair values of assets acquired and liabilities assumed: | ||||
Bargain purchase gain | $ (1,786,000) | |||
Truitt Bros. Inc. [Member] | ||||
Purchase Price (net of cash received) | $ 31,800,000 | |||
Fair values of assets acquired and liabilities assumed: | ||||
Current assets | 22,800 | |||
Other long-term assets | 1,800 | |||
Property, plant and equipment | 29,600 | |||
Current liabilities | (5,100) | |||
Deferred taxes | 200 | |||
Other long-term liabilities | (15,700) | |||
Bargain purchase gain | (1,800) | $ (1,800,000) | ||
Purchase Price (net of cash received) | $ 31,800,000 |
Note 4 - Short-term Borrowings
Note 4 - Short-term Borrowings (Details Textual) - USD ($) $ in Thousands | Jul. 05, 2016 | Mar. 31, 2018 | Mar. 31, 2017 |
Pledged Assets, Not Separately Reported, Other | $ 759,600 | ||
Notes Payable to Bank, Current | $ 166 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | 400,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | 500,000 | ||
Long-term Line of Credit, Total | $ 293,500 | ||
Debt, Weighted Average Interest Rate | 3.35% | ||
Standby Letters of Credit [Member] | |||
Long-term Line of Credit, Total | $ 10,400 | $ 13,100 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) | Oct. 01, 2019 | Mar. 31, 2019 | Jun. 18, 2018 | Aug. 16, 2016USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 09, 2016USD ($) |
Debt Instrument, Covenant, Interest Coverage Ratio | 4 | |||||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 50,000 | |||||||
Dividends, Preferred Stock, Cash | 23,000 | |||||||
Repayments of Notes Payable | $ 22,600,000 | 166,000 | $ 236,000 | $ 9,501,000 | ||||
Other Loans Payable, Long-term, Noncurrent | $ 100,000,000 | |||||||
Debt Instrument, Unamortized Discount, Total | $ 200,000 | |||||||
Long-term Debt, Total | 417,834,000 | 332,633,000 | ||||||
Pledged Assets Not Separately Reported, Fixed Assets | 900,300,000 | |||||||
Tax-exempt Bond [Member] | ||||||||
Long-term Debt, Total | $ 9,983,000 | |||||||
Scenario, Forecast [Member] | ||||||||
Debt Instrument, Covenant, Interest Coverage Ratio | 4 | 2 | ||||||
Subsequent Event [Member] | ||||||||
Debt Instrument, Covenant, Interest Coverage Ratio | 1.1 |
Note 5 - Long-term Debt - Summa
Note 5 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Long-term debt | $ 417,834 | $ 332,633 |
Less current portion | 3,702 | 3,495 |
Total | 414,132 | 329,138 |
Line of Credit [Member] | ||
Long-term debt | 293,459 | 214,781 |
Term Loan [Member] | ||
Long-term debt | 99,871 | 99,836 |
Tax-exempt Bond [Member] | ||
Long-term debt | 9,983 | |
Secured Promissory Note 1 [Member] | ||
Long-term debt | 8,438 | 10,340 |
Lease Financing Obligations [Member] | ||
Long-term debt | 4,028 | 4,679 |
Secured Promissory Note 2 [Member] | ||
Long-term debt | 1,046 | 1,782 |
Economic Development Note [Member] | ||
Long-term debt | 793 | 999 |
Other [Member] | ||
Long-term debt | $ 216 | $ 216 |
Note 5 - Long-term Debt - Sum50
Note 5 - Long-term Debt - Summary of Long-term Debt (Details) (Parentheticals) | Mar. 31, 2018 | Mar. 31, 2017 |
Line of Credit [Member] | ||
Long-term debt, weighted average interest rate | 3.35% | 2.22% |
Long-term debt, maturity date | Dec. 31, 2022 | Dec. 31, 2022 |
Term Loan [Member] | ||
Long-term debt, weighted average interest rate | 4.48% | 3.38% |
Long-term debt, maturity date | Dec. 31, 2022 | Dec. 31, 2022 |
Tax-exempt Bond [Member] | ||
Long-term debt, weighted average interest rate | 3.11% | |
Long-term debt, maturity date | Dec. 31, 2033 | |
Secured Promissory Note 1 [Member] | ||
Long-term debt, weighted average interest rate | 6.98% | 6.98% |
Long-term debt, maturity date | Dec. 31, 2022 | Dec. 31, 2022 |
