Document And Entity Information
Document And Entity Information - USD ($) | Mar. 31, 2021 | May 25, 2021 | Sep. 25, 2020 |
Document Information [Line Items] | |||
Entity Registrant Name | SENECA FOODS CORPORATION | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document, Type | 10-K | ||
Document, Annual Report | true | ||
Document, Period End Date | Mar. 31, 2021 | ||
Document, Transition Report | false | ||
Entity, File Number | 0-01989 | ||
Entity, Incorporation, State or Country Code | NY | ||
Entity, Address, Address Line One | 3736 South Main Street | ||
Entity, Address, City or Town | Marion | ||
Entity, Address, State or Province | NY | ||
Entity, Tax Identification Number | 16-0733425 | ||
Entity, Address, Postal Zip Code | 14505 | ||
City Area Code | 315 | ||
Local Phone Number | 926-8100 | ||
Entity, Well-known Seasoned Issuer | No | ||
Entity, Voluntary Filers | No | ||
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 | ||
Entity, Public Float | $ 232,133,327 | ||
Documents Incorporated By Reference Text Block | Portions of the Annual Report to shareholders for fiscal year ended March 31, 2021 (the “2021 Annual Report”) applicable to Part I, Item 1, Part II, Items 5‑9A and Part IV, Item 15 of Form 10‑K. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000088948 | ||
ICFR Auditor Attestation Flag | true | ||
CommonStockClassA Custom [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock Class A | ||
Trading Symbol | SENEA | ||
Security Exchange Name | NASDAQ | ||
Entity, Common Stock Shares, Outstanding | 7,343,745 | ||
CommonStockClassB Custom [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock Class B | ||
Trading Symbol | SENEB | ||
Security Exchange Name | NASDAQ | ||
Entity, Common Stock Shares, Outstanding | 1,705,938 |
Consolidated Statements of Net
Consolidated Statements of Net Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 1,467,644 | $ 1,335,769 |
Costs and expenses: | ||
Cost of products sold | 1,235,459 | 1,193,881 |
Selling, general, and administrative expense | 79,950 | 76,971 |
Other operating income, net | (29,014) | (12,653) |
Plant restructuring charge | 182 | 7,046 |
Total costs and expenses | 1,286,577 | 1,265,245 |
Operating income | 181,067 | 70,524 |
Loss from equity investment | 11,453 | 93 |
Other loss (income) | 3,473 | (7,018) |
Interest expense, net of interest income of $42 and $25, respectively | 6,125 | 11,834 |
Earnings From Continuing Operations Before Income Taxes | 160,016 | 65,615 |
Income Taxes From Continuing Operations | 33,916 | 14,427 |
Earnings From Continuing Operations | 126,100 | 51,188 |
Earnings From Discontinued Operations (net of income taxes) | 0 | 1,147 |
Net Earnings | $ 126,100 | $ 52,335 |
Basic Earnings per Common Share: | ||
Continuing Operations (in dollars per share) | $ 13.82 | $ 5.50 |
Discontinued Operations (in dollars per share) | 0 | 0.12 |
Net Basic Earnings per Common Share (in dollars per share) | 13.82 | 5.62 |
Diluted Earnings per Common Share: | ||
Continuing Operations (in dollars per share) | 13.72 | 5.46 |
Discontinued Operations (in dollars per share) | 0 | 0.12 |
Net Diluted Earnings per Common Share (in dollars per share) | $ 13.72 | $ 5.58 |
Consolidated Statements of Ne_2
Consolidated Statements of Net Earnings (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income | $ 42 | $ 25 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Comprehensive income (loss): | ||
Net earnings | $ 126,100 | $ 52,335 |
Change in pension and postretirement benefits (net of income tax of ($19,528) and $20,312, respectively) | 60,153 | (60,935) |
Total | $ 186,253 | $ (8,600) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Change in pension and postretirement benefits, tax | $ (19,528) | $ 20,312 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 59,837 | $ 10,702 |
Accounts receivable, less allowance for doubtful accounts of $339 and $1,598, respectively | 92,221 | 109,802 |
Contracts receivable | 911 | 7,610 |
Inventories | 343,144 | 411,631 |
Refundable income taxes | 8,385 | 4,350 |
Other current assets | 2,807 | 7,323 |
Total Current Assets | 516,299 | 551,600 |
Deferred income tax asset, net | 0 | 7,872 |
Noncurrent assets held for sale-discontinued operations | 778 | 1,026 |
Other assets | 8,033 | 26,042 |
Pension assets | 62,851 | 0 |
Right-of-use assets operating, net | 42,193 | 60,663 |
Right-of-use assets financing, net | 30,611 | 33,617 |
Property, plant, and equipment: | ||
Land | 26,031 | 24,955 |
Buildings and improvements | 188,332 | 184,945 |
Equipment | 430,526 | 408,385 |
Total | 644,889 | 618,285 |
Less accumulated depreciation and amortization | 396,306 | 389,796 |
Net property, plant, and equipment | 248,583 | 228,489 |
Total Assets | 909,348 | 909,309 |
Current Liabilities: | ||
Accounts payable | 74,089 | 71,194 |
Deferred revenue | 4,287 | 7,758 |
Accrued vacation | 11,660 | 11,876 |
Accrued payroll | 15,366 | 11,864 |
Other accrued expenses | 24,403 | 17,808 |
Current liabilities held for sale-discontinued operations | 0 | 880 |
Current portion of long-term debt and lease obligations | 28,325 | 28,274 |
Total Current Liabilities | 158,130 | 149,654 |
Long-term debt, less current portion | 94,085 | 217,081 |
Operating lease obligations, less current portion | 27,769 | 42,760 |
Financing lease obligations, less current portion | 19,232 | 24,366 |
Pension liabilities | 0 | 75,742 |
Other liabilities | 4,011 | 5,342 |
Deferred Income Tax Liabilities, Net, Total | 28,306 | 0 |
Total Liabilities | 331,533 | 514,945 |
Commitments and contingencies | ||
Stockholders’ Equity: | ||
Preferred stock | 663 | 681 |
Common stock | 3,041 | 3,041 |
Additional paid-in capital | 98,502 | 98,384 |
Treasury stock, at cost | (91,198) | (88,319) |
Accumulated other comprehensive loss | (19,067) | (79,220) |
Retained earnings | 585,874 | 459,797 |
Total Stockholders’ Equity | 577,815 | 394,364 |
Total Liabilities and Stockholders’ Equity | 909,348 | 909,309 |
Discontinued Operations, Held-for-sale [Member] | ||
Current Assets: | ||
Current Assets Held For Sale | 338 | 182 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Current Assets: | ||
Current Assets Held For Sale | $ 8,656 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Allowance for doubtful accounts | $ 339 | $ 1,598 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net earnings | $ 126,100 | $ 52,335 |
Adjustments to reconcile net earnings to net cash provided by operations: | ||
Depreciation and amortization | 32,375 | 30,933 |
Deferred income tax expense | 16,650 | 15,529 |
Gain on the sale of assets | (31,938) | (13,086) |
Restructuring provision | 182 | 5,626 |
Loss from equity investment | 11,453 | 93 |
401(k) match stock contribution | 1,479 | 94 |
Changes in operating assets and liabilities (net of acquisitions): | ||
Accounts and contracts receivable | 24,280 | (33,290) |
Inventories | 68,487 | 90,053 |
Other current assets | 4,083 | (4,332) |
Accounts payable, accrued expenses, and other liabilities | (65,936) | (13,509) |
Income taxes | (4,035) | (3,129) |
Net cash provided by operating activities | 183,180 | 127,317 |
Cash flows from investing activities: | ||
Additions to property, plant, and equipment | (71,431) | (65,686) |
Proceeds from the sale of assets | 73,688 | 22,529 |
Net cash provided by (used in) investing activities | 2,257 | (43,157) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 478,059 | 494,098 |
Payments of long-term debt | (597,055) | (542,778) |
Payments on financing leases | (6,321) | (6,437) |
Change in other assets | (6,604) | (17,125) |
Purchase of treasury stock | (4,358) | (12,673) |
Preferred stock dividends paid | (23) | (23) |
Net cash used in financing activities | (136,302) | (84,938) |
Net increase (decrease) in cash and cash equivalents | 49,135 | (778) |
Cash and cash equivalents, beginning of year | 10,702 | 11,480 |
Cash and cash equivalents, end of year | 59,837 | 10,702 |
Supplemental disclosures of cash flow information: | ||
Interest | 5,094 | 10,836 |
Income taxes paid | 22,692 | 573 |
Noncash transactions: | ||
Investment in CraftAg. LLC via contribution of plant | 0 | 7,975 |
Property, plant and equipment issued under finance and operating leases | 3,749 | 10,843 |
Property, plant and equipment purchased on account | $ 19 | $ 754 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Preferred Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | 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] | Total |
Balance (Accounting Standards Update 2016-02 [Member]) at Mar. 31, 2019 | $ (2,019,000) | ||||||||||||||||||
Balance at Mar. 31, 2019 | $ 409,504,000 | $ 707,000 | $ 3,039,000 | $ 98,260,000 | $ (75,740,000) | $ (18,285,000) | |||||||||||||
Net earnings | 52,335,000 | 0 | 0 | 0 | 0 | 0 | $ 52,335,000 | ||||||||||||
Cash dividends paid on preferred stock | (23,000) | 0 | 0 | 0 | 0 | 0 | $ (3,000) | ||||||||||||
Equity incentive program | 0 | 0 | 0 | 100,000 | 0 | 0 | |||||||||||||
Contribution of 401(k) match | 0 | 0 | 0 | 0 | 94,000 | 0 | |||||||||||||
Purchase of treasury stock | 0 | 0 | 0 | 0 | (12,673,000) | 0 | |||||||||||||
Preferred stock conversion | 0 | (26,000) | 2,000 | 24,000 | 0 | 0 | |||||||||||||
Change in pension and postretirement benefits adjustment (net of tax) | 0 | 0 | 0 | 0 | 0 | (60,935,000) | |||||||||||||
Balance at Mar. 31, 2020 | 459,797,000 | 681,000 | 3,041,000 | 98,384,000 | (88,319,000) | (79,220,000) | 394,364,000 | ||||||||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 35,355 | 500 | |||||||||||||||
Common stock, shares outstanding (in shares) | 7,383,993 | 1,733,902 | |||||||||||||||||
Net earnings | 126,100,000 | 0 | 0 | 0 | 0 | 0 | 126,100,000 | ||||||||||||
Cash dividends paid on preferred stock | (23,000) | 0 | 0 | 0 | 0 | 0 | $ (3,000) | (23,000) | |||||||||||
Equity incentive program | 0 | 0 | 0 | 100,000 | 0 | 0 | |||||||||||||
Contribution of 401(k) match | 0 | 0 | 0 | 0 | 1,479,000 | 0 | |||||||||||||
Purchase of treasury stock | 0 | 0 | 0 | 0 | (4,358,000) | 0 | $ (4,400,000) | ||||||||||||
Preferred stock conversion | 0 | (18,000) | 0 | 18,000 | 0 | 0 | |||||||||||||
Change in pension and postretirement benefits adjustment (net of tax) | 0 | 0 | 0 | 0 | 0 | 60,153,000 | |||||||||||||
Balance at Mar. 31, 2021 | $ 585,874,000 | $ 663,000 | $ 3,041,000 | $ 98,502,000 | $ (91,198,000) | $ (19,067,000) | $ 577,815,000 | ||||||||||||
Preferred stock, shares authorized (in shares) | 200,000 | 1,400,000 | 33,855 | 500 | |||||||||||||||
Common stock, shares authorized (in shares) | 20,000,000 | 10,000,000 | |||||||||||||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 33,855 | 500 | |||||||||||||||
Common stock, shares outstanding (in shares) | 7,353,545 | 1,709,638 | |||||||||||||||||
