Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 03, 2021 | Jul. 30, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000088948 | |
Entity Registrant Name | Seneca Foods Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 3, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-01989 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 16-0733425 | |
Entity Address, Address Line One | 3736 South Main Street | |
Entity Address, City or Town | Marion | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14505 | |
City Area Code | 315 | |
Local Phone Number | 926-8100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock Class B, $.25 Par | |
Trading Symbol | SENEB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,705,938 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock Class A, $.25 Par | |
Trading Symbol | SENEA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 7,185,269 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 03, 2021 | Mar. 31, 2021 | Jun. 27, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 59,834 | $ 59,837 | $ 11,607 |
Accounts receivable, net | 66,743 | 92,221 | 62,860 |
Contracts receivable | 742 | 911 | 6,059 |
Current assets held for sale | 8,535 | 8,656 | 11,989 |
Inventories | 414,690 | 343,144 | 423,844 |
Refundable income taxes | 4,621 | 8,385 | 0 |
Other current assets | 4,745 | 3,145 | 7,545 |
Total current assets | 559,910 | 516,299 | 523,904 |
Property, plant and equipment, net | 254,012 | 248,583 | 239,524 |
Right-of-use assets operating, net | 45,935 | 42,193 | 57,349 |
Right-of-use assets financing, net | 35,814 | 30,611 | 32,222 |
Pension assets | 62,667 | 62,851 | 0 |
Deferred income tax asset, net | 0 | 0 | 9,185 |
Other assets | 9,938 | 8,811 | 20,777 |
Total assets | 968,276 | 909,348 | 882,961 |
Current liabilities: | |||
Accounts payable | 125,571 | 74,089 | 99,615 |
Deferred revenue | 3,079 | 4,287 | 3,594 |
Accrued vacation | 11,879 | 11,660 | 12,147 |
Accrued payroll | 8,346 | 15,366 | 8,796 |
Other accrued expenses | 24,224 | 24,403 | 17,182 |
Income taxes payable | 0 | 0 | 8,463 |
Current portion of operating lease obligations | 16,842 | 17,047 | 21,311 |
Current portion of financing lease obligations | 7,716 | 6,778 | 6,232 |
Current portion of long-term debt | 4,000 | 4,500 | 500 |
Total current liabilities | 201,657 | 158,130 | 177,840 |
Long-term debt, less current portion | 93,092 | 94,085 | 144,467 |
Operating lease obligations, less current portion | 30,035 | 27,769 | 38,634 |
Financing lease obligations, less current portion | 23,046 | 19,232 | 22,613 |
Deferred income tax liability, net | 28,803 | 28,306 | 0 |
Pension liabilities | 0 | 0 | 79,321 |
Other long-term liabilities | 4,231 | 4,011 | 5,000 |
Total liabilities | 380,864 | 331,533 | 467,875 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock | 663 | 663 | 681 |
Common stock, $.25 par value per share | 3,041 | 3,041 | 3,041 |
Additional paid-in capital | 98,527 | 98,502 | 98,412 |
Treasury stock, at cost | (95,750) | (91,198) | (88,319) |
Accumulated other comprehensive loss | (19,067) | (19,067) | (79,220) |
Retained earnings | 599,998 | 585,874 | 480,491 |
Total stockholders' equity | 587,412 | 577,815 | 415,086 |
Total liabilities and stockholders’ equity | $ 968,276 | $ 909,348 | $ 882,961 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jul. 03, 2021 | Mar. 31, 2021 | Jun. 27, 2020 |
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Net sales | $ 235,042 | $ 288,165 |
Costs and expenses: | ||
Cost of product sold | 201,419 | 239,603 |
Selling, general and administrative | 17,274 | 18,145 |
Plant restructuring charge | 66 | 263 |
Other operating income | (1,444) | (145) |
Total costs and expenses | 217,315 | 257,866 |
Operating income | 17,727 | 30,299 |
Loss From equity investment | 156 | 676 |