Lease Financing Obligations [Member] | ||
Long-term debt, weighted average interest rate | 2.62% | 2.62% |
Long-term debt, maturity date | Dec. 31, 2020 | Dec. 31, 2020 |
Secured Promissory Note 2 [Member] | ||
Long-term debt, weighted average interest rate | 6.35% | 6.35% |
Long-term debt, maturity date | Dec. 31, 2020 | Dec. 31, 2020 |
Economic Development Note [Member] | ||
Long-term debt, weighted average interest rate | 2.00% | 2.00% |
Long-term debt, maturity date | Dec. 31, 2021 | Dec. 31, 2021 |
Note 5 - Long-term Debt - Debt
Note 5 - Long-term Debt - Debt Repayment Requirements (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
2,019 | $ 3,702 | |
2,020 | 3,217 | |
2,021 | 5,518 | |
2,022 | 395,197 | |
2,023 | ||
Thereafter | 10,200 | |
Total | $ 417,834 | $ 332,633 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Capital Leased Assets, Gross, Total | $ 49,293 | $ 40,910 | |
Operating Leases, Rent Expense, Total | 47,000 | 48,300 | $ 51,400 |
Building [Member] | |||
Capital Leased Assets, Gross, Total | $ 5,313 | 5,313 | |
Capital Lease Obligations, Interest Rate | 5.15% | ||
Equipment [Member] | |||
Capital Leased Assets, Gross, Total | $ 43,980 | $ 35,597 | |
Capital Leases, Term | 7 years | ||
Equipment [Member] | Minimum [Member] | |||
Capital Lease Obligations, Interest Rate | 3.37% | ||
Equipment [Member] | Maximum [Member] | |||
Capital Lease Obligations, Interest Rate | 4.21% |
Note 6 - Leases - Leased Assets
Note 6 - Leases - Leased Assets Under Capital Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Capital leased assets | $ 49,293 | $ 40,910 |
Less accumulated amortization | 6,121 | 1,706 |
Total | 43,172 | 39,204 |
Land [Member] | ||
Capital leased assets | ||
Building [Member] | ||
Capital leased assets | 5,313 | 5,313 |
Equipment [Member] | ||
Capital leased assets | $ 43,980 | $ 35,597 |
Note 6 - Leases - Minimum Opera
Note 6 - Leases - Minimum Operating and Capital Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
2,019 | $ 36,459 | |
2,019 | 7,679 | |
2,020 | 31,474 | |
2,020 | 7,679 | |
2,021 | 25,254 | |
2,021 | 7,678 | |
2,022 | 16,488 | |
2,022 | 7,678 | |
2,023 | 9,610 | |
2,023 | 7,678 | |
2024-2031 | 4,369 | |
2024-2031 | 9,744 | |
Total minimum payment required | 123,654 | |
Total minimum payment required | 48,136 | |
Less interest | 6,127 | |
Present value of minimum lease payments | 42,009 | |
Amount due within one year | 6,113 | |
Long-term capital lease obligation | $ 35,896 | $ 34,194 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 31.90% | 38.00% | 32.60% | |
Effective Income Tax Rate Continuing Operations Change | 6.10% | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Percentage | (9.90%) | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | (4.90%) | |||
Effective Income Tax Rate Reconciliation, Change in Federal and State Credits and Incentives, Percent | 8.80% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 31.50% | 35.00% | 35.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (1,400,000) | |||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent, Total | 10,289,000 | $ 1,370,000 | ||
Tax Credit Carryforward, Valuation Allowance | 3,900,000 | |||
Unrecognized Tax Benefits, Period Increase (Decrease), Total | 0 | 100,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 100,000 | $ 100,000 | ||
Tax Cuts and Jobs Act, Increase (Decrease) in Net Deferred Tax liability | (3,300,000) | |||
California Franchise Tax Board [Member] | ||||
Tax Credit Carryforward, Amount | 1,500,000 | |||
New York State Division of Taxation and Finance [Member] | ||||
Tax Credit Carryforward, Amount | 1,300,000 | |||