Preferred stock, stock amount | $ 50,000 | $ 202,000 | $ 403,000 | $ 8,000 | |||||||||||||||
Common stock, stock amount | $ 2,545,000 | $ 496,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating lease impairment adjustment upon the adoption of ASU 2016-02 "Leases", tax | $ 673 | |
Operating lease impairment adjustment upon the adoption of ASU 2016-02 "Leases", tax | $ 33,916 | 14,427 |
Change in pension and postretirement benefits, tax | $ (19,528) | $ 20,312 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Nature of Operations eight Principles of Consolidation Revenue Recognition 4, Trade promotions are an important component of the sales and marketing of the Company’s branded products, and are critical to the support of the business. Trade promotion costs, which are recorded as a reduction of sales, include amounts paid to retailers for shelf space, to obtain favorable display positions and to offer temporary price reductions for the sale of our products to consumers. Accruals for trade promotions are recorded primarily at the time of sale to the retailer based on expected levels of performance. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a retailer from amounts otherwise due to the Company. As a result, the ultimate cost of a trade promotion program is dependent on the relative success of the events and the actions and level of deductions taken by retailers. Final determination of the permissible deductions may Concentration of Credit Risk not ten 2021 2020, not Cash Equivalents three March 31, 2021, March 31, 2020. Fair Value of Financial Instruments 1 2 11, The three 1 3 three ● Level 1 ● Level 2 not ● Level 3 one Cash and cash equivalents as of March 31, 2021 1 Deferred Financing Costs not March 31, 2021 Inventories first Income Taxes The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. Assets Held for Sale no Discontinued Operations 2019, Unless otherwise indicated, information in the notes to the consolidated financial statements relates to continuing operations. Advertising Costs 2021 2020, Accounts Receivable and Doubtful Accounts 15 Earnings per Common Share three Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. Years ended March 31, 2021 2020 Continuing Operations (In thousands, except per share amounts) Basic Continuing operations earnings $ 126,100 $ 51,188 Deduct preferred stock dividends 23 23 Undistributed earnings 126,077 51,165 Earnings attributable to participating preferred shareholders 493 206 Earnings attributable to common shareholders $ 125,584 $ 50,959 Weighted average common shares outstanding 9,088 9,264 Basic earnings from continuing operations per common share $ 13.82 $ 5.50 Diluted Earnings attributable to common shareholders $ 125,584 $ 50,959 Add dividends on convertible preferred stock 20 20 Earnings attributable to common stock on a diluted basis $ 125,604 $ 50,979 Weighted average common shares outstanding-basic 9,088 9,264 Additional shares to be issued related to the equity compensation plan 3 2 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted 9,158 9,333 Diluted earnings from continuing operations per share $ 13.72 $ 5.46 Years ended March 31, 2021 2020 Discontinued Operations (In thousands, except per share amounts) Basic Discontinued operations earnings $ - $ 1,147 Deduct preferred stock dividends - 23 Undistributed earnings - 1,124 Earnings attributable to participating preferred shareholders - 5 Earnings attributable to common shareholders $ - $ 1,119 Weighted average common shares outstanding 9,264 Basic earnings from discontinued operations per common share $ - $ 0.12 Diluted Earnings attributable to common shareholders $ - $ 1,119 Add dividends on convertible preferred stock - 20 Earnings attributable to common stock on a diluted basis $ - $ 1,139 Weighted average common shares outstanding-basic - 9,264 Additional shares to be issued related to the equity compensation plan - 2 Additional shares to be issued under full conversion of preferred stock - 67 Total shares for diluted - 9,333 Diluted earnings from discontinued operations per share $ - $ 0.12 Depreciation and Valuation 2021, 2020, The Company assesses its long-lived assets for impairment whenever there is an indicator of impairment. Impairment losses are evaluated if the estimated undiscounted cash flows from using the assets are less than carrying value. A loss is recognized when the carrying value of an asset exceeds its fair value. Additionally, the Company’s assesses the potential for an other-than-temporary impairment of its equity method investment when impairment indicators are identified. The Company considers all available information, including the recoverability of the investment, the earnings and near-term prospects of the investment, factors related to the industry, amongst others relevant information. If an investment is considered to be impaired and the decline in value is other than temporary, an impairment charge is recorded. During 2021, 2020. Use of Estimates in the Preparation of Financial Statements Recently Issued Accounting Standards August 2018, No. 2018 14, 715 20 2018 14 December 15, 2020. March 31, 2021 2018 14 not 10 In May 2020, 3 05 11 X. 1 02 X January 1, 2021 not January 1, 2021 not 2021. In March 2020, 2020 04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2026. March 12, 2020 may December 31, 2022. 2020 04 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 Reclassifications |
Note 2 - Assets Held For Sale
Note 2 - Assets Held For Sale | 12 Months Ended |
Mar. 31, 2021 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. As of March 31, 2021, 2021 March 31, 2021 Property, Plant and Equipment (net) $ 8,656 Current Assets Held For Sale $ 8,656 |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 12 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. On July 13, 2018, October 9, 2018, 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 Condensed balance sheets (in thousands): March 31, 2021 March 31, 2020 Other Current Assets $ 338 $ 182 Current Assets Held For Sale-Discontinued Operations $ 338 $ 182 Other Assets $ 778 $ 1,026 Noncurrent Assets Held For Sale-Discontinued Operations $ 778 $ 1,026 Accounts Payable and Accrued Expenses $ - $ 880 Current Liabilities Held For Sale-Discontinued Operations $ - $ 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): Twelve Months Ended March 31, 2021 March 31, 2020 Net Sales $ - $ - Costs and Expenses: Cost of Product Sold - 57 Selling, General and Administrative - - Plant Restructuring Charge (a) - (1,150 ) Interest Expense - - Total cost and expenses - (1,093 ) Earnings From Discontinued Operations Before Income Taxes - 1,093 Gain on the Sale of Assets Before Income Taxes - (430 ) Income Tax Expense - 376 Net Earnings From Discontinued Operations, Net of Tax $ - $ 1,147 (a) Includes $902,000 credit for pension termination in fiscal 2020. |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. Revenue Recognition The Company applies the provisions of ASC 606 10, Revenue from Contracts with Customers, 2021 Nature of products The Company manufactures and sells the following: • private label products to retailers, such as supermarkets, mass merchandisers, and specialty retailers, for resale under the retailers’ own or controlled labels; • private label and branded products to the foodservice industry, including foodservice distributors and national restaurant operators; • branded products under our own proprietary brands, primarily on a national basis to retailers; • branded products under co-pack agreements to other major branded companies for their distribution; and • products to our industrial customer base for repackaging in portion control packages and for use as ingredients by other food manufacturers. Disaggregation of revenue In the following table, segment revenue is disaggregated by product category groups (in thousands): Year Ended March 31, 2021 March 31 ,2020 Canned Vegetables $ 1,172,635 $ 986,080 Frozen 102,339 119,044 Fruit Products 88,289 97,393 Prepared Foods 71,866 105,044 Chip Products 10,999 11,475 Other 21,516 16,733 Total $ 1,467,644 $ 1,335,769 When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s primary performance obligation is the production of food products and secondarily case and labeling services and storage services for certain bill and hold sales. Revenue recognition is completed primarily at a point in time basis when product control is transferred to the customer. In general, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can direct the use and obtain substantially all of the remaining benefits from the asset at this point in time. Customer contracts generally do not one one The performance obligations in our contracts are generally satisfied within one not March 31, 2021 Significant Payment Terms Our customer contracts identify the product, quantity, price, payment and final delivery terms. Payment terms usually include early pay discounts. We grant payment terms consistent with industry standards. Although some payment terms may no one not 30 Shipping All shipping and handling costs associated with outbound freight are accounted for as fulfillment costs and are included in the cost of sales; this includes shipping and handling costs after control over a product has transferred to a customer. Variable Consideration In addition to fixed contract consideration, some contracts include some form of variable consideration. Trade promotions are an important component of the sales and marketing of the Company’s branded products, and are critical to the support of the business. Trade promotion costs, which are recorded as a reduction of sales, include amounts paid to retailers for shelf space, to obtain favorable display positions and to offer temporary price reductions for the sale of our products to consumers. Accruals for trade promotions are recorded primarily at the time of sale to the retailer based on expected levels of performance. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a retailer from amounts otherwise due to the Company. As a result, the ultimate cost of a trade promotion program is dependent on the relative success of the events and the actions and level of deductions taken by retailers. Final determination of the permissible deductions may Contract balances The contract asset balances are $0.9 million and $7.6 million as of March 31, 2021 2020, not Contract Costs We have identified certain incremental costs to obtain a contract, primarily sales commissions, requiring capitalization under the new standard. The Company continues to expense these costs as incurred because the amortization period for the costs would have been one not |
Note 5 - Revolving Credit Facil