Other (income) loss | (2,376) | 931 |
Interest expense, net | 1,342 | 1,651 |
Earnings before income taxes | 18,605 | 27,041 |
Income taxes | 4,469 | 6,335 |
Net earnings | $ 14,136 | $ 20,706 |
Basic earnings per common share (in dollars per share) | $ 1.56 | $ 2.26 |
Diluted earnings per common share (in dollars per share) | $ 1.55 | $ 2.24 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Comprehensive income: | ||
Net earnings | $ 14,136 | $ 20,706 |
Total | $ 14,136 | $ 20,706 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Cash flows from operating activities: | ||
Net earnings | $ 14,136 | $ 20,706 |
Adjustments to reconcile net earnings to net cash provided by operations: | ||
Depreciation & amortization | 8,581 | 7,881 |
Gain on the sale of assets | (1,166) | (315) |
Provision for restructuring | 66 | 263 |
Loss From equity investment | 156 | 676 |
Deferred income taxes | 497 | (1,313) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 25,647 | 48,493 |
Inventories | (71,546) | (12,213) |
Other current assets | (494) | (94) |
Income taxes | 3,764 | 12,813 |
Accounts payable, accrued expenses and other | 41,979 | 23,424 |
Net cash provided by operations | 21,620 | 100,321 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (13,221) | (19,230) |
Proceeds from the sale of assets | 1,400 | 914 |
Net cash used in investing activities | (11,821) | (18,316) |
Cash flows from financing activities: | ||
Long-term debt borrowings | 21,539 | 91,896 |
Payments on long-term debt | (22,532) | (164,510) |
Other assets | (2,500) | (6,950) |
Payments on financing leases | (1,745) | (1,536) |
Purchase of treasury stock | (4,552) | 0 |
Dividends | (12) | 0 |
Net cash used in financing activities | (9,802) | (81,100) |
Net (decrease) increase in cash and cash equivalents | (3) | 905 |
Cash and cash equivalents, beginning of the period | 59,837 | 10,702 |
Cash and cash equivalents, end of the period | 59,834 | 11,607 |
Supplemental disclosures of cash flow information: | ||
Property, plant and equipment purchased under lease obligations | 14,550 | 2,375 |
Property, plant and equipment purchased on account | $ 382 | $ 1,145 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | 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] | Retained Earnings [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Mar. 31, 2020 | $ 459,797 | $ 681 | $ 3,041 | $ 98,384 | $ (88,319) | $ (79,220) | |||||||
Net earnings | 20,706 | 0 | 0 | 0 | 0 | 0 | $ 20,706 | ||||||
Cash dividends declared on preferred stock | (12) | 0 | 0 | 0 | 0 | 0 | |||||||
Equity incentive program | 0 | 0 | 0 | 28 | 0 | 0 | |||||||
Purchase treasury stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash dividends declared on preferred stock | (12) | 0 | 0 | 0 | 0 | 0 | |||||||
Balance at Jun. 27, 2020 | 480,491 | 681 | 3,041 | 98,412 | (88,319) | (79,220) | 415,086 | ||||||
Balance at Mar. 31, 2021 | 585,874 | 663 | 3,041 | 98,502 | (91,198) | (19,067) | 577,815 | ||||||
Net earnings | 14,136 | 0 | 0 | 0 | 0 | 0 | 14,136 | ||||||
Cash dividends declared on preferred stock | (12) | 0 | 0 | 0 | 0 | 0 | |||||||
Equity incentive program | 0 | 0 | 0 | 25 | 0 | 0 | |||||||
Purchase treasury stock | $ (4,600) | 0 | 0 | 0 | 0 | (4,552) | 0 | ||||||
Cash dividends declared on preferred stock | (12) | 0 | 0 | 0 | 0 | 0 | |||||||
Balance at Jul. 03, 2021 | $ 599,998 | $ 663 | $ 3,041 | $ 98,527 | $ (95,750) | $ (19,067) | $ 587,412 | ||||||
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) | 7,268,432 | 1,705,938 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Jul. 03, 2021$ / shares | |
Cumulative Preferred Stock [Member] | |
Preferred stock, dividend rate | 6.00% |
Preferred stock, par value (in dollars per share) | $ 0.25 |
Cumulative Convertible Preferred Stock [Member] | |