Wisconsin Department of Revenue [Member] | ||||
Tax Credit Carryforward, Amount | $ 2,200,000 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 7 - Income Taxes - Provisi
Note 7 - Income Taxes - Provision of Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Federal | $ (1,901) | $ 395 | $ 24,579 | |||||||
State | 351 | 495 | 1,953 | |||||||
Total | (1,550) | 890 | 26,532 | |||||||
Federal | (4,475) | 8,226 | 425 | |||||||
State | (447) | 637 | 283 | |||||||
Total | (4,922) | 8,863 | 708 | |||||||
Total income tax (benefit) expense | $ 1,882 | $ (1,884) | $ (1,603) | $ 1,604 | $ 4,471 | $ 2,773 | $ 905 | $ (6,472) | $ 9,753 | $ 27,240 |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Computed (expected tax rate) | 31.50% | 35.00% | 35.00% |
State income taxes (net of federal tax benefit) | 3.10% | 3.90% | 2.70% |
State tax credits | 2.40% | (2.00%) | (0.90%) |
Federal credits | 3.10% | (1.30%) | (0.30%) |
Manufacturer’s deduction | (1.30%) | (3.70%) | |
(Reversal of) addition to uncertain tax positions | (0.80%) | 0.20% | 0.20% |
Difference between statutory and actual rate | (10.50%) | (0.40%) | |
Other permanent differences not deductible | 1.60% | 1.80% | (0.20%) |
Change in valuation allowance | (9.70%) | 0.10% | 0.10% |
Tax rate change | 8.80% | ||
Other | 2.40% | 2.00% | (0.30%) |
Effective income tax rate | 31.90% | 38.00% | 32.60% |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Future tax credits | $ 5,030 | $ 3,827 |
Restructuring reserve | 2,374 | |
Employee benefits | 2,440 | 3,119 |
Insurance | 361 | 924 |
Other comprehensive loss | 8,500 | 7,135 |
Interest | 31 | 32 |
Future federal tax credits | 443 | |
Prepaid revenue | 15,422 | 17,729 |
Other | 715 | 472 |
Net operating loss carryovers | 4,512 | |
Total | 39,828 | 33,238 |
Property basis and depreciation difference | 11,750 | 12,786 |
481(a) adjustment | 429 | |
Inventory valuation | 11,270 | 12,766 |
Intangibles | 325 | 213 |
Earnings from equity investment | 193 | |
Pension | 2,329 | 3,590 |
Total | 25,674 | 29,977 |
Valuation allowance - non-current | 3,865 | 1,891 |
Net deferred income tax (liability) asset | $ 10,289 | $ 1,370 |
Note 7 - Income Taxes - Uncerta
Note 7 - Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Beginning balance | $ 715 | $ 694 |
Additions | 9 | 67 |
Additions | 154 | |
Reductions | (23) | (46) |
Settlements | ||
Lapses in statues of limitations | ||
Balance as of March 31, | $ 855 | $ 715 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2003 | |
Dividends, Preferred Stock, Cash | $ 23,000 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 33,695 | 33,695 | ||
Treasury Stock, Value, Ending Balance | $ 69,556,000 | $ 66,499,000 | ||
Treasury Stock, Shares, Ending Balance | 2,409,096 | |||
Treasury Stock [Member] | ||||
Dividends, Preferred Stock, Cash | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 4,558,000 | $ 2,807,000 | $ 6,252,000 | |
Defined Contribution Plan, Employer Discretionary Contribution Value of Shares | 1,500,000 | |||
Defined Contribution Plan, Employer Discretionary Contribution Share Amount | 41,553 | |||
Convertible Preferred Stock Converted into Class A Common Stock [Member] | ||||
Conversion of Stock, Shares Issued | 51,722 | |||
Convertible from Series A Preferred Stock to Class A Stock [Member] | ||||
Share for Share Conversion Number | 20 | |||
Convertible from Series B Preferred Stock to Class A Stock [Member | ||||
Share for Share Conversion Number | 30 | |||
Convertible from Series A Preferred Stock to Class B Stock [Member] | ||||
Share for Share Conversion Number | 20 | |||
Convertible from Series B Preferred Stock to Class B Stock [Member] | ||||
