For the fiscal year ended March 31, 2016
|
Commission File Number 0‑01989
|
New York
(State or other jurisdiction of
incorporation or organization)
3736 South Main Street, Marion, New York
(Address of principal executive offices)
Registrant's telephone number, including area code
|
16‑0733425
(I.R.S. Employer Identification No.)
14505
(Zip Code)
(315) 926-8100
|
Title of Each Class
|
Name of Each Exchange on
Which Registered
|
Common Stock Class A, $.25 Par
|
NASDAQ Global Market
|
Common Stock Class B, $.25 Par
|
NASDAQ Global Market
|
(1)
|
Portions of the Annual Report to shareholders for fiscal year ended March 31, 2016 (the "2016 Annual Report") applicable to Part I, Item 1, Part II, Items 5‑9A and Part IV, Item 15 of Form 10‑K.
|
(2)
|
Portion of the Proxy Statement to be issued in connection with the Registrant's annual meeting of stockholders (the "Proxy Statement") applicable to Part III, Items 10-14 of Form 10-K.
|
TABLE OF CONTENTS
|
||
FORM 10-K ANNUAL REPORT FISCAL YEAR 2016
|
||
SENECA FOODS CORPORATION
|
||
PART I.
|
Pages
|
|
Item 1.
|
Business
|
1-4
|
Item 1A.
|
Risk Factors
|
4-9
|
Item 1B.
|
Unresolved Staff Comments
|
9
|
Item 2.
|
Properties
|
9-10
|
Item 3.
|
Legal Proceedings
|
10
|
Item 4.
|
Mine Safety Disclosures
|
10
|
PART II.
|
||
Item 5.
|
Market for Registrant's Common Stock, Related Security Holder Matters
|
11
|
and Issuer Purchases of Equity Securities
|
||
Item 6.
|
Selected Financial Data
|
11
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and
|
11
|
Results of Operations
|
||
Item 7A.
|
Quantitative and Qualitative Disclosures about Market Risk
|
11
|
Item 8.
|
Financial Statements and Supplementary Data
|
11-12
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and
|
12
|
Financial Disclosure
|
||
Item 9A.
|
Controls and Procedures
|
12-14
|
Item 9B.
|
Other Information
|
14
|
PART III.
|
||
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
15
|
Item 11.
|
Executive Compensation
|
15
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and
|
15
|
Related Stockholder Matters
|
||
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
15
|
Item 14.
|
Principal Accountant Fees and Services
|
15
|
PART IV.
|
||
Item 15.
|
Exhibits and Financial Statement Schedules
|
16-19
|
SIGNATURES
|
20
|
Classes of similar products/services:
|
2016
|
2015
|
2014
|
|||||||||
(In thousands)
|
||||||||||||
Net Sales:
|
||||||||||||
Green Giant *
|
$
|
144,310
|
$
|
161,993
|
$
|
177,881
|
||||||
Canned vegetables
|
746,501
|
754,556
|
753,318
|
|||||||||
Frozen
|
94,710
|
94,648
|
107,109
|
|||||||||
Fruit
|
253,658
|
234,918
|
264,549
|
|||||||||
Snack
|
12,336
|
11,667
|
11,496
|
|||||||||
Other
|
23,845
|
28,568
|
25,855
|
|||||||||
Total
|
$
|
1,275,360
|
$
|
1,286,350
|
$
|
1,340,208
|
||||||
* Green Giant includes canned and frozen vegetable sales exclusively for GMOL or B&G Foods.
|
First Quarter
|
Second Quarter
|
Third Quarter
|
Fourth Quarter
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Year ended March 31, 2016:
|
||||||||||||||||
Net sales
|
$
|
226,258
|
$
|
313,202
|
$
|
432,198
|
$
|
303,702
|
||||||||
Gross margin
|
20,899
|
29,073
|
53,382
|
44,041
|
||||||||||||
Net earnings
|
2,968
|
6,522
|
31,123
|
13,845
|
||||||||||||
Inventories (at quarter end)
|
482,556
|
761,703
|
631,181
|
567,707
|
||||||||||||
Revolver outstanding (at quarter end)
|
197,350
|
304,468
|
309,211
|
271,592
|
||||||||||||
Year ended March 31, 2015:
|
||||||||||||||||
Net sales
|
$
|
240,043
|
$
|
312,161
|
$
|
456,207
|
$
|
277,939
|
||||||||
Gross margin
|
17,341
|
17,133
|
26,435
|
23,454
|
||||||||||||
Net earnings (loss)
|
(107
|
)
|
(578
|
)
|
7,819
|
2,765
|
||||||||||
Inventories (at quarter end)
|
467,290
|
731,527
|
547,149
|
472,412
|
||||||||||||
Revolver outstanding (at quarter end)
|
180,050
|
302,220
|
255,000
|
233,000
|
The following table sets forth domestic and export sales:
|
Fiscal Year
|
||||||||||||||
2016
|
2015
|
2014
|
||||||||||||
(In thousands, except percentages)
|
||||||||||||||
Net Sales:
|
||||||||||||||
United States
|
$
|
1,167,078
|
|
$
|
1,170,522
|
|
$
|
1,217,238
|
||||||
Export
|
108,282
|
115,828
|
122,970
|
|||||||||||
Total Net Sales
|
$
|
1,275,360
|
|
$
|
1,286,350
|
|
$
|
1,340,208
|
||||||
As a Percentage of Net Sales:
|
||||||||||||||
United States
|
91.5
|
%
|
91.0
|
%
|
90.8
|
%
|
||||||||
Export
|
8.5
|
%
|
9.0
|
%
|
9.2
|
%
|
||||||||
Total
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
|
|
· a classified board of directors;
|
|
|
|
· a requirement that special meetings of shareholders be called only by our directors or holders of 25% of the voting power of all shares outstanding and entitled to vote at the meeting;
|
|
|
|
· our board of directors has the power to classify and reclassify any of our unissued shares of capital stock into shares of capital stock with such preferences, rights, powers and restrictions as the board of directors may determine;
|
|
|
|
· the affirmative vote of two thirds of the shares present and entitled to vote is required to amend our bylaws or remove a director; and
|
|
|
|
· under the New York Business Corporation Law, in addition to certain restrictions which may apply to "business combinations" involving us and an "interested shareholder", a plan for our merger or consolidation must be approved by two-thirds of the votes of all outstanding shares entitled to vote thereon. See "Our existing shareholders, if acting together, may be able to exert control over matters requiring shareholder approval."
|
Manufacturing Plants and Warehouses
|
||||
Square
|
||||
Footage
|
Acres
|
|||
('000)
|
||||
Food Group
|
||||
Modesto, California
|
2,213
|
114
|
||
Santa Clara, California
|
64
|
-
|
||
Buhl, Idaho
|
616
|
141
|
||
Payette, Idaho
|
382
|
43
|
||
Princeville, Illinois
|
265
|
308
|
||
Hart, Michigan
|
176
|
76
|
||
Blue Earth, Minnesota
|
286
|
346
|
||
Glencoe, Minnesota
|
646
|
788
|
||
LeSueur, Minnesota
|
23
|
2
|
||
Montgomery, Minnesota
|
559
|
1,010
|
||
Rochester, Minnesota
|
1,078
|
840
|
||
Geneva, New York
|
769
|
602
|
||
Leicester, New York
|
198
|
91
|
||
Marion, New York
|
348
|
181
|
||
Dayton, Oregon
|
82
|
36
|
||
Lebanon, Pennsylvania
|
138
|
16
|
||
Dayton, Washington
|
215
|
28
|
||
Sunnyside, Washington
|
570
|
50
|
||
Yakima, Washington
|
122
|
8
|
||
Baraboo, Wisconsin
|
584
|
11
|
||
Cambria, Wisconsin
|
440
|
406
|
||
Clyman, Wisconsin
|
435
|
724
|
||
Cumberland, Wisconsin
|
389
|
305
|
||
Gillett, Wisconsin
|
320
|
105
|
||
Janesville, Wisconsin
|
1,201
|
302
|
||
Mayville, Wisconsin
|
297
|
367
|
||
Oakfield, Wisconsin
|
227
|
2,277
|
||
Ripon, Wisconsin
|
589
|
75
|
||
Non-Food Group
|
||||
Penn Yan, New York
|
27
|
4
|
||
Total
|
13,259
|
9,256
|
Maximum Number (or
|
||||||||||||||||||||||||
Approximate Dollar
|
||||||||||||||||||||||||
Total Number of Shares
|
Average Price Paid per
|
Total Number of Shares
|
Value) of Shares that
|
|||||||||||||||||||||
Purchased (1)
|
Share
|
Purchased as Part of
|
May Yet Be Purchased
|
|||||||||||||||||||||
Class A
|
Class B
|
Class A
|
Class B
|
Publicly Announced
|
Under the Plans or
|
|||||||||||||||||||
Period
|
Common
|
Common
|
Common
|
Common
|
Plans or Programs (2)
|
Programs (2)
|
||||||||||||||||||
1/01/16 - 1/31/16
|
26,998
|
-
|
$
|
27.06
|
$
|
-
|
-
|
|||||||||||||||||
2/01/16 - 2/28/16
|
6,889
|
148
|
$
|
27.02
|
$
|
32.00
|
-
|
|||||||||||||||||
3/01/16 - 3/31/16
|
18,300
|
73,251
|
$
|
33.53
|
$
|
35.99
|
73,251
|
|||||||||||||||||
Total
|
52,187
|
73,399
|
$
|
29.32
|
$
|
35.98
|
73,251
|
1,194,103
|
||||||||||||||||
(1) 73,251 shares of Class B Common Stock were purchased under the Company's share repurchase program. All other
|
||||||||||||||||||||||||
purchases were made in open market transactions by the Trustees of the Seneca Foods Corporation Employees' Savings Plan,
|
||||||||||||||||||||||||
matching Trustees of Dundee Insurance Company, Inc and the Seneca Foods, L.L.C. 401(k) Retirement Savings Plan to provide
|
||||||||||||||||||||||||
employee contributions under the Plans.
|
||||||||||||||||||||||||
(2) In 2012 the Company's Board of Directors authorized the repurchase of the Company's stock. The number of shares authorized
|
||||||||||||||||||||||||
for repurchase has been increased from time to time, most recently on March 10, 2015 when the repurchase program was
|
||||||||||||||||||||||||
increased to 2,500,000 shares. As of March 31, 2016, the Company has purchased 1,305,897 shares and there remains 1,194,103
|
||||||||||||||||||||||||
shares available to purchase under the program.
