Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 29, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Seneca Foods Corporation | |
Entity Central Index Key | 0000088948 | |
Trading Symbol | senea | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 29, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,753,361 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,540,472 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) - USD ($) | Jun. 29, 2019 | Mar. 31, 2019 | Jun. 30, 2018 |
Current Assets: | |||
Cash and Cash Equivalents | $ 16,901,000 | $ 11,480,000 | $ 12,626,000 |
Accounts Receivable, Net | 74,000,000 | 84,122,000 | 73,743,000 |
Contracts Receivable | 5,157,000 | ||
Inventories | 493,498,000 | 501,684,000 | 567,594,000 |
Refundable Income Taxes | 441,000 | 1,221,000 | 1,505,000 |
Other Current Assets | 3,577,000 | 3,075,000 | 3,277,000 |
Total Current Assets | 593,672,000 | 603,248,000 | 679,300,000 |
Property, Plant and Equipment, Net | 206,188,000 | 239,273,000 | 252,045,000 |
Right-of-Use Assets Operating Net | 83,742,000 | ||
Right-of-Use Assets Financing, Net | 34,294,000 | ||
Deferred Income Taxes, Net | 3,722,000 | 2,417,000 | 7,805,000 |
Noncurrent Assets Held For Sale-Discontinued Operations | 1,143,000 | 1,143,000 | 21,632,000 |
Other Assets | 2,547,000 | 2,801,000 | 3,394,000 |
Total Assets | 925,308,000 | 848,882,000 | 964,176,000 |
Current Liabilities: | |||
Accounts Payable | 77,571,000 | 61,024,000 | 87,336,000 |
Deferred Revenue | 1,936,000 | 4,098,000 | 3,080,000 |
Accrued Vacation | 11,843,000 | 11,678,000 | 12,696,000 |
Accrued Payroll | 6,002,000 | 5,105,000 | 7,748,000 |
Other Accrued Expenses | 17,550,000 | 19,363,000 | 25,072,000 |
Current Portion of Operating Lease Obligations | 26,641,000 | ||
Current Portion of Financing Lease Obligations | 6,573,000 | ||
Current Portion of Capital Lease Obligations | 6,418,000 | 5,863,000 | |
Current Portion of Long-Term Debt | 88,000 | 345,000 | 4,873,000 |
Total Current Liabilities | 151,857,000 | 112,377,000 | 180,324,000 |
Long-Term Debt, Less Current Portion | 246,645,000 | 265,900,000 | 318,282,000 |
Operating Lease Obligations, Less Current Portion | 60,979,000 | ||
Financing Lease Obligations, Less Current Portion | 29,907,000 | ||
Capital Lease Obligations, Less Current Portion | 31,286,000 | 32,835,000 | |
Pension Liabilities | 18,005,000 | 17,349,000 | 24,761,000 |
Other Long-Term Liabilities | 4,077,000 | 4,180,000 | 5,080,000 |
Total Liabilities | 511,470,000 | 431,397,000 | 561,906,000 |
Commitments and Contingencies | |||
Stockholders' Equity: | |||
Preferred Stock | 707,000 | 707,000 | 707,000 |
Common Stock, $.25 Par Value Per Share | 3,039,000 | 3,039,000 | 3,038,000 |
Additional Paid-in Capital | 98,285,000 | 98,260,000 | 98,186,000 |
Treasury Stock, at Cost | (78,484,000) | (75,740,000) | (69,556,000) |
Accumulated Other Comprehensive Loss | (18,285,000) | (18,285,000) | (25,118,000) |
Retained Earnings | 408,576,000 | 409,504,000 | 395,013,000 |
Total Stockholders' Equity | 413,838,000 | 417,485,000 | 402,270,000 |
Total Liabilities and Stockholders’ Equity | 925,308,000 | 848,882,000 | 964,176,000 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Current Assets: | |||
Current Assets Held For Sale | 1,568,000 | 3,859,000 | |
Current Liabilities: | |||
Current Liabilities Held For Sale | 61,000 | ||
Noncurrent Liabilities Held For Sale | 305,000 | ||
Discontinued Operations, Held-for-sale [Member] | |||
Current Assets: | |||
Current Assets Held For Sale | 98,000 | 98,000 | 16,696,000 |
Current Liabilities: | |||
Current Liabilities Held For Sale | 3,653,000 | 4,285,000 | 33,656,000 |
Noncurrent Liabilities Held For Sale | $ 624,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) (Parentheticals) - $ / shares | Jun. 29, 2019 | Mar. 31, 2019 | Jun. 30, 2018 |
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Net sales | $ 264,925 | $ 244,093 |
Costs and Expenses: | ||
Cost of Product Sold | 245,751 | 227,305 |
Selling, General and Administrative | 16,258 | 17,688 |
Plant Restructuring Charge | 4,806 | 38 |
Other Operating Income | (4,827) | (915) |
Total Costs and Expenses | 261,988 | 244,116 |
Operating Income (Loss) | 2,937 | (23) |
Other Income | (1,803) | (1,020) |
Interest Expense, Net | 3,352 | 3,825 |
Earnings (Loss) From Continuing Operations Before Income Taxes | 1,388 | (2,828) |
Income Taxes (Benefit) From Continuing Operations | 285 | (668) |
Earnings (Loss) From Continuing Operations | 1,103 | (2,160) |
Net Loss From Discontinued Operations (Net of Tax) | (6,595) | |
Net Earnings (Loss) | $ 1,103 | $ (8,755) |
Basic Earnings (Loss) per Common Share: | ||
Continuing Operations (in dollars per share) | $ 0.12 | $ (0.22) |
Discontinued Operations (in dollars per share) | (0.67) | |
Net Basic Earnings (Loss) per Common Share (in dollars per share) | 0.12 | (0.90) |
Diluted Earnings (Loss) per Common Share: | ||
Continuing Operations (in dollars per share) | 0.12 | (0.22) |
Discontinued Operations (in dollars per share) | (0.67) | |
Net Diluted Earnings (Loss) per Common Share (in dollars per share) | $ 0.12 | $ (0.90) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Comprehensive income (loss): | ||
Net earnings (loss) | $ 1,103 | $ (8,755) |
Change in pension, post retirement benefits and other (net of tax) | 51 | |