Note 5 - Revolving Credit Facility | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. On March 24, 2021, April July August March. March 31, 2021 March 24, 2026 June November three seven may |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. 2021 2020 (In thousands) Revolving credit facility, 1.38% 2.59% $ 1,000 $ 106,924 Farm Credit term loan, 3.30% 4.54% 96,869 99,941 Bluegrass tax exempt bonds, 0% 3.01% - 10,000 Economic development note, 2.00% 500 500 Other 216 216 Total 98,585 217,581 Less current portion 4,500 500 Long-term debt $ 94,085 $ 217,081 See Note 5, The Company’s debt agreements, including the Revolver and term loan, contain customary affirmative and negative covenants that restrict, with specified exceptions, the Company’s ability to incur additional indebtedness, incur liens, pay dividends on the Company’s capital stock, make other restricted payments, including investments, transfer all or substantially all of the Company’s assets, enter into consolidations or mergers, and enter into transactions with affiliates. The Company’s debt agreements also require the Company to meet certain financial covenants including a minimum EBITDA and minimum tangible net worth. The Revolver contains borrowing base requirements related to accounts receivable and inventories and also requires the Company to meet a financial covenant related to a minimum fixed charge coverage ratio if (a) an event of default has occurred or (b) availability on the Revolver is less than the greater of (i) 10% of the commitments then in effect and (ii) $25,000,000. The most restrictive financial covenant in the debt agreements is the minimum EBITDA within the Farm Credit term loan which for fiscal year end 2021 March 31, 2021. The Company's debt agreements limit the payment of dividends and other distributions. There is an annual total distribution limitation of $50,000, less aggregate annual dividend payments totaling $23,000 that the Company presently pays on two On May 28, 2020 June 1, 2025 2021. The carrying value of assets pledged for secured debt, including the Revolver, is $508.2 million. Debt repayment requirements for the next five Years ending March 31: 2022 $ 4,500 2023 4,000 2024 4,000 2025 4,000 2026 81,869 Thereafter 216 Total $ 98,585 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 7. The Company determines if an arrangement is a lease at inception of the agreement. Operating leases are included in right-of-use operating assets, current portion of long-term debt and lease obligations, and noncurrent operating lease obligations in the Company’s 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 April 1, 2019 12 not Upon adoption of ASU 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): Year Ended Year Ended March 31, 2021 March 31, 2020 Lease cost: Amortization of right of use asset $ 4,746 $ 4,335 Interest on lease liabilities 1,102 1,353 Finance lease cost 5,848 5,688 Operating lease cost 23,736 30,190 Total lease cost $ 29,584 $ 35,878 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 1,102 $ 1,353 Operating cash flows from operating leases 23,864 29,845 Financing cash flows from finance leases 6,321 6,437 Total $ 31,287 $ 37,635 Right-of-use assets obtained in exchange for new finance lease liabilities $ 1,740 $ 4,424 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,009 $ 6,419 Weighted-average lease term (years): Financing leases 4.5 5.3 Operating leases 3.5 3.8 Weighted-average discount rate (percentage): Financing leases 4.1 4.1 Operating leases 4.4 4.5 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 March 31, 2021 Years ending March 31: Operating Financing 2022 $ 18,606 $ 7,665 2023 14,042 7,665 2024 7,118 6,096 2025 3,572 2,713 2026 1,729 1,625 2027-2032 3,151 2,786 Total minimum payment required $ 48,218 $ 28,550 Less interest 3,402 2,540 Present value of minimum lease payments 44,816 26,010 Amount due within one year 17,047 6,778 Long-term lease obligation $ 27,769 $ 19,232 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 March 31, 2020 Years ending March 31: Operating Financing 2021 $ 23,896 $ 7,313 2022 18,820 7,313 2023 13,022 7,313 2024 6,510 5,786 2025 3,023 2,395 2026-2031 4,597 3,995 Total minimum payment required $ 69,868 $ 34,115 Less interest 5,559 3,524 Present value of minimum lease payments 64,309 30,591 Amount due within one year 21,549 6,225 Long-term lease obligation $ 42,760 $ 24,366 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows (in thousands): 2021 2020 (In thousands) Current: Federal $ 13,121 $ (1,912 ) State 4,145 1,187 Total 17,266 (725 ) Deferred: Federal $ 13,486 $ 14,251 State 3,164 1,278 Total 16,650 15,529 Total income taxes (1) $ 33,916 $ 14,804 ( 1 2020. 2021 A reconciliation for continuing operations of the expected U.S. statutory rate to the effective rate follows: 2021 2020 Computed (expected tax rate) 21.0 % 21.0 % State income taxes (net of federal tax benefit) 3.1 2.8 Federal credits (0.3 ) (0.8 ) Addition/(reduction) to uncertain tax positions (0.1 ) 0.3 Other permanent differences not deductible - 0.2 Change in valuation allowance 0.2 0.7 Tax law change - (2.8 ) Federal NOL carryback rate difference (2.8 ) - Other 0.1 0.6 Effective income tax rate 21.2 % 22.0 % The effective tax rate was 21.2% and 22.0% in 2021 2020, March 27, 2020, December 31, 2017 January 01, 2021 five 2019 21% 2015 35% 2021 2020 2020 not 2021. 2021 2020, The following is a summary of the significant components of the Company's deferred income tax assets and liabilities as of March 31: 2021 2020 (In thousands) Deferred income tax assets: Future tax credits $ 5,884 $ 5,581 Inventory valuation 2,204 163 Restructuring reserve - 220 Employee benefits 2,063 2,219 Insurance 685 616 Other comprehensive loss 6,511 26,562 Interest 4 24 Prepaid revenue 463 565 Other 815 186 Equity investment basis difference 1,589 - Net operating loss and other tax attribute carryovers 85 2,233 Total assets 20,303 38,369 Deferred income tax liabilities: Property basis and depreciation difference 17,975 12,664 Intangibles 33 208 Equity investment basis difference - 1,239 Right of use assets 4,371 4,373 Pension 21,556 7,540 Total liabilities 43,935 26,024 Valuation allowance - non-current 4,674 4,473 Net deferred income tax (liability)/asset $ (28,306 ) $ 7,872 Net non-current deferred income tax liabilities of $28.3 million as of March 31, 2021 March 31, 2020 The Company has State tax credit carryforwards amounting to $1.5 million (California, net of Federal impact), $2.1 million (New York, net of Federal impact), and $2.3 million (Wisconsin, net of Federal impact), which are available to reduce future taxes payable in each respective state through 2036 2036 2028 March 31, 2021, not not not not Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company classifies the liability for uncertain tax positions in other accrued expenses or other long-term liabilities depending on their expected settlement. The change in the liability for the years ended March 31, 2021 2020 2021 2020 (In thousands) Beginning balance $ 2,065 $ 396 Tax positions related to current year: Additions 279 1,123 Tax positions related to prior years: Additions 34 569 Reductions (1,626 ) (16 ) Lapses in statues of limitations (376 ) (7 ) Balance as of March 31, $ 376 $ 2,065 As of March 31, 2021 2020 2021 no 2021 not The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. During the years ended March 31, 2021 2020, March 31, 2021 2020, Although management believes that an adequate position has been made for uncertain tax positions, there is the possibility that the ultimate resolution could have an adverse effect on the earnings of the Company. Conversely, if resolved favorably in the future, the related provisions would be reduced, thus having a positive impact on earnings. During 2021 one no The federal income tax returns for years after March 31, 2015 3/31/16 March 31, 2017 |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Equity Preferred Stock three “6% none four 2003. The Convertible Participating Preferred Stock and Convertible Participating Preferred Stock, Series 2003 one 2021 2020. may March 31, 2021, The Convertible Participating Preferred Stock has a liquidation preference of $12 per share and a stated value of $11.931 per share. There were 33,855 shares outstanding as of March 31, 2021 2003 2003 March 31, 2021. There are 407,240 shares of Series A Preferred outstanding as of March 31, 2021which one one March 31, 2021 one one March 31, 2021 2021 2020. Common Stock 1/20th one 2021, Unissued shares of common stock reserved for conversion privileges of designated non-participating preferred stock were 33,695 of both Class A and Class B as of March 31, 2021 2020. March 31, 2021 2020, Treasury Stock 2021 none March 31, 2021, not 401 2021 10, |
Note 10 - Retirement Plans
Note 10 - Retirement Plans | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. The Company has a noncontributory defined benefit pension plan (the “Plan”) covering most employees who meet certain age-entry requirements and work a stated minimum number of hours per year. The Plan was amended to freeze accruals to new hires and rehires effective January 1, 2020. The following tables provide a reconciliation of the changes in the Plan’s benefit obligation and fair value of plan assets over the two March 31, 2021 March 31, 2021 2020: 2021 2020 (In thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 278,227 $ 250,461 Service cost 9,326 9,244 Interest cost 9,266 9,064 Liability gain due to curtailment - (1,114 ) Actuarial loss 17,712 20,146 Benefit payments and expenses (28,468 ) (9,574 ) Benefit obligation at end of year $ 286,063 $ 278,227 Change in Plan Assets Fair value of plan assets at beginning of year $ 202,485 $ 233,112 Actual return on plan assets 103,166 (46,325 ) Employer contributions 73,000 26,000 Benefit payments and expenses (29,737 ) (10,302 ) Fair value of plan assets at end of year $ 348,914 $ 202,485 Funded (Unfunded) Status $ 62,851 $ (75,742 ) The funded status increased by $138.6 million during 2021 March 31, 2021. 2021 2020, 2020 2020 2021 Plan assets increased from $202.5 million as of March 31, 2020 March 31, 2021 2021 2020 (In thousands) Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (258 ) $ (349 ) Net loss (26,265 ) (105,866 ) Accumulated other comprehensive pre-tax loss $ (26,523 ) $ (106,215 ) Pension and post retirement plan adjustments, net of tax (In thousands) Accumulated Other Comprehensive Loss Balance at March 31, 2020 $ (79,220 ) Other comprehensive income 60,153 Balance at March 31, 2021 $ (19,067 ) The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2021 2020: 2021 2020 (In thousands) Service cost including administration $ 10,627 $ 9,935 Interest cost 9,266 9,064 Expected return on plan assets (15,804 ) (16,746 ) Amortization of net loss 9,919 579 Prior service cost 91 120 Net periodic benefit cost $ 14,099 $ 2,952 Settlement/curtailment expense - 118 Net periodic benefit cost with curtailment $ 14,099 $ 3,070 The Company utilizes a full yield curve approach in the estimation of net periodic benefit cost components by applying the specific spot rates along the yield curve used in determination of the benefit obligation to their underlying projected cash flows. Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% The assumptions used to measure the Company’s benefit obligation and pension expense are shown in the following table: 2021 2020 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 3.43 % 3.69 % Rate of compensation increase 3.00 % 3.00 % Mortality table Pri-2012 Blue Collar Generational Table Improvement Scale MP-2020 Pri-2012 Blue Collar Generational Table Improvement Scale MP-2019 Weighted Average Assumptions for Benefit Cost at Beginning of Year: Discount rate - benefit obligations 3.69 % 4.14 % Discount rate - interest cost 3.30 % 3.74 % Discount rate - service cost 3.87 % 4.34 % Discount rate - interest on service cost 3.43 % 3.69 % Expected return on plan assets 7.25 % 7.25 % Rate of compensation increase 3.00 % 3.00 % The Company's plan assets consist of the following: Target Percentage of Plan Allocation Assets at March 31, 2022 2021 2020 Plan Assets Equity securities 50 % 48 % 97 % Debt securities 50 % 50 % - Real estate - - - Cash - 2 % 3 % Total 100 % 100 % 100 % All securities, which are valued at fair market value, are considered to be level 1, Expected Return on Plan Assets For fiscal 2021, 35 65 2021. 2022 March 2021. Investment Policy and Strategy Historically, the Company maintained an investment policy designed to achieve a long-term rate of return by investing in a diversified portfolio of public company equities seeking to provide long-term growth consistent with the performance of relevant market indices, as well as maintain an adequate level of liquidity for pension distributions as they fall due. The Company is currently in the process of reviewing its investment policy and shifting towards more liability-driven investments to reduce the ongoing volatility of the Plan’s funded status. As an initial step, in March 2021, 50% 50% 2022, Cash Flows Expected contributions for fiscal year ending March 31, 2022 Expected Employer Contributions $ - Expected Employee Contributions $ - Estimated future benefit payments reflecting expected future service for the fiscal years ending March 31 ( 2022 $ 11,178 2023 11,290 2024 11,913 2025 12,640 2026 13,342 2027-2031 75,496 401 The Company also has employees’ savings 401 may 2021 2020, 2021 2020, Unfunded Deferred Compensation Plan The Company sponsors an unfunded nonqualified deferred compensation plan to permit certain eligible employees to defer receipt of a portion of their compensation to a future date. This plan was designed to compensate the plan participants for any loss of company contributions under the 401 not 2021 2020. |
Note 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. The carrying amount and estimated fair values of the Company's debt are summarized as follows (in thousands): 2021 2020 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (in thousands) Long-term debt, including current portion $ 98,585 $ 97,226 $ 217,581 $ 217,559 The estimated fair value for long-term debt is determined by the quoted market prices for similar debt (comparable to the Company’s financial strength) or current rates offered to the Company for debt with the same maturities which is Level 2 not 1 2. |
Note 12 - Inventories
Note 12 - Inventories | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 12. Effective December 30, 2007, 2021 2020, 2021 2020, 2020, March 31, 2020. 2021 2021 2020 Finished products $ 317,654 $ 351,251 In process 25,175 31,173 Raw materials and supplies 128,987 173,474 471,816 555,898 Less excess of FIFO cost over LIFO cost 128,672 144,267 Total inventories $ 343,144 $ 411,631 |
Note 13 - Other Operating Incom
Note 13 - Other Operating Income and Expense | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 13. Other operating income in 2021 Other operating income in 2020 |
Note 14 - Segment Information
Note 14 - Segment Information | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. The Company manages its business on the basis of three reportable segments — the primary segment is the packaging and sale of fruits and vegetables, secondarily, the packaging and sale of prepared food products, third, the sale of snack products and finally, other products. The Company markets its product almost entirely in the United States. Export sales represented 6.5% of total sales in both 2021 2020. Fruit and Prepared Vegetable Foods Snack Other Total (In thousands) 2021: Net sales $ 1,363,263 $ 71,866 $ 10,999 $ 21,516 $ 1,467,644 Operating income 175,810 1,967 705 2,585 181,067 Identifiable assets 853,602 51,803 2,054 773 908,232 Capital expenditures 67,963 1,451 508 1,528 71,450 Depreciation and amortization 29,534 2,299 194 349 32,376 2020: Net sales $ 1,202,528 $ 105,044 $ 11,475 $ 16,722 $ 1,335,769 Operating income (loss) 65,921 3,774 837 (8 ) 70,524 Identifiable assets 853,438 51,803 2,054 773 908,068 Capital expenditures 63,543 2,122 19 756 66,440 Depreciation and amortization 26,486 3,564 207 676 30,933 |
Note 15 - Legal Proceedings and
Note 15 - Legal Proceedings and Other Contingencies | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. 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 16 - Plant Restructuring
Note 16 - Plant Restructuring | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 16. During 2021, During 2020, These charges are included under Plant Restructuring Charge in the Consolidated Statements of Net Earnings. Severance Payable and Other Costs Payable are included in Other Accrued Expenses on the Consolidated Balance Sheets. The following table summarizes the restructuring and related asset impairment charges recorded and the accruals established during 2021 2020 Other Severance Cost Payable Payable Total Balance March 31, 2019 $ 225 $ 1 226 Charge to expense 1,229 5,817 7,046 Cash payments/write offs (1,252 ) (5,818 ) (7,070 ) Balance March 31, 2020 202 - 202 Charge to expense 227 (45 ) 182 Cash payments/write offs (429 ) 45 (384 ) Balance March 31, 2021 $ - $ - $ - |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 17. During fiscal 2021 2020, 1% 2021 2020, no During the years ended March 31, 2021 2020, |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Charged/ Charged to Deductions Balance beginning (credited) other from at end of period to income accounts reserve of period Year-ended March 31, 2021: Allowance for doubtful accounts $ 1,598 $ (1,304) $ _ $ (45) (a) $ 339 Income tax valuation allowance $ 4,473 $ 201 $ - $ - $ 4,674 Year-ended March 31, 2020: Allowance for doubtful accounts $ 57 $ 1,627 $ - $ 86 (a) $ 1,598 Income tax valuation allowance $ 3,988 $ 485 $ - $ - $ 4,473 (a) Accounts written off, net of recoveries. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition 4, Trade promotions are an important component of the sales and marketing of the Company’s branded products, and are critical to the support of the business. Trade promotion costs, which are recorded as a reduction of sales, include amounts paid to retailers for shelf space, to obtain favorable display positions and to offer temporary price reductions for the sale of our products to consumers. Accruals for trade promotions are recorded primarily at the time of sale to the retailer based on expected levels of performance. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a retailer from amounts otherwise due to the Company. As a result, the ultimate cost of a trade promotion program is dependent on the relative success of the events and the actions and level of deductions taken by retailers. Final determination of the permissible deductions may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk not ten 2021 2020, not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents three March 31, 2021, March 31, 2020. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments 1 2 11, The three 1 3 three ● Level 1 ● Level 2 not ● Level 3 one Cash and cash equivalents as of March 31, 2021 1 |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs not March 31, 2021 |
Inventory, Policy [Policy Text Block] | Inventories first |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. |
Assets Held for Sale, Policy [Policy Text Block] | Assets Held for Sale no |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations 2019, Unless otherwise indicated, information in the notes to the consolidated financial statements relates to continuing operations. |
Advertising Cost [Policy Text Block] | Advertising Costs 2021 2020, |
Receivable [Policy Text Block] | Accounts Receivable and Doubtful Accounts 15 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share three Diluted earnings per share is calculated by dividing earnings attributable to common stockholders by the sum of the weighted average common shares outstanding plus the dilutive effect of convertible preferred stock using the “if-converted” method, which treats the contingently-issuable shares of convertible preferred stock as common stock. Years ended March 31, 2021 2020 Continuing Operations (In thousands, except per share amounts) Basic Continuing operations earnings $ 126,100 $ 51,188 Deduct preferred stock dividends 23 23 Undistributed earnings 126,077 51,165 Earnings attributable to participating preferred shareholders 493 206 Earnings attributable to common shareholders $ 125,584 $ 50,959 Weighted average common shares outstanding 9,088 9,264 Basic earnings from continuing operations per common share $ 13.82 $ 5.50 Diluted Earnings attributable to common shareholders $ 125,584 $ 50,959 Add dividends on convertible preferred stock 20 20 Earnings attributable to common stock on a diluted basis $ 125,604 $ 50,979 Weighted average common shares outstanding-basic 9,088 9,264 Additional shares to be issued related to the equity compensation plan 3 2 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted 9,158 9,333 Diluted earnings from continuing operations per share $ 13.72 $ 5.46 Years ended March 31, 2021 2020 Discontinued Operations (In thousands, except per share amounts) Basic Discontinued operations earnings $ - $ 1,147 Deduct preferred stock dividends - 23 Undistributed earnings - 1,124 Earnings attributable to participating preferred shareholders - 5 Earnings attributable to common shareholders $ - $ 1,119 Weighted average common shares outstanding 9,264 Basic earnings from discontinued operations per common share $ - $ 0.12 Diluted Earnings attributable to common shareholders $ - $ 1,119 Add dividends on convertible preferred stock - 20 Earnings attributable to common stock on a diluted basis $ - $ 1,139 Weighted average common shares outstanding-basic - 9,264 Additional shares to be issued related to the equity compensation plan - 2 Additional shares to be issued under full conversion of preferred stock - 67 Total shares for diluted - 9,333 Diluted earnings from discontinued operations per share $ - $ 0.12 |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Valuation 2021, 2020, The Company assesses its long-lived assets for impairment whenever there is an indicator of impairment. Impairment losses are evaluated if the estimated undiscounted cash flows from using the assets are less than carrying value. A loss is recognized when the carrying value of an asset exceeds its fair value. Additionally, the Company’s assesses the potential for an other-than-temporary impairment of its equity method investment when impairment indicators are identified. The Company considers all available information, including the recoverability of the investment, the earnings and near-term prospects of the investment, factors related to the industry, amongst others relevant information. If an investment is considered to be impaired and the decline in value is other than temporary, an impairment charge is recorded. During 2021, 2020. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards August 2018, No. 2018 14, 715 20 2018 14 December 15, 2020. March 31, 2021 2018 14 not 10 In May 2020, 3 05 11 X. 1 02 X January 1, 2021 not January 1, 2021 not 2021. In March 2020, 2020 04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2026. March 12, 2020 may December 31, 2022. 2020 04 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 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years ended March 31, 2021 2020 Continuing Operations (In thousands, except per share amounts) Basic Continuing operations earnings $ 126,100 $ 51,188 Deduct preferred stock dividends 23 23 Undistributed earnings 126,077 51,165 Earnings attributable to participating preferred shareholders 493 206 Earnings attributable to common shareholders $ 125,584 $ 50,959 Weighted average common shares outstanding 9,088 9,264 Basic earnings from continuing operations per common share $ 13.82 $ 5.50 Diluted Earnings attributable to common shareholders $ 125,584 $ 50,959 Add dividends on convertible preferred stock 20 20 Earnings attributable to common stock on a diluted basis $ 125,604 $ 50,979 Weighted average common shares outstanding-basic 9,088 9,264 Additional shares to be issued related to the equity compensation plan 3 2 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted 9,158 9,333 Diluted earnings from continuing operations per share $ 13.72 $ 5.46 Years ended March 31, 2021 2020 Discontinued Operations (In thousands, except per share amounts) Basic Discontinued operations earnings $ - $ 1,147 Deduct preferred stock dividends - 23 Undistributed earnings - 1,124 Earnings attributable to participating preferred shareholders - 5 Earnings attributable to common shareholders $ - $ 1,119 Weighted average common shares outstanding 9,264 Basic earnings from discontinued operations per common share $ - $ 0.12 Diluted Earnings attributable to common shareholders $ - $ 1,119 Add dividends on convertible preferred stock - 20 Earnings attributable to common stock on a diluted basis $ - $ 1,139 Weighted average common shares outstanding-basic - 9,264 Additional shares to be issued related to the equity compensation plan - 2 Additional shares to be issued under full conversion of preferred stock - 67 Total shares for diluted - 9,333 Diluted earnings from discontinued operations per share $ - $ 0.12 |
Note 2 - Assets Held For Sale (
Note 2 - Assets Held For Sale (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | March 31, 2021 Property, Plant and Equipment (net) $ 8,656 Current Assets Held For Sale $ 8,656 |
Note 3 - Discontinued Operati_2
Note 3 - Discontinued Operations (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | March 31, 2021 March 31, 2020 Other Current Assets $ 338 $ 182 Current Assets Held For Sale-Discontinued Operations $ 338 $ 182 Other Assets $ 778 $ 1,026 Noncurrent Assets Held For Sale-Discontinued Operations $ 778 $ 1,026 Accounts Payable and Accrued Expenses $ - $ 880 Current Liabilities Held For Sale-Discontinued Operations $ - $ 880 Twelve Months Ended March 31, 2021 March 31, 2020 Net Sales $ - $ - Costs and Expenses: Cost of Product Sold - 57 Selling, General and Administrative - - Plant Restructuring Charge (a) - (1,150 ) Interest Expense - - Total cost and expenses - (1,093 ) Earnings From Discontinued Operations Before Income Taxes - 1,093 Gain on the Sale of Assets Before Income Taxes - (430 ) Income Tax Expense - 376 Net Earnings From Discontinued Operations, Net of Tax $ - $ 1,147 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended March 31, 2021 March 31 ,2020 Canned Vegetables $ 1,172,635 $ 986,080 Frozen 102,339 119,044 Fruit Products 88,289 97,393 Prepared Foods 71,866 105,044 Chip Products 10,999 11,475 Other 21,516 16,733 Total $ 1,467,644 $ 1,335,769 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2021 2020 (In thousands) Revolving credit facility, 1.38% 2.59% $ 1,000 $ 106,924 Farm Credit term loan, 3.30% 4.54% 96,869 99,941 Bluegrass tax exempt bonds, 0% 3.01% - 10,000 Economic development note, 2.00% 500 500 Other 216 216 Total 98,585 217,581 Less current portion 4,500 500 Long-term debt $ 94,085 $ 217,081 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Years ending March 31: 2022 $ 4,500 2023 4,000 2024 4,000 2025 4,000 2026 81,869 Thereafter 216 Total $ 98,585 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended Year Ended March 31, 2021 March 31, 2020 Lease cost: Amortization of right of use asset $ 4,746 $ 4,335 Interest on lease liabilities 1,102 1,353 Finance lease cost 5,848 5,688 Operating lease cost 23,736 30,190 Total lease cost $ 29,584 $ 35,878 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 1,102 $ 1,353 Operating cash flows from operating leases 23,864 29,845 Financing cash flows from finance leases 6,321 6,437 Total $ 31,287 $ 37,635 Right-of-use assets obtained in exchange for new finance lease liabilities $ 1,740 $ 4,424 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,009 $ 6,419 Weighted-average lease term (years): Financing leases 4.5 5.3 Operating leases 3.5 3.8 Weighted-average discount rate (percentage): Financing leases 4.1 4.1 Operating leases 4.4 4.5 |
Lessee, Lease Liability, Maturity [Table Text Block] | Years ending March 31: Operating Financing 2022 $ 18,606 $ 7,665 2023 14,042 7,665 2024 7,118 6,096 2025 3,572 2,713 2026 1,729 1,625 2027-2032 3,151 2,786 Total minimum payment required $ 48,218 $ 28,550 Less interest 3,402 2,540 Present value of minimum lease payments 44,816 26,010 Amount due within one year 17,047 6,778 Long-term lease obligation $ 27,769 $ 19,232 Years ending March 31: Operating Financing 2021 $ 23,896 $ 7,313 2022 18,820 7,313 2023 13,022 7,313 2024 6,510 5,786 2025 3,023 2,395 2026-2031 4,597 3,995 Total minimum payment required $ 69,868 $ 34,115 Less interest 5,559 3,524 Present value of minimum lease payments 64,309 30,591 Amount due within one year 21,549 6,225 Long-term lease obligation $ 42,760 $ 24,366 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2021 2020 (In thousands) Current: Federal $ 13,121 $ (1,912 ) State 4,145 1,187 Total 17,266 (725 ) Deferred: Federal $ 13,486 $ 14,251 State 3,164 1,278 Total 16,650 15,529 Total income taxes (1) $ 33,916 $ 14,804 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 Computed (expected tax rate) 21.0 % 21.0 % State income taxes (net of federal tax benefit) 3.1 2.8 Federal credits (0.3 ) (0.8 ) Addition/(reduction) to uncertain tax positions (0.1 ) 0.3 Other permanent differences not deductible - 0.2 Change in valuation allowance 0.2 0.7 Tax law change - (2.8 ) Federal NOL carryback rate difference (2.8 ) - Other 0.1 0.6 Effective income tax rate 21.2 % 22.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2021 2020 (In thousands) Deferred income tax assets: Future tax credits $ 5,884 $ 5,581 Inventory valuation 2,204 163 Restructuring reserve - 220 Employee benefits 2,063 2,219 Insurance 685 616 Other comprehensive loss 6,511 26,562 Interest 4 24 Prepaid revenue 463 565 Other 815 186 Equity investment basis difference 1,589 - Net operating loss and other tax attribute carryovers 85 2,233 Total assets 20,303 38,369 Deferred income tax liabilities: Property basis and depreciation difference 17,975 12,664 Intangibles 33 208 Equity investment basis difference - 1,239 Right of use assets 4,371 4,373 Pension 21,556 7,540 Total liabilities 43,935 26,024 Valuation allowance - non-current 4,674 4,473 Net deferred income tax (liability)/asset $ (28,306 ) $ 7,872 |
Summary of Income Tax Contingencies [Table Text Block] | 2021 2020 (In thousands) Beginning balance $ 2,065 $ 396 Tax positions related to current year: Additions 279 1,123 Tax positions related to prior years: Additions 34 569 Reductions (1,626 ) (16 ) Lapses in statues of limitations (376 ) (7 ) Balance as of March 31, $ 376 $ 2,065 |
Note 10 - Retirement Plans (Tab
Note 10 - Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2021 2020 (In thousands) Change in Benefit Obligation Benefit obligation at beginning of year $ 278,227 $ 250,461 Service cost 9,326 9,244 Interest cost 9,266 9,064 Liability gain due to curtailment - (1,114 ) Actuarial loss 17,712 20,146 Benefit payments and expenses (28,468 ) (9,574 ) Benefit obligation at end of year $ 286,063 $ 278,227 Change in Plan Assets Fair value of plan assets at beginning of year $ 202,485 $ 233,112 Actual return on plan assets 103,166 (46,325 ) Employer contributions 73,000 26,000 Benefit payments and expenses (29,737 ) (10,302 ) Fair value of plan assets at end of year $ 348,914 $ 202,485 Funded (Unfunded) Status $ 62,851 $ (75,742 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | 2021 2020 (In thousands) Amounts Recognized in Accumulated Other Comprehensive Pre-Tax Loss Prior service cost $ (258 ) $ (349 ) Net loss (26,265 ) (105,866 ) Accumulated other comprehensive pre-tax loss $ (26,523 ) $ (106,215 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pension and post retirement plan adjustments, net of tax (In thousands) Accumulated Other Comprehensive Loss Balance at March 31, 2020 $ (79,220 ) Other comprehensive income 60,153 Balance at March 31, 2021 $ (19,067 ) |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 2021 2020 (In thousands) Service cost including administration $ 10,627 $ 9,935 Interest cost 9,266 9,064 Expected return on plan assets (15,804 ) (16,746 ) Amortization of net loss 9,919 579 Prior service cost 91 120 Net periodic benefit cost $ 14,099 $ 2,952 Settlement/curtailment expense - 118 Net periodic benefit cost with curtailment $ 14,099 $ 3,070 |