|
A. | Exhibits, Financial Statements, and Supplemental Schedule |
1. | Financial Statements ‑ the following consolidated financial statements of the Registrant, included in the 2016 Annual Report, are incorporated by reference in Item 8: |
2. | Supplemental Schedule: |
Schedule II—Valuation and Qualifying Accounts 19 |
3. | Exhibits: |
Exhibit Number | Description |
3.1 | The Company's Restated Certificate of Incorporation, (incorporated by reference to the Company's Current Report on Form 8-K dated August 11, 2010). |
3.2 | The Company's Bylaws (incorporated by reference to Exhibit 3.3 to the Company's Quarterly Report on Form 10-Q/A filed August 18, 1995 for the quarter ended July 1, 1995) |
3.3 | Amendment to the Company's Bylaws (incorporated by reference to Exhibit 3 to the Company's Current Report on Form 8-K dated November 6, 2007) |
10.1 | Second Amended and Restated Loan and Security Agreement dated as of July 20, 2011 by and among Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, certain other subsidiaries of Seneca Foods Corporation, the financial institutions party thereto as lenders, Bank of America, N.A., as agent and issuing bank, RBS Citizens, N.A., as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated with RBS Citizens, N.A., as joint lead arrangers (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated July 26, 2011). |
10.2 | First Amendment to the Second Amended and Restated Loan and Security Agreement dated as of August 1, 2011 by and among Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, certain other subsidiaries of Seneca Foods Corporation, the financial institutions party thereto as lenders, Bank of America, N.A., as agent and issuing bank, RBS Citizens, N.A., as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated with RBS Citizens, N.A., as joint lead arrangers (incorporated by reference to Exhibit 10.4 to the Company's Annual Report on Form 10-K filed with the SEC for the fiscal year ended March 31, 2013). |
10.3 | Second Amendment to the Second Amended and Restated Loan and Security Agreement dated as of December 20, 2012 by and among Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, certain other subsidiaries of Seneca Foods Corporation, the financial institutions party thereto as lenders, Bank of America, N.A., as agent and issuing bank, RBS Citizens, N.A., as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated with RBS Citizens, N.A., as joint lead arrangers (incorporated by reference to Exhibit 10.5 to the Company's Annual Report on Form 10-K filed with the SEC for the fiscal year ended March 31, 2013). |
10.4 | Third Amendment to the Second Amended and Restated Loan and Security Agreement dated as of March 5, 2013 by and among Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, certain other subsidiaries of Seneca Foods Corporation, the financial institutions party thereto as lenders, Bank of America, N.A., as agent and issuing bank, RBS Citizens, N.A., as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated with RBS Citizens, N.A., as joint lead arrangers (incorporated by reference to Exhibit 10.6 to the Company's Annual Report on Form 10-K filed with the SEC for the fiscal year ended March 31, 2013). |
10.5 | Fourth Amendment to the Second Amended and Restated Loan and Security Agreement dated as of December 16, 2013 by and among Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, certain other subsidiaries of Seneca Foods Corporation, the financial institutions party thereto as lenders, Bank of America, N.A., as agent and issuing bank, RBS Citizens, N.A., as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated with RBS Citizens, N.A., as joint lead arrangers (incorporated by reference to Exhibit 10.7 to the Company's Annual Report on Form 10-K filed with the SEC for the fiscal year ended March 31, 2014). |
10.6 | Fifth Amendment to the Second Amended and Restated Loan and Security Agreement dated as of April 1, 2014 by and among Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, certain other subsidiaries of Seneca Foods Corporation, the financial institutions party thereto as lenders, Bank of America, N.A., as agent and issuing bank, RBS Citizens, N.A., as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated with RBS Citizens, N.A., as joint lead arrangers (incorporated by reference to Exhibit 10.8 to the Company's Annual Report on Form 10-K filed with the SEC for the fiscal year ended March 31, 2014). |
10.7 | Sixth Amendment to the Second Amended and Restated Loan and Security Agreement dated as of June 17, 2014 by and among Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, certain other subsidiaries of Seneca Foods Corporation, the financial institutions party thereto as lenders, Bank of America, N.A., as agent and issuing bank, RBS Citizens, N.A., as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated with RBS Citizens, N.A., as joint lead arrangers (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed with the SEC for the quarter ended June 28, 2014). |
10.8 | Seventh Amendment to the Second Amended and Restated Loan and Security Agreement dated as of November 6, 2014 by and among Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, certain other subsidiaries of Seneca Foods Corporation, the financial institutions party thereto as lenders, Bank of America, N.A., as agent and issuing bank, RBS Citizens, N.A., as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated with RBS Citizens, N.A., as joint lead arrangers (incorporated by reference to Exhibit 10.10 to the Company's Annual Report on Form 10-K filed with the SEC for the year ended March 31, 2015). |
10.9 | Eighth Amendment to the Second Amended and Restated Loan and Security Agreement dated as of November 2, 2015 by and among Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, certain other subsidiaries of Seneca Foods Corporation, the financial institutions party thereto as lenders, Bank of America, N.A., as agent and issuing bank, RBS Citizens, N.A., as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated with RBS Citizens, N.A., as joint lead arrangers (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed with the SEC for the quarter ended December 26, 2015). |
10.10 | Ninth Amendment to the Second Amended and Restated Loan and Security Agreement dated as of December 23, 2015 by and among Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, certain other subsidiaries of Seneca Foods Corporation, the financial institutions party thereto as lenders, Bank of America, N.A., as agent and issuing bank, RBS Citizens, N.A., as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated with RBS Citizens, N.A., as joint lead arrangers (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed with the SEC for the quarter ended December 26, 2015). |
10.11 | Tenth Amendment to the Second Amended and Restated Loan and Security Agreement dated as of February 16, 2016 by and among Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, certain other subsidiaries of Seneca Foods Corporation, the financial institutions party thereto as lenders, Bank of America, N.A., as agent and issuing bank, RBS Citizens, N.A., as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated with RBS Citizens, N.A., as joint lead arrangers (filed herewith). |
10.12 | Indemnification Agreement between the Company and the directors of the Company (incorporated by reference to Exhibit 10 to the Company's Annual report on Form 10-K for the fiscal year ended March 31, 2002) |
13 | The material contained in the 2016 Annual Report to Shareholders under the following headings: "Five Year Selected Financial Data", "Management's Discussion and Analysis of Financial Condition and Results of Operations", Consolidated Financial Statements and Notes thereto including Independent Auditors' Report, "Quantitative and Qualitative Disclosures about Market Risk", and "Shareholder Information and Quarterly Results" (filed herewith) |
21 | List of Subsidiaries (filed herewith) |
23 | Consent of BDO USA, LLP (filed herewith) |
24 | Powers of Attorney (filed herewith) |
31.1 | Certification of Kraig H. Kayser pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
31.2 | Certification of Timothy J. Benjamin as Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
32 | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
101 | The following materials from Seneca Foods Corporation's Annual Report on Form 10-K for the year ended March 31, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) consolidated balance sheets, (ii) consolidated statements of net earnings, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of cash flows, (v) consolidated statement of stockholders' equity and (vi) the notes to the consolidated financial statements |
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, 2016:
|
|||||||||||||||||||||
Allowance for doubtful accounts
|
$
|
145
|
$
|
(47
|
)
|
$
|
¾
|
$
|
13
|
(a)
|
$
|
111
|
|||||||||
Income tax valuation allowance
|
$
|
1,787
|
$
|
74
|
$
|
¾
|
$
|
¾
|
$
|
1,861
|
|||||||||||
Year-ended March 31, 2015:
|
|||||||||||||||||||||
Allowance for doubtful accounts
|
$
|
160
|
$
|
45
|
$
|
¾
|
$
|
(60
|
)
|
(a)
|
$
|
145
|
|||||||||
Income tax valuation allowance
|
$
|
390
|
$
|
1,397
|
$
|
¾
|
$
|
¾
|
$
|
1,787
|
|||||||||||
Year-ended March 31, 2014:
|
|||||||||||||||||||||
Allowance for doubtful accounts
|
$
|
201
|
$
|
23
|
$ |
$
|
(64
|
)
|
(a)
|
$
|
160
|
||||||||||
Income tax valuation allowance
|
$
|
758
|
$
|
(368
|
)
|
$
|
¾
|
$
|
¾
|
$
|
390
|
||||||||||
(a) Accounts written off, net of recoveries.
|
|||||||||||||||||||||
SENECA FOODS CORPORATION
/s/Timothy J. Benjamin
Timothy J. Benjamin
Senior Vice President, Chief Financial Officer and Treasurer
|
June 8, 2016
|
Signature
|
Title
|
Date
|
||
*_______________________________________
Arthur S. Wolcott
|
Chairman and Director
|
June 8, 2016
|
||
/s/Kraig H. Kayser__________________________
Kraig H. Kayser
|
President, Chief Executive Officer, Director
|
June 8, 2016
|
||
/s/Timothy J. Benjamin_______________________
Timothy J. Benjamin
|
Senior Vice President, Chief Financial Officer and Treasurer
|
June 8, 2016
|
||
/s/Jeffrey L. Van Riper_______________________
Jeffrey L. Van Riper
|
Vice President, Controller, and Secretary (Principal Accounting Officer)
|
June 8, 2016
|
||
*
|
Director
|
June 8, 2016
|
||
Arthur H. Baer
|
||||
*
|
Director
|
June 8, 2016
|
||
Peter R. Call
|
||||
*_______________________________________
John P. Gaylord
|
Director
|
June 8, 2016
|
||
|
June 8, 2016
|
|||
*________________________________________
Susan A. Henry
|
Director
|
|||
|
Director
|
June 8, 2016
|
||
Samuel T. Hubbard, Jr.
|
||||
*
|
Director
|
June 8, 2016
|
||
Thomas Paulson
|
||||
*
|
Director
|
June 8, 2016
|
||
Susan W. Stuart
/s/Kraig H. Kayser__________________________
*By Kraig H. Kayser,
Attorney-in-fact
|
(a)
|
Representations and Warranties. All of the representations and warranties made by the Obligors herein, whether directly or incorporated by reference, shall be true and correct on the date hereof except as provided in §3 hereof.
|
(b)
|
Performance; No Event of Default. The Obligors shall have performed and complied in all respects with all terms and conditions herein required to be performed or complied with by them prior to or at the time hereof, and there shall exist no Default or Event of Default.
|
(c)
|
Fees and Expenses. The Borrowers shall have paid the fees and expenses payable to the Agent and its counsel in connection with this Agreement.
|
(d)
|
Delivery. The Obligors, the Agent and the Required Lenders shall have executed and delivered this Agreement.
|
(e)
|
Other Documents. The Obligors shall have executed and delivered such further instruments and taken such further action as the Agent and the Required Lenders may have reasonably requested, in each case further to effect the purposes of this Agreement, the Loan and Security Agreement and the other Loan Documents.
|
(a)
|
such Borrower or Guarantor shall have delivered to Agent a statement certified by the principal financial or accounting officer of the Parent to the effect that (i) no Default or Event of Default exists, which statement shall be accompanied by computations, in reasonable detail, evidencing that the Fixed Charge Coverage Ratio (calculated on a pro forma basis determined in a manner acceptable to Agent) after giving effect to such acquisition is not less than 1.0 to 1.0 and (ii) Availability is not less than 15% of the Borrowing Base, both before and after giving effect to such acquisition;
|
(b)
|
the consideration for such acquisition shall not include the assumption of Indebtedness by such Borrower or Guarantor, other than Indebtedness which is permitted pursuant to Section 10.2.1;
|
(c)
|
if such acquisition is an acquisition of a Person, such acquisition shall have been approved by the board of directors (or other managing board) and shareholders or members, if applicable, of the Person so acquired or of the holders of the Equity Interest of the Person so acquired;
|
(d)
|
not less than ten (10) Business Days prior to the closing of such acquisition, such Borrower or Guarantor shall notify Agent of the terms thereof and shall provide to Agent such information and documents as may be deemed by Agent to be necessary in order for Agent to determine if the acquisition is a Permitted Acquisition; and
|
(e)
|
either (i) such acquisition is the acquisition of assets only for use in the same line of business as (or a line of business substantially similar or complementary to) the line of business of the Borrowers and such assets, immediately upon the consummation of such acquisition, become Collateral pursuant to the Security Documents, and the Agent shall, concurrently with the closing of the acquisition have (or, to the extent not included in the provisions of Section 7.1, be granted), for the benefit of Secured Parties, a perfected, first priority security interest in such assets (subject only to Permitted Liens) or (ii) such acquisition involves the purchase of the Equity Interests of a Person and each of the following conditions is met:
|
(a)
|
Except as otherwise expressly provided by this Agreement, all of the respective terms, conditions and provisions of the Loan and Security Agreement, the Notes and the other Loan Documents shall remain the same. The Loan and Security Agreement, as amended hereby, shall continue in full force and effect, and this Agreement and the Loan and Security Agreement shall be read and construed as one instrument.
|
(b)
|
THIS AGREEMENT, UNLESS OTHERWISE SPECIFIED, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS).
|
(c)
|
This Agreement may be executed in any number of counterparts, but all such counterparts shall together constitute but one instrument. In making proof of this Agreement it shall not be necessary to produce or account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought. A facsimile or other electronic transmission of an executed counterpart shall have the same effect as the original executed counterpart.
|
Lender
|
Commitment for the period from April 1 through and including July 31 of each year
|
Commitment for the period from August 1 through and including March 31 of each year
|
Percentage of Aggregate Commitments of all Lenders
|
|||||||||
Bank of America, N.A.
|
$
|
106,073,684
|
$
|
125,962,500
|
26.51842
|
%
|
||||||
Citizens Business Capital, a division of Citizens Asset Finance, Inc. (f/k/a RBS Citizens Business Capital, a division of RBS Asset Finance, Inc., a subsidiary of RBS Citizens, N.A.)
|
$
|
50,526,316
|
$
|
60,000,000
|
12.63158
|
%
|
||||||
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New York Branch
|
$
|
62,000,000
|
$
|
73,625,000
|
15.50000
|
%
|
||||||
Manufacturers and Traders Trust Company
|
$
|
48,800,000
|
$
|
57,950,000
|
12.20000
|
%
|
||||||
U.S. Bank National Association
|
$
|
50,800,000
|
$
|
60,325,000
|
12.70000
|
%
|
||||||
Wells Fargo Bank, N.A.
|
$
|
35,000,000
|
$
|
41,562,500
|
8.75000
|
%
|
||||||
BMO Harris Bank N.A.
|
$
|
28,800,000
|
$
|
34,200,000
|
7.20000
|
%
|
||||||
GE Asset Based Master Note LLC
|
$
|
18,000,000
|
$
|
21,375,000
|
4.50000
|
%
|
||||||
Total
|
$
|
400,000,000
|
$
|
475,000,000
|
100
|
%
|
Summary of Operations and Financial Condition
|
||||||||||||||||||||
(In thousands of dollars, except per share data and ratios)
|
||||||||||||||||||||
Years ended March 31,
|
2016 (a)
|
2015
|
2014
|
2013(b)
|
2012
|
|||||||||||||||
Net sales
|
$
|
1,275,360
|
$
|
1,286,350
|
$
|
1,340,208
|
$
|
1,276,297
|
$
|
1,257,805
|
||||||||||
Operating income before interest (c)
|
$
|
88,549
|
$
|
20,354
|
$
|
24,906
|
$
|
72,315
|
$
|
26,930
|
||||||||||
Interest expense, net
|
8,044
|
6,862
|
7,564
|
8,867
|
9,409
|
|||||||||||||||
Net earnings (c)
|
54,458
|
9,899
|
13,779
|
41,413
|
11,256
|
|||||||||||||||
Basic earnings per common share (c)
|
$
|
5.46
|
$
|
0.91
|
$
|
1.24
|
$
|
3.59
|
$
|
0.93
|
||||||||||
Diluted earnings per common share (c)
|
5.42
|
0.90
|
1.23
|
3.57
|
0.92
|
|||||||||||||||
Working capital
|
$
|
274,429
|
$
|
463,545
|
$
|
452,771
|
$
|
446,899
|
$
|
425,082
|
||||||||||
Inventories
|
567,707
|
472,412
|
451,250
|
479,730
|
432,433
|
|||||||||||||||
Net property, plant, and equipment
|
188,837
|
185,557
|
183,917
|
188,407
|
192,825
|
|||||||||||||||
Total assets
|
895,327
|
806,448
|
768,853
|
798,456
|
738,036
|
|||||||||||||||
Long-term debt
|
||||||||||||||||||||
less current portion
|
35,967
|
271,634
|
216,239
|
230,016
|
226,873
|
|||||||||||||||
Stockholders' equity
|
405,174
|
351,730
|
393,632
|
367,166
|
354,673
|
|||||||||||||||
Additions to property, plant, and equipment
|
$
|
9,966
|
$
|
23,734
|
$
|
19,448
|
$
|
16,371
|
$
|
27,425
|
||||||||||
Net earnings/average equity
|
14.4
|
%
|
2.7
|
%
|
3.6
|
%
|
11.5
|
%
|
3.2
|
%
|
||||||||||
Earnings before taxes/sales
|
6.3
|
%
|
1.1
|
%
|
1.3
|
%
|
5.0
|
%
|
1.4
|
%
|
||||||||||
Net earnings/sales
|
4.3
|
%
|
0.8
|
%
|
1.0
|
%
|
3.2
|
%
|
0.9
|
%
|
||||||||||
Long-term debt/equity (d)
|
10.1
|
%
|
77.2
|
%
|
54.9
|
%
|
62.6
|
%
|
64.0
|
%
|
||||||||||
Total debt/equity ratio
|
1.2:1
|
1.3:1
|
1.0:1
|
1.2:1
|
1.1:1
|
|||||||||||||||
Current ratio
|
1.7:1
|
4.8:1
|
4.5:1
|
3.8:1
|
4.6:1
|
|||||||||||||||
Total stockholders' equity per equivalent common share (e)
|
$
|
40.63
|
$
|
34.81
|
$
|
35.25
|
$
|
32.83
|
$
|
29.15
|
||||||||||
Stockholders' equity per common share
|
41.15
|
35.33
|
36.12
|
33.62
|
29.81
|
|||||||||||||||
Class A Global Market System
|
||||||||||||||||||||
closing price range
|
35.78-25.85
|
32.65-25.06
|
36.07-27.80
|
33.63-21.42
|
29.73-18.34
|
|||||||||||||||
Class B Global Market System
|
||||||||||||||||||||
closing price range
|
44.88-32.00
|
41.00-27.91
|
36.29-27.42
|
33.40-21.41
|
29.70-19.20
|
|||||||||||||||
Common cash dividends declared per share
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Price earnings ratio
|
6.70
|
34.00
|
25.60
|
9.20
|
28.70
|
|||||||||||||||
(a) The fiscal 2016 financial results include five months and one month of operating activity related to the Gray and Diana acquisitions, respectively.