Total | $ 1,103 | $ (8,704) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net Earnings (Loss) From Continuing Operations | $ 1,103 | $ (2,160) |
Net Loss From Discontinued Operations (Net of Tax) | (6,595) | |
Net Cash Used In Operations: | ||
Depreciation & Amortization | 7,382 | 8,046 |
Gain on the Sale of Assets | (4,663) | (6,444) |
Provision for Restructuring and Impairment | 4,806 | 1,820 |
Deferred Income Tax Benefit | (1,305) | (2,229) |
Changes in Operating Assets and Liabilities: | ||
Accounts Receivable | 4,965 | (9,827) |
Inventories | 8,186 | 74,622 |
Other Current Assets | (502) | (1,210) |
Income Taxes | 1,453 | (363) |
Accounts Payable, Accrued Expenses and Other Liabilities | 16,418 | 31,290 |
Net Cash Provided By Operations | 37,843 | 86,950 |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (9,776) | (10,462) |
Proceeds from the Sale of Assets | 6,398 | 10,387 |
Net Cash Used In Investing Activities | (3,378) | (75) |
Cash Flows from Financing Activities: | ||
Long-Term Borrowing | 93,600 | 89,546 |
Payments on Long-Term Debt and Lease Obligations | (118,272) | (178,845) |
Other Assets | (40) | |
Payments on Financing Leases | (1,616) | |
Purchase of Treasury Stock | (2,744) | |
Dividends | (12) | (12) |
Net Cash Used In Financing Activities | (29,044) | (89,351) |
Net Increase (Decrease) in Cash and Cash Equivalents | 5,421 | (2,476) |
Cash and Cash Equivalents, Beginning of the Period | 11,480 | 15,102 |
Cash and Cash Equivalents, End of the Period | 16,901 | 12,626 |
Noncash Transactions: | ||
Property, Plant and Equipment Purchased Under Lease Obligations | $ 4,775 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 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, 2018 | $ 707,000 | $ 3,038,000 | $ 98,161,000 | $ (69,556,000) | $ (25,067,000) | $ 403,780,000 | |||||||
Net earnings (loss) | (8,755,000) | $ (8,755,000) | |||||||||||
Cash dividends paid on preferred stock | (12,000) | ||||||||||||
Equity incentive program | 25,000 | ||||||||||||
Purchase treasury stock | |||||||||||||
Change in pension, post retirement benefits and other (net of tax) | (51,000) | 51,000 | |||||||||||
Balance at Jun. 30, 2018 | 707,000 | 3,038,000 | 98,186,000 | (69,556,000) | (25,118,000) | 395,013,000 | 402,270,000 | ||||||
Balance at Mar. 31, 2019 | 707,000 | 3,039,000 | 98,260,000 | (75,740,000) | (18,285,000) | 409,504,000 | 417,485,000 | ||||||
Net earnings (loss) | 1,103,000 | 1,103,000 | |||||||||||
Cash dividends paid on preferred stock | (12,000) | ||||||||||||
Equity incentive program | 25,000 | ||||||||||||
Purchase treasury stock | $ (2,744,000) | (2,744,000) | |||||||||||
Operating lease impairment adjustment upon the adoption of ASU 2016-02 "Leases" (net of tax) | (2,019,000) | ||||||||||||
Change in pension, post retirement benefits and other (net of tax) | |||||||||||||
Balance at Jun. 29, 2019 | $ 707,000 | $ 3,039,000 | $ 98,285,000 | $ (78,484,000) | $ (18,285,000) | $ 408,576,000 | $ 413,838,000 | ||||||
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) | 7,557,913 | 1,874,861 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Jun. 29, 2019$ / shares | |
Cumulative Preferred Stock [Member] | |
Preferred stock, dividend rate | 6.00% |
Preferred stock, par value (in dollars per share) | $ 0.25 |
Cumulative Convertible Preferred Stock [Member] | |
Preferred stock, dividend rate | 10.00% |
Preferred stock, par value (in dollars per share) | $ 0.025 |
Participating Convertible Preferred Stock [Member] | |
Preferred stock, par value (in dollars per share) | 0.025 |
Series 2003 Convertible Preferred Stock [Member] | |
Preferred stock, par value (in dollars per share) | 0.025 |
Common Class A [Member] | |
Preferred stock, par value (in dollars per share) | 0.25 |
Common Class B [Member] | |
Preferred stock, par value (in dollars per share) | $ 0.25 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Unaudited Condensed Consolidated Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of Seneca Foods Corporation (the “Company”) as of June 29, 2019 March 31, 2019 The results of operations for the three June 29, 2019 not three June 29, 2019, $5,706,000 $6,885,000 three June 30, 2018. The accounting policies followed by the Company are set forth in Note 1 2019 10 Other footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company's 2019 10 All references to years are fiscal years ended or ending March 31 may not Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification. |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 3 Months Ended |
Jun. 29, 2019 | |
Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. Discontinued Operations On July 13, 2018, October 9, 2018, $63,326,000. second 2019, 15% 210 05—Discontinued The following table presents information related to the major classes of assets and liabilities of Modesto that are classified as Held For Sale-Discontinued Operations in the Company's Condensed Consolidated Balance Sheets (in thousands): June 29 June 30 2019 2018 Accounts Receivable $ - $ 14,880 Inventories - 1,739 Other Current Assets 98 77 Current Assets Held For Sale-Discontinued Operations $ 98 $ 16,696 Other Assets $ 1,143 $ 1,656 Property, Plant and Equipment (net) - 19,976 Noncurrent Assets Held For Sale-Discontinued Operations $ 1,143 $ 21,632 Accounts Payable and Accrued Expenses $ 3,653 $ 25,589 Long-Term Debt and Capital Leases Current Portion - 8,067 Current Liabilities Held For Sale-Discontinued Operations $ 3,653 $ 