Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 26, 2020 | Jan. 22, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000088948 | |
Entity Registrant Name | Seneca Foods Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 26, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-01989 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 16-0733425 | |
Entity Address, Address Line One | 3736 South Main Street | |
Entity Address, City or Town | Marion | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14505 | |
City Area Code | 315 | |
Local Phone Number | 926-8100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock Class B, $.25 Par | |
Trading Symbol | SENEB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,718,002 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock Class A, $.25 Par | |
Trading Symbol | SENEA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 7,350,186 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) - USD ($) | Dec. 26, 2020 | Mar. 31, 2020 | Dec. 28, 2019 |
Current Assets: | |||
Cash and Cash Equivalents | $ 14,149,000 | $ 10,702,000 | $ 13,858,000 |
Accounts Receivable, Net | 95,439,000 | 109,802,000 | 79,040,000 |
Contracts Receivable | 1,207,000 | 7,610,000 | 7,620,000 |
Inventories | 410,927,000 | 411,631,000 | 493,065,000 |
Refundable Income Taxes | 0 | 4,350,000 | 0 |
Other Current Assets | 2,418,000 | 7,323,000 | 6,272,000 |
Total Current Assets | 535,778,000 | 551,600,000 | 599,953,000 |
Property, Plant and Equipment, Net | 225,500,000 | 228,489,000 | 219,311,000 |
Right-of-Use Assets Operating, Net | 47,183,000 | 60,663,000 | 67,915,000 |
Right-of-Use Assets Financing, Net | 31,331,000 | 33,617,000 | 34,784,000 |
Deferred Income Taxes, Net | 0 | 7,872,000 | 0 |
Noncurrent Assets Held For Sale-Discontinued Operations | 822,000 | 1,026,000 | 1,054,000 |
Other Assets | 17,927,000 | 26,042,000 | 9,643,000 |
Total Assets | 858,541,000 | 909,309,000 | 932,660,000 |
Current Liabilities: | |||
Accounts Payable | 98,840,000 | 71,194,000 | 84,295,000 |
Deferred Revenue | 7,548,000 | 7,758,000 | 12,105,000 |
Accrued Vacation | 11,023,000 | 11,876,000 | 11,898,000 |
Accrued Payroll | 9,992,000 | 11,864,000 | 6,157,000 |
Other Accrued Expenses | 26,957,000 | 17,808,000 | 19,903,000 |
Income Taxes Payable | 4,274,000 | 0 | 4,869,000 |
Current Liabilities Held For Sale-Discontinued Operations | 0 | 880,000 | 2,744,000 |
Current Portion of Operating Lease Obligations | 18,327,000 | 21,550,000 | 24,430,000 |
Current Portion of Financing Lease Obligations | 6,608,000 | 6,224,000 | 6,584,000 |
Current Portion of Long-Term Debt | 4,500,000 | 500,000 | 0 |
Total Current Liabilities | 188,069,000 | 149,654,000 | 172,985,000 |
Long-Term Debt, Less Current Portion | 94,077,000 | 217,081,000 | 225,337,000 |
Operating Lease Obligations, Less Current Portion | 30,436,000 | 42,760,000 | 47,965,000 |
Financing Lease Obligations, Less Current Portion | 20,546,000 | 24,366,000 | 27,007,000 |
Pension Liabilities | 12,641,000 | 75,742,000 | 19,463,000 |
Deferred Income Taxes, Net | 4,999,000 | 0 | 866,000 |
Other Long-Term Liabilities | 4,240,000 | 5,342,000 | 3,852,000 |
Total Liabilities | 355,008,000 | 514,945,000 | 497,475,000 |
Commitments and Contingencies | |||
Stockholders' Equity: | |||
Preferred Stock | 678,000 | 681,000 | 703,000 |
Common Stock, $.25 Par Value Per Share | 3,041,000 | 3,041,000 | 3,040,000 |
Additional Paid-in Capital | 98,462,000 | 98,384,000 | 98,338,000 |
Treasury Stock, at Cost | (90,473,000) | (88,319,000) | (87,194,000) |
Accumulated Other Comprehensive Loss | (79,220,000) | (79,220,000) | (18,285,000) |
Retained Earnings | 571,045,000 | 459,797,000 | 438,583,000 |
Total Stockholders' Equity | 503,533,000 | 394,364,000 | 435,185,000 |
Total Liabilities and Stockholders’ Equity | 858,541,000 | 909,309,000 | 932,660,000 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Current Assets: | |||
Current Assets Held For Sale | 11,375,000 | 0 | 0 |
Discontinued Operations, Held-for-sale [Member] | |||
Current Assets: | |||
Current Assets Held For Sale | $ 263,000 | $ 182,000 | $ 98,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) (Parentheticals) - $ / shares | Dec. 26, 2020 | Mar. 31, 2020 | Dec. 28, 2019 |
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Net sales | $ 484,392 | $ 392,971 | $ 1,162,851 | $ 1,027,898 |
Costs and Expenses: | ||||
Cost of Product Sold | 406,688 | 340,694 | 987,642 | 932,392 |
Selling, General and Administrative | 22,613 | 19,986 | 60,211 | 53,936 |
Plant Restructuring (Credit)/Charge | (118) | 793 | 169 | 6,745 |
Other Operating Income | (35,351) | (1,617) | (33,716) | (8,618) |
Total Costs and Expenses | 393,832 | 359,856 | 1,014,306 | 984,455 |
Operating Income | 90,560 | 33,115 | 148,545 | 43,443 |
Loss From Equity Investment | (728) | 0 | 752 | 0 |
Other (Income)/Loss | (234) | (1,656) | 2,457 | (5,263) |
Interest Expense, Net | 1,531 | 2,690 | 4,586 | 9,183 |
Earnings From Continuing Operations Before Income Taxes | 89,991 | 32,081 | 140,750 | 39,523 |
Income Taxes From Continuing Operations | 17,531 | 7,653 | 29,479 | 9,357 |
Earnings From Continuing Operations | 72,460 | 24,428 | 111,271 | 30,166 |
Earnings From Discontinued Operations (net of income taxes) | 0 | 955 | 0 | 955 |
Net Earnings | $ 72,460 | $ 25,383 | $ 111,271 | $ 31,121 |
Basic Earnings per Common Share | ||||
Continuing Operations (in dollars per share) | $ 7.96 | $ 2.65 | $ 12.18 | $ 3.23 |
Discontinued Operations (in dollars per share) | 0 | 0.10 | 0 | 0.10 |
Net Basic Earnings per Common Share (in dollars per share) | 7.96 | 2.75 | 12.18 | 3.33 |
Diluted Earnings per Common Share: | ||||
Continuing Operations (in dollars per share) | 7.90 | 2.63 | 12.09 | 3.20 |
Discontinued Operations (in dollars per share) | 0 | 0.10 | 0 | 0.10 |