|
||||||||||||||||||||
(b) The fiscal 2013 financial results include two and one-half months of operating activity related to the Sunnyside acquisition.
|
||||||||||||||||||||
(c) The effect of using the LIFO inventory valuation method in fiscal 2016 was to increase operating earnings by $24.8 million and net
|
||||||||||||||||||||
earnings by $16.1 million or $1.62 per share ($1.60 diluted). The effect of using the LIFO inventory valuation method in fiscal 2015
|
||||||||||||||||||||
was to reduce operating earnings by $10.7 million and net earnings by $6.9 million or $0.64 per share ($0.63 diluted). The
|
||||||||||||||||||||
effect of using the LIFO inventory valuation method in fiscal 2014 was to reduce operating earnings by $20.4 million and net earnings
|
||||||||||||||||||||
by $13.2 million or $1.19 per share ($1.19 diluted). The effect of using the LIFO inventory valuation method in fiscal 2013
|
||||||||||||||||||||
was to increase operating earnings by $4.2 million and net earnings by $2.7 million or $0.24 per share ($0.24 diluted).
|
||||||||||||||||||||
The effect of using the LIFO inventory valuation method in Fiscal 2012 was to reduce operating earnings by $47.4 million and
|
||||||||||||||||||||
net earnings by $30.8 million or $2.53 per share ($2.52 diluted).
|
||||||||||||||||||||
(d) The long-term debt to equity percentage for fiscal 2015-2012 include the Revolving Credit Facility as discussed
|
||||||||||||||||||||
in Note 4, Long-Term Debt. During fiscal 2016, the Revolving Credit Facility was included in current liabilities. If calculated on a
|
||||||||||||||||||||
comparable basis to other fiscal years, the fiscal 2016 percentage would be 77.2%.
|
||||||||||||||||||||
(e) Equivalent common shares are either common shares or, for convertible preferred shares, the number of common shares that the
|
||||||||||||||||||||
preferred shares are convertible into. See Note 7 of the Notes to Consolidated Financial Statements for conversion details.
|
First Quarter
|
Second Quarter
|
Third Quarter
|
Fourth Quarter
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Year ended March 31, 2016:
|
||||||||||||||||
Net sales
|
$
|
226,258
|
$
|
313,202
|
$
|
432,198
|
$
|
303,702
|
||||||||
Gross margin
|
20,899
|
29,073
|
53,382
|
44,041
|
||||||||||||
Net earnings
|
2,968
|
6,522
|
31,123
|
13,845
|
||||||||||||
Inventories (at quarter end)
|
482,556
|
761,703
|
631,181
|
567,707
|
||||||||||||
Revolver outstanding (at quarter end)
|
197,350
|
304,468
|
309,211
|
271,592
|
||||||||||||
Year ended March 31, 2015:
|
||||||||||||||||
Net sales
|
$
|
240,043
|
$
|
312,161
|
$
|
456,207
|
$
|
277,939
|
||||||||
Gross margin
|
17,341
|
17,133
|
26,435
|
23,454
|
||||||||||||
Net earnings (loss)
|
(107
|
)
|
(578
|
)
|
7,819
|
2,765
|
||||||||||
Inventories (at quarter end)
|
467,290
|
731,527
|
547,149
|
472,412
|
||||||||||||
Revolver outstanding (at quarter end)
|
180,050
|
302,220
|
255,000
|
233,000
|
Fourth Quarter
|
Year Ended
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Reported end of period:
|
||||||||||||||||
Revolver outstanding
|
$
|
271,592
|
$
|
233,000
|
$
|
271,592
|
$
|
233,000
|
||||||||
Weighted average interest rate
|
1.95
|
%
|
1.92
|
%
|
1.95
|
%
|
1.92
|
%
|
||||||||
Reported during period:
|
||||||||||||||||
Maximum Revolver
|
$
|
321,000
|
$
|
263,627
|
$
|
323,980
|
$
|
323,646
|
||||||||
Average Revolver outstanding
|
$
|
304,104
|
$
|
252,013
|
$
|
260,886
|
$
|
234,726
|
||||||||
Weighted average interest rate
|
1.92
|
%
|
1.93
|
%
|
1.93
|
%
|
1.63
|
%
|
2017
|
$
|
279,572
|
||
2018
|
7,904
|
|||
2019
|
3,034
|
|||
2020
|
2,531
|
|||
2021
|
7,019
|
|||
Thereafter
|
15,479
|
|||
Total
|
$
|
315,539
|
||
|
Contractual Obligations
|
||||||||||||||||||||
March 31, 2016
|
||||||||||||||||||||
2022
|
||||||||||||||||||||
2017
|
2018-19
|
2020-21
|
and beyond
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Long-term debt
|
$
|
279,572
|
$
|
10,938
|
$
|
9,550
|
$
|
15,479
|
$
|
315,539
|
||||||||||
Interest
|
3,408
|
2,401
|
1,677
|
2,313
|
9,799
|
|||||||||||||||
Operating lease obligations
|
43,392
|
72,395
|
51,163
|
28,918
|
195,868
|
|||||||||||||||
Purchase commitments
|
183,564
|
—
|
—
|
—
|
183,564
|
|||||||||||||||
Capital lease obligations
|
243
|
526
|
583
|
3,879
|
5,231
|
|||||||||||||||
Total
|
$
|
510,179
|
$
|
86,260
|
$
|
62,973
|
$
|
50,589
|
$
|
710,001
|
Classes of similar products/services:
|
2016
|
2015
|
2014
|
|||||||||
(In thousands)
|
||||||||||||
Net Sales:
|
||||||||||||
Green Giant *
|
$
|
144,310
|
$
|
161,993
|
$
|
177,881
|
||||||
Canned vegetables
|
746,501
|
754,556
|
753,318
|
|||||||||
Frozen
|
94,710
|
94,648
|
107,109
|
|||||||||
Fruit
|
253,658
|
234,918
|
264,549
|
|||||||||
Snack
|
12,336
|
11,667
|
11,496
|
|||||||||
Other
|
23,845
|
28,568
|
25,855
|
|||||||||
Total
|
$
|
1,275,360
|
$
|
1,286,350
|
$
|
1,340,208
|
||||||
* Green Giant includes canned and frozen vegetables exclusively for GMOL or B&G Foods.
|
Interest Rate Sensitivity of Long-Term Debt and Short-Term Investments
|
||||||||||||||||||||||||||||||||
March 31, 2016
|
||||||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||
P A Y M E N T S B Y Y E A R
|
||||||||||||||||||||||||||||||||
Total/
|
Estimated
|
|||||||||||||||||||||||||||||||
Weighted
|
Fair
|
|||||||||||||||||||||||||||||||
2017
|
2018
|
2019
|
2020
|
2021
|
Thereafter
|
Average
|
Value
|
|||||||||||||||||||||||||
Fixed-rate L/T debt:
|
||||||||||||||||||||||||||||||||
Principal cash flows
|
$
|
7,980
|
$
|
2,844
|
$
|
3,034
|
$
|
2,531
|
$
|
2,344
|
$
|
2,584
|
$
|
21,317
|
$
|
21,256
|
||||||||||||||||
Average interest rate
|
5.98
|
%
|
6.62
|
%
|
6.67
|
%
|
6.71
|
%
|
6.61
|
%
|
6.87
|
%
|
6.58
|
%
|
||||||||||||||||||
Variable-rate L/T debt:
|
||||||||||||||||||||||||||||||||
Principal cash flows
|
$
|
271,592
|
$
|
5,060
|
$
|
-
|
$
|
-
|
$
|
4,675
|
$
|
12,895
|
$
|
294,222
|
$
|
294,222
|
||||||||||||||||
Average interest rate
|
1.95
|
%
|
3.02
|
%
|
-
|
%
|
-
|
%
|
3.02
|
%
|
3.02
|
%
|
2.03
|
%
|
||||||||||||||||||
Average Revolver debt:
|
||||||||||||||||||||||||||||||||
Principal cash flows
|
$
|
260,886
|
$
|
260,886
|
||||||||||||||||||||||||||||
Average interest rate
|
1.93
|
%
|
||||||||||||||||||||||||||||||
Short-term investments:
|
||||||||||||||||||||||||||||||||
Average balance
|
$
|
5,656
|
$
|
5,656
|
||||||||||||||||||||||||||||
Average interest rate
|
0.21
|
%
|
Seneca Foods Corporation and Subsidiaries
|
||||||||||||
(In thousands, except per share amounts)
|
||||||||||||
Years ended March 31,
|
2016
|
2015
|
2014
|
|||||||||
Net sales
|
$
|
1,275,360
|
$
|
1,286,350
|
$
|
1,340,208
|
||||||
Costs and expenses:
|
||||||||||||
Cost of products sold
|
1,127,965
|
1,201,987
|
1,247,943
|
|||||||||
Selling, general, and administrative expense
|
73,515
|
67,381
|
70,129
|
|||||||||
Other operating income, net
|
(24,971
|
)
|
(4,748
|
)
|
(3,271
|
)
|
||||||
Plant restructuring
|
10,302
|
1,376
|
501
|
|||||||||
Total costs and expenses
|
1,186,811
|
1,265,996
|
1,315,302
|
|||||||||
Operating income
|
88,549
|
20,354
|
24,906
|
|||||||||
Loss (earnings) from equity investment
|
48
|
(628
|
)
|
-
|
||||||||
Interest expense, net of interest income of
|
||||||||||||
$54, $18, and $4, respectively
|
8,044
|
6,862
|
7,564
|
|||||||||
Earnings before income taxes
|
80,457
|
14,120
|
17,342
|
|||||||||
Income tax expense
|
25,999
|
4,221
|
3,563
|
|||||||||
Net earnings
|
$
|
54,458
|
$
|
9,899
|
$
|
13,779
|
||||||
Basic earnings per common share
|
$
|
5.46
|
$
|
0.91
|
$
|
1.24
|
||||||
Diluted earnings per common share
|
$
|
5.42
|
$
|
0.90
|
$
|
1.23
|
||||||
See notes to consolidated financial statements.
|
Consolidated Statements of Comprehensive Income (Loss)
|
||||||||||||
Seneca Foods Corporation and Subsidiaries
|
||||||||||||
(In thousands)
|
||||||||||||
Years ended March 31,
|
2016
|
2015
|
2014
|
|||||||||
Comprehensive income (loss):
|
||||||||||||
Net earnings
|
$
|
54,458
|
$
|
9,899
|
$
|
13,779
|
||||||
Change in pension and postretirement benefits
|
||||||||||||
(net of income tax of $2,179, $13,140, and $7,222, respectively)
|
3,408
|
(20,552
|
)
|
11,296
|
||||||||
Total
|
$
|
57,866
|
$
|
(10,653
|
)
|
$
|
25,075
|
|||||
See notes to consolidated financial statements.