33,656 Long-Term Debt and Capital Lease Obligations $ - $ 624 Noncurrent Liabilities Held For Sale Discontinued Operations $ - $ 624 The operating results of the discontinued operations that are reflected in the Unaudited Condensed Consolidated Statements of Net Earnings (Loss) from discontinued operations are as follows: Three Months Ended June 29 June 30 2019 2018 Net Sales $ - $ 99,299 Costs and Expenses: Cost of Product Sold - 110,189 Selling, General and Administrative - 780 Plant Restructuring Charge (a) - 1,782 Interest (Income) Expense (b) - 624 Total cost and expenses - 113,375 Loss From Discontinued Operations Before Income Taxes - (14,076 ) Gain on the Sale of Assets Before Income Taxes (c) (d) - (5,638 ) Income Tax Benefit - (1,843 ) Net Loss From Discontinued Operations, Net of Tax $ - $ (6,595 ) Supplemental Information on Discontinued Operations: Capital Expenditures - 4,260 Depreciation - 677 (a) Includes $1,653,000 first 2019. (b) Includes interest on debt directly related to Modesto including the building mortgage and equipment leases and an allocation of the Company's line of credit facility. (c) Includes $663,000 first 2019. (d) Includes a $4,975,000 first 2019. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition In the following table, revenue is disaggregated by product category groups (in millions): Three Months Ended June 29, 2019 June 30, 2018 Canned Vegetables $ 180.7 $ 161.9 B&G* 7.0 7.3 Frozen 17.7 28.1 Fruit Products 22.7 21.2 Chip Products 2.9 2.0 Prepared Foods 29.8 17.3 Other 4.1 6.3 $ 264.9 $ 244.1 *B&G includes canned and frozen vegetable sales exclusively for B&G. |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories $164,517,000 first 2020 $121,607,000 first 2019. three June 29, 2019 $3,176,000 $710,000 three June 30, 2018. June 29, 2019 June 30, 2018 Finished products $ 405,372 $ 468,236 In process 33,568 41,943 Raw materials and supplies 219,075 179,022 658,015 689,201 Less excess of FIFO cost over LIFO cost 164,517 121,607 Total inventories $ 493,498 $ 567,594 |
Note 5 - Leases
Note 5 - Leases | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 5. Leases The Company determines if an arrangement is a lease at inception of the agreement. Operating leases are included in right-of-use operating assets, and current and noncurrent operating lease obligations in the Company’s Condensed Consolidated Balance Sheets. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. If the lease does not may not 12 not The Company has operating leases for land, machinery and equipment. The Company also has finance leases for machinery and equipment. The commencement date used for the calculation of the lease obligation is the latter of the commencement date of the new standard ( April 1, 2019) 12 not Upon adoption of ASU 2016 02, $2,019,000 Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense were as follows: Three Months June 29, 2019 (In thousands) Lease cost: Amortization of right of use asset $ 1,067 Interest on lease liabilities 368 Finance lease cost 1,435 Operating lease cost 7,900 Total lease cost $ 9,335 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 368 Operating cash flows from operating leases 8,961 Financing cash flows from finance leases 1,616 $ 10,945 Right-of-use assets obtained in exchange for new finance lease liabilities for the three months ended June 29, 2019 $ 237 Right-of-use assets obtained in exchange for new operating lease liabilities for the three months ended June 29, 2019 $ 4,538 Weighted-average lease term (years): Financing leases 5.7 Operating leases 4.1 Weighted-average discount rate (percentage): Financing leases 4.2 Operating leases 4.6 Estimated undiscounted future lease payments under non-cancelable operating leases and financial leases, along with a reconciliation of undiscounted cash flows to operating and financing lease liabilities, respectively, as of June 29, 2019 ( Years ending March 31: Operating Financing Balance of 2020 $ 21,295 $ 5,916 2021 27,507 7,888 2022 19,738 7,888 2023 13,623 7,888 2024 6,834 6,141 2025-2031 6,839 5,268 Total minimum payment required $ 95,836 $ 40,989 Less interest 8,216 4,509 Present value of minimum lease payments 87,620 36,480 Amount due within one year 26,641 6,573 Long-term lease obligations $ 60,979 $ 29,907 As the Company has not 842, 840 March 31, 2019: Years ending March 31: Operating Capital 2020 $ 28,689 $ 7,827 2021 24,938 7,827 2022 17,526 7,827 2023 12,062 7,827 2024 5,950 6,102 2025-2031 6,927 5,267 Total minimum payment required $ 96,092 $ 42,677 Less interest 4,973 Present value of minimum lease payments 37,704 Amount due within one year 6,418 Long-term capital lease obligation $ 31,286 |
Note 6 - Revolving Credit Facil
Note 6 - Revolving Credit Facility | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. Revolving Credit Facility The Company entered into a five July 5, 2016. $400,000,000 April July $500,000,000 August March. June 29, 2019 $136,014,000 July 5, 2021. June November three seven may The decrease in average amount of Revolver borrowings during the first three 2020 first three 2019 General terms of the Revolver include payment of interest at LIBOR plus a defined spread. The following table documents the quantitative data for Revolver borrowings during the first 2020 2019: First Quarter 2020 2019 (In thousands) Reported end of period: Outstanding borrowings $ 136,014 $ 207,610 Weighted average interest rate 4.00 % 3.62 % Reported during the period: Maximum amount of borrowings $ 151,107 $ 294,062 Average outstanding borrowings $ 134,135 $ 262,794 Weighted average interest rate 3.96 % 3.50 % |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. Stockholders’ Equity During the three June 29, 2019, $2,744,000 June 29, 2019, 2,864,133 $78,484,000 not |