Preferred stock, dividend rate | 10.00% |
Preferred stock, par value (in dollars per share) | $ 0.025 |
Participating Convertible Preferred Stock [Member] | |
Preferred stock, par value (in dollars per share) | 0.025 |
Series 2003 Convertible Preferred Stock [Member] | |
Preferred stock, par value (in dollars per share) | 0.025 |
Common Class A [Member] | |
Common Stock, Par Value (in dollars per share) | 0.25 |
Common Class B [Member] | |
Common Stock, Par Value (in dollars per share) | 0.25 |
Common Stock, Par Value (in dollars per share) | $ 0.25 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Unaudited Condensed Consolidated Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of Seneca Foods Corporation (the “Company”) as of July 3, 2021 March 31, 2021 The results of operations for the three July 3, 2021 not For the three July 3, 2021 June 27, 2020 The accounting policies followed by the Company are set forth in Note 1 2021 10 Other footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company's 2021 10 All references to years are fiscal years ended or ending March 31 may not Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification. |
Note 2 - Assets Held For Sale
Note 2 - Assets Held For Sale | 3 Months Ended |
Jul. 03, 2021 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. Assets Held For Sale The Company classifies its assets as held for sale at the time management commits to a plan to sell the asset, the asset is actively marketed and available for immediate sale, and the sale is expected to be completed within one may one July 3, June 27, March 31, 2021 2020 2021 Property, Plant and Equipment (net) $ 8,535 $ 11,989 $ 8,656 Current Assets Held For Sale $ 8,535 $ 11,989 $ 8,656 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition In the following table, revenue is disaggregated by product category groups (in thousands): Three Months Ended July 3, June 27, 2021 2020 Canned Vegetables $ 187,944 $ 221,018 Frozen Vegetables 22,584 17,833 Fruit Products 15,873 18,861 Snack Products 3,412 2,364 Prepared Foods - 24,224 Other 5,229 3,865 $ 235,042 $ 288,165 |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories First-In, First-Out (“FIFO”) based inventory costs exceeded Last-In, First-Out (“LIFO”) based inventory costs, resulting in a LIFO reserve of $131.5 million and $142.1 million as of July 3, 2021 June 27, 2020, three July 3, 2021 three June 27, 2020. first 2022 2021. July 3, June 27, March 31, 2021 2020 2021 Finished products $ 340,468 $ 330,071 317,654 In process 17,070 29,875 25,175 Raw materials and supplies 188,661 206,024 128,987 FIFO inventories 546,199 565,970 471,816 Less excess of FIFO cost over LIFO cost 131,509 142,126 128,672 Total LIFO inventories $ 414,690 $ 423,844 $ 343,144 |
Note 5 - Leases
Note 5 - Leases | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 5. Leases The Company determines whether an arrangement is a lease at inception of the agreement. Presently, the Company leases land, machinery and equipment under various operating and financing leases. Right-of-Use, or ROU, assets represent the Company’s right to use the underlying assets for the lease term and lease obligations represent the net present value of the Company’s obligation to make payments arising from these leases. ROU assets and lease obligations are recognized at commencement date based on the present value of lease payments over the lease term using the implicit lease interest rate or, when unknown, an incremental borrowing rate based on the information available at commencement date or April 1, 2019 Lease terms may not 12 not ROU assets and lease obligations for the Company’s operating and financing leases are disclosed separately in the Company’s Condensed Consolidated Balance Sheets. The components of