Share for Share Conversion Number | 30 | |||
Cumulative Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized | 200,000 | |||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% | 6.00% | |
Preferred Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 | $ 0.25 | |
Preferred Stock, Shares Outstanding, Ending Balance | 200,000 | 200,000 | 200,000 | |
Dividends, Preferred Stock, Cash | $ 3,000 | $ 3,000 | $ 3,000 | |
No Par Value Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized | 30,000 | |||
Preferred Class A [Member] | ||||
Preferred Stock, Shares Authorized | 8,200,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.025 | |||
Preferred Stock, Shares Non-designated | 6,761,971 | |||
Series A Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 10.00% | |||
Preferred Stock, Shares Outstanding, Ending Balance | 407,240 | |||
Dividends, Preferred Stock, Cash | $ 20,000 | 20,000 | 20,000 | |
Series B Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 10.00% | |||
Preferred Stock, Shares Outstanding, Ending Balance | 400,000 | |||
Dividends, Preferred Stock, Cash | $ 20,000 | $ 20,000 | $ 20,000 | |
Convertible Preferred Stock [Member] | ||||
Preferred Stock, Par or Stated Value Per Share | $ 11.931 | |||
Preferred Stock, Dividends Per Share, Declared | 0 | $ 0 | $ 0 | |
Preferred Stock, Liquidation Preference Per Share | $ 12 | |||
Preferred Stock, Shares Outstanding, Ending Balance | 37,529 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0 | 0 | 0 | |
Series 2003 Convertible Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized | 500 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.025 | $ 0.025 | $ 0.025 | |
Preferred Stock, Liquidation Preference Per Share | $ 15.50 | |||
Preferred Stock, Shares Outstanding, Ending Balance | 500 | 500 | 500 | |
Preferred Stock, Shares Issued, Total | 967,742 | |||
Sale of Stock, Price Per Share | $ 16.60 | |||
Common Class A [Member] | ||||
Voting Rights, Percentage of Vote Per Share | 0.05% | |||
Common Stock, Capital Shares Reserved for Future Issuance | 38,029 | 89,751 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 4,600,000 | |||
Treasury Stock, Shares, Acquired | 150,303 | |||
Common Class B [Member] | ||||
Stock Issued During Period, Profit Sharing Bonus Plan | 0 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 7,000 | |||
Treasury Stock, Shares, Acquired | 200 |
Note 9 - Retirement Plans (Deta
Note 9 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Increase Decrease In Unfunded status | $ 15,100 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (11,700) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ (3,900) | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.14% | 4.35% | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 212,844 | $ 207,829 | $ 176,238 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 6,963 | 34,304 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,732 | 8,200 | |
Defined Benefit Plan, Plan Assets, Business Combination | 3,300 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | 7,980 | 10,913 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 217,300 | $ 199,200 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.25% | 7.25% | |
Defined Benefit Plan Actual Gain on Plan Assets | 3.20% | ||
Defined Benefit Plan, Assumed Gain on Plan Assets | 11.80% | ||
Defined Benefit Plan Common Stock Included in Plan Assets | $ 15,300 | $ 18,400 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 1,600 | 1,900 | 1,800 |
Multiemployer Plan, Contributions by Employer | $ 2,600 | $ 2,300 | $ 2,500 |
Note 9 - Retirement Plans - Sta