|
Consolidated Balance Sheets | ||||||||
Seneca Foods Corporation and Subsidiaries
|
||||||||
(In thousands)
|
||||||||
March 31,
|
2016
|
2015
|
||||||
Assets
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
8,602
|
$
|
10,608
|
||||
Accounts receivable, less allowance for doubtful accounts
|
||||||||
of $111 and $145, respectively
|
76,788
|
70,591
|
||||||
Assets held for sale
|
5,025
|
-
|
||||||
Inventories:
|
||||||||
Finished products
|
366,911
|
301,705
|
||||||
In process
|
17,122
|
10,167
|
||||||
Raw materials and supplies
|
183,674
|
160,540
|
||||||
567,707
|
472,412
|
|||||||
Deferred income taxes, net
|
-
|
6,997
|
||||||
Other current assets
|
15,765
|
27,439
|
||||||
Total Current Assets
|
673,887
|
588,047
|
||||||
Deferred income tax asset, net
|
12,897
|
14,829
|
||||||
Other assets
|
19,706
|
18,015
|
||||||
Property, plant, and equipment:
|
||||||||
Land
|
22,430
|
20,971
|
||||||
Buildings and improvements
|
204,944
|
200,739
|
||||||
Equipment
|
359,927
|
347,169
|
||||||
587,301
|
568,879
|
|||||||
Less accumulated depreciation and amortization
|
398,464
|
383,322
|
||||||
Net property, plant, and equipment
|
188,837
|
185,557
|
||||||
Total Assets
|
$
|
895,327
|
$
|
806,448
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Current Liabilities:
|
||||||||
Notes payable
|
$
|
402
|
$
|
9,903
|
||||
Accounts payable
|
67,410
|
68,859
|
||||||
Accrued vacation
|
11,792
|
11,347
|
||||||
Accrued payroll
|
9,438
|
6,344
|
||||||
Other accrued expenses
|
27,627
|
23,732
|
||||||
Current portion of long-term debt and capital lease obligations
|
279,815
|
2,530
|
||||||
Income taxes payable
|
2,974
|
1,787
|
||||||
Total Current Liabilities
|
399,458
|
124,502
|
||||||
Long-term debt, less current portion
|
35,967
|
271,634
|
||||||
Pension liabilities
|
37,798
|
54,960
|
||||||
Other liabilities
|
11,942
|
3,622
|
||||||
Capital lease obligations, less current portion
|
4,988
|
-
|
||||||
Total Liabilities
|
490,153
|
454,718
|
||||||
Commitments and contingencies
|
||||||||
Stockholders' Equity:
|
||||||||
Preferred stock
|
1,344
|
2,119
|
||||||
Common stock
|
3,023
|
3,010
|
||||||
Additional paid-in capital
|
97,373
|
96,578
|
||||||
Treasury stock, at cost
|
(65,709
|
)
|
(61,277
|
)
|
||||
Accumulated other comprehensive loss
|
(28,396
|
)
|
(31,804
|
)
|
||||
Retained earnings
|
397,539
|
343,104
|
||||||
Total Stockholders' Equity
|
405,174
|
351,730
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
895,327
|
$
|
806,448
|
||||
Consolidated Statements of Cash Flows
|
||||||||||||
Seneca Foods Corporation and Subsidiaries
|
||||||||||||
(In thousands)
|
||||||||||||
Years ended March 31,
|
2016
|
2015
|
2014
|
|||||||||
Cash flows from operating activities:
|
||||||||||||
Net earnings
|
$
|
54,458
|
$
|
9,899
|
$
|
13,779
|
||||||
Adjustments to reconcile net earnings to
|
||||||||||||
net cash provided by operations:
|
||||||||||||
Depreciation and amortization
|
21,737
|
21,834
|
23,281
|
|||||||||
Deferred income tax benefit
|
(533
|
)
|
(612
|
)
|
(3,798
|
)
|
||||||
(Gain) loss on the sale of assets
|
(432
|
)
|
2
|
(325
|
)
|
|||||||
Impairment provision
|
10,302
|
264
|
341
|
|||||||||
Loss (earnings) from equity investment
|
48
|
(628
|
)
|
-
|
||||||||
Changes in operating assets and liabilities (net of acquisitions):
|
||||||||||||
Accounts receivable
|
1,289
|
6,373
|
1,276
|
|||||||||
Inventories
|
(52,185
|
)
|
(21,162
|
)
|
28,320
|
|||||||
Other current assets
|
12,544
|
6,155
|
(8,295
|
)
|
||||||||
Accounts payable, accrued expenses,
|
||||||||||||
and other liabilities
|
(10,316
|
)
|
(3,567
|
)
|
4,236
|
|||||||
Income taxes
|
2,246
|
874
|
(3,187
|
)
|
||||||||
Net cash provided by operating activities
|
39,158
|
19,432
|
55,628
|
|||||||||
Cash flows from investing activities:
|
||||||||||||
Additions to property, plant, and equipment
|
(9,864
|
)
|
(26,213
|
)
|
(17,027
|
)
|
||||||
Purchase of an equity method investment
|
-
|
(16,242
|
)
|
-
|
||||||||
Cash paid for acquisitions (net of cash acquired)
|
(38,795
|
)
|
-
|
-
|
||||||||
Proceeds from the sale of assets
|
1,026
|
337
|
998
|
|||||||||
Net cash used in investing activities
|
(47,633
|
)
|
(42,118
|
)
|
(16,029
|
)
|
||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from issuance of long-term debt
|
355,932
|
384,510
|
393,972
|
|||||||||
Payments of long-term debt
|
(333,382
|
)
|
(328,862
|
)
|
(445,642
|
)
|
||||||
(Payments) borrowings on notes payable
|
(9,501
|
)
|
(2,352
|
)
|
12,255
|
|||||||
Change in other assets
|
(305
|
)
|
(312
|
)
|
248
|
|||||||
Purchase of treasury stock
|
(6,252
|
)
|
(33,506
|
)
|
(674
|
)
|
||||||
Preferred stock dividends paid
|
(23
|
)
|
(23
|
)
|
(23
|
)
|
||||||
Net cash provided by (used in) financing activities
|
6,469
|
19,455
|
(39,864
|
)
|
||||||||
Net decrease in cash and cash equivalents
|
(2,006
|
)
|
(3,231
|
)
|
(265
|
)
|
||||||
Cash and cash equivalents, beginning of year
|
10,608
|
13,839
|
14,104
|
|||||||||
Cash and cash equivalents, end of year
|
$
|
8,602
|
$
|
10,608
|
$
|
13,839
|
||||||
Supplemental disclosures of cash flow information:
|
||||||||||||
Cash paid during the year for:
|
||||||||||||
Interest
|
$
|
6,820
|
$
|
5,116
|
$
|
6,586
|
||||||
Income taxes
|
24,108
|
6,003
|
10,695
|
|||||||||
Noncash transactions:
|
||||||||||||
Property, plant and equipment issued under capital lease
|
5,313
|
-
|
-
|
|||||||||
See notes to consolidated financial statements.
|
Consolidated Statements of Stockholders' Equity
|
||||||||||||||||||||||||
Seneca Foods Corporation and Subsidiaries
|
||||||||||||||||||||||||
(In thousands, except share amounts)
|
||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||
Additional
|
Other
|
|||||||||||||||||||||||
Preferred
|
Common
|
Paid-In
|
Treasury
|
Comprehensive
|
Retained
|
|||||||||||||||||||
Stock
|
Stock
|
Capital
|
Stock
|
Loss
|
Earnings
|
|||||||||||||||||||
Balance March 31, 2013
|
$
|
5,422
|
$
|
2,955
|
$
|
93,069
|
$
|
(31,204
|
)
|
$
|
(22,548
|
)
|
$
|
319,472
|
||||||||||
Net earnings
|
-
|
-
|
-
|
-
|
-
|
13,779
|
||||||||||||||||||
Cash dividends paid
|
||||||||||||||||||||||||
on preferred stock
|
-
|
-
|
-
|
-
|
-
|
(23
|
)
|
|||||||||||||||||
Equity incentive program
|
-
|
-
|
100
|
-
|
-
|
-
|
||||||||||||||||||
Stock issued for profit sharing plan
|
-
|
-
|
4
|
-
|
-
|
-
|
||||||||||||||||||
Contribution of 401(k) match
|
-
|
-
|
-
|
1,984
|
-
|
-
|
||||||||||||||||||
Purchase of treasury stock
|
-
|
-
|
-
|
(674
|
)
|
-
|
-
|
|||||||||||||||||
Preferred stock conversion
|
(90
|
)
|
3
|
87
|
-
|
-
|
-
|
|||||||||||||||||
Change in pension and postretirement
|
||||||||||||||||||||||||
benefits adjustment (net of tax $7,222)
|
-
|
-
|
-
|
-
|
11,296
|
-
|
||||||||||||||||||
Balance March 31, 2014
|
5,332
|
2,958
|
93,260
|
(29,894
|
)
|
(11,252
|
)
|
333,228
|
||||||||||||||||
Net earnings
|
-
|
-
|
-
|
-
|
-
|
9,899
|
||||||||||||||||||
Cash dividends paid
|
||||||||||||||||||||||||
on preferred stock
|
-
|
-
|
-
|
-
|
-
|
(23
|
)
|
|||||||||||||||||
Equity incentive program
|
-
|
-
|
100
|
-
|
-
|
-
|
||||||||||||||||||
Stock issued for profit sharing plan
|
-
|
1
|
56
|
-
|
-
|
-
|
||||||||||||||||||
Contribution of 401(k) match
|
-
|
-
|
-
|
2,123
|
-
|
-
|
||||||||||||||||||
Purchase of treasury stock
|
-
|
-
|
-
|
(33,506
|
)
|
-
|
-
|
|||||||||||||||||
Preferred stock conversion
|
(3,213
|
)
|
51
|
3,162
|
-
|
-
|
-
|
|||||||||||||||||
Change in pension and postretirement
|
||||||||||||||||||||||||
benefits adjustment (net of tax $13,140)
|
-
|
-
|
-
|
-
|
(20,552
|
)
|
-
|
|||||||||||||||||
Balance March 31, 2015
|
2,119
|
3,010
|
96,578
|
(61,277
|
)
|
(31,804
|
)
|
343,104
|
||||||||||||||||
Net earnings
|
-
|
-
|
-
|
-
|
-
|
54,458
|
||||||||||||||||||
Cash dividends paid
|
||||||||||||||||||||||||
on preferred stock
|
-
|
-
|
-
|
-
|
-
|
(23
|
)
|
|||||||||||||||||
Equity incentive program
|
-
|
-
|
33
|
-
|
-
|
-
|
||||||||||||||||||
Contribution of 401(k) match
|
-
|
-
|
-
|
1,820
|
-
|
-
|
||||||||||||||||||
Purchase of treasury stock
|
-
|
-
|
-
|
(6,252
|
)
|
-
|
-
|
|||||||||||||||||
Preferred stock conversion
|
(775
|
)
|
13
|
762
|
-
|
-
|
-
|
|||||||||||||||||
Change in pension and postretirement
|
||||||||||||||||||||||||
benefits adjustment (net of tax $2,179)
|
-
|
-
|
-
|
-
|
3,408
|
-
|
||||||||||||||||||
Balance March 31, 2016
|
$
|
1,344
|
$
|
3,023
|
$
|
97,373
|
$
|
(65,709
|
)
|
$
|
(28,396
|
)
|
$
|
397,539
|
Preferred Stock
|
Common Stock
|
|||||||||||||||||||||||
6
|
%
|
10
|
%
|
|||||||||||||||||||||
Cumulative Par
|
Cumulative Par
|
2003 Series
|
||||||||||||||||||||||
Value $.25
|
Value $.025
|
Participating
|
Participating
|
Class A
|
Class B
|
|||||||||||||||||||
Callable at Par
|
Convertible
|
Convertible Par
|
Convertible Par
|
Common Stock
|
Common Stock
|
|||||||||||||||||||
Voting
|
Voting
|
Value $.025
|
Value $.025
|
Par Value $.25
|
Par Value $.25
|
|||||||||||||||||||
Shares authorized and designated:
|
||||||||||||||||||||||||
March 31, 2016
|
200,000
|
1,400,000
|
90,826
|
500
|
20,000,000
|
10,000,000
|
||||||||||||||||||
Shares outstanding:
|
||||||||||||||||||||||||
March 31, 2014
|
200,000
|
807,240
|
90,901
|
257,790
|
8,735,714
|
2,013,953
|
||||||||||||||||||
March 31, 2015
|
200,000
|
807,240
|
90,826
|
50,500
|
7,926,280
|
1,967,958
|
||||||||||||||||||
March 31, 2016
|
200,000
|
807,240
|
90,826
|
500
|
$
|
7,918,069
|
$
|
1,894,599
|
||||||||||||||||
Stock amount
|
$
|
50
|
$
|
202
|
$
|
1,084
|
$
|
8
|
$
|
2,519
|
$
|
504
|
See notes to consolidated financial statements.
15
Notes to Consolidated Financial Statements
|
·
|
Level 1- Quoted prices for identical instruments in active markets.
|
·
|
Level 2- Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable.
|
·
|
Level 3- Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable.