lease cost were as follows (in thousands): Three Months Ended July 3, June 27, 2021 2020 Lease cost: Amortization of right of use asset $ 1,295 $ 1,186 Interest on lease liabilities 257 294 Finance lease cost 1,552 1,480 Operating lease cost 5,000 6,407 Total lease cost $ 6,552 $ 7,887 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 257 $ 294 Operating cash flows from operating leases 6,498 7,278 Financing cash flows from finance leases 1,745 1,536 $ 8,500 $ 9,108 Right-of-use assets obtained in exchange for new finance lease liabilities $ 6,498 $ 35 Right-of-use assets obtained in exchange for new operating lease liabilities $ 8,052 $ 2,340 Weighted-average lease term (years): Financing leases 4.9 5.1 Operating leases 4.4 3.7 Weighted-average discount rate (percentage): Financing leases 3.5 4.1 Operating leases 4.3 4.4 Undiscounted future lease payments under non-cancelable operating and financing leases, along with a reconciliation of undiscounted cash flows to operating and financing lease obligations, respectively, as of July 3, 2021 Years ending March 31: Operating Financing Balance of 2022 $ 12,891 $ 6,499 2023 15,315 8,665 2024 8,396 7,096 2025 4,636 3,713 2026 2,618 2,625 2027-2033 7,436 4,941 Total minimum payment required $ 51,292 $ 33,539 Less interest 4,415 2,777 Present value of minimum lease payments 46,877 30,762 Amount due within one year 16,842 7,716 Long-term lease obligations $ 30,035 $ 23,046 |
Note 6 - Revolving Credit Facil
Note 6 - Revolving Credit Facility | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. Revolving Credit Facility On March 24, 2021, April July August March. March 24, 2026 June November three seven may General terms of the Revolver include payment of interest at LIBOR plus a defined spread. The following table documents the quantitative data for Revolver borrowings during the first 2022 2021 As of: July 3, June 27, 2021 2020 Reported end of period: Outstanding borrowings $ 1,000 $ 34,406 Weighted average interest rate 1.35 % 1.75 % Three Months Ended: July 3, June 27, 2021 2020 Reported during the period: Maximum amount of borrowings $ 1,071 $ 107,967 Average outstanding borrowings $ 938 $ 57,281 Weighted average interest rate 1.35 % 2.03 % |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. Stockholders Equity During the three July 3, 2021, none three June 27, 2020. July 3, 2021, not |
Note 8 - Retirement Plans
Note 8 - Retirement Plans | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 8. Retirement Plans The net periodic benefit cost for the Company’s pension plan consisted of (in thousands): Three Months Ended July 3, June 27, 2021 2020 Service Cost Including Administration $ 2,560 $ 2,574 Interest Cost 1,878 2,251 Expected Return on Plan Assets (4,276 ) (3,567 ) Amortization of Prior Service Cost 23 23 Amortization of Net Loss 0 2,224 Net Periodic Benefit Cost $ 185 $ 3,505 There were no contributions made during the three July 3, 2021 June 27, 2020. |
Note 9 - Plant Restructuring
Note 9 - Plant Restructuring | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 9. Plant Restructuring The following table summarizes the rollforward of restructuring charges and related asset impairment charges recorded and the accruals established (in thousands): Restructuring Payable Severance Other Costs Total Balance March 31, 2021 $ - $ - $ - First quarter charge - 66 66 Cash payments/write offs - (66 ) (66 ) Balance July 03, 2021 $ - $ - $ - Severance Other Costs Total Balance March 31, 2020 $ 202 $ - $ 202 First quarter charge 219 44 263 Cash payments/write offs (203 ) (44 ) (247 ) Balance June 27, 2020 $ 218 $ - $ 218 During the three July 3, 2021, During the three June 27, 2020, |
Note 10 - Other Operating Incom