Note 9 - Retirement Plans - Statement of Unfunded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Benefit obligation at beginning of year | $ 216,022 | $ 214,036 | |
Merge the Gray Plan into the Seneca Plan | 3,796 | ||
Service cost | 8,457 | 8,375 | $ 10,502 |
Interest cost | 8,125 | 7,633 | 8,902 |
Plan amendments | 92 | ||
Actuarial loss (gain) | 7,714 | (3,201) | |
Benefit payments and expenses | (7,980) | (10,913) | |
Benefit obligation at end of year | 236,134 | 216,022 | 214,036 |
Fair value of plan assets at beginning of year | 207,829 | 176,238 | |
Merge the Gray Plan into the Seneca Plan | 3,300 | ||
Actual gain on plan assets | 6,963 | 34,304 | |
Employer contributions | 2,732 | 8,200 | |
Benefit payments and expenses | (7,980) | (10,913) | |
Fair value of plan assets at end of year | 212,844 | 207,829 | $ 176,238 |
Unfunded Status | $ (23,290) | $ (8,193) |
Note 9 - Retirement Plans - Amo
Note 9 - Retirement Plans - Amounts Recognized in Accumulated Other Comprehensive (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Prior service cost | $ (707) | $ (826) |
Net loss | (33,415) | (17,580) |
Accumulated other comprehensive pre-tax loss | $ (34,122) | $ (18,406) |
Note 9 - Retirement Plans - Pen
Note 9 - Retirement Plans - Pension and Post Retirement Plan Adjustments (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Balance | $ 425,204 |
Balance | 396,930 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |
Balance | (11,175) |
Other comprehensive loss before reclassifications | (11,483) |
Reclassified of certain tax effects of accumulated other comprehensive loss in connection with the new Tax Cuts and Jobs Act | (2,409) |
Net current period other comprehensive loss | (13,892) |
Balance | $ (25,067) |
Note 9 - Retirement Plans - Net
Note 9 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Service cost | $ 8,457 | $ 8,375 | $ 10,502 |
Interest cost | 8,125 | 7,633 | 8,902 |
Expected return on plan assets | (15,050) | (12,696) | (11,685) |
Amortization of net loss | 106 | 2,858 | 3,854 |
Prior service cost | 119 | 109 | 109 |
Net periodic benefit cost | $ 1,757 | $ 6,279 | $ 11,682 |
Note 9 - Retirement Plans - Ass
Note 9 - Retirement Plans - Assumptions Used to Measure (Details) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Weighted Average Assumptions for Balance Sheet Liability at End of Year: | ||
Discount rate - projected benefit obligation | 4.14% | 4.35% |
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 | 4.35% | 4.34% |
Discount rate - service cost | 4.58% | 4.67% |
Discount rate - interest cost | 3.74% | 3.62% |
Expected return on plan assets | 7.25% | 7.25% |
Rate of compensation increase | 3.00% | 3.00% |
Note 9 - Retirement Plans - Pla
Note 9 - Retirement Plans - Plan Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Target Allocation | 100.00% | ||
Percentage of Plan Assets | 100.00% | 100.00% | |
Assets by Industry Type | $ 212,844 | $ 207,829 | $ 176,238 |
Defined Benefit Plan, Equity Securities [Member] | |||
Target Allocation | 99.00% | ||
Percentage of Plan Assets | 99.00% | 99.00% | |
Assets by Industry Type | $ 212,249 | $ 206,244 | |
Defined Benefit Plan, Equity Securities [Member] | Materials [Member] | |||
Assets by Industry Type | 10,685 | 10,952 | |
Defined Benefit Plan, Equity Securities [Member] | Industrials [Member] | |||
Assets by Industry Type | 21,738 | 25,383 | |
Defined Benefit Plan, Equity Securities [Member] | Telecommunication Services [Member] | |||
Assets by Industry Type | 18,120 | 18,060 | |
Defined Benefit Plan, Equity Securities [Member] | Consumer Staples [Member] | |||
Assets by Industry Type | 32,543 | 43,641 | |