|
Years ended March 31,
|
2016
|
2015
|
2014
|
|||||||||
(In thousands, except per share amounts)
|
||||||||||||
Basic
|
||||||||||||
Net earnings
|
$
|
54,458
|
$
|
9,899
|
$
|
13,779
|
||||||
Deduct preferred stock dividends
|
23
|
23
|
23
|
|||||||||
Undistributed earnings
|
54,435
|
9,876
|
13,756
|
|||||||||
Earnings attributable to participating
|
||||||||||||
preferred shareholders
|
544
|
160
|
438
|
|||||||||
Earnings attributable to common
|
||||||||||||
shareholders
|
$
|
53,891
|
$
|
9,716
|
$
|
13,318
|
||||||
Weighted average common shares
|
||||||||||||
outstanding
|
9,878
|
10,690
|
10,747
|
|||||||||
Basic earnings per common share
|
$
|
5.46
|
$
|
0.91
|
$
|
1.24
|
||||||
Diluted
|
||||||||||||
Earnings attributable to common
|
||||||||||||
shareholders
|
$
|
53,891
|
$
|
9,716
|
$
|
13,318
|
||||||
Add dividends on convertible
|
||||||||||||
preferred stock
|
20
|
20
|
20
|
|||||||||
Earnings attributable to common
|
||||||||||||
stock on a diluted basis
|
$
|
53,911
|
$
|
9,736
|
$
|
13,338
|
||||||
Weighted average common shares
|
||||||||||||
outstanding-basic
|
9,878
|
10,690
|
10,747
|
|||||||||
Additional shares to be issued related to
|
||||||||||||
the equity compensation plan
|
3
|
5
|
5
|
|||||||||
Additional shares to be issued under
|
||||||||||||
full conversion of preferred stock
|
67
|
67
|
67
|
|||||||||
Total shares for diluted
|
9,948
|
10,762
|
10,819
|
|||||||||
Diluted earnings per share
|
$
|
5.42
|
$
|
0.90
|
$
|
1.23
|
||||||
Purchase Price (net of cash received)
|
$
|
23.8
|
||
Allocated as follows:
|
||||
Current assets
|
$
|
36.6
|
||
Other long-term assets
|
1.4
|
|||
Property, plant and equipment
|
13.7
|
|||
Deferred taxes
|
(7.7
|
)
|
||
Current liabilities
|
(16.0
|
)
|
||
Other long-term liabilities
|
(4.2
|
)
|
||
Total
|
$
|
23.8
|
Purchase Price (net of cash received)
|
$
|
15.0
|
||
Allocated as follows:
|
||||
Current assets
|
$
|
16.8
|
||
Other long-term assets
|
0.5
|
|||
Property, plant and equipment
|
0.9
|
|||
Deferred taxes
|
0.4
|
|||
Current liabilities
|
(3.6
|
)
|
||
Total
|
$
|
15.0
|
4. Long-Term Debt
|
||||||||
2016
|
2015
|
|||||||
(In thousands)
|
||||||||
Revolving credit facility,
|
||||||||
1.95% and 1.92%, due through 2017
|
$
|
271,592
|
$
|
233,000
|
||||
Secured Industrial Revenue Development Bonds,
|
||||||||
3.02%, and 2.97%, due through 2029
|
22,630
|
22,630
|
||||||
Secured promissory note,
|
||||||||
6.98%, due through 2022
|
12,114
|
13,769
|
||||||
Lease financing obligations,
|
||||||||
2.62%, due through 2020
|
5,313
|
-
|
||||||
Secured promissory note,
|
||||||||
6.35%, due through 2020
|
2,474
|
3,122
|
||||||
2.00%, due through 2021
|
1,200
|
1,398
|
||||||
Other
|
216
|
245
|
||||||
315,539
|
274,164
|
|||||||
Less current portion
|
279,572
|
2,530
|
||||||
35,967
|
271,634
|
|||||||
Years ending March 31:
|
||||
2017
|
$
|
279,572
|
||
2018
|
7,904
|
|||
2019
|
3,034
|
|||
2020
|
2,531
|
|||
2021
|
7,019
|
|||
Thereafter
|
15,479
|
|||
Total
|
$
|
315,539
|
2016
|
2015
|
|||||||
Land
|
-
|
-
|
||||||
Buildings
|
$ |
5,313
|
-
|
|||||
Equipment
|
-
|
-
|
||||||
5,313
|
-
|
|||||||
Less accumulated amortization
|
89
|
-
|
||||||
$ |
5,224
|
-
|
Years ending March 31:
|
Operating
|
Capital
|
||||||||
2017
|
$
|
43,392
|
$
|
507
|
||||||
2018
|
38,649
|
507
|
||||||||
2019
|
33,746
|
507
|
||||||||
2020
|
28,784
|
507
|
||||||||
2021
|
22,379
|
507
|
||||||||
2022-2030
|
28,918
|
4,943
|
||||||||
Total minimum payment required
|
$
|
195,868
|
$
|
7,478
|
||||||
Less interest
|
2,247
|
|||||||||
Present value of minimum lease payments
|
5,231
|
|||||||||
Amount due within one year
|
243
|
|||||||||
Long-term capital lease obligation
|
$
|
4,988
|
Notes to Consolidated Financial Statements | ||||||||||||
6. Income Taxes
|
||||||||||||
The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows:
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
(In thousands)
|
||||||||||||
Current:
|
||||||||||||
Federal
|
$
|
24,579
|
$
|
4,380
|
$
|
7,238
|
||||||
State
|
1,953
|
453
|
123
|
|||||||||
26,532
|
4,833
|
7,361
|
||||||||||
Deferred:
|
||||||||||||
Federal
|
(689
|
)
|
(925
|
)
|
(3,231
|
)
|
||||||
State
|
156
|
313
|
(567
|
)
|
||||||||
(533
|
)
|
(612
|
)
|
(3,798
|
)
|
|||||||
Total income taxes
|
$
|
25,999
|
$
|
4,221
|
$
|
3,563
|
A reconciliation of the expected U.S. statutory rate to the effective rate follows:
|
2016
|
2015
|
2014
|
||||||||||||
Computed (expected tax rate)
|
35.0
|
%
|
35.0
|
%
|
35.0
|
%
|
||||||||
State income taxes (net of federal tax benefit)
|
2.7
|
2.9
|
3.4
|
|||||||||||
State tax credits
|
(0.9
|
)
|
(8.7
|
)
|
(1.6
|
)
|
||||||||
Federal credits
|
(0.4
|
)
|
(2.4
|
)
|
(3.6
|
)
|
||||||||
Manufacturer's deduction
|
(3.9
|
)
|
(5.0
|
)
|
(4.6
|
)
|
||||||||
(Reversal of) addition to uncertain tax positions
|
0.2
|
(1.0
|
)
|
(0.8
|
)
|
|||||||||
State VDA/Nexus Changes
|
-
|
-
|
(1.7
|
)
|
||||||||||
Other permanent differences not deductible
|
(0.2
|
)
|
0.7
|
0.5
|
||||||||||
Change in valuation allowance
|
0.1
|
9.9
|
(2.1
|
)
|
||||||||||
Tax effect of pension contribution
|
-
|
-
|
0.4
|
|||||||||||
Other
|
(0.3
|
)
|
(1.5
|
)
|
(4.4
|
)
|
||||||||
Effective income tax rate
|
32.3
|
%
|
29.9
|
%
|
20.5
|
%
|
2016
|
2015
|
|||||||
(In thousands)
|
||||||||
Deferred income tax assets:
|
||||||||
Future tax credits
|
$
|
3,807
|
$
|
4,021
|
||||
Inventory valuation
|
-
|
2,348
|
||||||
Employee benefits
|
3,174
|
3,009
|
||||||
Insurance
|
881
|
816
|
||||||
Other comprehensive loss
|
18,154
|
20,335
|
||||||
Interest
|
21
|
46
|
||||||
Prepaid revenue
|
571
|
701
|
||||||
Other
|
2,804
|
1,364
|
||||||
Pension
|
-
|
1,372
|
||||||
Severance
|
3
|
256
|
||||||
29,415
|
34,268
|
|||||||
Deferred income tax liabilities:
|
||||||||
Property basis and depreciation difference
|
9,330
|
9,129
|
||||||
481(a) adjustment
|
880
|
1,281
|
||||||
Inventory valuation
|
1,247
|
-
|
||||||
Intangibles
|
235
|
-
|
||||||
Earnings from equity investment
|
69
|
245
|
||||||
Pension
|
2,896
|
-
|
||||||
14,657
|
10,655
|
|||||||
Valuation allowance - non-current
|
1,861
|
1,787
|
||||||
Net deferred income tax asset
|
$
|
12,897
|
$
|
21,826
|
2016
|
2015
|
|||||||
(In thousands)
|
||||||||
Beginning balance
|
$
|
464
|
$
|
2,273
|
||||
Tax positions related to current year:
|
||||||||
Additions
|
291
|
13
|
||||||
Tax positions related to prior years:
|
||||||||
Additions
|
241
|
-
|
||||||
Reductions
|
(7
|
)
|
(1,822
|
)
|
||||
Settlements
|
(166
|
)
|
-
|
|||||
Lapses in statues of limitations
|
(129
|
)
|
-
|
|||||
Balance as of March 31,
|
$
|
694
|
$
|
464
|
2016
|
2015
|
|||||||
(In thousands)
|
||||||||
Change in Benefit Obligation
|
||||||||
Benefit obligation at beginning of year
|
$
|
212,908
|
$
|
170,478
|
||||
Service cost
|
10,502
|
8,515
|
||||||
Interest cost
|
8,902
|
8,236
|
||||||
Plan amendments
|
-
|
952
|
||||||
Actuarial (gain) loss
|
(11,340
|
)
|
30,556
|
|||||
Benefit payments and expenses
|
(6,936
|
)
|
(5,829
|
)
|
||||
Benefit obligation at end of year
|
$
|
214,036
|
$
|
212,908
|
||||
Change in Plan Assets
|
||||||||
Fair value of plan assets at beginning of year
|
$
|
157,948
|
$
|
154,650
|
||||
Actual gain on plan assets
|
2,126
|
8,777
|
||||||
Employer contributions
|
23,100
|
350
|
||||||
Benefit payments and expenses
|
(6,936
|
)
|
(5,829
|
)
|
||||
Fair value of plan assets at end of year
|
$
|
176,238
|
$
|
157,948
|
||||
Unfunded Status
|
$
|
(37,798
|
)
|
$
|
(54,960
|
)
|
Notes to Consolidated Financial Statements
|
||||||||
2016
|
2015
|
|||||||
(In thousands)
|
||||||||
Amounts Recognized in Accumulated Other
|
||||||||
Comprehensive Pre-Tax Loss
|
||||||||
Prior service cost
|
$
|
(843
|
)
|
$
|
(952
|
)
|
||
Net loss
|
(45,248
|
)
|
(50,883
|
)
|
||||
Accumulated other comprehensive pre-tax loss
|
$
|
(46,091
|
)
|
$
|
(51,835
|
)
|
Pension and
|
||||
post retirement plan
|
||||
adjustments, net
|
||||
of tax
|
||||
(In thousands)
|
||||
Accumulated Other Comprehensive Loss
|
||||
Balance at March 31, 2015
|
$
|
(31,804
|
)
|
|
Other comprehensive loss before reclassifications
|
3,408
|
|||
Reclassified from accumulated other comprehensive loss
|
-
|
|||
Net current period other comprehensive loss
|
3,408
|
|||
Balance at March 31, 2016
|
$
|
(28,396
|
)
|
The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2016, 2015, and 2014:
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
(In thousands)
|
||||||||||||
Service cost
|
$
|
10,502
|
$
|
8,515
|
$
|
7,752
|
||||||
Interest cost
|
8,902
|
8,236
|
7,592
|
|||||||||
Expected return on plan assets
|
(11,685
|
)
|
(11,360
|
)
|
(9,938
|
)
|
||||||
Amortization of net loss
|
3,854
|
350
|
2,434
|
|||||||||
Prior service cost
|
109
|
-
|
-
|
|||||||||
Net periodic benefit cost
|
$
|
11,682
|
$
|
5,741
|
$
|
7,840
|
Notes to Consolidated Financial Statements
|
||||||||
2016
|
2015
|
|||||||
Discount rate - projected benefit obligation
|
4.36
|
%
|
4.15
|
%
|
||||
Discount rate - pension expense
|
4.15
|
%
|
4.85
|
%
|
||||
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,
|
|||||||||||
2017
|
2016
|
2015
|
||||||||||
Plan Assets
|
||||||||||||
Equity securities
|
99
|
%
|
99
|
%
|
97
|
%
|
||||||
Debt securities
|
-
|
-
|
-
|
|||||||||
Real estate
|
-
|
-
|
-
|
|||||||||
Cash
|
1
|
1
|
3
|
|||||||||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
||||||
2016
|
2015
|
|||||||
Market Value
|
Market Value
|
|||||||
(In thousands)
|
||||||||
Assets by Industry Type
|
||||||||
Asset Category
|
||||||||
Cash and cash equivalents:
|
||||||||
Money market funds
|
$
|
1,497
|
$
|
5,545
|
||||
Total cash and cash equivalents
|
1,497
|
5,545
|
||||||
Common equity securities:
|
||||||||
Materials
|
9,379
|
5,460
|
||||||
Industrials
|
30,355
|
33,813
|
||||||
Telecommunication services
|
9,325
|
11,393
|
||||||
Consumer staples
|
33,048
|
23,410
|
||||||
Energy
|
14,658
|
15,062
|
||||||
Financials
|
34,891
|
32,808
|
||||||
Health Care
|
10,538
|
7,503
|
||||||
Information technology
|
9,681
|
5,608
|
||||||
Utilities
|
22,866
|
17,346
|
||||||
Total common equity securities
|
174,741
|
152,403
|
||||||
Total assets
|
$
|
176,238
|
$
|
157,948
|
Estimated future benefit payments reflecting expected future
|
||||||
service for the fiscal years ending March 31 (in thousands):
|
||||||
2017
|
$
|
6,799
|
||||
2018
|
7,394
|
|||||
2019
|
7,964
|
|||||
2020
|
8,577
|
|||||
2021
|
9,324
|
|||||
2022-2024
|
57,417
|
|||||
9. Fair Value of Financial Instruments
|
||||||||||||||||
The carrying amount and estimated fair values of the Company's debt are summarized as follows:
|
||||||||||||||||
2016
|
2015
|
|||||||||||||||
Carrying
|
Estimated
|
Carrying
|
Estimated
|
|||||||||||||
Amount
|
Fair Value
|
Amount
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Long-term debt, including
|
||||||||||||||||
current portion
|
$
|
315,539
|
$
|
315,478
|
$
|
274,164
|
$
|
274,999
|
||||||||
Capital leases, including
|
||||||||||||||||
current portion
|
$
|
5,231
|
$
|
5,076
|
$
|
-
|
$
|
-
|
2016
|
2015
|
2014
|
||||||||||
(In thousands)
|
||||||||||||
Finished products
|
$
|
467,337
|
$
|
414,154
|
$
|
418,368
|
||||||
In process
|
25,855
|
22,651
|
16,056
|
|||||||||
Raw materials and supplies
|
213,790
|
199,674
|
170,210
|
|||||||||
706,982
|
636,479
|
604,634
|
||||||||||
Less excess of FIFO cost over LIFO cost
|
139,275
|
164,067
|
153,384
|
|||||||||
Total inventories
|
$
|
567,707
|
$
|
472,412
|
$
|
451,250
|
Fruit and
|
||||||||||||||||
Vegetable
|
Snack
|
Other
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
2016:
|
||||||||||||||||
Net sales
|
$
|
1,239,179
|
$
|
12,336
|
$
|
23,845
|
$
|
1,275,360
|
||||||||
Operating income
|
87,120
|
1,164
|
265
|
88,549
|
||||||||||||
Interest expense, net
|
7,923
|
18
|
103
|
8,044
|
||||||||||||
Income tax expense
|
25,551
|
372
|
76
|
25,999
|
||||||||||||
Identifiable assets
|
888,968
|
2,697
|
3,662
|
895,327
|
||||||||||||
Capital expenditures
|
9,232
|
52
|
682
|
9,966
|
||||||||||||
Depreciation and amortization
|
20,438
|
351
|
948
|
21,737
|
||||||||||||
2015:
|
||||||||||||||||
Net sales
|
$
|
1,246,115
|
$
|
11,667
|
$
|
28,568
|
$
|
1,286,350
|
||||||||
Operating income
|
18,865
|
779
|
710
|
20,354
|
||||||||||||
Interest expense, net
|
6,778
|
12
|
72
|
6,862
|
||||||||||||
Income tax expense
|
3,775
|
225
|
221
|
4,221
|
||||||||||||
Identifiable assets
|
798,640
|
3,235
|
4,573
|
806,448
|
||||||||||||
Capital expenditures
|
22,177
|
157
|
1,400
|
23,734
|
||||||||||||
Depreciation and amortization
|
20,445
|
367
|
1,022
|
21,834
|
||||||||||||
2014:
|
||||||||||||||||
Net sales
|
$
|
1,302,857
|
$
|
11,496
|
$
|
25,855
|
$
|
1,340,208
|
||||||||
Operating income
|
22,365
|
872
|
1,669
|
24,906
|
||||||||||||
Interest expense, net
|
7,415
|
27
|
122
|
7,564
|
||||||||||||
Income tax expense
|
3,118
|
189
|
256
|
3,563
|
||||||||||||
Identifiable assets
|
761,078
|
3,770
|
4,005
|
768,853
|
||||||||||||
Capital expenditures
|
17,339
|
-
|
2,109
|
19,448
|
||||||||||||
Depreciation and amortization
|
21,842
|
394
|
1,045
|
23,281
|
Classes of similar products/services:
|
2016
|
2015
|
2014
|
|||||||||
(In thousands)
|
||||||||||||
Net Sales:
|
||||||||||||
Green Giant *
|
$
|
144,310
|
$
|
161,993
|
$
|
177,881
|
||||||
Canned vegetables
|
746,501
|
754,556
|
753,318
|
|||||||||
Frozen
|
94,710
|
94,648
|
107,109
|
|||||||||
Fruit
|
253,658
|
234,918
|
264,549
|
|||||||||
Snack
|
12,336
|
11,667
|
11,496
|
|||||||||
Other
|
23,845
|
28,568
|
25,855
|
|||||||||
Total
|
$
|
1,275,360
|
$
|
1,286,350
|
$
|
1,340,208
|
||||||
* Green Giant includes canned and frozen vegetables exclusively for GMOL or B&G Foods.