Net Diluted Earnings per Common Share (in dollars per share) | $ 7.90 | $ 2.73 | $ 12.09 | $ 3.31 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Comprehensive income: | ||||
Net earnings | $ 72,460 | $ 25,383 | $ 111,271 | $ 31,121 |
Total | $ 72,460 | $ 25,383 | $ 111,271 | $ 31,121 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Cash Flows from Operating Activities: | ||
Net Earnings From Continuing Operations | $ 111,271 | $ 30,166 |
Net Earnings From Discontinued Operations (Net of Tax) | 0 | 955 |
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operations: | ||
Depreciation & Amortization | 24,302 | 22,644 |
Gain on the Sale of Assets | (35,976) | (9,049) |
Provision for Restructuring and Impairment | 169 | 5,573 |
Loss From Equity Investment | 752 | 0 |
Deferred Income Tax Benefit | 12,871 | 3,283 |
Changes in Operating Assets and Liabilities: | ||
Accounts Receivable | 20,766 | (2,538) |
Inventories | 704 | 8,619 |
Other Current Assets | 4,658 | (3,197) |
Income Taxes | 8,624 | 6,763 |
Accounts Payable, Accrued Expenses and Other | (45,051) | 26,805 |
Net Cash Provided by Operations | 103,090 | 90,024 |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (40,167) | (47,681) |
Proceeds from the Sale of Assets | 72,782 | 22,175 |
Net Cash Provided By/(Used In) Investing Activities | 32,615 | (25,506) |
Cash Flows from Financing Activities: | ||
Long-Term Borrowing | 468,181 | 401,053 |
Payments on Long-Term Debt | (587,185) | (439,803) |
Other Assets | (6,407) | (7,125) |
Payments on Financing Leases | (4,681) | (4,799) |
Purchase of Treasury Stock | (2,154) | (11,454) |
Dividends | (12) | (12) |
Net Cash Used In Financing Activities | (132,258) | (62,140) |
Net Increase in Cash and Cash Equivalents | 3,447 | 2,378 |
Cash and Cash Equivalents, Beginning of the Period | 10,702 | 11,480 |
Cash and Cash Equivalents, End of the Period | 14,149 | 13,858 |
Noncash Transactions: | ||
Property, Plant and Equipment Purchased Under Lease Obligations | $ 5,214 | $ 9,782 |
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] | Cumulative Effect, Period of Adoption, Adjustment [Member]Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [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, 2019 | $ 707,000 | $ 3,039,000 | $ 98,260,000 | $ (75,740,000) | $ (18,285,000) | $ 409,504,000 | |||||||||||||
Net earnings (loss) | 0 | 0 | 0 | 0 | 0 | 1,103,000 | |||||||||||||
Cash dividends declared on preferred stock | 0 | 0 | 0 | 0 | 0 | (12,000) | |||||||||||||
Equity incentive program | 0 | 0 | 25,000 | 0 | 0 | 0 | |||||||||||||
Purchase treasury stock | 0 | 0 | 0 | (2,744,000) | 0 | 0 | |||||||||||||
Balance (Accounting Standards Update 2016-02 [Member]) at Jun. 29, 2019 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (2,019,000) | |||||||||||||
Balance at Jun. 29, 2019 | 707,000 | 3,039,000 | 98,285,000 | (78,484,000) | (18,285,000) | 408,576,000 | |||||||||||||
Balance at Mar. 31, 2019 | 707,000 | 3,039,000 | 98,260,000 | (75,740,000) | (18,285,000) | 409,504,000 | |||||||||||||
Net earnings (loss) | $ 31,121,000 | ||||||||||||||||||
Balance at Dec. 28, 2019 | 703,000 | 3,040,000 | 98,338,000 | (87,194,000) | (18,285,000) | 438,583,000 | 435,185,000 | ||||||||||||
Balance at Jun. 29, 2019 | 707,000 | 3,039,000 | 98,285,000 | (78,484,000) | (18,285,000) | 408,576,000 | |||||||||||||
Net earnings (loss) | 0 | 0 | 0 | 0 | 0 | 4,635,000 | |||||||||||||
Equity incentive program | 0 | 0 | 25,000 | 0 | 0 | 0 | |||||||||||||
Purchase treasury stock | 0 | 0 | 0 | (5,836,000) | 0 | 0 | |||||||||||||
Preferred stock conversion | (4,000) | 1,000 | 3,000 | 0 | 0 | 0 | |||||||||||||
Balance at Sep. 28, 2019 | 703,000 | 3,040,000 | 98,313,000 | (84,320,000) | (18,285,000) | 413,211,000 | |||||||||||||
Net earnings (loss) | 0 | 0 | 0 | 0 | 0 | 25,383,000 | 25,383,000 | ||||||||||||
Cash dividends declared on preferred stock | 0 | 0 | 0 | 0 | 0 | (11,000) | |||||||||||||
Equity incentive program | 0 | 0 | 25,000 | 0 | 0 | 0 | |||||||||||||
Purchase treasury stock | 0 | 0 | 0 | (2,874,000) | 0 | 0 | |||||||||||||
Balance at Dec. 28, 2019 | 703,000 | 3,040,000 | 98,338,000 | (87,194,000) | (18,285,000) | 438,583,000 | 435,185,000 | ||||||||||||
Balance at Mar. 31, 2020 | 681,000 | 3,041,000 | 98,384,000 | (88,319,000) | (79,220,000) | 459,797,000 | 394,364,000 | ||||||||||||
Net earnings (loss) | 0 | 0 | 0 | 0 | 0 | 20,706,000 | |||||||||||||
Cash dividends declared on preferred stock | 0 | 0 | 0 | 0 | 0 | (12,000) | |||||||||||||
Equity incentive program | 0 | 0 | 28,000 | 0 | 0 | 0 | |||||||||||||
Balance at Jun. 27, 2020 | 681,000 | 3,041,000 | 98,412,000 | (88,319,000) | (79,220,000) | 480,491,000 | |||||||||||||
Balance at Mar. 31, 2020 | 681,000 | 3,041,000 | 98,384,000 | (88,319,000) | (79,220,000) | 459,797,000 | 394,364,000 | ||||||||||||
Net earnings (loss) | 111,271,000 | ||||||||||||||||||
Purchase treasury stock | $ (2,154,000) | $ 0 | |||||||||||||||||
Balance at Dec. 26, 2020 | 678,000 | 3,041,000 | 98,462,000 | (90,473,000) | (79,220,000) | 571,045,000 | 503,533,000 | ||||||||||||
Balance at Jun. 27, 2020 | 681,000 | 3,041,000 | 98,412,000 | (88,319,000) | (79,220,000) | 480,491,000 | |||||||||||||
Net earnings (loss) | 0 | 0 | 0 | 0 | 0 | 18,105,000 | |||||||||||||
Equity incentive program | 0 | 0 | 24,000 | 0 | 0 | 0 | |||||||||||||
Purchase treasury stock | 0 | 0 | 0 | (1,163,000) | 0 | 0 | |||||||||||||
Balance at Sep. 26, 2020 | 681,000 | 3,041,000 | 98,436,000 | (89,482,000) | (79,220,000) | 498,596,000 | |||||||||||||
Net earnings (loss) | 0 | 0 | 0 | 0 | 0 | 72,460,000 | 72,460,000 | ||||||||||||
Cash dividends declared on preferred stock | 0 | 0 | 0 | 0 | 0 | (11,000) | |||||||||||||
Equity incentive program | 0 | 0 | 23,000 | 0 | 0 | 0 | |||||||||||||
Purchase treasury stock | 0 | 0 | 0 | (991,000) | 0 | 0 | |||||||||||||