Defined Benefit Plan, Equity Securities [Member] | Energy [Member] | |||
Assets by Industry Type | 20,017 | 16,110 | |
Defined Benefit Plan, Equity Securities [Member] | Financial Services Sector [Member] | |||
Assets by Industry Type | 37,634 | 33,818 | |
Defined Benefit Plan, Equity Securities [Member] | Healthcare Sector [Member] | |||
Assets by Industry Type | 20,702 | 17,587 | |
Defined Benefit Plan, Equity Securities [Member] | Information Technology [Member] | |||
Assets by Industry Type | 19,945 | 13,887 | |
Defined Benefit Plan, Equity Securities [Member] | Utilities [Member] | |||
Assets by Industry Type | $ 30,865 | $ 26,806 | |
Defined Benefit Plan, Debt Security [Member] | |||
Target Allocation | |||
Percentage of Plan Assets | |||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | |||
Assets by Industry Type | $ 595 | $ 1,585 | |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Money Market Funds [Member] | |||
Assets by Industry Type | $ 595 | $ 1,585 | |
Defined Benefit Plan, Real Estate [Member] | |||
Target Allocation | |||
Percentage of Plan Assets | |||
Defined Benefit Plan, Cash [Member] | |||
Target Allocation | 1.00% | ||
Percentage of Plan Assets | 1.00% | 1.00% |
Note 9 - Retirement Plans - Exp
Note 9 - Retirement Plans - Expected Contributions (Details) | Mar. 31, 2018USD ($) |
Expected Employer Contributions | |
Expected Employee Contributions |
Note 9 - Retirement Plans - Est
Note 9 - Retirement Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,019 | $ 8,568 |
2,020 | 9,201 |
2,021 | 9,935 |
2,022 | 10,586 |
2,023 | 11,304 |
2024-2028 | $ 66,955 |
Note 10 - Fair Value of Finan70
Note 10 - Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Reported Value Measurement [Member] | ||
Long-term debt, including current portion | $ 417,834 | $ 332,633 |
Capital leases, including current portion | 42,009 | 39,033 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt, including current portion | 417,485 | 332,926 |
Capital leases, including current portion | $ 39,023 | $ 37,505 |
Note 11 - Inventories (Details
Note 11 - Inventories (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Inventory, LIFO Reserve, Effect on Income, Net, Total | $ (11.2) | $ 6.6 | $ 18 |
Effect Of LIFO Earnings Per Share Basic | $ (1.15) | $ 0.67 | $ 1.81 |
Effect Of LIFO Earnings Per Share Diluted | $ (1.15) | $ 0.67 | $ 1.79 |
Note 11 - Inventories - Invento
Note 11 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Mar. 31, 2016 |
Finished products | $ 636,195 | $ 576,459 | |||||||
In process | 47,972 | 35,982 | |||||||
Raw materials and supplies | 155,468 | 160,333 | |||||||
Total | 839,635 | 772,774 | |||||||
Less excess of FIFO cost over LIFO cost | 158,807 | 143,839 | |||||||
Total inventories | $ 680,828 | $ 770,702 | $ 859,146 | $ 655,419 | $ 628,935 | $ 699,445 | $ 801,684 | $ 611,063 | $ 609,481 |
Note 12 - Other Operating Inc73
Note 12 - Other Operating Income and Expense (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,786 | ||
Gain (Loss) On Sale of Plant | 1,100 | ||
Gain (Loss) On Partial Sale of Plant | 400 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 400 | (200) | 400 |
Other Nonrecurring Expense | 1,200 | ||
Tangible Asset Impairment Charges, Total | $ 1,100 | ||
Gain (Loss) on Relationship Transfer Agreement | 24,300 | ||
Gain (Loss) Related to Litigation Settlement, Total | 200 | ||
Environmental Remediation Expense | $ 100 |
Note 13 - Segment Information74
Note 13 - Segment Information (Details Textual) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Number of Reportable Segments | 3 | ||
Fruit and Vegetable Segment [Member] | |||