|
Long-Lived
|
||||||||||||||||
Asset
|
Other
|
|||||||||||||||
Severance
|
Charges
|
Costs
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Balance March 31, 2013
|
$
|
20
|
$
|
1,174
|
$
|
307
|
$
|
1,501
|
||||||||
Charge to expense
|
-
|
341
|
160
|
501
|
||||||||||||
Cash payments/write offs
|
(10
|
)
|
(1,515
|
)
|
(467
|
)
|
(1,992
|
)
|
||||||||
Balance March 31, 2014
|
10
|
-
|
-
|
10
|
||||||||||||
Charge to expense
|
842
|
264
|
270
|
1,376
|
||||||||||||
Cash payments/write offs
|
(137
|
)
|
-
|
-
|
(137
|
)
|
||||||||||
Balance March 31, 2015
|
715
|
264
|
270
|
1,249
|
||||||||||||
Charge to expense
|
162
|
5,065
|
5,075
|
10,302
|
||||||||||||
Cash payments/write offs
|
(877
|
)
|
(354
|
)
|
(1,448
|
)
|
(2,679
|
)
|
||||||||
Balance March 31, 2016
|
$
|
-
|
$
|
4,975
|
$
|
3,897
|
$
|
8,872
|
Class A:
|
2016
|
2015
|
||||||||||||||
Quarter
|
High
|
Low
|
High
|
Low
|
||||||||||||
First
|
$
|
31.63
|
$
|
27.60
|
$
|
32.65
|
$
|
27.55
|
||||||||
Second
|
31.09
|
26.00
|
31.80
|
28.08
|
||||||||||||
Third
|
31.00
|
25.85
|
29.99
|
25.06
|
||||||||||||
Fourth
|
35.78
|
26.90
|
30.08
|
25.25
|
Class B:
|
2016
|
2015
|
||||||||||||||
Quarter
|
High
|
Low
|
High
|
Low
|
||||||||||||
First
|
$
|
34.93
|
$
|
32.00
|
$
|
35.99
|
$
|
27.91
|
||||||||
Second
|
43.85
|
32.00
|
32.97
|
30.30
|
||||||||||||
Third
|
36.00
|
32.00
|
33.25
|
30.40
|
||||||||||||
Fourth
|
44.88
|
32.00
|
41.00
|
30.50
|
First
|
Second
|
Third
|
Fourth
|
|||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
Year ended March 31, 2016:
|
||||||||||||||||
Net sales
|
$
|
226,258
|
$
|
313,202
|
$
|
432,198
|
$
|
303,702
|
||||||||
Gross margin
|
20,899
|
29,073
|
53,382
|
44,041
|
||||||||||||
Net earnings
|
2,968
|
6,522
|
31,123
|
13,845
|
||||||||||||
Basic earnings per common share
|
0.30
|
0.65
|
3.12
|
1.39
|
||||||||||||
Diluted earnings per common share
|
0.29
|
0.65
|
3.10
|
1.38
|
||||||||||||
Year ended March 31, 2015:
|
||||||||||||||||
Net sales
|
$
|
240,043
|
$
|
312,161
|
$
|
456,207
|
$
|
277,939
|
||||||||
Gross margin
|
17,341
|
17,133
|
26,435
|
23,454
|
||||||||||||
Net (loss) earnings
|
(107
|
)
|
(578
|
)
|
7,819
|
2,765
|
||||||||||
Basic (loss) earnings per common share
|
(0.01
|
)
|
(0.05
|
)
|
0.72
|
0.26
|
||||||||||
Diluted (loss) earnings per common share
|
(0.01
|
)
|
(0.05
|
)
|
0.71
|
0.26
|
||||||||||
Name
Diana Fruit Co., Inc.
|
State
California
|
Dundee Insurance Company, Inc.
Gray & Company Gray Glace Products Company
|
Utah
Oregon Oregon |
Green Valley Foods LLC
|
Delaware
|
Lebanon Valley Cold Storage, LLC
|
Pennsylvania
|
Lebanon Valley Cold Storage, LP
|
Pennsylvania
|
Marion Foods, Inc.
Portland Food Products Company
|
New York
Oregon |
Seneca Foods, LLC
|
Delaware
|
Seneca Snack Company
|
Washington
|
1. | I have reviewed this annual report on Form 10-K of Seneca Foods Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
Dated: June 8, 2016
|
By: /s/Kraig H. Kayser
______________________
|
Kraig H. Kayser
President and Chief Executive Officer
|
1. | I have reviewed this annual report on Form 10-K of Seneca Foods Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
Dated: June 8, 2016
|
By: /s/ Timothy J. Benjamin
________________________
|
Timothy J. Benjamin
Senior Vice President, Chief Financial Officer and Treasurer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
By: /s/Kraig H. Kayser
_____________________________
|
|
Kraig H. Kayser
President and Chief Executive Officer
June 8, 2016
|
By: /s/Timothy J. Benjamin
_______________________________
|
|
Senior Vice President, Chief Financial Officer and Treasurer
June 8, 2016
|
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Jun. 03, 2016 |
Oct. 01, 2015 |
|
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document period end date | Mar. 31, 2016 | ||
Amendment flag | false | ||
Document Period Focus | FY | ||
Document Fiscal Year Focus | 2016 | ||
Current fiscal year end date | --03-31 | ||
Entity central index key | 0000088948 | ||
Entity current reporting status | Yes | ||
Entity filer category | Accelerated Filer | ||
Entity registrant name | SENECA FOODS CORP /NY/ | ||
Entity voluntary filers | No | ||
Entity well known seasoned issuer | No | ||
Class Of Stock [Line Items] | |||
Trading Symbol | SENEA | ||
Entity public float | $ 191,810,000 | ||
Common Class A Member | |||
Class Of Stock [Line Items] | |||
Entity common stock shares outstanding | 7,918,069 | ||
Common Class B Member | |||
Class Of Stock [Line Items] | |||
Entity common stock shares outstanding | 1,894,599 |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Income Statement [Abstract] | |||
Net Sales | $ 1,275,360 | $ 1,286,350 | $ 1,340,208 |
Costs and Expenses: | |||
Cost of Product Sold | 1,127,965 | 1,201,987 | 1,247,943 |
Selling and Administrative | 73,515 | 67,381 | 70,129 |
Plant Restructuring | 10,302 | 1,376 | 501 |
Other Operating (Income) Expense | (24,971) | (4,748) | (3,271) |
Total Costs and Expenses | 1,186,811 | 1,265,996 | 1,315,302 |
Operating Income (Loss) | 88,549 | 20,354 | 24,906 |
Earnings from equity investment | 48 | (628) | 0 |
Interest Expense, Net | 8,044 | 6,862 | 7,564 |
Earnings (Loss) Before Income Taxes | 80,457 | 14,120 | 17,342 |
Income Taxes Expense (Benefit) | 25,999 | 4,221 | 3,563 |
Net Earnings (Loss) | $ 54,458 | $ 9,899 | $ 13,779 |
Basic Earnings (Loss) per Common Share | $ 5.46 | $ 0.91 | $ 1.24 |
Diluted Earnings (Loss) per Common Share | $ 5.42 | $ 0.9 | $ 1.23 |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (PARENTHETICAL) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Income Statement [Abstract] | |||
Interest Income, Operating | $ 54 | $ 18 | $ 4 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Statement of Income and Comprehensive Income [Abstract] | |||
Net (Loss) Earnings | $ 54,458 | $ 9,899 | $ 13,779 |
Change in pension and post retirement benefits adjustment (net of tax) | 3,408 | (20,552) | 11,296 |
Total | $ 57,866 | $ (10,653) | $ 25,075 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Statement of Income and Comprehensive Income [Abstract] | |||
Change in pension and post retirement benefits adjustment tax | $ 2,179 | $ 13,140 | $ 7,222 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Mar. 31, 2015 |
---|---|---|
Statement Of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 111 | $ 145 |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) |
Total |
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid In Capital [Member] |
Treasury Stock [Member] |
Accumulated Other Comprehensive Income [Member] |
Retained Earnings [Member] |
---|---|---|---|---|---|---|---|
Balance at Mar. 31, 2013 | $ 5,422,000 | $ 2,955,000 | $ 93,069,000 | $ (31,204,000) | $ (22,548,000) | $ 319,472,000 | |
Net (Loss) Earnings | $ 13,779,000 | 13,779,000 | |||||
Cash dividends paid on preferred stock | (23,000) | ||||||
Equity incentive program | 100,000 | ||||||
Stock issued for bonus program | 4,000 | ||||||
401 (k) match stock amount | 1,984,000 | ||||||
Treasury stock purchased | (674,000) | ||||||
Stock conversion | (90,000) | 3,000 | 87,000 | ||||
Change in pension and post retirement benefits adjustment (net of tax) | (11,296,000) | 11,296,000 | |||||
Balance at Mar. 31, 2014 | 5,332,000 | 2,958,000 | 93,260,000 | (29,894,000) | (11,252,000) | 333,228,000 | |
Net (Loss) Earnings | 9,899,000 | 9,899,000 | |||||
Cash dividends paid on preferred stock | (23,000) | ||||||
Equity incentive program | 100,000 | ||||||
Stock issued for bonus program | 1,000 | 56,000 | |||||
401 (k) match stock amount | 2,200,000 | 2,123,000 | |||||
Treasury stock purchased | (33,506,000) | ||||||
Stock conversion | (3,213,000) | 51,000 | 3,162,000 | ||||
Change in pension and post retirement benefits adjustment (net of tax) | 20,552,000 | (20,552,000) | |||||
Balance at Mar. 31, 2015 | 351,730,000 | 2,119,000 | 3,010,000 | 96,578,000 | (61,277,000) | (31,804,000) | 343,104,000 |
Net (Loss) Earnings | 54,458,000 | 54,458,000 | |||||
Cash dividends paid on preferred stock | (23,000) | (23,000) | |||||
Equity incentive program | 33,000 | ||||||
401 (k) match stock amount | 1,800,000 | 1,820,000 | |||||
Treasury stock purchased | (6,252,000) | ||||||
Stock conversion | (775,000) | 13,000 | 762,000 | ||||
Change in pension and post retirement benefits adjustment (net of tax) | (3,408,000) | 3,408,000 | |||||
Balance at Mar. 31, 2016 | $ 405,174,000 | $ 1,344,000 | $ 3,023,000 | $ 97,373,000 | $ (65,709,000) | $ (28,396,000) | $ 397,539,000 |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Change in pension and post retirement benefits adjustment tax | $ 2,179 | $ 13,140 | $ 7,222 |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (preferred stock common stock) - USD ($) $ in Thousands |
Total |
6% Cumulative Preferred Stock [Member] |
10% Nonredeemable Convertible Preferred Stock [Member] |
Participating Preferred Stock [Member] |
2003 Series Participating Preferred Stock [Member] |
Common Class A Member |
Common Class B Member |
---|---|---|---|---|---|---|---|
Preferred Stock, Shares Outstanding | 200,000 | 807,240 | 90,826 | 50,500 | |||
Common Stock, Shares, Outstanding | 7,926,280 | 1,967,958 | |||||
Preferred Stock | $ 2,119 | ||||||
Common Stock | 3,010 | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 10.00% | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.025 | $ 0.025 | $ 0.025 | |||
Common Stock Par Or Stated Value Per Share | $ 0.25 | $ 0.25 | |||||
Preferred Stock, Shares Authorized | 200,000 | 1,400,000 | 90,826 | 500 | |||
Common Stock, Shares Authorized | 20,000,000 | 10,000,000 | |||||
Preferred Stock, Shares Outstanding | 200,000 | 807,240 | 90,826 | 500 | |||
Common Stock, Shares, Outstanding | 7,918,069 | 1,894,599 | |||||
Preferred Stock | 1,344 | $ 50 | $ 202 | $ 1,084 | $ 8 | ||
Common Stock | $ 3,023 | $ 2,519 | $ 504 |
Basis Of Presentation Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Seneca Foods Corporation and Subsidiaries 1. Summary of Significant Accounting Policies Nature of Operations — Seneca Foods Corporation (the “Parent Company”) and subsidiaries (the “Company”) conducts its business almost entirely in food packaging, operating 28 plants and 32 warehouses in ten states. The Company markets private label and branded packaged foods to retailers and institutional food distributors. Principles of Consolidation — The consolidated financial statements include the accounts for the Parent Company and all of its wholly-owned subsidiaries after elimination of intercompany transactions, profits, and balances. Revenue Recognition — Sales and related cost of product sold are recognized when legal title passes to the purchaser, which is primarily upon shipment of products. When customers, under the terms of specific orders, request that the Company invoice but hold the goods (“Bill and Hold”) for future shipment, the Company recognizes revenue when legal title to the finished goods inventory passes to the purchaser. Generally, the Company receives cash from the purchaser when legal title passes. During the years ended March 31, 2016 and 2015, the Company sold for cash, on a bill and hold basis, $126.1 million and $138.6 million, respectively, of Green Giant finished goods inventory. At the time of the sale of the Green Giant vegetables, title of the specified inventory transferred. The Company believes it has met the criteria required by the accounting standards for Bill and Hold treatment. As of March 31, 2016, $58.8 million of 2016 product remained unshipped. 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 take extended periods of time. Concentration of Credit Risk — Financial instruments that potentially subject the Company to credit risk consist of trade receivables and interest-bearing investments. Wholesale and retail food distributors comprise a significant portion of the trade receivables; collateral is generally not required. A relatively limited number of customers account for a large percentage of the Company’s total sales. GMOL sales represented 11%, 13% and 13% of net sales in each of 2016, 2015 and 2014, respectively. The top ten customers, including GMOL, represented approximately 48%, 49% and 50% of net sales for 2016, 2015 and 2014, respectively. The Company closely monitors the credit risk associated with its customers. The Company places substantially all of its interest-bearing investments with financial institutions and monitors credit exposure. Cash and short-term investments in certain accounts exceed the federal insured limit; however, the Company has not experienced any losses in such accounts. Cash Equivalents — The Company considers all highly liquid instruments purchased with an original maturity of three months or less as cash equivalents. Fair Value of Financial Instruments — The carrying values of cash and cash equivalents (Level 1), accounts receivable, short-term debt (Level 2) and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. See Note 9, Fair Value of Financial Instruments, for a discussion of the fair value of long-term debt. The three-tier value hierarchy is utilized to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobserved inputs (Level 3). The three levels are defined as follows:
Deferred Financing Costs — Deferred financing costs incurred in obtaining debt are amortized on a straight-line basis over the term of the debt, which is not materially different than using the effective interest rate method. As of March 31, 2016, there were $0.1 million of unamortized financing cost included in other current assets and $0.1 million of unamortized financing costs included in other assets on the Consolidated Balance Sheets. Inventories — Substantially all inventories are stated at the lower of cost; determined under the last-in, first-out (“LIFO”) method; or market. Income Taxes — The provision for income taxes includes federal and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities and tax credit carryforwards. The Company uses the flow-through method to account for its investment tax credits. The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. Shipping and Handling Costs — The Company includes all shipping and handling costs billed to customers in net sales and the corresponding costs in cost of products sold. The shipping and handling costs billed to customers in net sales were $38.3 million, $38.8 million and $41.3 million in 2016, 2015, and 2014, respectively. Advertising Costs — Advertising costs are expensed as incurred. Advertising costs charged to operations were $2.0 million, $1.7 million and $1.5 million in 2016, 2015 and 2014, respectively. Accounts Receivable and Doubtful Accounts — Accounts receivable is stated at invoice value, which is net of any off invoice promotions. A provision for doubtful accounts is recorded based upon an assessment of credit risk within the accounts receivable portfolio, experience of delinquencies (accounts over 15 days past due) and charge-offs (accounts removed from accounts receivable for expectation of non-payment), and current market conditions. Management believes these provisions are adequate based upon the relevant information presently available. Earnings per Common Share — The Company has three series of convertible preferred stock, which are deemed to be participating securities that are entitled to participate in any dividend on Class A common stock as if the preferred stock had been converted into common stock immediately prior to the record date for such dividend. Basic earnings per share for common stock is calculated using the “two-class” method by dividing the earnings attributable to common stockholders by the weighted average of common shares outstanding during the period. Restricted stock is included in all earnings per share calculations. 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.