Note 10 - Other Operating Income and Expense | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 10. Other Operating Income and Expense During the three July 3, 2021 three June 27, 2020 |
Note 11 - Recently Issued Accou
Note 11 - Recently Issued Accounting Standards | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 11. Recently Issued Accounting Standards In June 2016, No. 2016 13, 326 November 2018 No. 2018 19, 326, No. 2016 13 November 2019, No. 2019 10, December 15, 2022, first No. 2016 03, No. 2018 19 April 1, 2023 In December 2019, No. 2019 12 first 2022. not In March 2020, 2020 04, 2026. March 12, 2020 may December 31, 2022. 2020 04 There were no not July 3, 2021. |
Note 12 - Earnings Per Common S
Note 12 - Earnings Per Common Share | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Earnings per Common Share Earnings per share for the three July 3, 2021 June 27, 2020 Three Months Ended July 3, June 27, 2021 2020 Basic Net earnings $ 14,136 $ 20,706 Deduct preferred stock dividends paid 6 6 Undistributed net earnings 14,130 20,700 Earnings attributable to participating preferred 54 81 Earnings attributable to common shareholders $ 14,076 $ 20,619 Weighted average common shares outstanding 9,025 9,118 Basic earnings per common share $ 1.56 $ 2.26 Diluted Earnings attributable to common shareholders $ 14,076 $ 20,619 Add dividends on convertible preferred stock 5 5 Earnings attributable to common stock on a diluted basis $ 14,081 $ 20,624 Weighted average common shares outstanding-basic 9,025 9,118 Additional shares issued related to the equity compensation plan 5 3 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted 9,097 9,188 Diluted earnings per common share $ 1.55 $ 2.24 |
Note 13 - Fair Value of Financi
Note 13 - Fair Value of Financial Instruments | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. Fair Value of Financial Instruments On a quarterly basis, the Company estimates the fair values for financial instruments that are recorded at carrying value on the Consolidated Condensed Balance Sheets. The estimated fair value for long-term debt (classified as Level 2 July 3, 2021. June 27, 2020. March 31, 2021, |
Note 14 - Income Taxes
Note 14 - Income Taxes | 3 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Taxes The effective tax rate was 24.0% and 23.4% for the three July 3, 2021 June 27, 2020 2021, not 2022 |
Note 2 - Assets Held For Sale (
Note 2 - Assets Held For Sale (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | July 3, June 27, March 31, 2021 2020 2021 Property, Plant and Equipment (net) $ 8,535 $ 11,989 $ 8,656 Current Assets Held For Sale $ 8,535 $ 11,989 $ 8,656 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended July 3, June 27, 2021 2020 Canned Vegetables $ 187,944 $ 221,018 Frozen Vegetables 22,584 17,833 Fruit Products 15,873 18,861 Snack Products 3,412 2,364 Prepared Foods - 24,224 Other 5,229 3,865 $ 235,042 $ 288,165 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | July 3, June 27, March 31, 2021 2020 2021 Finished products $ 340,468 $ 330,071 317,654 In process 17,070 29,875 25,175 Raw materials and supplies 188,661 206,024 128,987 FIFO inventories 546,199 565,970 471,816 Less excess of FIFO cost over LIFO cost 131,509 142,126 128,672 Total LIFO inventories $ 414,690 $ 423,844 $ 343,144 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended July 3, June 27, 2021 2020 Lease cost: Amortization of right of use asset $ 1,295 $ 1,186 Interest on lease liabilities 257 294 Finance lease cost 1,552 1,480 Operating lease cost 5,000 6,407 Total lease cost $ 6,552 $ 7,887 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 257 $ 294 Operating cash flows from operating leases 6,498 7,278 Financing cash flows from finance leases 1,745 1,536 $ 8,500 $ 9,108 Right-of-use assets obtained in exchange for new finance lease liabilities $ 6,498 $ 35 Right-of-use assets obtained in exchange for new operating lease liabilities $ 8,052 $ 2,340 Weighted-average lease term (years): Financing leases 4.9 5.1 Operating leases 4.4 3.7 Weighted-average discount rate (percentage): Financing leases 3.5 4.1 Operating leases 4.3 4.4 |