Defined Benefit Plan, Assumptions [Table Text Block] | 2021 2020 Weighted Average Assumptions for Balance Sheet Liability at End of Year: Discount rate - projected benefit obligation 3.43 % 3.69 % Rate of compensation increase 3.00 % 3.00 % Mortality table Pri-2012 Blue Collar Generational Table Improvement Scale MP-2020 Pri-2012 Blue Collar Generational Table Improvement Scale MP-2019 Weighted Average Assumptions for Benefit Cost at Beginning of Year: Discount rate - benefit obligations 3.69 % 4.14 % Discount rate - interest cost 3.30 % 3.74 % Discount rate - service cost 3.87 % 4.34 % Discount rate - interest on service cost 3.43 % 3.69 % Expected return on plan assets 7.25 % 7.25 % Rate of compensation increase 3.00 % 3.00 % |
Schedule of Allocation of Plan Assets [Table Text Block] | Target Percentage of Plan Allocation Assets at March 31, 2022 2021 2020 Plan Assets Equity securities 50 % 48 % 97 % Debt securities 50 % 50 % - Real estate - - - Cash - 2 % 3 % Total 100 % 100 % 100 % |
Schedule of Expected Contributions [Table Text Block] | Expected Employer Contributions $ - Expected Employee Contributions $ - |
Schedule of Expected Benefit Payments [Table Text Block] | 2022 $ 11,178 2023 11,290 2024 11,913 2025 12,640 2026 13,342 2027-2031 75,496 |
Note 11 - Fair Value of Finan_2
Note 11 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2021 2020 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (in thousands) Long-term debt, including current portion $ 98,585 $ 97,226 $ 217,581 $ 217,559 |
Note 12 - Inventories (Tables)
Note 12 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2021 2020 Finished products $ 317,654 $ 351,251 In process 25,175 31,173 Raw materials and supplies 128,987 173,474 471,816 555,898 Less excess of FIFO cost over LIFO cost 128,672 144,267 Total inventories $ 343,144 $ 411,631 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fruit and Prepared Vegetable Foods Snack Other Total (In thousands) 2021: Net sales $ 1,363,263 $ 71,866 $ 10,999 $ 21,516 $ 1,467,644 Operating income 175,810 1,967 705 2,585 181,067 Identifiable assets 853,602 51,803 2,054 773 908,232 Capital expenditures 67,963 1,451 508 1,528 71,450 Depreciation and amortization 29,534 2,299 194 349 32,376 2020: Net sales $ 1,202,528 $ 105,044 $ 11,475 $ 16,722 $ 1,335,769 Operating income (loss) 65,921 3,774 837 (8 ) 70,524 Identifiable assets 853,438 51,803 2,054 773 908,068 Capital expenditures 63,543 2,122 19 756 66,440 Depreciation and amortization 26,486 3,564 207 676 30,933 |
Note 16 - Plant Restructuring (
Note 16 - Plant Restructuring (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Other Severance Cost Payable Payable Total Balance March 31, 2019 $ 225 $ 1 226 Charge to expense 1,229 5,817 7,046 Cash payments/write offs (1,252 ) (5,818 ) (7,070 ) Balance March 31, 2020 202 - 202 Charge to expense 227 (45 ) 182 Cash payments/write offs (429 ) 45 (384 ) Balance March 31, 2021 $ - $ - $ - |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Valuation and Qualifying Accounts [Table Text Block] | Balance at Charged/ Charged to Deductions Balance beginning (credited) other from at end of period to income accounts reserve of period Year-ended March 31, 2021: Allowance for doubtful accounts $ 1,598 $ (1,304) $ _ $ (45) (a) $ 339 Income tax valuation allowance $ 4,473 $ 201 $ - $ - $ 4,674 Year-ended March 31, 2020: Allowance for doubtful accounts $ 57 $ 1,627 $ - $ 86 (a) $ 1,598 Income tax valuation allowance $ 3,988 $ 485 $ - $ - $ 4,473 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Number of States in which Entity Operates | 8 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 59,837 | $ 10,702 |
Advertising Expense | 1,800 | 2,200 |
Depreciation, Total | 27,100 | 26,100 |
Equity Method Investment, Other than Temporary Impairment | $ 9,700 | 0 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 30 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |
Software and Software Development Costs [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Software and Software Development Costs [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |
Land Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Land Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |
Other Current Assets [Member] | ||
Debt Issuance Costs, Net, Total | $ 900 | |
Current and Non-Current Portion of Long Term Debt [Member] | ||
Debt Issuance Costs, Net, Total | 100 | |
Money Market Funds [Member] | ||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 47,400 | $ 0 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Top Ten Customers [Member] | ||
Concentration Risk, Percentage | 50.00% | 49.00% |
Seneca Food Plants [Member] | ||
Number of Real Estate Properties | 26 | |
Seneca Foods Warehouses [Member] | ||
Number of Real Estate Properties | 25 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Continuing operations earnings | $ 126,100 | $ 51,188 |
Deduct preferred stock dividends | 23 | 23 |
Undistributed earnings | 126,077 | 51,165 |
Earnings attributable to participating preferred shareholders | 493 | 206 |
Earnings attributable to common shareholders | $ 125,584 | $ 50,959 |
Weighted average common shares outstanding (in shares) | 9,088 | 9,264 |
Basic earnings from continuing operations per common share (in dollars per share) | $ 13.82 | $ 5.50 |
Earnings attributable to common shareholders | $ 125,584 | $ 50,959 |
Add dividends on convertible preferred stock | 20 | 20 |
Earnings attributable to common stock on a diluted basis | $ 125,604 | $ 50,979 |
Additional shares to be issued related to the equity compensation plan (in shares) | 3 | 2 |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 |
Total shares for diluted (in shares) | 9,158 | 9,333 |
Diluted earnings from continuing operations per share (in dollars per share) | $ 13.72 | $ 5.46 |
Discontinued operations earnings | $ 0 | $ 1,147 |
Deduct preferred stock dividends | 0 | 23 |
Undistributed earnings | 0 | 1,124 |
Earnings attributable to participating preferred shareholders | 0 | 5 |
Earnings attributable to common shareholders | $ 0 | $ 1,119 |
Weighted average common shares outstanding (in shares) | 0 | 9,264 |
Basic earnings from discontinued operations per common share (in dollars per share) | $ 0 | $ 0.12 |
Earnings attributable to common shareholders | $ 0 | $ 1,119 |
Add dividends on convertible preferred stock | 0 | 20 |
Earnings attributable to common stock on a diluted basis | $ 0 | $ 1,139 |
Weighted average common shares outstanding-basic (in shares) | 0 | 9,264 |
Additional shares to be issued related to the equity compensation plan (in shares) | 2 | |
Additional shares to be issued under full conversion of preferred stock (in shares) | 0 | 67 |
Total shares for diluted (in shares) | 0 | 9,333 |
Diluted earnings from discontinued operations per share (in dollars per share) | $ 0 | $ 0.12 |
Note 2 - Assets Held For Sale_2
Note 2 - Assets Held For Sale (Details Textual) $ in Millions | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 0.6 |
Note 2 - Assets Held For Sale -
Note 2 - Assets Held For Sale - Assets and Liabilities Held For Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Property, Plant and Equipment (net) | $ 8,656 | |
Current Assets Held For Sale | $ 8,656 | $ 0 |
Note 3 - Discontinued Operati_3
Note 3 - Discontinued Operations (Details Textual) - USD ($) | Oct. 09, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Termination [Member] | ||||
Disposal Group, Including Discontinued Operation, Restructuriing Charge | $ (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 | [1] | $ 0 | $ (1,150,000) | |
[1] | Includes $902,000 credit for pension termination in fiscal 2020. Includes $3,746,000 of Modesto severance in fiscal 2019. |
Note 3 - Discontinued Operati_4
Note 3 - Discontinued Operations - Asset and Liabilities in Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Noncurrent Assets Held For Sale-Discontinued Operations | $ 778 | $ 1,026 | |
Current Liabilities Held For Sale-Discontinued Operations | 0 | 880 | |
Income Tax Expense | 0 | 400 | |
Net Earnings From Discontinued Operations, Net of Tax | 0 | 1,147 | |
Modesto Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Other Current Assets | 338 | 182 | |
Current Assets Held For Sale-Discontinued Operations | 338 | 182 | |
Other Assets | 778 | 1,026 | |
Noncurrent Assets Held For Sale-Discontinued Operations | 778 | 1,026 | |
Accounts Payable and Accrued Expenses | 0 | 880 | |
Current Liabilities Held For Sale-Discontinued Operations | 0 | 880 | |
Net Sales | 0 | 0 | |
Cost of Product Sold | 0 | 57 | |
Selling, General and Administrative | 0 | 0 | |
Plant Restructuring Charge (a) | [1] | 0 | (1,150) |
Interest Expense | [2] | 0 | 0 |
Total cost and expenses | 0 | (1,093) | |
Earnings From Discontinued Operations Before Income Taxes | 0 | 1,093 | |
Gain on the Sale of Assets Before Income Taxes | [3],[4],[5] | 0 | (430) |
Income Tax Expense | 0 | 376 | |
Net Earnings From Discontinued Operations, Net of Tax | $ 0 | $ 1,147 | |
[1] | Includes $902,000 credit for pension termination in fiscal 2020. Includes $3,746,000 of Modesto severance in 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 $51,446,000 gain on the sale of Modesto plant and equipment in fiscal 2019. | ||
[4] | Includes a $24,211,000 gain as a result of LIFO layer liquidations from the disposal of the inventory for fiscal 2019. | ||
[5] | Includes a $4,975,000 gain on the sale of bins in fiscal 2019. |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Percentage of Revenues | 98.00% | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 911 | $ 7,610 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 1,467,644 | $ 1,335,769 |
Canned Vegetables [Member] | ||
Net sales | 1,172,635 | 986,080 |
Frozen [Member] | ||
Net sales | 102,339 | 119,044 |
Fruit [Member] | ||
Net sales | 88,289 | 97,393 |
Prepared Foods [Member] | ||
Net sales | 71,866 | 105,044 |
Chip Products [Member] | ||
Net sales | 10,999 | 11,475 |
Manufactured Product, Other [Member] | ||
Net sales | $ 21,516 | $ 16,733 |
Note 5 - Revolving Credit Fac_2
Note 5 - Revolving Credit Facility (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2022 | Jul. 31, 2021 | Mar. 24, 2021 | |
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] | ||||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 400 | |||
Long-term Line of Credit, Total | $ 1 | |||