Preferred stock conversion | (3,000) | 0 | 3,000 | 0 | 0 | 0 | |||||||||||||
Balance at Dec. 26, 2020 | $ 678,000 | $ 3,041,000 | $ 98,462,000 | $ (90,473,000) | $ (79,220,000) | $ 571,045,000 | $ 503,533,000 | ||||||||||||
Preferred stock, shares authorized (in shares) | 200,000 | 1,400,000 | 35,105 | 500 | |||||||||||||||
Common stock, shares authorized (in shares) | 20,000,000 | 10,000,000 | |||||||||||||||||
Preferred stock, outstanding (in shares) | 200,000 | 807,240 | 35,105 | 500 | |||||||||||||||
Common stock, shares outstanding (in shares) | 7,350,186 | 1,718,002 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) | 9 Months Ended |
Dec. 26, 2020$ / 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] | |
Common Stock, Par Value (in dollars per share) | 0.25 |
Common Class B [Member] | |
Common Stock, Par Value (in dollars per share) | 0.25 |
Common Stock, Par Value (in dollars per share) | $ 0.25 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Unaudited Condensed Consolidated Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of Seneca Foods Corporation (the “Company”) as of December 26, 2020 March 31, 2020 The results of operations for the three nine December 26, 2020 not nine December 26, 2020 December 28, 2019 The accounting policies followed by the Company are set forth in Note 1 2020 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 2020 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. In addition, the Company has adjusted its prior quarter cash flow statement to properly reflect lease payments made on operating leases under Accounting Standards Codification (“ASC”) 842 |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 9 Months Ended |
Dec. 26, 2020 | |
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, second 2019, 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 Consolidated Balance Sheets (in thousands): December 26, December 28, March 31, 2020 2019 2020 Other Current Assets 263 98 182 Current Assets Held For Sale-Discontinued Operations $ 263 $ 98 $ 182 Other Assets 822 1,054 1,026 Noncurrent Assets Held For Sale-Discontinued Operations $ 822 $ 1,054 $ 1,026 Accounts Payable and Accrued Expenses $ - $ 2,744 $ 880 Current Liabilities Held For Sale-Discontinued Operations $ - $ 2,744 $ 880 The operating results of the discontinued operations that are reflected in the Unaudited Condensed Consolidated Statements of Net Earnings from discontinued operations are as follows (in thousands): Three Months Ended Nine Months Ended December 26, December 28 December 26, December 28 2020 2019 2020 2019 Net Sales $ - $ - $ - $ - Cost of Product Sold - 57 - 57 Plant Restructuring Credit (a) - (902 ) - (902 ) Earnings From Discontinuned Operations Before Income Taxes - (845 ) - (845 ) Gain on the Sale of Assets Before Income Taxes - (430 ) - (430 ) Income Tax Expense - 320 - 320 Net Earnings From Discontinued Operations, Net of Tax $ - $ (955 ) $ - $ (955 ) (a) Includes $902,000 credit for pension termination in the three nine |
Note 3 - Assets Held For Sale
Note 3 - Assets Held For Sale | 9 Months Ended |
Dec. 26, 2020 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. As of December 26, 2020, December 26, 2020 Property, Plant and Equipment (net) $ 11,375 Current Assets Held For Sale $ 11,375 |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. In the following table, revenue is disaggregated by product category groups (in millions): Three Months Ended Nine Months Ended December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019 Canned Vegetables $ 394.5 $ 297.3 $ 917.8 $ 757.4 Frozen 27.3 30.6 76.3 89.7 Fruit Products 30.7 32.2 73.4 81.8 Chip Products 2.8 2.9 8.2 8.9 Prepared Foods 23.5 25.5 71.9 78.9 Other 5.6 4.5 15.3 11.2 $ 484.4 $ 393.0 $ 1,162.9 $ 1,027.9 |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories third 2021 third 2020. three December 26, 2020 three December 28, 2019. The change in the LIFO Reserve for the nine December 26, 2020 nine December 28, 2019. December 26, 2020 December 28, 2019 March 31, 2020 Finished products $ 421,987 $ 465,306 351,251 In process 38,552 34,685 31,173 Raw materials and supplies 90,387 146,958 173,474 550,926 646,949 555,898 Less excess of FIFO cost over LIFO cost 139,999 153,884 144,267 Total inventories $ 410,927 $ 493,065 $ 411,631 |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 6. 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 Accounting Standards Update (“ASU”) No. 2016 02, Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense were as follows (in thousands): Three Months Ended Nine Months Ended December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019 Lease cost: Amortization of right of use asset $ 1,200 $ 1,084 $ 3,531 $ 3,191 Interest on lease liabilities 271 321 843 1,033 Finance lease cost 1,471 1,405 4,374 4,224 Operating lease cost 5,832 7,545 18,478 23,234 Total lease cost $ 7,303 $ 8,950 $ 22,852 $ 27,458 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 843 $ 1,033 Operating cash flows from operating leases 19,833 24,531 Financing cash flows from finance leases 4,681 4,799 $ 25,357 $ 30,363 Right-of-use assets obtained in exchange for new finance lease liabilities $ 1,489 $ 3,697 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,725 $ 6,085 Weighted-average lease term (years): Financing leases 4.7 5.4 Operating leases 3.5 3.9 Weighted-average discount rate (percentage): Financing leases 4.1 4.2 Operating leases 4.4 4.6 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 December 26, 2020 Years ending March 31: Operating Financing Balance of 2021 $ 4,106 $ 1,886 2022 19,398 7,544 2023 13,926 7,544 2024 7,006 6,016 2025 3,485 2,662 2026-2032 4,720 4,266 Total minimum payment required $ 52,641 $ 29,918 Less interest 3,878 2,764 Present value of minimum lease payments 48,763 27,154 Amount due within one year 18,327 6,608 Long-term lease obligations $ 30,436 $ 20,546 |