Lessee, Lease Liability, Maturity [Table Text Block] | Years ending March 31: Operating Financing Balance of 2022 $ 12,891 $ 6,499 2023 15,315 8,665 2024 8,396 7,096 2025 4,636 3,713 2026 2,618 2,625 2027-2033 7,436 4,941 Total minimum payment required $ 51,292 $ 33,539 Less interest 4,415 2,777 Present value of minimum lease payments 46,877 30,762 Amount due within one year 16,842 7,716 Long-term lease obligations $ 30,035 $ 23,046 |
Note 6 - Revolving Credit Fac_2
Note 6 - Revolving Credit Facility (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | As of: July 3, June 27, 2021 2020 Reported end of period: Outstanding borrowings $ 1,000 $ 34,406 Weighted average interest rate 1.35 % 1.75 % Three Months Ended: July 3, June 27, 2021 2020 Reported during the period: Maximum amount of borrowings $ 1,071 $ 107,967 Average outstanding borrowings $ 938 $ 57,281 Weighted average interest rate 1.35 % 2.03 % |
Note 8 - Retirement Plans (Tabl
Note 8 - Retirement Plans (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended July 3, June 27, 2021 2020 Service Cost Including Administration $ 2,560 $ 2,574 Interest Cost 1,878 2,251 Expected Return on Plan Assets (4,276 ) (3,567 ) Amortization of Prior Service Cost 23 23 Amortization of Net Loss 0 2,224 Net Periodic Benefit Cost $ 185 $ 3,505 |
Note 9 - Plant Restructuring (T
Note 9 - Plant Restructuring (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Restructuring Payable Severance Other Costs Total Balance March 31, 2021 $ - $ - $ - First quarter charge - 66 66 Cash payments/write offs - (66 ) (66 ) Balance July 03, 2021 $ - $ - $ - Severance Other Costs Total Balance March 31, 2020 $ 202 $ - $ 202 First quarter charge 219 44 263 Cash payments/write offs (203 ) (44 ) (247 ) Balance June 27, 2020 $ 218 $ - $ 218 |
Note 12 - Earnings Per Common_2
Note 12 - Earnings Per Common Share (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended July 3, June 27, 2021 2020 Basic Net earnings $ 14,136 $ 20,706 Deduct preferred stock dividends paid 6 6 Undistributed net earnings 14,130 20,700 Earnings attributable to participating preferred 54 81 Earnings attributable to common shareholders $ 14,076 $ 20,619 Weighted average common shares outstanding 9,025 9,118 Basic earnings per common share $ 1.56 $ 2.26 Diluted Earnings attributable to common shareholders $ 14,076 $ 20,619 Add dividends on convertible preferred stock 5 5 Earnings attributable to common stock on a diluted basis $ 14,081 $ 20,624 Weighted average common shares outstanding-basic 9,025 9,118 Additional shares issued related to the equity compensation plan 5 3 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted 9,097 9,188 Diluted earnings per common share $ 1.55 $ 2.24 |
Note 2 - Assets Held For Sale -
Note 2 - Assets Held For Sale - Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Mar. 31, 2021 | Jun. 27, 2020 |
Current Assets Held For Sale | $ 8,535 | $ 8,656 | $ 11,989 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Property, Plant and Equipment (net) | 8,535 | 8,656 | 11,989 |
Current Assets Held For Sale | $ 8,535 | $ 8,656 | $ 11,989 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Net sales | $ 235,042 | $ 288,165 |
Canned Vegetables [Member] | ||
Net sales | 187,944 | 221,018 |
Frozen [Member] | ||
Net sales | 22,584 | 17,833 |
Fruit [Member] | ||
Net sales | 15,873 | 18,861 |
Snack [Member] | ||
Net sales | 3,412 | 2,364 |
Prepared Foods [Member] | ||
Net sales | 0 | 24,224 |
Manufactured Product, Other [Member] | ||