Assets Percentage | 95.00% | 99.00% | 99.00% |
Income (Loss) Fom Continuing Operations Before Income Taxes Percentage | 112.00% | 97.00% | 100.00% |
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | |||
Concentration Risk, Percentage | 6.90% | 7.60% | 8.50% |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Green Giant Vegetables [Member] | |||
Concentration Risk, Percentage | 9.00% | 11.00% | 12.00% |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 387,689 | $ 338,470 | $ 288,927 | $ 280,690 | $ 356,767 | $ 352,606 | $ 272,135 | $ 1,314,765 | $ 1,262,198 | $ 1,279,567 |
Operating income (loss) | 10,271 | (1,409) | 613 | 4,809 | 14,341 | 12,015 | 3,577 | (5,267) | 34,742 | 91,731 |
Interest expense, net | 15,037 | 9,672 | 8,044 | |||||||
Income tax (benefit) expense | 1,882 | (1,884) | (1,603) | 1,604 | 4,471 | 2,773 | 905 | (6,472) | 9,753 | 27,240 |
Identifiable assets | $ 1,134,237 | $ 1,271,944 | $ 1,031,981 | 978,268 | $ 1,053,746 | $ 1,185,203 | $ 951,152 | 1,070,431 | 978,268 | 944,991 |
Capital expenditures | 35,906 | 32,512 | 9,966 | |||||||
Depreciation and amortization | 31,547 | 24,824 | 21,737 | |||||||
Fruit and Vegetable Segment [Member] | ||||||||||
Net sales | 1,194,679 | 1,226,687 | 1,243,386 | |||||||
Operating income (loss) | (11,238) | 32,164 | 90,302 | |||||||
Interest expense, net | 14,321 | 9,518 | 7,923 | |||||||
Income tax (benefit) expense | (8,946) | 8,814 | 26,792 | |||||||
Identifiable assets | 972,549 | 1,013,359 | 972,549 | 938,632 | ||||||
Capital expenditures | 34,445 | 30,969 | 9,232 | |||||||
Depreciation and amortization | 25,978 | 23,525 | 20,438 | |||||||
Prepared Foods Segment [Member] | ||||||||||
Net sales | 92,826 | |||||||||
Operating income (loss) | 2,869 | |||||||||
Interest expense, net | 533 | |||||||||
Income tax (benefit) expense | 931 | |||||||||
Identifiable assets | 53,132 | |||||||||
Capital expenditures | 926 | |||||||||
Depreciation and amortization | 4,330 | |||||||||
Snack Segment [Member] | ||||||||||
Net sales | 10,110 | 12,430 | 12,336 | |||||||
Operating income (loss) | 558 | 945 | 1,164 | |||||||
Interest expense, net | 24 | 17 | 18 | |||||||
Income tax (benefit) expense | 213 | 355 | 372 | |||||||
Identifiable assets | 2,833 | 1,915 | 2,833 | 2,697 | ||||||
Capital expenditures | 225 | 52 | ||||||||
Depreciation and amortization | 336 | 346 | 351 | |||||||
Corporate and Other [Member] | ||||||||||
Net sales | 17,150 | 23,081 | 23,845 | |||||||
Operating income (loss) | 2,544 | 1,633 | 265 | |||||||
Interest expense, net | 159 | 137 | 103 | |||||||
Income tax (benefit) expense | 1,330 | 584 | 76 | |||||||
Identifiable assets | $ 2,886 | 2,025 | 2,886 | 3,662 | ||||||
Capital expenditures | 535 | 1,318 | 682 | |||||||
Depreciation and amortization | $ 903 | $ 953 | $ 948 |
Note 13 - Segment Information76
Note 13 - Segment Information - Classes of Similar Products or Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | ||
Net sales | $ 387,689 | $ 338,470 | $ 288,927 | $ 280,690 | $ 356,767 | $ 352,606 | $ 272,135 | $ 1,314,765 | $ 1,262,198 | $ 1,279,567 | |
Green Giant [Member] | |||||||||||
Net sales | [1] | 111,014 | 136,329 | 148,517 | |||||||
Canned Vegetables [Member] | |||||||||||
Net sales | 721,121 | 705,297 | 746,501 | ||||||||
Frozen [Member] | |||||||||||
Net sales | 105,857 | 98,597 | 94,710 | ||||||||
Fruit [Member] | |||||||||||
Net sales | 256,687 | 286,464 | 253,658 | ||||||||
Prepared Foods [Member] | |||||||||||
Net sales | 92,826 | ||||||||||
Snack [Member] | |||||||||||
Net sales | 10,110 | 12,430 | 12,336 | ||||||||
Other [Member] | |||||||||||
Net sales | $ 17,150 | $ 23,081 | $ 23,845 | ||||||||