Note 7 - Revolving Credit Facil
Note 7 - Revolving Credit Facility | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Revolving Credit Facility The Company entered into a five July 5, 2016. April July August March. December 26, 2020 June November three seven may The decrease in average amount of Revolver borrowings during the first nine 2021 first nine 2020 first nine 2021. General terms of the Revolver include payment of interest at LIBOR plus a defined spread. The following table documents the quantitative data for Revolver borrowings during the third 2021 2020 Third Quarter Year-to-Date 2021 2020 2021 2020 Reported end of period: Outstanding borrowings $ - $ 114,689 $ - $ 114,689 Weighted average interest rate - % 3.27 % - % 3.27 % Reported during the period: Maximum amount of borrowings $ 81,052 $ 137,418 $ 107,967 $ 151,477 Average outstanding borrowings $ 32,099 $ 115,626 $ 45,022 $ 127,078 Weighted average interest rate 1.87 % 3.40 % 2.92 % 3.75 % |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Stockholders’ Equity During the nine December 26, 2020, none December 26, 2020, not |
Note 9 - Retirement Plans
Note 9 - Retirement Plans | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 9. Retirement Plans The net periodic benefit cost for the Company’s pension plan consisted of (dollar amounts in thousands): Three Months Ended Nine Months Ended December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019 Service Cost Including Administration $ 923 $ 2,283 $ 7,442 $ 6,848 Interest Cost 2,302 2,316 6,907 6,947 Expected Return on Plan Assets (4,814 ) (3,957 ) (11,835 ) (11,870 ) Amortization of Prior Service Cost 22 30 68 90 Amortization of Net Loss 2,257 29 7,317 87 Net Periodic Benefit Cost $ 690 $ 701 $ 9,899 $ 2,102 On December 14, 2020, March 31, 2020 19 no nine December 28, 2019. |
Note 10 - Plant Restructuring
Note 10 - Plant Restructuring | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 10. Plant Restructuring The following table summarizes the rollforward of restructuring charges and related asset impairment charges recorded and the accruals established (In thousands): Restructuring Payable Severance Other Costs Total Balance March 31, 2020 $ 202 $ - $ 202 First quarter charge 219 44 263 Second quarter charge 8 16 24 Third quarter credit - (118) (118) Cash payments/write offs (429 ) 58 (371 ) Balance December 26, 2020 $ - $ - $ - Severance Other Costs Total Balance March 31, 2019 $ 225 $ 1 $ 226 First quarter charge 586 4,220 4,806 Second quarter charge 386 760 1,146 Third quarter charge 28 765 793 Cash payments/write offs (1,145 ) (5,746 ) (6,891 ) Balance December 28, 2019 $ 80 $ - $ 80 During the nine December 26, 2020, During the nine December 28, 2019, |
Note 11 - Other Operating Incom
Note 11 - Other Operating Income and Expense | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 11. Other Operating Income and Expense December 18, 2020, not nine December 26, 2020, nine December 28, 2019 These items are included in Other Operating Income in the Unaudited Condensed Consolidated Statements of Net Earnings. |
Note 12 - Recently Issued Accou
Note 12 - Recently Issued Accounting Standards | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 12. Recently Issued Accounting Standards In August 2018, No. 2018 14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715 20 2018 14 December 15, 2020, 2018 14 In December 2019, No. 2019 12 first 2022. In June 2016, No. 2016 13, 326 November 2018 No. 2018 19, 326, No. 2016 13 November 2019, No. 2019 10, December 15, 2022, first No. 2016 03, No. 2018 19 April 1, 2023 In May 2020, 3 05 11 X. 1 02 X January 1, 2021. not January 1, 2021 not There were no not December 26, 2020. |
Note 13 - Earnings Per Common S
Note 13 - Earnings Per Common Share from Continuing Operations | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Earnings per Common Share From Continuing Operations December 26, 2020 December 28, 2019 Q U A R T E R Y E A R T O D A T E (Thousands, except per share amounts) Fiscal 2021 Fiscal 2020 Fiscal 2021 Fiscal 2020 Basic Earnings from continuing operations $ 72,460 $ 24,428 $ 111,271 $ 30,166 Deduct preferred stock dividends paid 6 6 17 17 Undistributed earnings from continuing operations 72,454 24,422 111,254 30,149 Earnings from continuing operations attributable to participating preferred 285 100 437 122 Earnings from continuing operations attributable to common shareholders $ 72,169 $ 24,322 $ 110,817 $ 30,027 Weighted average common shares outstanding 9,071 9,176 9,095 9,307 Basic earnings per common share from continuing operations $ 7.96 $ 2.65 $ 12.18 $ 3.23 Diluted Earnings from continuing operations attributable to common shareholders $ 72,169 $ 24,322 $ 110,817 $ 30,027 Add dividends on convertible preferred stock 5 5 15 15 Earnings from continuing operations attributable to common stock on a diluted basis $ 72,174 $ 24,327 $ 110,832 $ 30,042 Weighted average common shares outstanding-basic 9,071 9,176 9,095 9,307 Additional shares issued related to the equity compensation plan 2 2 2 2 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 9,140 9,245 9,164 9,376 Diluted earnings per common share from continuing operations $ 7.90 $ 2.63 $ 12.09 $ 3.20 Earnings per Common Share From Discontinued Operations (Thousands, except per share amounts) Fiscal 2021 Fiscal 2020 Fiscal 2021 Fiscal 2020 Discontinued Operations Basic Earnings from discontinued operations $ - $ 955 $ - $ 955 Deduct preferred stock dividends paid - 6 - 17 Undistributed earnings from discontinued operations - 949 - 938 Earnings from discontinued operations attributable to participating preferred - 4 - 4 Earnings from discontinued operations attributable to common shareholders $ - $ 945 $ - $ 934 Weighted average common shares outstanding - 9,176 - 9,307 Basic earnings per common share from discontinued operations $ - $ 0.10 $ - $ 0.10 Diluted Earnings from discontinued operations attributable to common shareholders $ - $ 945 $ - $ 934 Add dividends on convertible preferred stock - 5 - 15 Earnings from discontinued operations attributable to common stock on a diluted basis $ - $ 950 $ - $ 949 Weighted average common shares outstanding-basic 9,176 9,307 Additional shares issued related to the equity compensation plan 2 2 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted - 9,245 - 9,376 Diluted earnings per common share from discontinued operations $ - $ 0.10 $ - $ 0.10 |