Net sales | $ 5,229 | $ 3,865 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Mar. 31, 2021 | |
Inventory, LIFO Reserve | $ 131,509 | $ 142,126 | $ 128,672 |
Inventory, LIFO Reserve, Period Charge | $ 2,800 | $ (2,100) |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Mar. 31, 2021 | Jun. 27, 2020 |
Finished products | $ 340,468 | $ 317,654 | $ 330,071 |
In process | 17,070 | 25,175 | 29,875 |
Raw materials and supplies | 188,661 | 128,987 | 206,024 |
FIFO inventories | 546,199 | 471,816 | 565,970 |
Less excess of FIFO cost over LIFO cost | 131,509 | 128,672 | 142,126 |
Total LIFO inventories | $ 414,690 | $ 343,144 | $ 423,844 |
Note 5 - Leases - Lease Expense
Note 5 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Amortization of right of use asset | $ 1,295 | $ 1,186 |
Interest on lease liabilities | 257 | 294 |
Finance lease cost | 1,552 | 1,480 |
Operating lease cost | 5,000 | 6,407 |
Total lease cost | 6,552 | 7,887 |
Operating cash flows from finance leases | 257 | 294 |
Operating cash flows from operating leases | 6,498 | 7,278 |
Financing cash flows from finance leases | 1,745 | 1,536 |
Payments for Amounts Included in the Measurement of Lease Liabilities, Total | 8,500 | 9,108 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 6,498 | 35 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 8,052 | $ 2,340 |
Financing leases (Year) | 4 years 10 months 24 days | 5 years 1 month 6 days |
Operating leases, lease term (Year) | 4 years 4 months 24 days | 3 years 8 months 12 days |
Financing leases | 3.50% | 4.10% |
Operating leases, discount rate | 4.30% | 4.40% |
Note 5 - Leases - Undiscounted
Note 5 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Mar. 31, 2021 | Jun. 27, 2020 |
Balance of 2022, operating | $ 12,891 | ||
Balance of 2022, financing | 6,499 | ||
2023, operating | 15,315 | ||
2023, financing | 8,665 | ||
2024, operating | 8,396 | ||
2024, financing | 7,096 | ||
2025, operating | 4,636 | ||
2025, financing | 3,713 | ||
2026, operating | 2,618 | ||
2026, financing | 2,625 | ||
2027-2033, operating | 7,436 | ||
2027-2033, financing | 4,941 | ||
Total minimum payment required, operating | 51,292 | ||
Total minimum payment required, financing | 33,539 | ||
Less interest, operating | 4,415 | ||
Less interest, financing | 2,777 | ||
Present value of minimum lease payments, operating | 46,877 | ||
Present value of minimum lease payments, financing | 30,762 | ||
Amount due within one year, operating | 16,842 | $ 17,047 | $ 21,311 |
Amount due within one year, financing | 7,716 | 6,778 | 6,232 |
Long-term lease obligations | 30,035 | 27,769 | 38,634 |
Long-term lease obligations | 23,046 | $ 19,232 | $ 22,613 |
Current Portion of Long-term Debt and Lease Obligations [Member] | |||
Amount due within one year, operating | $ 16,842 |
Note 6 - Revolving Credit Fac_3
Note 6 - Revolving Credit Facility (Details Textual) - USD ($) $ in Billions | 3 Months Ended | |||
Jul. 03, 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 | $ 0.4 | |||
Revolving Credit Facility [Member] | Forecast [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | $ 0.3 | |||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | $ 0.4 |
Note 6 - Revolving Credit Fac_4
Note 6 - Revolving Credit Facility - Revolving Line of Credit Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Outstanding borrowings | $ 1,000 | $ 34,406 |
Weighted average interest rate | 1.35% | 1.75% |
Maximum amount of borrowings | $ 1,071 | $ 107,967 |
Average outstanding borrowings | $ 938 | $ 57,281 |
Weighted average interest rate | 1.35% | 2.03% |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Mar. 31, 2021 | |
Treasury Stock, Value, Acquired, Cost Method | $ 0 | ||
Treasury Stock, Shares, Ending Balance (in shares) | 3.2 | ||
Treasury Stock, Value, Ending Balance | $ 95,750 | $ 88,319 | $ 91,198 |