Revolving Credit Facility [Member] | Forecast [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 300 | |||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | $ 400 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | May 28, 2020 | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 50,000 | |
Dividends, Preferred Stock, Cash | 23,000 | |
Pledged Assets Not Separately Reported, Fixed Assets | 508,200,000 | |
Term Loan Payable to Farm Credit East ACA [Member] | ||
Debt Instrument, Face Amount | $ 100,000,000 | |
Debt Instrument, Periodic Payment, Principal | 1,000,000 | |
Debt Instrument, Unamortized Discount, Total | $ 200,000 | |
Term Loan [Member] | ||
Debt Agreements, Financial Covenants, Minimum EBITDA | $ 50,000,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument, Covenant, Maximum Percentage of Commitments for Available Line of Credit that Requires Minimum Fixed Charge Coverage Ratio | 10.00% | |
Debt Instrument, Covenant, Maximum Amount for Available Line of Credit that Requires Minimum Fixed Charge Coverage Ratio | $ 25,000,000 |
Note 6 - Long-term Debt - Summa
Note 6 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Long-term debt | $ 98,585 | $ 217,581 |
Less current portion | 4,500 | 500 |
Long-term debt | 94,085 | 217,081 |
Line of Credit [Member] | ||
Long-term debt | 1,000 | 106,924 |
Term Loan [Member] | ||
Long-term debt | 96,869 | 99,941 |
Tax-exempt Bond [Member] | ||
Long-term debt | 0 | 10,000 |
Economic Development Note [Member] | ||
Long-term debt | 500 | 500 |
Other [Member] | ||
Long-term debt | $ 216 | $ 216 |
Note 6 - Long-term Debt - Sum_2
Note 6 - Long-term Debt - Summary of Long-term Debt (Details) (Parentheticals) | Mar. 31, 2021 | Mar. 31, 2020 |
Line of Credit [Member] | ||
Long-term debt, weighted average interest rate | 1.38% | 2.59% |
Term Loan [Member] | ||
Long-term debt, weighted average interest rate | 3.30% | 4.54% |
Tax-exempt Bond [Member] | ||
Long-term debt, weighted average interest rate | 0.00% | 3.01% |
Economic Development Note [Member] | ||
Long-term debt, weighted average interest rate | 2.00% | 2.00% |
Note 6 - Long-term Debt - Debt
Note 6 - Long-term Debt - Debt Repayment Requirements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
2022 | $ 4,500 | |
2023 | 4,000 | |
2024 | 4,000 | |
2025 | 4,000 | |
2026 | 81,869 | |
Thereafter | 216 | |
Total | $ 98,585 | $ 217,581 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Stockholders' Equity Attributable to Parent, Ending Balance | $ 577,815,000 | $ 394,364,000 | |
Retained Earnings [Member] | |||
Stockholders' Equity Attributable to Parent, Ending Balance | 585,874,000 | $ 459,797,000 | $ 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 7 - Leases - Lease Expense
Note 7 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization of right of use asset | $ 4,746 | $ 4,335 |
Interest on lease liabilities | 1,102 | 1,353 |
Finance lease cost | 5,848 | 5,688 |
Operating lease cost | 23,736 | 30,190 |
Total lease cost | 29,584 | 35,878 |
Operating cash flows from finance leases | 1,102 | 1,353 |
Operating cash flows from operating leases | 23,864 | 29,845 |
Financing cash flows from finance leases | 6,321 | 6,437 |
Total | 31,287 | 37,635 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 1,740 | 4,424 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,009 | $ 6,419 |
Financing leases (Year) | 4 years 6 months | 5 years 3 months 18 days |
Operating leases, lease term (Year) | 3 years 6 months | 3 years 9 months 18 days |
Financing leases | 4.10% | 4.10% |
Operating leases, discount rate | 4.40% | 4.50% |
Note 7 - Leases - Undiscounted
Note 7 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Year one, operating lease | $ 18,606 | $ 23,896 |
Year one, financing lease | 7,665 | 7,313 |
Year two, operating lease | 14,042 | 18,820 |
Year two, financing lease | 7,665 | 7,313 |
Year three, operating lease | 7,118 | 13,022 |
Year three, financing lease | 6,096 | 7,313 |
Year four, operating lease | 3,572 | 6,510 |
Year four, financing lease | 2,713 | 5,786 |
Year five, operating lease | 1,729 | 3,023 |
Year five, financing lease | 1,625 | 2,395 |
Thereafter, operating lease | 3,151 | 4,597 |
Thereafter, financing lease | 2,786 | 3,995 |
Total minimum payment required, operating | 48,218 | 69,868 |
Total minimum payment required, financing | 28,550 | 34,115 |
Less interest, operating | 3,402 | 5,559 |
Less interest, financing | 2,540 | 3,524 |
Present value of minimum lease payments, operating | 44,816 | 64,309 |
Present value of minimum lease payments, financing | 26,010 | 30,591 |
Amount due within one year, financing | 6,778 | 6,225 |
Long-term lease obligation, operating | 27,769 | 42,760 |
Long-term lease obligation, financing | 19,232 | 24,366 |
Current Portion of Long-term Debt and Lease Obligations [Member] | ||
Amount due within one year, operating | $ 17,047 | $ 21,549 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating lease impairment adjustment upon the adoption of ASU 2016-02 "Leases", tax | $ 33,916 | $ 14,427 |
Discontinued Operation, Tax Effect of Discontinued Operation, Total | $ 0 | $ 400 |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.20% | 22.00% |
Effective Income Tax Rate Continuing Operations Change | (2.80%) | |
Effective Income Tax Rate Reconciliation, Tax Law Change, Percent | 0.00% | (2.80%) |
Effective Income Tax Rate Reconciliation, CARES Act, Amount | $ 4,500 | $ 1,700 |
Deferred Income Tax Liabilities, Net, Total | 28,306 | 0 |
Deferred Income Tax Assets, Net, Total | 0 | 7,872 |
Tax Credit Carryforward, Valuation Allowance | 4,700 | |
Unrecognized Tax Benefits, Uncertainty on Timing | 0 | 1,600 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | (200) | 200 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | $ 200 |
Effective Income Tax Rate Reconciliation, Lapses of Applicable Statute of Limitations, Amount | 400 | |
California Franchise Tax Board [Member] | ||
Tax Credit Carryforward, Amount | 1,500 | |
New York State Division of Taxation and Finance [Member] | ||
Tax Credit Carryforward, Amount | 2,100 | |
Wisconsin Department of Revenue [Member] | ||
Tax Credit Carryforward, Amount | $ 2,300 |
Note 8 - Income Taxes - Provisi
Note 8 - Income Taxes - Provision of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Federal | $ 13,121 | $ (1,912) | |
State | 4,145 | 1,187 | |
Total | 17,266 | (725) | |
Federal | 13,486 | 14,251 | |
State | 3,164 | 1,278 | |
Total | 16,650 | 15,529 | |
Total income taxes (1) | [1] | $ 33,916 | $ 14,804 |
[1] | Income tax expense (benefit) included in the financial statements is comprised of $14.4 million from continuing operations and $0.4 million from discontinued operations in 2020. There was no income tax effect in 2021 as a result of discontinued operations. |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Computed (expected tax rate) | 21.00% | 21.00% |
State income taxes (net of federal tax benefit) | 3.10% | 2.80% |
Federal credits | (0.30%) | (0.80%) |
Addition/(reduction) to uncertain tax positions | (0.10%) | 0.30% |
Other permanent differences not deductible | 0.00% | 0.20% |
Change in valuation allowance | 0.20% | 0.70% |
Tax law change | 0.00% | (2.80%) |
Federal NOL carryback rate difference | (2.80%) | 0.00% |
Other | 0.10% | 0.60% |
Effective income tax rate | 21.20% | 22.00% |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Future tax credits | $ 5,884 | $ 5,581 |
Inventory valuation | 2,204 | 163 |
Restructuring reserve | 0 | 220 |
Employee benefits | 2,063 | 2,219 |
Insurance | 685 | 616 |
Other comprehensive loss | 6,511 | 26,562 |
Interest | 4 | 24 |
Prepaid revenue | 463 | 565 |
Other | 815 | 186 |
Equity investment basis difference | 1,589 | 0 |
Net operating loss and other tax attribute carryovers | 85 | 2,233 |
Total assets | 20,303 | 38,369 |
Property basis and depreciation difference | 17,975 | 12,664 |
Intangibles | 33 | 208 |
Equity investment basis difference | 0 | 1,239 |
Right of use assets | 4,371 | 4,373 |
Pension | 21,556 | 7,540 |
Total liabilities | 43,935 | 26,024 |
Valuation allowance - non-current | 4,674 | 4,473 |
Net deferred income tax liability | $ (28,306) | |
Net deferred income tax asset | $ 7,872 |
Note 8 - Income Taxes - Uncerta
Note 8 - Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Beginning balance | $ 2,065 | $ 396 |
Additions | 279 | 1,123 |
Additions | 34 | 569 |
Reductions | (1,626) | (16) |
Lapses in statues of limitations | (376) | (7) |
Balance as of March 31, | $ 376 | $ 2,065 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2003 | |
Dividends, Preferred Stock, Cash | $ 23,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 33,695 | ||
Treasury Stock, Shares, Acquired (in shares) | 3,103,547 | ||
Treasury Stock, Value, Ending Balance | $ 91,198,000 | $ 88,319,000 | |
Treasury Stock [Member] | |||
Dividends, Preferred Stock, Cash | 0 | 0 | |
Treasury Stock, Value, Acquired, Cost Method | 4,358,000 | $ 12,673,000 | |
Defined Contribution Plan, Employer Discretionary Contribution Value of Shares | $ 1,500,000 | ||
Defined Contribution Plan, Employer Discretionary Contribution Share Amount (in shares) | 28,276 | ||
Conversion of Convertible Participating Preferred Stock to Common Stock [Member] | |||
Conversion of Stock, Shares Converted (in shares) | 1,500 | ||
Convertible from Series A Preferred Stock to Class A Stock [Member] | |||
Share for Share Conversion Number (in shares) | 20 | ||
Convertible from Series B Preferred Stock to Class A Stock [Member | |||
Share for Share Conversion Number (in shares) | 30 | ||
Cumulative Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 200,000 | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.25 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 200,000 | 200,000 | |
Dividends, Preferred Stock, Cash | $ 3,000 | $ 3,000 | |
No Par Value Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 30,000 | ||
Preferred Class A [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 8,200,000 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 25 | ||
Preferred Stock, Shares Non-designated (in shares) | 6,765,645 | ||
Series A Preferred Stock [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 407,240 | ||
Dividends, Preferred Stock, Cash | $ 20,000 | $ 20,000 | |
Series B Preferred Stock [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 400,000 | ||
Convertible Preferred Stock [Member] | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 11.931 | ||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 1 | ||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 0 | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 12 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 33,855 | ||
Series 2003 Convertible Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 500 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.025 | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 15.50 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 500 | 500 | |