Note 14 - Fair Value of Financi
Note 14 - Fair Value of Financial Instruments | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 14. Fair Value of Financial Instruments 825 2 December 26, 2020. December 28, 2019. March 31, 2020, |
Note 15 - Income Taxes
Note 15 - Income Taxes | 9 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes nine December 26, 2020 December 28, 2019, December 31, 2017 January 01, 2021 five 2019 21% 2015 35% 163 not 2020 2021, 2021. |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 9 Months Ended |
Dec. 26, 2020 | |
Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 26, December 28, March 31, 2020 2019 2020 Other Current Assets 263 98 182 Current Assets Held For Sale-Discontinued Operations $ 263 $ 98 $ 182 Other Assets 822 1,054 1,026 Noncurrent Assets Held For Sale-Discontinued Operations $ 822 $ 1,054 $ 1,026 Accounts Payable and Accrued Expenses $ - $ 2,744 $ 880 Current Liabilities Held For Sale-Discontinued Operations $ - $ 2,744 $ 880 Three Months Ended Nine Months Ended December 26, December 28 December 26, December 28 2020 2019 2020 2019 Net Sales $ - $ - $ - $ - Cost of Product Sold - 57 - 57 Plant Restructuring Credit (a) - (902 ) - (902 ) Earnings From Discontinuned Operations Before Income Taxes - (845 ) - (845 ) Gain on the Sale of Assets Before Income Taxes - (430 ) - (430 ) Income Tax Expense - 320 - 320 Net Earnings From Discontinued Operations, Net of Tax $ - $ (955 ) $ - $ (955 ) |
Note 3 - Assets Held For Sale (
Note 3 - Assets Held For Sale (Tables) | 9 Months Ended |
Dec. 26, 2020 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 26, 2020 Property, Plant and Equipment (net) $ 11,375 Current Assets Held For Sale $ 11,375 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 9 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019 Canned Vegetables $ 394.5 $ 297.3 $ 917.8 $ 757.4 Frozen 27.3 30.6 76.3 89.7 Fruit Products 30.7 32.2 73.4 81.8 Chip Products 2.8 2.9 8.2 8.9 Prepared Foods 23.5 25.5 71.9 78.9 Other 5.6 4.5 15.3 11.2 $ 484.4 $ 393.0 $ 1,162.9 $ 1,027.9 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 26, 2020 December 28, 2019 March 31, 2020 Finished products $ 421,987 $ 465,306 351,251 In process 38,552 34,685 31,173 Raw materials and supplies 90,387 146,958 173,474 550,926 646,949 555,898 Less excess of FIFO cost over LIFO cost 139,999 153,884 144,267 Total inventories $ 410,927 $ 493,065 $ 411,631 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019 Lease cost: Amortization of right of use asset $ 1,200 $ 1,084 $ 3,531 $ 3,191 Interest on lease liabilities 271 321 843 1,033 Finance lease cost 1,471 1,405 4,374 4,224 Operating lease cost 5,832 7,545 18,478 23,234 Total lease cost $ 7,303 $ 8,950 $ 22,852 $ 27,458 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 843 $ 1,033 Operating cash flows from operating leases 19,833 24,531 Financing cash flows from finance leases 4,681 4,799 $ 25,357 $ 30,363 Right-of-use assets obtained in exchange for new finance lease liabilities $ 1,489 $ 3,697 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,725 $ 6,085 Weighted-average lease term (years): Financing leases 4.7 5.4 Operating leases 3.5 3.9 Weighted-average discount rate (percentage): Financing leases 4.1 4.2 Operating leases 4.4 4.6 |
Lessee, Lease Liability, Maturity [Table Text Block] | Years ending March 31: Operating Financing Balance of 2021 $ 4,106 $ 1,886 2022 19,398 7,544 2023 13,926 7,544 2024 7,006 6,016 2025 3,485 2,662 2026-2032 4,720 4,266 Total minimum payment required $ 52,641 $ 29,918 Less interest 3,878 2,764 Present value of minimum lease payments 48,763 27,154 Amount due within one year 18,327 6,608 Long-term lease obligations $ 30,436 $ 20,546 |
Note 7 - Revolving Credit Fac_2
Note 7 - Revolving Credit Facility (Tables) | 9 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | Third Quarter Year-to-Date 2021 2020 2021 2020 Reported end of period: Outstanding borrowings $ - $ 114,689 $ - $ 114,689 Weighted average interest rate - % 3.27 % - % 3.27 % Reported during the period: Maximum amount of borrowings $ 81,052 $ 137,418 $ 107,967 $ 151,477 Average outstanding borrowings $ 32,099 $ 115,626 $ 45,022 $ 127,078 Weighted average interest rate 1.87 % 3.40 % 2.92 % 3.75 % |
Note 9 - Retirement Plans (Tabl
Note 9 - Retirement Plans (Tables) | 9 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended Nine Months Ended December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019 Service Cost Including Administration $ 923 $ 2,283 $ 7,442 $ 6,848 Interest Cost 2,302 2,316 6,907 6,947 Expected Return on Plan Assets (4,814 ) (3,957 ) (11,835 ) (11,870 ) Amortization of Prior Service Cost 22 30 68 90 Amortization of Net Loss 2,257 29 7,317 87 Net Periodic Benefit Cost $ 690 $ 701 $ 9,899 $ 2,102 |
Note 10 - Plant Restructuring (
Note 10 - Plant Restructuring (Tables) | 9 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Restructuring Payable Severance Other Costs Total Balance March 31, 2020 $ 202 $ - $ 202 First quarter charge 219 44 263 Second quarter charge 8 16 24 Third quarter credit - (118) (118) Cash payments/write offs (429 ) 58 (371 ) Balance December 26, 2020 $ - $ - $ - Severance Other Costs Total Balance March 31, 2019 $ 225 $ 1 $ 226 First quarter charge 586 4,220 4,806 Second quarter charge 386 760 1,146 Third quarter charge 28 765 793 Cash payments/write offs (1,145 ) (5,746 ) (6,891 ) Balance December 28, 2019 $ 80 $ - $ 80 |