Note 8 - Retirement Plans
Note 8 - Retirement Plans | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 8. Retirement Plans The net periodic benefit cost for the Company’s pension plan consisted of: Three Months Ended June 29, 2019 June 30, 2018 (In thousands) Service Cost $ 2,288 $ 2,442 Interest Cost 2,296 2,243 Expected Return on Plan Assets (3,958 ) (3,596 ) Amortization of Prior Service Cost 30 30 Amortization of Net Loss - 303 Net Periodic Benefit Cost $ 656 $ 1,422 There was no three June 29, 2019 June 30, 2018. |
Note 9 - Plant Restructuring
Note 9 - Plant Restructuring | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 9. Plant Restructuring Restructuring Payable Severance Other Costs Total (In thousands) Balance March 31, 2019 $ 225 $ 1 $ 226 First quarter charge 586 4,220 4,806 Cash payments/write offs (170 ) (4,220 ) (4,390 ) Balance June 29, 2019 $ 641 $ 1 $ 642 Severance Other Costs Total (In thousands) Balance March 31, 2018 $ - $ - $ - First quarter charge 110 (72 ) 38 Cash payments/write offs - 72 72 Balance June 30, 2018 $ 110 $ - $ 110 During the quarter ended June 29, 2019, $4,806,000 $1,975,000 $586,000 $2,245,000 During the quarter ended June 30, 2018, $38,000 |
Note 10 - Other Operating Incom
Note 10 - Other Operating Income and Expense | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 10. Other Operating Income and Expense During the three June 29, 2019, $4,075,000. $752,000. three June 30, 2018, $806,000. |
Note 11 - Recently Issued Accou
Note 11 - Recently Issued Accounting Standards | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 11. Recently Issued Accounting Standards February 2016, 2016 02, 2016 02 12 July 2018, No. 2018 11, 842 December 15, 2018. 2016 02 April 1, 2019, 2018 11. $88,333,000 $91,025,000 $2,019,000 $2,692,000 $673,000 April 1, 2019. not $2,019,000, March 2019 5 In August 2018, No. 2018 14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715 20 2018 14 December 15, 2020, 2018 14 There were no not June 29, 2019. |
Note 12 - Earnings Per Common S
Note 12 - Earnings Per Common Share | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Earnings per Common Share June 29, 2019 June 30, 2018 Q U A R T E R (Thousands, except share amounts) Fiscal 2020 Fiscal 2019 Continuing Operations Basic Earnings (loss) from continuing operations $ 1,103 $ (2,160 ) Deduct preferred stock dividends paid 6 6 Undistributed earnings (loss) from continuing operations 1,097 (2,166 ) Earnings (loss) from continuing operations attributable to participating preferred 4 (8 ) Earnings (loss) from continuing operations attributable to common shareholders $ 1,093 $ (2,158 ) Weighted average common shares outstanding 9,477 9,744 Basic earnings (loss) per common share from continuing operations $ 0.12 $ (0.22 ) Diluted Earnings (loss) from continuing operations attributable to common shareholders $ 1,093 $ (2,158 ) Add dividends on convertible preferred stock 5 - Earnings (loss) from continuing operations attributable to common stock on a diluted basis $ 1,098 $ (2,158 ) Weighted average common shares outstanding-basic 9,477 9,744 Additional shares issued related to the equity compensation plan 2 - Additional shares to be issued under full conversion of preferred stock 67 - Total shares for diluted 9,546 9,744 Diluted earnings (loss) per common share from continuing operations $ 0.12 $ (0.22 ) Note: For fiscal 2019, Q U A R T E R (Thousands, except share amounts) Fiscal 2020 Fiscal 2019 Discontinued Operations Basic Loss from discontinued operations $ - $ (6,595 ) Deduct preferred stock dividends paid - 6 Undistributed loss from continuing operations - (6,601 ) Loss from continuing operations attributable to participating preferred - (26 ) Loss from continuing operations attributable to common shareholders $ - $ (6,575 ) Weighted average common shares outstanding 9,477 9,744 Basic loss per common share from continuing operations $ - $ (0.67 ) Diluted Loss from continuing operations attributable to common shareholders $ - $ (6,575 ) Add dividends on convertible preferred stock - - Loss from continuing operations attributable to common stock on a diluted basis $ - $ (6,575 ) Weighted average common shares outstanding-basic 9,477 9,744 Additional shares issued related to the equity compensation plan 2 - Additional shares to be issued under full conversion of preferred stock 67 - Total shares for diluted 9,546 9,744 Diluted loss per common share from continuing operations $ - $ (0.67 ) Note: For fiscal 2019, |
Note 13 - Fair Value of Financi
Note 13 - Fair Value of Financial Instruments | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. Fair Value of Financial Instruments 825, 2 $246,733,000 $246,639,000 June 29, 2019. March 31, 2019, $266,245,000 $266,140,000. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Taxes The effective tax rate for continuing operations was 20.5% 23.6% three June 29, 2019 June 30, 2018, 4.0 3.1 not 2019 2020. 2019 2020. 2020. |
Note 15 - Legal Proceedings and