Depreciation and Valuation — Property, plant, and equipment are stated at cost. Interest incurred during the construction of major projects is capitalized. For financial reporting, the Company provides for depreciation on the straight-line method at rates based upon the estimated useful lives of the various assets. Depreciation was $21.4 million, $21.5 million, and $22.9 million in 2016, 2015, and 2014, respectively. The estimated useful lives are as follows: buildings and improvements — 30 years; machinery and equipment — 10-15 years; computer software — 3-5 years; vehicles — 3-7 years; and land improvements — 10-20 years. 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. There were $5.1 million of impairment losses in 2016 included in Plant Restructuring (see Note 14, Plant Restructuring). There were no significant impairment losses in 2015 and 2014. Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimated. Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for the Company on April 1, 2018 (beginning of fiscal 2019). Early adoption is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. The Company does not anticipate a material impact on the Company's financial position, results of operations or cash flows as a result of this change. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes which requires that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and be presented as a single noncurrent amount in a classified balance sheet. This standard is effective for the Company for fiscal years beginning after December 15, 2017 (beginning of fiscal 2019). Early adoption is permitted. The Company adopted this standard during 2016 on a prospective basis. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018 (beginning fiscal 2020), including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. While we are still evaluating the impact of our pending adoption of the new standard on our consolidated financial statements, we expect that upon adoption we will recognize ROU assets and lease liabilities and that the amounts could be material. Reclassifications — Certain previously reported amounts have been reclassified to conform to the current period classification |
Acquisitions |
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Acquisitions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure Text Block | 2. Acquisitions In October 2015, the Company completed the acquisition of 100% of the stock of Gray & Company. The business, based in Hart, Michigan, is a processor of maraschino cherries and a provider of glace or candied fruit products. This acquisition includes a plant in Dayton, Oregon. The purchase price was approximately $23.8 million (net of cash acquired) plus the assumption of certain liabilities. In conjunction with the closing, the Company paid off $12.0 million of liabilities acquired. The rationale for the acquisition was twofold: (1) the business is a complementary fit with the existing business and (2) it provides an extension of the Company’s product offerings. This acquisition was financed with proceeds from the Company's revolving credit facility. The purchase price to acquire Gray & Company was allocated based on the internally developed preliminary fair value of the assets acquired and liabilities assumed and the independent valuation of inventory, intangibles, and property, plant, and equipment. The purchase price of $23.8 million has been allocated as follows (in thousands):
In February 2016, the Company completed the acquisition of 100% of the stock of Diana Fruit Co., Inc. The business, based in Santa Clara, California, is a processor of maraschino cherries and cherries for fruit cocktail. The purchase price was approximately $15.0 million (net of cash acquired) plus the assumption of certain liabilities. In conjunction with the closing, the Company paid off $1.4 million of liabilities acquired. The rationale for the acquisition was the business is a complementary fit with the recent acquisition of Gray & Company. This acquisition was financed with proceeds from the Company's revolving credit facility. The purchase price to acquire Diana was allocated based on the internally developed preliminary fair value of the assets acquired and liabilities assumed and the preliminary independent valuation of inventory, intangibles, and property, plant, and equipment. The purchase price of $15.0 million has been allocated as follows (in thousands):
The Company’s Consolidated Statement of Net Earnings for the year ended March 31, 2016 includes five months of the acquired Gray & Company and one month of Diana Fruit operating results which amounted to Net Sales of $25.5 million and Net Loss of $1.7 million. If Gray and Diana had been acquired at the beginning of the year ended March 31, 2015, total Net Sales would be $1,324.8 million (unaudited) for 2016 and $1,363.7 million (unaudited) for 2015 and Net Earnings would have been $54.2 million (unaudited) for 2016 and $8.6 million (unaudited) for 2015. In April 2014, the Company purchased a 50% equity interest in Truitt Bros. Inc. ("Truitt") for $16.2 million. The purchase agreement grants the Company the right to acquire the remaining 50% ownership of Truitt in the future under certain conditions. Truitt is known for its industry innovation related to packing shelf stable foods in trays, pouches and bowls. Truitt has two state-of-the-art plants located in Oregon and Kentucky. This investment is included in Other Assets in the Consolidated Balance Sheets as of March 31, 2016 and is accounted for using the equity method of accounting. |
Short-Term Borrowings |
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Debt Instruments [Abstract] | |
Debt Disclosure Text Block | 3. Short-Term Borrowings The Company completed the closing of a five-year revolving credit facility (“Revolver”) on July 20, 2011. During 2016, the Company exercised $75.0 million for the in-season facility and $100.0 million for the off-season facility of the remaining $150.0 million accordion feature of its existing revolving credit facility pursuant to the Second Amended and Restated Loan and Security Agreement dated July 20, 2011. Maximum borrowings under the Revolver total $400.0 million from April through July and $475.0 million from August through March. The Revolver balance as of March 31, 2016 was $271.6 million and is included in Current Portion of Long-Term Debt in the accompanying Consolidated Balance Sheet due to the Revolver’s July 20, 2016 maturity, with a weighted average interest rate of 1.95% (LIBOR plus a spread). The Revolver is secured by accounts receivable and inventories with a carrying value of $644.6 million. The Company had $13.2 million and $11.0 million of outstanding standby letters of credit as of March 31, 2016 and 2015, respectively, which reduces borrowing availability under the Revolver. See Note 4, Long-Term Debt, for additional comments related to the Revolver. The Company is in the process of negotiating a replacement line of credit that is expected to be in place prior to the maturity of the existing Revolver. Although subject to change, the agreement being negotiated provides for a five-year term, a $400.0 million facility amount that is seasonally adjusted to $500.0 million, and interest based upon LIBOR-based spread. Closing of this new credit facility is subject to normal and customary documentation and closing conditions. During 2016 and 2015, the Company entered into some interim lease notes which financed down payments for various equipment orders at market rates. As of March 31, 2016, these interim notes had not been converted into operating leases since the equipment was not yet delivered. These notes, which total $0.4 million and $9.9 million as of March 31, 2016 and 2015, respectively, are included in notes payable in the accompanying Consolidated Balance Sheets. These notes are expected to be converted into operating leases within the next twelve months. Until then, they bear interest at an annual rate of 1.94% in 2016 and 1.67% in 2015. |
Long-Term Debt |
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Long-term Debt, Unclassified [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt [Text Block] |
See Note 3, Short-Term Borrowings, for discussion of the Revolver. The Company’s debt agreements, including the Revolver, contain covenants that restrict the Company’s ability to incur additional indebtedness, pay dividends on the Company’s capital stock, make other restricted payments, including investments, sell the Company’s assets, incur liens, transfer all or substantially all of the Company’s assets and enter into consolidations or mergers. The Company’s debt agreements also require the Company to meet certain financial covenants, including a minimum fixed charge coverage ratio. The Revolver also contains borrowing base requirements related to accounts receivable and inventories. These financial requirements and ratios generally become more restrictive over time and are subject to allowances for seasonal fluctuations. The most restrictive financial covenant in the debt agreements is the fixed charge coverage ratio within the Master Reimbursement Agreement with Wells Fargo, which relates to the Secured Industrial Revenue Development Bonds. In connection with the Company’s decision to adopt the LIFO method of inventory accounting, effective December 30, 2007, the Company executed amendments to its debt agreements, which enable the Company to compute its financial covenants as if the Company were on the FIFO method of inventory accounting. The Company was in compliance with all such financial covenants as of March 31, 2016. 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 outstanding classes of preferred stock. The Company has four outstanding Industrial Revenue Development Bonds (“IRBs”), totaling $22.6 million that are secured by direct pay letters of credit. The interest rates shown for these IRBs in the table above reflect the costs of the direct pay letters of credit and amortization of other related costs of those IRBs. A Master Reimbursement Agreement with Wells Fargo, which provides for the direct pay letters of credit, expires in July 2016. The Company entered into sale-leaseback transaction that did not qualify for sale-leaseback accounting due to certain forms of continuing involvement and, as a result, the lease was classified as a financing transaction in the Company’s consolidated financial statements. Under the financing method, the assets remain on the consolidated balance sheet and the net proceeds received by the Company from these transactions are recorded as a lease financing liability. Payments under these leases are applied as payments of imputed interest and deemed principal on the underlying financing obligations. This lease generally provides for an initial term of 10 years with a nine year buyout option. On August 1, 2013, the Company paid a final $36.7 million principal payment due on a secured note payable to John Hancock Life Insurance Company. The carrying value of assets pledged for secured debt, including the Revolver, is $752.8 million. Debt repayment requirements for the next five fiscal years are (in thousands):
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Operating Leases |
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Leases, Operating [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases Of Lessor Disclosure Text Block | 5. Leases The Company had a new capital lease in fiscal 2016 and no capital leases as of March 31, 2015. The new capital lease is a building lease that bears an interest rate of 5.2%. The cost is $5.3 million and the accumulated amortization is $0.1 million. Leased assets under capital leases consist of the following:
The Company has operating leases expiring at various dates through 2030. Operating leases generally provide for early purchase options one year prior to expiration. The following is a schedule, by year, of minimum operating and capital lease payments due as of March 31, 2016 (in thousands):
Lease expense in fiscal 2016, 2015 and 2014 was $51.4 million, $49.6 million and $43.9 million, respectively. |
Income Tax Disclosure |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure Text Block |
The effective tax rate was 32.3% in 2016 and 29.9% in 2015. Of the 2.4 percentage point increase in the effective tax rate for the year, the major contributor to this increase is with the federal credits for Research and Development, Work Opportunity Tax Credit and fuel. These credits are largely fixed and with the significant increase in pre-tax earnings for 2016, these credits are a smaller percentage of pre-tax earnings in comparison to 2015. This accounts for 2.0 percent of the increase. The following is a summary of the significant components of the Company's deferred income tax assets and liabilities as of March 31:
Net current deferred income tax assets of none and $7.0 million as of March 31, 2016 and 2015, respectively, are recognized in the Consolidated Balance Sheets. Also recognized are net non-current deferred income tax assets of $12.9 million as of March 31, 2016 and net non-current deferred income tax liabilities of $14.8 million as of March 31, 2015. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes which requires that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and be presented as a single noncurrent amount in a classified balance sheet. This standard is effective for the Company for fiscal years beginning after December 15, 2017 (beginning of fiscal 2019). Early adoption is permitted. The Company adopted this standard during 2016 on a prospective basis. Prior periods were not retrospectively adjusted. The Company has State tax credit carryforwards amounting to $1.2 million (California, net of Federal impact), $0.8 million (New York, net of Federal impact), and $1.7 million (Wisconsin, net of Federal impact), which are available to reduce future taxes payable in each respective state through 2031 (Wisconsin), through 2031 (New York), and through 2026 (California). The Company has performed the required assessment regarding the realization of deferred tax assets and at March 31, 2016, the Company has recorded a valuation allowance amounting to $1.9 million, which relates primarily to tax credit carryforwards which management has concluded it is more likely than not they will not be realized in the ordinary course of operations. Although realization is not assured, management has concluded that it is more likely than not that the deferred tax assets for which a valuation allowance was determined to be unnecessary will be realized in the ordinary course of operations. The amount of net deferred tax assets considered realizable, however, could be reduced if actual future income or income taxes rates are lower than estimated or if there are differences in the timing or amount of future reversals of existing taxable or deductible temporary differences. 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, 2016 and 2015 consists of the following:
Neither balances at March 31, 2016 and 2015 include tax positions that are highly certain but for which there is uncertainty about the timing. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of these positions would not impact the annual effective tax rate but would accelerate the payment of cash to the tax authority to an earlier period. 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, 2016 and 2015, the Company recognized approximately $0.1 million decrease and $0.1 million decrease, respectively, in interest and penalties. As of March 31, 2016 and 2015, the Company had approximately $0.1 million and $0.1 million, respectively, of interest and penalties accrued associated with unrecognized tax benefits. Although management believes that an adequate provision has been made for uncertain tax positions, there is the possibility that the ultimate resolution could have an adverse effect on the earnings of the Company. Conversely, if resolved favorably in the future, the related provisions would be reduced, thus having a positive impact on earnings. It is anticipated that audit settlements will be reached during 2017 with federal and state taxing authorities that could have an impact on earnings. Due to the uncertainty of amounts and in accordance with its accounting policies, the Company has not recorded any potential impact of these settlements. The federal income tax returns for years after March 31, 2013 are subject to examination. |
Stockholders Equity Note |