Note 13 - Earnings Per Common_2
Note 13 - Earnings Per Common Share from Continuing Operations (Tables) | 9 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Q U A R T E R Y E A R T O D A T E (Thousands, except per share amounts) Fiscal 2021 Fiscal 2020 Fiscal 2021 Fiscal 2020 Basic Earnings from continuing operations $ 72,460 $ 24,428 $ 111,271 $ 30,166 Deduct preferred stock dividends paid 6 6 17 17 Undistributed earnings from continuing operations 72,454 24,422 111,254 30,149 Earnings from continuing operations attributable to participating preferred 285 100 437 122 Earnings from continuing operations attributable to common shareholders $ 72,169 $ 24,322 $ 110,817 $ 30,027 Weighted average common shares outstanding 9,071 9,176 9,095 9,307 Basic earnings per common share from continuing operations $ 7.96 $ 2.65 $ 12.18 $ 3.23 Diluted Earnings from continuing operations attributable to common shareholders $ 72,169 $ 24,322 $ 110,817 $ 30,027 Add dividends on convertible preferred stock 5 5 15 15 Earnings from continuing operations attributable to common stock on a diluted basis $ 72,174 $ 24,327 $ 110,832 $ 30,042 Weighted average common shares outstanding-basic 9,071 9,176 9,095 9,307 Additional shares issued related to the equity compensation plan 2 2 2 2 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 9,140 9,245 9,164 9,376 Diluted earnings per common share from continuing operations $ 7.90 $ 2.63 $ 12.09 $ 3.20 (Thousands, except per share amounts) Fiscal 2021 Fiscal 2020 Fiscal 2021 Fiscal 2020 Discontinued Operations Basic Earnings from discontinued operations $ - $ 955 $ - $ 955 Deduct preferred stock dividends paid - 6 - 17 Undistributed earnings from discontinued operations - 949 - 938 Earnings from discontinued operations attributable to participating preferred - 4 - 4 Earnings from discontinued operations attributable to common shareholders $ - $ 945 $ - $ 934 Weighted average common shares outstanding - 9,176 - 9,307 Basic earnings per common share from discontinued operations $ - $ 0.10 $ - $ 0.10 Diluted Earnings from discontinued operations attributable to common shareholders $ - $ 945 $ - $ 934 Add dividends on convertible preferred stock - 5 - 15 Earnings from discontinued operations attributable to common stock on a diluted basis $ - $ 950 $ - $ 949 Weighted average common shares outstanding-basic 9,176 9,307 Additional shares issued related to the equity compensation plan 2 2 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted - 9,245 - 9,376 Diluted earnings per common share from discontinued operations $ - $ 0.10 $ - $ 0.10 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - USD ($) | Jul. 13, 2018 | Dec. 26, 2020 | Dec. 28, 2019 | Jun. 29, 2019 | Dec. 26, 2020 | Dec. 28, 2019 |
Pension Termination [Member] | ||||||
Disposal Group, Including Discontinued Operation, Restructuriing Charge | $ 902,000 | $ 902,000 | ||||
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 63,326,000 | |||||
Disposal Group, Including Discontinued Operation, Revenue, Percent | 15.00% | |||||
Disposal Group, Including Discontinued Operation, Restructuriing Charge | $ 0 | $ (902,000) | $ 0 | $ (902,000) |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Asset and Liabilities in Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Mar. 31, 2020 | Sep. 28, 2019 | |
Noncurrent Assets Held For Sale-Discontinued Operations | $ 822 | $ 1,054 | $ 822 | $ 1,054 | $ 1,026 | |
Current Liabilities Held For Sale-Discontinued Operations | 0 | 2,744 | 0 | 2,744 | 880 | |
Net Earnings From Discontinued Operations, Net of Tax | 0 | (955) | 0 | (955) | ||
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||
Other Current Assets | 263 | 263 | 182 | $ 98 | ||
Current Assets Held For Sale-Discontinued Operations | 263 | 263 | 182 | 98 | ||
Other Assets | 822 | 822 | 1,026 | 1,054 | ||
Noncurrent Assets Held For Sale-Discontinued Operations | 822 | 822 | 1,026 | 1,054 | ||
Accounts Payable and Accrued Expenses | 0 | 0 | 880 | 2,744 | ||
Current Liabilities Held For Sale-Discontinued Operations | 0 | 0 | $ 880 | $ 2,744 | ||
Net Sales | 0 | 0 | 0 | 0 | ||
Cost of Product Sold | 0 | 57 | 0 | 57 | ||
Plant Restructuring Credit (a) | 0 | (902) | 0 | (902) | ||
Earnings From Discontinuned Operations Before Income Taxes | 0 | (845) | 0 | (845) | ||
Gain on the Sale of Assets Before Income Taxes | 0 | (430) | 0 | (430) | ||
Income Tax Expense | 0 | 320 | 0 | 320 | ||
Net Earnings From Discontinued Operations, Net of Tax | $ 0 | $ (955) | $ 0 | $ (955) |
Note 3 - Assets Held For Sale -
Note 3 - Assets Held For Sale - Assets and Liabilities Held For Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] - USD ($) $ in Thousands | Dec. 26, 2020 | Mar. 31, 2020 | Dec. 28, 2019 |
Property, Plant and Equipment (net) | $ 11,375 | ||
Current Assets Held For Sale | $ 11,375 | $ 0 | $ 0 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Net sales | $ 484,392 | $ 392,971 | $ 1,162,851 | $ 1,027,898 |
Canned Vegetables [Member] | ||||
Net sales | 394,500 | 297,300 | 917,800 | 757,400 |
Frozen [Member] | ||||
Net sales | 27,300 | 30,600 | 76,300 | 89,700 |
Fruit [Member] | ||||
Net sales | 30,700 | 32,200 | 73,400 | 81,800 |
Chip Products [Member] | ||||
Net sales | 2,800 | 2,900 | 8,200 | 8,900 |
Prepared Foods [Member] | ||||
Net sales | 23,500 | 25,500 | 71,900 | 78,900 |
Manufactured Product, Other [Member] | ||||
Net sales | $ 5,600 | $ 4,500 | $ 15,300 | $ 11,200 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Mar. 31, 2020 | |