Note 15 - Legal Proceedings and Other Contingencies | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15\. Legal Proceedings and Other Contingencies In the ordinary course of its business, the Company is made a party to certain legal proceedings seeking monetary damages, including proceedings involving product liability claims, workers’ compensation along with other employee claims, tort and other general liability claims, for which it carries insurance, as well as patent infringement and related litigation. The Company is in a highly regulated industry and is also periodically involved in government actions for regulatory violations and other matters surrounding the manufacturing of its products, including, but not not not |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | June 29 June 30 2019 2018 Accounts Receivable $ - $ 14,880 Inventories - 1,739 Other Current Assets 98 77 Current Assets Held For Sale-Discontinued Operations $ 98 $ 16,696 Other Assets $ 1,143 $ 1,656 Property, Plant and Equipment (net) - 19,976 Noncurrent Assets Held For Sale-Discontinued Operations $ 1,143 $ 21,632 Accounts Payable and Accrued Expenses $ 3,653 $ 25,589 Long-Term Debt and Capital Leases Current Portion - 8,067 Current Liabilities Held For Sale-Discontinued Operations $ 3,653 $ 33,656 Long-Term Debt and Capital Lease Obligations $ - $ 624 Noncurrent Liabilities Held For Sale Discontinued Operations $ - $ 624 Three Months Ended June 29 June 30 2019 2018 Net Sales $ - $ 99,299 Costs and Expenses: Cost of Product Sold - 110,189 Selling, General and Administrative - 780 Plant Restructuring Charge (a) - 1,782 Interest (Income) Expense (b) - 624 Total cost and expenses - 113,375 Loss From Discontinued Operations Before Income Taxes - (14,076 ) Gain on the Sale of Assets Before Income Taxes (c) (d) - (5,638 ) Income Tax Benefit - (1,843 ) Net Loss From Discontinued Operations, Net of Tax $ - $ (6,595 ) Supplemental Information on Discontinued Operations: Capital Expenditures - 4,260 Depreciation - 677 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 29, 2019 June 30, 2018 Canned Vegetables $ 180.7 $ 161.9 B&G* 7.0 7.3 Frozen 17.7 28.1 Fruit Products 22.7 21.2 Chip Products 2.9 2.0 Prepared Foods 29.8 17.3 Other 4.1 6.3 $ 264.9 $ 244.1 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 29, 2019 June 30, 2018 Finished products $ 405,372 $ 468,236 In process 33,568 41,943 Raw materials and supplies 219,075 179,022 658,015 689,201 Less excess of FIFO cost over LIFO cost 164,517 121,607 Total inventories $ 493,498 $ 567,594 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months June 29, 2019 (In thousands) Lease cost: Amortization of right of use asset $ 1,067 Interest on lease liabilities 368 Finance lease cost 1,435 Operating lease cost 7,900 Total lease cost $ 9,335 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 368 Operating cash flows from operating leases 8,961 Financing cash flows from finance leases 1,616 $ 10,945 Right-of-use assets obtained in exchange for new finance lease liabilities for the three months ended June 29, 2019 $ 237 Right-of-use assets obtained in exchange for new operating lease liabilities for the three months ended June 29, 2019 $ 4,538 Weighted-average lease term (years): Financing leases 5.7 Operating leases 4.1 Weighted-average discount rate (percentage): Financing leases 4.2 Operating leases 4.6 |
Lessee, Lease Liability, Maturity [Table Text Block] | Years ending March 31: Operating Financing Balance of 2020 $ 21,295 $ 5,916 2021 27,507 7,888 2022 19,738 7,888 2023 13,623 7,888 2024 6,834 6,141 2025-2031 6,839 5,268 Total minimum payment required $ 95,836 $ 40,989 Less interest 8,216 4,509 Present value of minimum lease payments 87,620 36,480 Amount due within one year 26,641 6,573 Long-term lease obligations $ 60,979 $ 29,907 |
Schedule of Future Minimum Lease Payments for Operating and Capital Leases [Table Text Block] | Years ending March 31: Operating Capital 2020 $ 28,689 $ 7,827 2021 24,938 7,827 2022 17,526 7,827 2023 12,062 7,827 2024 5,950 6,102 2025-2031 6,927 5,267 Total minimum payment required $ 96,092 $ 42,677 Less interest 4,973 Present value of minimum lease payments 37,704 Amount due within one year 6,418 Long-term capital lease obligation $ 31,286 |
Note 6 - Revolving Credit Fac_2
Note 6 - Revolving Credit Facility (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | First Quarter 2020 2019 (In thousands) Reported end of period: Outstanding borrowings $ 136,014 $ 207,610 Weighted average interest rate 4.00 % 3.62 % Reported during the period: Maximum amount of borrowings $ 151,107 $ 294,062 Average outstanding borrowings $ 134,135 $ 262,794 Weighted average interest rate 3.96 % 3.50 % |
Note 8 - Retirement Plans (Tabl
Note 8 - Retirement Plans (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended June 29, 2019 June 30, 2018 (In thousands) Service Cost $ 2,288 $ 2,442 Interest Cost 2,296 2,243 Expected Return on Plan Assets (3,958 ) (3,596 ) Amortization of Prior Service Cost 30 30 Amortization of Net Loss - 303 Net Periodic Benefit Cost $ 656 $ 1,422 |
Note 9 - Plant Restructuring (T
Note 9 - Plant Restructuring (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Restructuring Payable Severance Other Costs Total (In thousands) Balance March 31, 2019 $ 225 $ 1 $ 226 First quarter charge 586 4,220 4,806 Cash payments/write offs (170 ) (4,220 ) (4,390 ) Balance June 29, 2019 $ 641 $ 1 $ 642 Severance Other Costs Total (In thousands) Balance March 31, 2018 $ - $ - $ - First quarter charge 110 (72 ) 38 Cash payments/write offs - 72 72 Balance June 30, 2018 $ 110 $ - $ 110 |