Common Class A [Member] | |||
Treasury Stock, Value, Acquired, Cost Method | $ 4,600 |
Note 8 - Retirement Plans (Deta
Note 8 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 |
Note 8 - Retirement Plans - Net
Note 8 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Service Cost Including Administration | $ 2,560 | $ 2,574 |
Interest Cost | 1,878 | 2,251 |
Expected Return on Plan Assets | (4,276) | (3,567) |
Amortization of Prior Service Cost | 23 | 23 |
Amortization of Net Loss | 0 | 2,224 |
Net Periodic Benefit Cost | $ 185 | $ 3,505 |
Note 9 - Plant Restructuring (D
Note 9 - Plant Restructuring (Details Textual) - Closing of Midwest and Northwest Plants [Member] - USD ($) $ in Millions | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Restructuring Charges, Total | $ 0.1 | $ 0.3 |
Employee Severance [Member] | ||
Restructuring Charges, Total | 0.2 | |
Lease Impairments [Member] | ||
Restructuring Charges, Total | $ 0.1 |
Note 9 - Plant Restructuring -
Note 9 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Balance | $ 0 | $ 202 |
First quarter charge | 66 | 263 |
Cash payments/write offs | (66) | (247) |
Balance | 0 | 218 |
Employee Severance [Member] | ||
Balance | 0 | 202 |
First quarter charge | 0 | 219 |
Cash payments/write offs | 0 | (203) |
Balance | 0 | 218 |
Other Restructuring [Member] | ||
Balance | 0 | 0 |
First quarter charge | 66 | 44 |
Cash payments/write offs | (66) | (44) |
Balance | $ 0 | $ 0 |
Note 10 - Other Operating Inc_2
Note 10 - Other Operating Income and Expense (Details Textual) - Other Operating Income (Expense) [Member] - USD ($) $ in Millions | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Gain (Loss) on Extinguishment of Debt, Total | $ 0.5 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | 0.3 | |
Other Operating Income | 0.5 | |
Other Cost and Expense, Operating, Total | 0.4 | |
Air Transportation Equipment [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1.2 | |
Unused Fixed Assets [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 0.5 | |
Equipment from Sold Northwest Plant [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (0.4) |
Note 12 - Earnings Per Common_3
Note 12 - Earnings Per Common Share - Earnings per Common Share from Continuing Operations and Discontinued Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Net earnings | $ 14,136 | $ 20,706 |
Deduct preferred stock dividends paid | 6 | 6 |
Undistributed net earnings | 14,130 | 20,700 |
Earnings attributable to participating preferred | 54 | 81 |
Earnings attributable to common shareholders | $ 14,076 | $ 20,619 |
Weighted average common shares outstanding-basic (in shares) | 9,025 | 9,118 |
Basic earnings per common share (in dollars per share) | $ 1.56 | $ 2.26 |
Add dividends on convertible preferred stock | $ 5 | $ 5 |
Earnings attributable to common stock on a diluted basis | $ 14,081 | $ 20,624 |
Weighted average common shares outstanding-basic (in shares) | 9,025 | 9,118 |
Additional shares issued related to the equity compensation plan (in shares) | 5 | 3 |
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 |
Total shares for diluted (in shares) | 9,097 | 9,188 |
Diluted earnings per common share (in dollars per share) | $ 1.55 | $ 2.24 |
Note 13 - Fair Value of Finan_2
Note 13 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions | Jul. 03, 2021 | Mar. 31, 2021 | Jun. 27, 2020 |
Long-term Debt, Gross | $ 97.1 | $ 98.6 | $ 145 |
Long-term Debt, Fair Value | $ 96.7 | $ 97.2 | $ 145.3 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.00% | 23.40% |
Effective Income Tax Rate Reconciliation, CARES Act, Percent | 1.00% | (1.00%) |
Effective Income Tax Rate Reconciliation, Permanent Differences, Percent | (0.20%) | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | (0.20%) |