Inventory, LIFO Reserve | $ 139,999,000 | $ 153,884,000 | $ 139,999,000 | $ 153,884,000 | $ 144,267,000 |
Inventory, LIFO Reserve, Period Charge | $ 4,656,000 | $ 11,337,000 | $ 4,268,000 | $ 7,457,000 |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) | Dec. 26, 2020 | Mar. 31, 2020 | Dec. 28, 2019 |
Finished products | $ 421,987,000 | $ 351,251,000 | $ 465,306,000 |
In process | 38,552,000 | 31,173,000 | 34,685,000 |
Raw materials and supplies | 90,387,000 | 173,474,000 | 146,958,000 |
Total | 550,926,000 | 555,898,000 | 646,949,000 |
Less excess of FIFO cost over LIFO cost | 139,999,000 | 144,267,000 | 153,884,000 |
Inventories | $ 410,927,000 | $ 411,631,000 | $ 493,065,000 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 31, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 01, 2019 | Mar. 31, 2019 |
Stockholders' Equity Attributable to Parent, Ending Balance | $ 503,533,000 | $ 394,364,000 | $ 435,185,000 | ||||||
Retained Earnings [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 571,045,000 | $ 498,596,000 | $ 480,491,000 | $ 459,797,000 | $ 438,583,000 | $ 413,211,000 | $ 408,576,000 | $ 409,504,000 | |
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 2,019,000 |
Note 6 - Leases - Lease Expense
Note 6 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Amortization of right of use asset | $ 1,200 | $ 1,084 | $ 3,531 | $ 3,191 |
Interest on lease liabilities | 271 | 321 | 843 | 1,033 |
Finance lease cost | 1,471 | 1,405 | 4,374 | 4,224 |
Operating lease cost | 5,832 | 7,545 | 18,478 | 23,234 |
Total lease cost | $ 7,303 | $ 8,950 | 22,852 | 27,458 |
Operating cash flows from finance leases | 843 | 1,033 | ||
Operating cash flows from operating leases | 19,833 | 24,531 | ||
Financing cash flows from finance leases | 4,681 | 4,799 | ||
Payments for Amounts Included in the Measurement of Lease Liabilities, Total | 25,357 | 30,363 | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | 1,489 | 3,697 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 3,725 | $ 6,085 | ||
Financing leases (Year) | 4 years 8 months 12 days | 5 years 4 months 24 days | 4 years 8 months 12 days | 5 years 4 months 24 days |
Operating leases, lease term (Year) | 3 years 6 months | 3 years 10 months 24 days | 3 years 6 months | 3 years 10 months 24 days |
Financing leases | 4.10% | 4.20% | 4.10% | 4.20% |
Operating leases, discount rate | 4.40% | 4.60% | 4.40% | 4.60% |
Note 6 - Leases - Undiscounted
Note 6 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Mar. 31, 2020 | Dec. 28, 2019 |
Balance of 2021, operating | $ 4,106 | ||
Balance of 2021, financing | 1,886 | ||
2022, operating | 19,398 | ||
2022, financing | 7,544 | ||
2023, operating | 13,926 | ||
2023, financing | 7,544 | ||
2024, operating | 7,006 | ||
2024, financing | 6,016 | ||
2025, operating | 3,485 | ||
2025, financing | 2,662 | ||
2026-2032, operating | 4,720 | ||
2026-2032, financing | 4,266 | ||
Total minimum payment required, operating | 52,641 | ||
Total minimum payment required, financing | 29,918 | ||
Less interest, operating | 3,878 | ||
Less interest, financing | 2,764 | ||
Present value of minimum lease payments, operating | 48,763 | ||
Present value of minimum lease payments, financing | 27,154 | ||
Amount due within one year, operating | 18,327 | $ 21,550 | $ 24,430 |
Amount due within one year, financing | 6,608 | 6,224 | 6,584 |
Long-term lease obligations | 30,436 | 42,760 | 47,965 |
Long-term lease obligations | 20,546 | $ 24,366 | $ 27,007 |
Current Portion of Long-term Debt and Lease Obligations [Member] | |||
Amount due within one year, operating | $ 18,327 |
Note 7 - Revolving Credit Fac_3
Note 7 - Revolving Credit Facility (Details Textual) - USD ($) | Jul. 05, 2016 | Dec. 26, 2020 | Dec. 28, 2019 |
Accounts Receivable, Vegetable and Fruit Products Sold, Standard Payment Term (Month) | 3 months | ||
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term (Month) | 7 months | ||
Revolving Credit Facility [Member] | |||
Debt Instrument, Term (Year) | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 300,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | 400,000,000 | ||
Long-term Line of Credit, Total | $ 0 | $ 114,689,000 |
Note 7 - Revolving Credit Fac_4
Note 7 - Revolving Credit Facility - Revolving Line of Credit Summary (Details) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Outstanding borrowings | $ 0 | $ 114,689 | $ 0 | $ 114,689 |
Weighted average interest rate | 0.00% | 3.27% | 0.00% | 3.27% |
Maximum amount of borrowings | $ 81,052 | $ 137,418 | $ 107,967 | $ 151,477 |
Average outstanding borrowings | $ 32,099 | $ 115,626 | $ 45,022 | $ 127,078 |
Weighted average interest rate | 1.87% | 3.40% | 2.92% | 3.75% |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | 9 Months Ended | ||
Dec. 26, 2020 | Mar. 31, 2020 | Dec. 28, 2019 | |
Treasury Stock, Shares, Ending Balance (in shares) | 3,097,292 | ||
Treasury Stock, Value, Ending Balance | $ 90,473,000 | $ 88,319,000 | $ 87,194,000 |
Common Class A [Member] | |||
Treasury Stock, Value, Acquired, Cost Method | 2,154,000 | ||
Common Class B [Member] | |||
Treasury Stock, Value, Acquired, Cost Method | $ 0 |
Note 9 - Retirement Plans (Deta
Note 9 - Retirement Plans (Details Textual) | Dec. 14, 2020USD ($) |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 73,000,000 |
Note 9 - Retirement Plans - Net
Note 9 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Service Cost Including Administration | $ 923 | $ 2,283 | $ 7,442 | $ 6,848 |
Interest Cost | 2,302 | 2,316 | 6,907 | 6,947 |
Expected Return on Plan Assets | (4,814) | (3,957) | (11,835) | (11,870) |
Amortization of Prior Service Cost | 22 | 30 | 68 | 90 |
Amortization of Net Loss | 2,257 | 29 | 7,317 | 87 |
Net Periodic Benefit Cost | $ 690 | $ 701 | $ 9,899 | $ 2,102 |
Note 10 - Plant Restructuring_2