Note 12 - Earnings Per Common_2
Note 12 - Earnings Per Common Share (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Q U A R T E R (Thousands, except share amounts) Fiscal 2020 Fiscal 2019 Continuing Operations Basic Earnings (loss) from continuing operations $ 1,103 $ (2,160 ) Deduct preferred stock dividends paid 6 6 Undistributed earnings (loss) from continuing operations 1,097 (2,166 ) Earnings (loss) from continuing operations attributable to participating preferred 4 (8 ) Earnings (loss) from continuing operations attributable to common shareholders $ 1,093 $ (2,158 ) Weighted average common shares outstanding 9,477 9,744 Basic earnings (loss) per common share from continuing operations $ 0.12 $ (0.22 ) Diluted Earnings (loss) from continuing operations attributable to common shareholders $ 1,093 $ (2,158 ) Add dividends on convertible preferred stock 5 - Earnings (loss) from continuing operations attributable to common stock on a diluted basis $ 1,098 $ (2,158 ) Weighted average common shares outstanding-basic 9,477 9,744 Additional shares issued related to the equity compensation plan 2 - Additional shares to be issued under full conversion of preferred stock 67 - Total shares for diluted 9,546 9,744 Diluted earnings (loss) per common share from continuing operations $ 0.12 $ (0.22 ) Q U A R T E R (Thousands, except share amounts) Fiscal 2020 Fiscal 2019 Discontinued Operations Basic Loss from discontinued operations $ - $ (6,595 ) Deduct preferred stock dividends paid - 6 Undistributed loss from continuing operations - (6,601 ) Loss from continuing operations attributable to participating preferred - (26 ) Loss from continuing operations attributable to common shareholders $ - $ (6,575 ) Weighted average common shares outstanding 9,477 9,744 Basic loss per common share from continuing operations $ - $ (0.67 ) Diluted Loss from continuing operations attributable to common shareholders $ - $ (6,575 ) Add dividends on convertible preferred stock - - Loss from continuing operations attributable to common stock on a diluted basis $ - $ (6,575 ) Weighted average common shares outstanding-basic 9,477 9,744 Additional shares issued related to the equity compensation plan 2 - Additional shares to be issued under full conversion of preferred stock 67 - Total shares for diluted 9,546 9,744 Diluted loss per common share from continuing operations $ - $ (0.67 ) |
Note 1 - Unaudited Condensed _2
Note 1 - Unaudited Condensed Consolidated Financial Statements (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 264,925,000 | $ 244,093,000 |
B&G Foods, Inc [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 5,706,000 | $ 6,885,000 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - Modesto Facility [Member] - Discontinued Operations, Disposed of by Sale [Member] - USD ($) | Oct. 09, 2018 | Jun. 30, 2018 |
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 63,326,000 | |
Disposal Group, Including Discontinued Operation, Revenue, Percent | 15.00% | |
Equipment [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 663,000 | |
Bins [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 4,975,000 | |
Employee Severance [Member] | ||
Restructuring Costs, Total | $ 1,653,000 |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Asset and Liabilities in Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 29, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | ||
Noncurrent Assets Held For Sale-Discontinued Operations | $ 1,143 | $ 21,632 | $ 1,143 | |
Net Loss From Discontinued Operations, Net of Tax | (6,595) | |||
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Accounts Receivable | 14,880 | |||
Inventories | 1,739 | |||
Other Current Assets | 98 | 77 | ||
Current Assets Held For Sale-Discontinued Operations | 98 | 16,696 | ||
Other Assets | 1,143 | 1,656 | ||
Property, Plant and Equipment (net) | 19,976 | |||
Noncurrent Assets Held For Sale-Discontinued Operations | 1,143 | 21,632 | ||
Accounts Payable and Accrued Expenses | 3,653 | 25,589 | ||
Long-Term Debt and Capital Leases Current Portion | 8,067 | |||
Current Liabilities Held For Sale-Discontinued Operations | 3,653 | 33,656 | ||
Long-Term Debt and Capital Lease Obligations | 624 | |||
Noncurrent Liabilities Held For Sale Discontinued Operations | 624 | |||
Net Sales | 99,299 | |||
Cost of Product Sold | 110,189 | |||
Selling, General and Administrative | 780 | |||
Plant Restructuring Charge (a) | [1] | 1,782 | ||
Interest (Income) Expense (b) | [2] | 624 | ||
Total cost and expenses | 113,375 | |||
Loss From Discontinued Operations Before Income Taxes | (14,076) | |||
Gain on the Sale of Assets Before Income Taxes (c) (d) | [3],[4] | (5,638) | ||
Income Tax Benefit | (1,843) | |||
Net Loss From Discontinued Operations, Net of Tax | (6,595) | |||
Capital Expenditures | 4,260 | |||
Depreciation | $ 677 | |||
[1] | Includes $1,653,000 of Modesto severance in first quarter of fiscal 2019. | |||
[2] | Includes interest on debt directly related to Modesto including the building mortgage and equipment leases and an allocation of the Company's line of credit facility. | |||
[3] | Includes $663,000 gain on the sale of Modesto equipment in first quarter of fiscal 2019. | |||