Preferred Stock, Shares Issued, Total (in shares) | 967,742 | ||
Sale of Stock, Price Per Share (in dollars per share) | $ 16.60 | ||
Common Class A [Member] | |||
Voting Rights, Percentage of Vote Per Share | 0.05% | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 34,355 | 35,855 | |
Treasury Stock, Value, Acquired, Cost Method | $ 4,400,000 | ||
Treasury Stock, Shares, Acquired (in shares) | 89,731 | ||
Common Class B [Member] | |||
Stock Issued During Period, Profit Sharing Bonus Plan (in shares) | 0 |
Note 10 - Retirement Plans (Det
Note 10 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Increase Decrease In Unfunded status | $ 138,600 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (59,800) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (19,900) | ||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 348,914 | $ 202,485 | $ 233,112 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 103,166 | (46,325) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 73,000 | $ 26,000 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.25% | 7.25% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,600 | $ 400 |
Note 10 - Retirement Plans - St
Note 10 - Retirement Plans - Statement of Unfunded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Benefit obligation at beginning of year | $ 278,227 | $ 250,461 |
Service cost | 9,326 | 9,244 |
Interest cost | 9,266 | 9,064 |
Liability gain due to curtailment | 0 | (1,114) |
Actuarial loss | 17,712 | 20,146 |
Benefit payments and expenses | (28,468) | (9,574) |
Benefit obligation at end of year | 286,063 | 278,227 |
Fair value of plan assets at beginning of year | 202,485 | 233,112 |
Actual return on plan assets | 103,166 | (46,325) |
Employer contributions | 73,000 | 26,000 |
Benefit payments and expenses | (29,737) | (10,302) |
Fair value of plan assets at end of year | 348,914 | 202,485 |
Funded (Unfunded) Status | $ 62,851 | $ (75,742) |
Note 10 - Retirement Plans - Am
Note 10 - Retirement Plans - Amounts Recognized in Accumulated Other Comprehensive (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Prior service cost | $ (258) | $ (349) |
Net loss | (26,265) | (105,866) |
Accumulated other comprehensive pre-tax loss | $ (26,523) | $ (106,215) |
Note 10 - Retirement Plans - Pe
Note 10 - Retirement Plans - Pension and Post Retirement Plan Adjustments (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Balance | $ 394,364 |
Other comprehensive income | 60,153 |
Balance | 577,815 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |
Balance | (79,220) |
Balance | $ (19,067) |
Note 10 - Retirement Plans - Ne
Note 10 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Service cost including administration | $ 10,627 | $ 9,935 |
Interest cost | 9,266 | 9,064 |
Expected return on plan assets | (15,804) | (16,746) |
Amortization of net loss | 9,919 | 579 |
Prior service cost | 91 | 120 |
Net periodic benefit cost | 14,099 | 2,952 |
Settlement/curtailment expense | 0 | 118 |
Net periodic benefit cost with curtailment | $ 14,099 | $ 3,070 |
Note 10 - Retirement Plans - As
Note 10 - Retirement Plans - Assumptions Used to Measure (Details) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Discount rate - projected benefit obligation | 3.43% | 3.69% |
Rate of compensation increase | 3.00% | 3.00% |
Discount rate - benefit obligations | 3.69% | 4.14% |
Discount rate - interest cost | 3.30% | 3.74% |
Discount rate - service cost | 3.87% | 4.34% |
Discount rate - interest on service cost | 3.43% | 3.69% |
Expected return on plan assets | 7.25% | 7.25% |
Rate of compensation increase | 3.00% | 3.00% |
Note 10 - Retirement Plans - Pl
Note 10 - Retirement Plans - Plan Assets (Details) | Mar. 31, 2021 | Mar. 31, 2020 |
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Defined Benefit Plan, Equity Securities [Member] | ||
Target Allocation | 50.00% | |
Percentage of Plan Assets | 48.00% | 97.00% |
Defined Benefit Plan, Debt Security [Member] | ||
Target Allocation | 50.00% | |
Percentage of Plan Assets | 50.00% | 0.00% |
Defined Benefit Plan, Real Estate [Member] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 0.00% | 0.00% |
Defined Benefit Plan, Cash [Member] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 2.00% | 3.00% |
Note 10 - Retirement Plans - Ex
Note 10 - Retirement Plans - Expected Contributions (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Expected Employer Contributions | $ 0 |
Expected Employee Contributions | $ 0 |
Note 10 - Retirement Plans - Es
Note 10 - Retirement Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2022 | $ 11,178 |
2023 | 11,290 |
2024 | 11,913 |
2025 | 12,640 |
2026 | 13,342 |
2027-2031 | $ 75,496 |
Note 11 - Fair Value of Finan_3
Note 11 - Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Reported Value Measurement [Member] | ||
Long-term debt, including current portion | $ 98,585 | $ 217,581 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt, including current portion | $ 97,226 | $ 217,559 |
Note 12 - Inventories (Details
Note 12 - Inventories (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Inventory, LIFO Reserve, Effect on Income, Net, Total | $ 11,700 | $ 12,800 |
Effect Of LIFO Earnings Per Share Basic (in dollars per share) | $ 1.29 | $ 1.38 |
Effect Of LIFO Earnings Per Share Diluted (in dollars per share) | $ 1.28 | $ 1.37 |
Effect of LIFO Inventory Liquidation on Income | $ 0 | $ 6,600 |
Note 12 - Inventories - Invento
Note 12 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Finished products | $ 317,654 | $ 351,251 |
In process | 25,175 | 31,173 |
Raw materials and supplies | 128,987 | 173,474 |
Total | 471,816 | 555,898 |
Less excess of FIFO cost over LIFO cost | 128,672 | 144,267 |
Inventories | $ 343,144 | $ 411,631 |
Note 13 - Other Operating Inc_2
Note 13 - Other Operating Income and Expense (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Operating Income (Expense) [Member] | ||
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | $ 1.2 | |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1.2 | |
Other Operating Income (Expense) [Member] | Midwest Plant [Member] | ||
Gain (Loss) On Sale of Plant | 3.3 | |
Other Operating Income (Expense) [Member] | Northwest Plant [Member] | ||
Gain (Loss) On Sale of Plant | $ 8.2 | |
Closing of Midwest and Northwest Plants [Member] | Employee Severance [Member] | ||
Restructuring Costs, Total | 0.2 | |
Prepared Foods Business [Member] | ||
Gain (Loss) on Disposition of Business | 34.8 | |
Disposal of Equipment from Sold Northwest Plan [Member] | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (0.8) | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (0.4) | |
Disposal of Equipment Previously Held for Sale [Member] | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (3.2) |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Number of Reportable Segments | 3 | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | ||
Concentration Risk, Percentage | 6.50% | 6.50% |
Note 14 - Segment Information -
Note 14 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 1,467,644 | $ 1,335,769 |
Operating income (loss) | 181,067 | 70,524 |
Identifiable assets | 909,348 | 909,309 |
Capital expenditures | 71,431 | 65,686 |
Depreciation and amortization | 32,375 | 30,933 |
Continuing Operations [Member] | ||
Net sales | 1,467,644 | 1,335,769 |
Operating income (loss) | 181,067 | |
Identifiable assets | 908,232 | 908,068 |
Capital expenditures | 71,450 | 66,440 |
Depreciation and amortization | 32,376 | 30,933 |
Fruit and Vegetable Segment [Member] | Continuing Operations [Member] | ||
Net sales | 1,363,263 | 1,202,528 |
Operating income (loss) | 175,810 | 65,921 |
Identifiable assets | 853,602 | 853,438 |
Capital expenditures | 67,963 | 63,543 |
Depreciation and amortization | 29,534 | 26,486 |
Prepared Foods [Member] | Continuing Operations [Member] | ||
Net sales | 71,866 | 105,044 |
Operating income (loss) | 1,967 | 3,774 |
Identifiable assets | 51,803 | 51,803 |
Capital expenditures | 1,451 | 2,122 |
Depreciation and amortization | 2,299 | 3,564 |
Snack Segment [Member] | Continuing Operations [Member] | ||
Net sales | 10,999 | 11,475 |
Operating income (loss) | 705 | 837 |
Identifiable assets | 2,054 | 2,054 |
Capital expenditures | 508 | 19 |
Depreciation and amortization | 194 | 207 |
Corporate and Other [Member] | Continuing Operations [Member] | ||
Net sales | 21,516 | 16,722 |
Operating income (loss) | 2,585 | (8) |
Identifiable assets | 773 | 773 |
Capital expenditures | 1,528 | 756 |
Depreciation and amortization | $ 349 | $ 676 |
Note 16 - Plant Restructuring_2
Note 16 - Plant Restructuring (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring Charges, Total | $ 182 | $ 5,626 |
Closing of Midwest and Northwest Plants [Member] | ||
Restructuring Charges, Total | 7,000 | |
Restructuring Credit For Reduced Lease Liability | 1,900 | |
Closing of Midwest and Northwest Plants [Member] | Employee Severance [Member] | ||
Restructuring Charges, Total | $ 200 | 1,200 |
Closing of Midwest and Northwest Plants [Member] | Lease Impairments [Member] | ||
Restructuring Charges, Total | 5,300 | |
Closing of Midwest and Northwest Plants [Member] | Equipment Moves [Member] | ||
Restructuring Charges, Total | $ 2,400 |
Note 16 - Plant Restructuring -
Note 16 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance | $ 202 | $ 226 |
Charge to expense | 182 | 7,046 |
Cash payments/write offs | (384) | (7,070) |
Balance | 0 | 202 |
Employee Severance [Member] | ||
Balance | 202 | 225 |
Charge to expense | 227 | 1,229 |
Cash payments/write offs | (429) | (1,252) |
Balance | 0 | 202 |
Other Restructuring [Member] | ||
Balance | 0 | 1 |
Charge to expense | (45) | 5,817 |
Cash payments/write offs | 45 | (5,818) |
Balance | $ 0 | $ 0 |
Note 17 - Related Party Trans_2
Note 17 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Director [Member] | Vegetables Supply [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 2.2 | $ 2.3 |
Related Party Foudation [Member] | Charitable Contributions [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 1 | $ 0.3 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at beginning of period | $ 1,598 | $ 57 | |
Charged/(credited) to income | (1,304) | 1,627 | |
Deductions from reserve | [1] | (45) | 86 |
Allowance for doubtful accounts | 339 | 1,598 | |
Charged to other accounts | |||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at beginning of period | 4,473 | 3,988 | |
Charged/(credited) to income | 201 | 485 | |
Deductions from reserve | |||
Allowance for doubtful accounts | 4,674 | 4,473 | |
Charged to other accounts | |||
[1] | Accounts written off, net of recoveries. |