Note 10 - Plant Restructuring (Details Textual) - USD ($) | 9 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Closing of Northeast Plant [Member] | ||
Restructuring Charges, Total | $ 169,000 | $ 6,745,000 |
Closing of Northeast Plant [Member] | Employee Severance [Member] | ||
Restructuring Charges, Total | 227,000 | 1,000,000 |
Closing of Northeast Plant [Member] | Lease Impairments [Member] | ||
Restructuring Charges, Total | 44,000 | 5,266,000 |
Closing of Northeast Plant [Member] | Former Grower Payment [Member] | ||
Restructuring Credits, Total | $ 102,000 | |
Closing of Northeast Plant [Member] | Equipment Moves [Member] | ||
Restructuring Charges, Total | 2,354,000 | |
Closing of Midwest and Northwest Plants [Member] | Lease Impairments [Member] | ||
Restructuring Credits, Total | $ 1,875,000 |
Note 10 - Plant Restructuring -
Note 10 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Balance | $ 202 | $ 226 | $ 202 | $ 226 | ||||
Charge to expense | $ (118) | $ 24 | 263 | $ 793 | $ 1,146 | 4,806 | ||
Cash payments/write offs | (371) | (6,891) | ||||||
Balance | 0 | 80 | 0 | 80 | ||||
Employee Severance [Member] | ||||||||
Balance | 202 | 225 | 202 | 225 | ||||
Charge to expense | 0 | 8 | 219 | 28 | 386 | 586 | ||
Cash payments/write offs | (429) | (1,145) | ||||||
Balance | 0 | 80 | 0 | 80 | ||||
Other Restructuring [Member] | ||||||||
Balance | 0 | 1 | 0 | 1 | ||||
Charge to expense | (118) | $ 16 | $ 44 | 765 | $ 760 | $ 4,220 | ||
Cash payments/write offs | 58 | (5,746) | ||||||
Balance | $ 0 | $ 0 | $ 0 | $ 0 |
Note 11 - Other Operating Inc_2
Note 11 - Other Operating Income and Expense (Details Textual) - USD ($) | Dec. 18, 2020 | Dec. 26, 2020 | Dec. 28, 2019 |
Other Operating Income (Expense) [Member] | |||
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | $ 1,174,000 | ||
Prepared Foods Business [Member] | |||
Gain (Loss) on Disposition of Business | $ 35,660,000 | ||
Disposal of Equipment from Sold Northwest Plan [Member] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (405,000) | $ 1,737,000 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (365,000) | 3,139,000 | |
Closed Plant in the Midwest [Member] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 3,742,000 |
Note 13 - Earnings Per Common_3
Note 13 - Earnings Per Common Share from Continuing Operations - Earnings per Common Share from Continuing Operations and Discontinued Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Net Earnings From Continuing Operations | $ 72,460 | $ 24,428 | $ 111,271 | $ 30,166 |
Deduct preferred stock dividends paid | 6 | 6 | 17 | 17 |
Undistributed earnings from continuing operations | 72,454 | 24,422 | 111,254 | 30,149 |
Earnings from continuing operations attributable to participating preferred | 285 | 100 | 437 | 122 |
Earnings from continuing operations attributable to common shareholders | $ 72,169 | $ 24,322 | $ 110,817 | $ 30,027 |
Weighted average common shares outstanding-basic (in shares) | 9,071 | 9,176 | 9,095 | 9,307 |
Basic earnings per common share from continuing operations (in dollars per share) | $ 7.96 | $ 2.65 | $ 12.18 | $ 3.23 |
Earnings from continuing operations attributable to common shareholders | $ 72,169 | $ 24,322 | $ 110,817 | $ 30,027 |
Add dividends on convertible preferred stock | 5 | 5 | 15 | 15 |
Earnings from continuing operations attributable to common stock on a diluted basis | $ 72,174 | $ 24,327 | $ 110,832 | $ 30,042 |
Weighted average common shares outstanding-basic (in shares) | 9,071 | 9,176 | 9,095 | 9,307 |
Additional shares issued related to the equity compensation plan (in shares) | 2 | 2 | 2 | 2 |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 | 67 | 67 |
Total shares for diluted (in shares) | 9,140 | 9,245 | 9,164 | 9,376 |
Diluted earnings per common share from continuing operations (in dollars per share) | $ 7.90 | $ 2.63 | $ 12.09 | $ 3.20 |
Net Earnings From Discontinued Operations (Net of Tax) | $ 0 | $ 955 | $ 0 | $ 955 |
Deduct preferred stock dividends paid | 0 | 6 | 0 | 17 |
Undistributed earnings from discontinued operations | 0 | 949 | 0 | 938 |
Earnings from discontinued operations attributable to participating preferred | 0 | 4 | 0 | 4 |
Earnings from discontinued operations attributable to common shareholders | $ 0 | $ 945 | $ 0 | $ 934 |
Basic earnings per common share from discontinued operations (in dollars per share) | $ 0 | $ 0.10 | $ 0 | $ 0.10 |
Earnings from discontinued operations attributable to common shareholders | $ 0 | $ 945 | $ 0 | $ 934 |
Add dividends on convertible preferred stock | 0 | 5 | 0 | 15 |
Earnings from discontinued operations attributable to common stock on a diluted basis | $ 0 | $ 950 | $ 0 | $ 949 |
Additional shares issued related to the equity compensation plan (in shares) | 2 | 2 | ||
Additional shares to be issued under full conversion of preferred stock | $ 67 | $ 67 | ||
Total shares for diluted (in shares) | 0 | 9,245 | 0 | 9,376 |
Diluted earnings per common share from discontinued operations (in dollars per share) | $ 0 | $ 0.10 | $ 0 | $ 0.10 |
Note 14 - Fair Value of Finan_2
Note 14 - Fair Value of Financial Instruments (Details Textual) - USD ($) | Dec. 26, 2020 | Mar. 31, 2020 | Dec. 28, 2019 |
Long-term Debt, Gross | $ 98,577,000 | $ 217,581,000 | $ 225,337,000 |
Long-term Debt, Fair Value | $ 99,225,000 | $ 217,559,000 | $ 225,287,000 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) | 9 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.90% | 23.70% |
Effective Income Tax Rate Continuing Operations Change | (3.20%) | |
Effective Income Tax Rate Reconciliation, Tax Law Change, Percent | (0.50%) | |
Effective Income Tax Rate Reconciliation, Creation of Federal Tax Credits, Percentage | 0.70% | |
Effective Income Tax Rate Reconciliation, State Tax Credits and Incentives, Percentage | 0.50% |