[4] | Includes a $4,975,000 gain on the sale of bins in the first quarter of fiscal 2019. |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | ||
Net sales | $ 264,925 | $ 244,093 | |
Canned Vegetables [Member] | |||
Net sales | 180,700 | 161,900 | |
B&G Foods, Inc [Member] | |||
Net sales | [1] | 7,000 | 7,300 |
Frozen [Member] | |||
Net sales | 17,700 | 28,100 | |
Fruit [Member] | |||
Net sales | 22,700 | 21,200 | |
Chip Products [Member] | |||
Net sales | 2,900 | 2,000 | |
Prepared Foods [Member] | |||
Net sales | 29,800 | 17,300 | |
Manufactured Product, Other [Member] | |||
Net sales | $ 4,100 | $ 6,300 | |
[1] | B&G includes canned and frozen vegetable sales exclusively for B&G. |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Inventory, LIFO Reserve | $ 164,517,000 | $ 121,607,000 |
Inventory, LIFO Reserve, Period Charge | $ 3,176,000 | $ 710,000 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) | Jun. 29, 2019 | Mar. 31, 2019 | Jun. 30, 2018 |
Finished products | $ 405,372,000 | $ 468,236,000 | |
In process | 33,568,000 | 41,943,000 | |
Raw materials and supplies | 219,075,000 | 179,022,000 | |
Total | 658,015,000 | 689,201,000 | |
Less excess of FIFO cost over LIFO cost | 164,517,000 | 121,607,000 | |
Total inventories | $ 493,498,000 | $ 501,684,000 | $ 567,594,000 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | 3 Months Ended |
Jun. 29, 2019USD ($) | |
Accounting Standards Update 2016-02 [Member] | |
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 2,019,000 |
Note 5 - Leases - Lease Expense
Note 5 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Lease cost: | ||
Amortization of right of use asset | $ 1,067 | |
Interest on lease liabilities | 368 | |
Finance lease cost | 1,435 | |
Operating lease cost | 7,900 | |
Total lease cost | 9,335 | |
Operating cash flows from finance leases | 368 | |
Operating cash flows from operating leases | 8,961 | |
Financing cash flows from finance leases | 1,616 | |
10,945 | ||
Right-of-use assets obtained in exchange for new finance lease liabilities for the three months ended June 29, 2019 | 237 | |
Right-of-use assets obtained in exchange for new operating lease liabilities for the three months ended June 29, 2019 | $ 4,538 | |
Financing leases (Year) | 5 years 255 days | |
Operating leases, lease term (Year) | 4 years 36 days | |
Financing leases | 4.20% | |
Operating leases, discount rate | 4.60% |
Note 5 - Leases - Undiscounted
Note 5 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Mar. 31, 2019 | Jun. 30, 2018 |
Balance of 2020, operating | $ 21,295 | ||
Balance of 2020, financing | 5,916 | ||
2021, operating | 27,507 | ||
2021, financing | 7,888 | ||
2022, operating | 19,738 | ||
2022, financing | 7,888 | ||
2023, operating | 13,623 | ||
2023, financing | 7,888 | ||
2024, operating | 6,834 | ||
2024, financing | 6,141 | ||
2025-2031, operating | 6,839 | ||
2025-2031, financing | 5,268 | ||
Total minimum payment required, operating | 95,836 | ||
Total minimum payment required, financing | 40,989 | ||
Less interest, operating | 8,216 | ||
Less interest, financing | 4,509 | ||
Operating Lease, Liability, Total | 87,620 | ||
Present value of minimum lease payments, financing | 36,480 | ||
Amount due within one year, operating | 26,641 | ||
Amount due within one year, financing | 6,573 | ||
Long-term lease obligations, operating | 60,979 | ||
Long-term lease obligations, financing | $ 29,907 |
Note 5 - Leases - Minimum Opera
Note 5 - Leases - Minimum Operating and Capital Lease Payments (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Mar. 31, 2019 | Jun. 30, 2018 |
2020, Operating | $ 28,689 | ||
2020, Capital | 7,827 | ||
2021, Operating | 24,938 | ||
2021, Capital | 7,827 | ||
2022, Operating | 17,526 | ||
2022, Capital | 7,827 | ||
2023, Operating | 12,062 | ||
2023, Capital | 7,827 | ||
2024, Operating | 5,950 | ||
2024, Capital | 6,102 | ||
2025-2031, Operating | 6,927 | ||
2025-2031, Capital | 5,267 | ||
Total minimum payment required, Operating | 96,092 | ||
Total minimum payment required, Capital | 42,677 | ||
Less interest, Capital | 4,973 | ||
Present value of minimum lease payments, Capital | 37,704 | ||
Amount due within one year, Capital | 6,418 | $ 5,863 | |
Long-term capital lease obligation | $ 31,286 | $ 32,835 |
Note 6 - Revolving Credit Fac_3
Note 6 - Revolving Credit Facility (Details Textual) - USD ($) | Jul. 05, 2016 | Jun. 29, 2019 | Jun. 30, 2018 |
Accounts Receivable, Vegetable and Fruit Products Sold, Standard Payment Term | 90 days | ||
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term | 210 days | ||
Revolving Credit Facility [Member] | |||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 400,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | 500,000,000 | ||
Long-term Line of Credit, Total | $ 136,014,000 | $ 207,610,000 |
Note 6 - Revolving Credit Fac_4
Note 6 - Revolving Credit Facility - Revolving Line of Credit Summary (Details) - Revolving Credit Facility [Member] - USD ($) | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Outstanding borrowings | $ 136,014,000 | $ 207,610,000 |
Weighted average interest rate | 4.00% | 3.62% |
Maximum amount of borrowings | $ 151,107,000 | $ 294,062,000 |
Average outstanding borrowings | $ 134,135,000 | $ 262,794,000 |
Weighted average interest rate | 3.96% | 3.50% |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | ||