[1] | Green Giant includes canned and frozen vegetables exclusively for B&G Foods. |
Note 15 - Plant Restructuring77
Note 15 - Plant Restructuring (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Charges, Total | $ 10,011 | $ 1,829 | $ 10,302 |
Closing of Northwest Plant [Member] | |||
Restructuring Charges, Total | 500 | 10,400 | |
Operating Lease Costs [Member] | |||
Restructuring Charges, Total | 5,400 | ||
Operating Lease Costs [Member] | Closing of Northwest Plant [Member] | |||
Restructuring Reserve, Accrual Adjustment | 3,600 | ||
Pension Termination Cost [Member] | |||
Restructuring Charges, Total | 4,100 | ||
Employee Severance [Member] | |||
Restructuring Charges, Total | 722 | 1,578 | 162 |
Employee Severance [Member] | Closing Modesto Plant [Member] | |||
Restructuring Charges, Total | 600 | ||
Employee Severance [Member] | Closing of Northwest Plant [Member] | |||
Restructuring Charges, Total | 200 | ||
Employee Severance [Member] | Closed Plant in the Midwest [Member] | |||
Restructuring Charges, Total | 1,300 | ||
Restructuring Reserve, Accrual Adjustment | (100) | ||
Impairment of Long-Lived Assets [Member] | |||
Restructuring Charges, Total | (369) | (384) | 5,065 |
Restructuring Reserve, Accrual Adjustment | (400) | ||
Impairment of Long-Lived Assets [Member] | Closing of Northwest Plant [Member] | |||
Restructuring Charges, Total | 5,100 | ||
Other Restructuring [Member] | |||
Restructuring Charges, Total | 9,658 | $ 635 | 5,075 |
Restructuring Reserve, Accrual Adjustment | $ 100 | ||
Other Restructuring [Member] | Closing of Northwest Plant [Member] | |||
Restructuring Charges, Total | $ 5,100 |
Note 15 - Plant Restructuring -
Note 15 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Balance | $ 5,115 | $ 8,872 | $ 1,249 |
Charge to expense | 10,011 | 1,829 | 10,302 |
Cash payments/write offs | (4,543) | (5,586) | (2,679) |
Balance | 10,583 | 5,115 | 8,872 |
Employee Severance [Member] | |||
Balance | 37 | 715 | |
Charge to expense | 722 | 1,578 | 162 |
Cash payments/write offs | (198) | (1,541) | (877) |
Balance | 561 | 37 | |
Impairment of Long-Lived Assets [Member] | |||
Balance | 4,773 | 4,975 | 264 |
Charge to expense | (369) | (384) | 5,065 |
Cash payments/write offs | (3,877) | 182 | (354) |
Balance | 527 | 4,773 | 4,975 |
Other Restructuring [Member] | |||
Balance | 305 | 3,897 | 270 |
Charge to expense | 9,658 | 635 | 5,075 |
Cash payments/write offs | (468) | (4,227) | (1,448) |
Balance | $ 9,495 | $ 305 | $ 3,897 |
Note 16 - Related Party Trans79
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Director [Member] | Vegetables Supply [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 1.4 | $ 1 | $ 1 |
Related Party Foudation [Member] | Charitable Contributions [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 0.4 | $ 1.3 | $ 2.3 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) $ in Millions | Jun. 29, 2018USD ($) |
Subsequent Event [Member] | Modesto Plant [Member] | |
Proceeds from Divestiture of Businesses | $ 55.8 |
Schedule II - Valuation and Q81
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at beginning of period | $ 50 | $ 111 | $ 145 |
Charged/(credited) to income | 33 | (61) | (47) |
Charged to other accounts | |||
Deductions from reserve | (27) | 13 | |
Allowance for doubtful accounts | 56 | 50 | 111 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at beginning of period | 1,891 | 1,861 | 1,787 |
Charged/(credited) to income | 1,396 | 17 | 74 |
Charged to other accounts | 601 | 118 | |
Deductions from reserve | (23) | (105) | |
Allowance for doubtful accounts | $ 3,865 | $ 1,891 | $ 1,861 |