Jun. 29, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | |
Treasury Stock, Shares, Ending Balance | 2,864,133 | ||
Treasury Stock, Value, Ending Balance | $ 78,484,000 | $ 75,740,000 | $ 69,556,000 |
Common Class A [Member] | |||
Treasury Stock, Value, Acquired, Cost Method | $ 2,744,000 |
Note 8 - Retirement Plans (Deta
Note 8 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 |
Note 8 - Retirement Plans - Net
Note 8 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Service Cost | $ 2,288 | $ 2,442 |
Interest Cost | 2,296 | 2,243 |
Expected Return on Plan Assets | (3,958) | (3,596) |
Amortization of Prior Service Cost | 30 | 30 |
Amortization of Net Loss | 303 | |
Net Periodic Benefit Cost | $ 656 | $ 1,422 |
Note 9 - Plant Restructuring (D
Note 9 - Plant Restructuring (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Closing of Midwest and Northwest Plants [Member] | ||
Restructuring Charges, Total | $ 4,806,000 | |
Closing of Midwest and Northwest Plants [Member] | Equipment Moves [Member] | ||
Restructuring Charges, Total | 1,975,000 | |
Closing of Midwest and Northwest Plants [Member] | Employee Severance [Member] | ||
Restructuring Charges, Total | 586,000 | |
Closing of Midwest and Northwest Plants [Member] | Lease Impairments [Member] | ||
Restructuring Charges, Total | $ 2,245,000 | |
Closing of Northwest Plant [Member] | ||
Restructuring Charges, Total | $ 38,000 |
Note 9 - Plant Restructuring -
Note 9 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Balance | $ 226 | |
First quarter charge | 4,806 | 38 |
Cash payments/write offs | (4,390) | 72 |
Balance | 642 | 110 |
Employee Severance [Member] | ||
Balance | 225 | |
First quarter charge | 586 | 110 |
Cash payments/write offs | (170) | |
Balance | 641 | 110 |
Other Restructuring [Member] | ||
Balance | 1 | |
First quarter charge | 4,220 | (72) |
Cash payments/write offs | (4,220) | 72 |
Balance | $ 1 |
Note 10 - Other Operating Inc_2
Note 10 - Other Operating Income and Expense (Details Textual) - Other Operating Income (Expense) [Member] - USD ($) | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 752,000 | $ 806,000 |
Northwest Plant [Member] | ||
Gain (Loss) On Sale of Plant | $ 4,075,000 |
Note 11 - Recently Issued Acc_2
Note 11 - Recently Issued Accounting Standards (Details Textual) - USD ($) | Apr. 01, 2019 | Jun. 29, 2019 | Mar. 31, 2019 | Jun. 30, 2018 |
Operating Lease, Right-of-Use Asset | $ 83,742,000 | |||
Operating Lease, Liability, Total | 87,620,000 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 88,333,000 | |||
Operating Lease, Liability, Total | 91,025,000 | |||
Cumulative Effect on Retained Earnings, Net of Tax, Total | 2,019,000 | $ 2,019,000 | ||
Cumulative Effect on Retained Earnings, before Tax | 2,692,000 | |||
Cumulative Effect on Retained Earnings, Tax | $ 673,000 |
Note 12 - Earnings per Common_3
Note 12 - Earnings per Common Share - Earnings per Common Share from Continuing Operations and Discontinued Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Net Earnings (Loss) From Continuing Operations | $ 1,103 | $ (2,160) |
Deduct preferred stock dividends paid | 6 | 6 |
Undistributed earnings (loss) from continuing operations | 1,097 | (2,166) |
Earnings (loss) from continuing operations attributable to participating preferred | 4 | (8) |
Earnings (loss) from continuing operations attributable to common shareholders | $ 1,093 | $ (2,158) |
Weighted average common shares outstanding-basic (in shares) | 9,477 | 9,744 |
Continuing Operations (in dollars per share) | $ 0.12 | $ (0.22) |
Earnings (loss) from continuing operations attributable to common shareholders | $ 1,093 | $ (2,158) |
Add dividends on convertible preferred stock | 5 | |
Earnings (loss) from continuing operations attributable to common stock on a diluted basis | $ 1,098 | $ (2,158) |
Weighted average common shares outstanding-basic (in shares) | 9,477 | 9,744 |
Additional shares issued related to the equity compensation plan (in shares) | 2 | |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | |
Total shares for diluted (in shares) | 9,546 | 9,744 |
Diluted earnings (loss) per common share from continuing operations (in dollars per share) | $ 0.12 | $ (0.22) |
Loss from discontinued operations | $ (6,595) | |
Deduct preferred stock dividends paid | 6 | |
Undistributed loss from continuing operations | (6,601) | |
Loss from continuing operations attributable to participating preferred | (26) | |
Loss from continuing operations attributable to common shareholders | $ (6,575) | |
Discontinued Operations (in dollars per share) | $ (0.67) | |
Loss from continuing operations attributable to common shareholders | $ (6,575) | |
Add dividends on convertible preferred stock | ||
Loss from continuing operations attributable to common stock on a diluted basis | $ (6,575) | |
Diluted loss per common share from continuing operations (in dollars per share) | $ (0.67) |
Note 13 - Fair Value of Finan_2
Note 13 - Fair Value of Financial Instruments (Details Textual) - USD ($) | Jun. 29, 2019 | Mar. 31, 2019 |
Long-term Debt, Gross | $ 246,733,000 | $ 266,245,000 |
Long-term Debt, Fair Value | $ 246,639,000 | $ 266,140,000 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.50% | 23.60% |
Effective Income Tax Rate Reconciliation, Tax Credit, Federal | (4.00%) | |
Effective Income Tax Rate Continuing Operations Change | (3.10%) |