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Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure Text Block | 7. Stockholders’ Equity Preferred Stock — The Company has authorized three classes of preferred stock consisting of 200,000 shares of Six Percent (6%) Voting Cumulative Preferred Stock, par value $0.25 (“6% Preferred”); 30,000 shares of Preferred Stock Without Par Value to be issued in series by the Board of Directors, none of which are currently designated or outstanding; and 8,200,000 shares of Preferred Stock with $.025 par value, Class A, to be issued in series by the Board of Directors (“Class A Preferred”). The Board of Directors has designated four series of Class A Preferred including 10% Cumulative Convertible Voting Preferred Stock—Series A (“Series A Preferred”); 10% Cumulative Convertible Voting Preferred Stock—Series B (“Series B Preferred”); Convertible Participating Preferred Stock; and Convertible Participating Preferred Stock, Series 2003. The Convertible Participating Preferred Stock and Convertible Participating Preferred Stock, Series 2003 are convertible at the holders’ option on a one-for-one basis into shares of Class A Common Stock, subject to antidilution adjustments. These series of preferred stock have the right to receive dividends and distributions at a rate equal to the amount of any dividends and distributions declared or made on the Class A Common Stock. No dividends were declared or paid on this preferred stock in fiscal 2016, 2015 or 2014. In addition, these series of preferred stock have certain distribution rights upon liquidation. Upon conversion, shares of these series of preferred stock become authorized but unissued shares of Class A Preferred and may be reissued as part of another series of Class A Preferred. As of March 31, 2016, the Company has an aggregate of 6,708,674 shares of non-designated Class A Preferred authorized for issuance. The Convertible Participating Preferred Stock has a liquidation preference of $12 per share and a stated value of $11.931 per share. There were 90,826 shares outstanding as of March 31, 2016 after conversions of no shares into Class A Common Stock during the year. The Convertible Participating Preferred Stock, Series 2003 was issued as partial consideration of the purchase price in the Chiquita Processed Foods acquisition. The 967,742 shares issued in that 2003 acquisition were valued at $16.60 per share which represented the then market value of the Class A Common Stock into which the preferred shares were immediately convertible. This series has a liquidation preference of $15.50 per share and has 500 shares outstanding as of March 31, 2016 after conversion of 50,000 shares into Class A Common Stock during the year. There are 407,240 shares of Series A Preferred outstanding as of March 31, 2016 which are convertible into one share of Class A Common Stock and one share of Class B Common stock for every 20 shares of Series A Preferred. There are 400,000 shares of Series B Preferred outstanding as of March 31, 2016 which are convertible into one share of Class A Common Stock and one share of Class B Common Stock for every 30 shares of Series B preferred. There are 200,000 shares of 6% Preferred outstanding as of March 31, 2016 which are callable at their par value at any time at the option of the Company. The Company paid dividends of $20,000 on the Series A and Series B Preferred and $3,000 on the 6% Preferred during each of fiscal 2016, 2015 and 2014. Common Stock — The Class A Common Stock and the Class B Common Stock have substantially identical rights with respect to any dividends or distributions of cash or property declared on shares of common stock, and rank equally as to the right to receive proceeds on liquidation or dissolution of the Company after payment of the Company’s indebtedness and liquidation right to the holders of preferred shares. However, holders of Class B Common Stock retain a full vote per share, whereas the holders of Class A Common Stock have voting rights of 1/20th of one vote per share on all matters as to which shareholders of the Company are entitled to vote. During 2016, there were no shares of Class B Common Stock issued in lieu of cash compensation under the Company's Profit Sharing Bonus Plan. 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, 2016 and 2015. Additionally, there were 91,326 and 141,326 shares of Class A reserved for conversion of the Participating Preferred Stock as of March 31, 2016 and 2015, respectively. Treasury Stock — During 2016, the Company repurchased $2.6 million, or 90,500 shares of its Class A Common Stock and $2.6 million, or 73,459 shares of its Class B Common Stock. As of March 31, 2016, there is a total of $65.7 million, or 2,281,550 shares, of repurchased stock. These shares are not considered outstanding. The Company contributed $1.8 million or 64,254 treasury shares for the 401(k) match in 2016 as described in Note 8, Retirement Plans. |
Retirement Plans |
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General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension And Other Postretirement Benefits Disclosure Text Block | 8. Retirement Plans The Company has a noncontributory defined benefit pension plan (the “Plan”) covering all employees who meet certain age-entry requirements and work a stated minimum number of hours per year. Annual contributions are made to the Plan sufficient to satisfy legal funding requirements. The following tables provide a reconciliation of the changes in the Plan’s benefit obligation and fair value of plan assets over the two-year period ended March 31, 2016 and a statement of the unfunded status as of March 31, 2016 and 2015:
The unfunded status decreased by $17.2 million during 2016 reflecting the actual fair value of plan assets and the projected benefit obligation as of March 31, 2016. This unfunded status reduction was recognized via the actual gain on plan assets and the decrease in accumulated other comprehensive loss of $3.5 million after the income tax benefit of $2.2 million. The increase in projected benefit obligation was a function of using the full yield curve approach, an increase in the discount rate from 4.15% to 4.36% and the change to using an updated mortality table. During 2016, the Company converted to the 2006 base rates from the RP-2014 mortality study with the Blue Collar adjustment, with a generational projection of future mortality improvements from 2006 using Scale MP-2015 for calculating the pension obligation in 2016 and the related pension expense in 2017. Effective March 31, 2016, the Company elected to change the approach used to calculate the service and interest cost components of the net periodic benefit cost for it pension and postretirement benefit plans to provide a more precise measurement of service and interest costs. Historically the Company calculated the service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. Going forward the new estimate utilizes a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in determination of the benefit obligation to their underlying projected cash flows. The change does not affect the measurement of pension and postretirement obligations and is accounted for as a change in accounting estimate, which is applied prospectively. Plan assets increased from $157.9 million as of March 31, 2015 to $176.2 million as of March 31, 2016 due to a continued recovery in market conditions and the $23.1 million contribution by the Company. The Company made this contribution to maintain its funding status at an acceptable level.
The Plan’s accumulated benefit obligation was $195.3 million at March 31, 2016, and $188.5 million at March 31, 2015. 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% of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants. The assumptions used to measure the Company’s benefit obligation and pension expense are shown in the following table:
All securities, which are valued at fair market value, are considered to be level 1, due to the active public market.
Expected Return on Plan Assets The expected long-term rate of return on Plan assets is 7.25%. The Company expects 7.25% to fall within the 40-to-50 percentile range of returns on investment portfolios with asset diversification similar to that of the Plan’s target asset allocation. Investment Policy and Strategy The Company maintains an investment policy designed to achieve a long-term rate of return, including investment income through dividends and equity appreciation, sufficient to meet the actuarial requirements of the Plan. The Company seeks to accomplish its return objectives by prudently investing in a diversified portfolio of public company equities with broad industry representation seeking to provide long-term growth consistent with the performance of relevant market indices, as well as maintain an adequate level of liquidity for pension distributions as they fall due. The strategy of being fully invested in equities has historically provided greater rates of return over extended periods of time. The Company’s gain on plan assets during 2016 was 1.4% as compared to the S&P 500 unaudited loss (including dividends) of (1.3)%. Plan assets include Company common stock with a fair market value of $18.4 million as of March 31, 2016 and $14.4 million as of March 31, 2015. Cash Flows Expected contributions for fiscal year ending March 31, 2017 (in thousands): Expected Employer Contributions $ - Expected Employee Contributions -
401(k) Plans The Company also has employees’ savings 401(k) plans covering all employees who meet certain age-entry requirements and work a stated minimum number of hours per year. Participants may make contributions up to the legal limit. The Company’s matching contributions are discretionary. Costs charged to operations for the Company’s matching contributions amounted to $1.8 million, $2.3 million, and $2.3 million in fiscal 2016, 2015, and 2014, respectively. In fiscal 2016, the matching contribution included $1.8 million of treasury stock. In fiscal 2015, the matching contribution included $2.2 million of treasury stock and $0.1 million of cash match. The stock portion of the matching contribution is valued at current market value while the treasury stock is valued at cost. Multi-employer Plan The Company contributes to the Teamsters California State Council of Cannery and Food Processing Unions, International Brotherhood of Teamsters Pension Fund (Western Conference of Teamsters Pension Plan# 91-6145047/001) ("Teamsters Plan") under the terms of a collective-bargaining agreement with some of its Modesto, California employees. The term of the current collective bargaining agreement is June 1, 2015 through June 30, 2018. For the fiscal years ended March 31, 2016, March 31, 2015 and March 31, 2014, contributions to the Teamsters Plan were $2.5 million, $2.4 million and $2.4 million, respectively. The contributions to this plan are paid monthly based upon the number of hours worked by covered employees. They represent less than 5% of the total contributions received by this plan during the most recent plan year. The risks of participating in multi-employer plans are different from single-employer plans in the following aspects: (a) assets contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, (b) if a participating employer stops contributing to the multi-employer plan, the unfunded obligations of the plan may be borne by the remaining participating employers and (c) if the Company chooses to stop participating in the plan, the Company may be required to pay a withdrawal liability based on the underfunded status of the plan. The Teamsters Plan received a Pension Protection Act “green” zone status for the plan year beginning January 1, 2015. The zone status is based on information the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded. |
Fair Value Measurements |
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Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures Text Block |
The estimated fair value for long-term debt and capital leases is determined by the quoted market prices for similar debt (comparable to the Company’s financial strength) or current rates offered to the Company for debt with the same maturities which is Level 2 from the fair value hierarchy. Since quoted prices for identical instruments in active markets are not available (Level 1), the Company makes use of observable market based inputs to calculate fair value, which is Level 2. |
Inventories |
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Inventory Disclosure [Text Block] | 10. Inventories Effective December 30, 2007 (beginning of 4th quarter of Fiscal Year 2008), the Company changed its inventory valuation method from the lower of cost, determined under the FIFO method, or market to the lower of cost, determined under the LIFO method, or market. In the high inflation environment that the Company was experiencing, the Company believed that the LIFO inventory method was preferable over the FIFO method because it better compares the cost of current production to current revenue. The effect of LIFO was to increase net earnings by $16.1 million in 2016, reduce net earnings by $6.9 million in 2015, and reduce net earnings by $13.2 million in 2014, compared to what would have been reported using the FIFO inventory method. The increase in earnings per share was $1.62 ($1.60 diluted) in 2016, reduce earnings per share was $0.64 ($0.63 diluted) in 2015, and reduce earnings per share was $1.19 ($1.19 diluted) in 2014. During 2014, certain inventory quantities accounted for on the LIFO method were reduced, resulting in the liquidation of certain quantities carried at costs prevailing in prior years. The impact on net earnings of these liquidations was no impact in 2016 and 2015, and an increase of $4.8 million during 2014. The inventories by category and the impact of using the LIFO method are shown in the following table:
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Other Income And Expenses |
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Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | 11. Other Operating Income and Expense Other operating income in 2016 included a gain of $24.3 million related to a contractual payment received in conjunction with a relationship transfer agreement with General Mills. The Company reversed a provision for the Prop 65 litigation of $0.2 million and reduced an environmental accrual by $0.1 million. The Company also recorded a gain of $0.4 million from the sale of other fixed assets. Other operating income in 2015 included a gain of $5.0 million related to a contractual payment received in connection with the closing of a Midwest plant and a charge of $0.3 million related to environmental costs related to a Company-owned plant in New York State. The Company also recorded a net gain of $0.1 million from the sale of other fixed assets. Other operating income in 2014 included a gain of $2.9 million from a break-up fee earned as a result of the Company being named the stalking horse bidder in an attempt to acquire substantially all the operating assets of Allens, Inc. in a bankruptcy court supervised auction, a gain of $0.7 million from the sale of two aircraft and a gain of $0.1 million as a result of adjustments related to the purchase of the Sunnyside facility. The Company also recorded a loss of $0.5 million on the disposal of a warehouse located in Sunnyside, Washington and a net gain of $0.2 million from the sale of other fixed assets. |
Segment Reporting |
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Segment Reporting Disclosure [Text Block] | 12. Segment Information The Company manages its business on the basis of two reportable segments — the primary segment is the packaging and sale of fruits and vegetables and secondarily, the packaging and sale of snack products and finally, other products. The Company markets its product almost entirely in the United States. Export sales represented 8.5%, 9.0%, and 9.2% of total sales in 2016, 2015, and 2014, respectively. In 2016, 2015, and 2014, the sale of Green Giant vegetables accounted for 11%, 13%, and 13% of net sales, respectively. “Other” in the table below represents activity related to can sales, trucking, seed sales, and flight operations.
The fruit and vegetable segment, consisting of Green Giant, canned fruit and vegetables and frozen products, represented 99%, 99% and 99% of assets and 100%, 102% and 93% of pre-tax earnings in 2016, 2015 and 2014, respectively.
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Legal Proceedings |
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Mar. 31, 2016 | |
Legal Proceedings [Abstract] | |
Commitments And Contingencies Disclosure Text Block | 13. Legal Proceedings and Other Contingencies In the ordinary course of its business, the Company is made a party to certain legal proceedings seeking monetary damages, including proceedings involving product liability claims, workers’ compensation along with other employee claims, tort and other general liability claims, for which it carries insurance, as well as patent infringement and related litigation. The Company is in a highly regulated industry and is also periodically involved in government actions for regulatory violations and other matters surrounding the manufacturing of its products, including, but not limited to, environmental, employee, and product safety issues. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company does not believe that an adverse decision in any of these legal proceedings would have a material adverse impact on its financial position, results of operations, or cash flows. In June 2010, the Company received a Notice of Violation of the California Safe Drinking Water and Toxic Enforcement Act of 1986, commonly known as Proposition 65, from the Environmental Law Foundation ("ELF"). This notice was made to the California Attorney General and various other government officials, and to 49 companies including Seneca Foods Corporation whom ELF alleges manufactured, distributed or sold packaged peaches, pears, fruit cocktail and fruit juice that contain lead without providing a clear and reasonable warning to consumers. Under California law, proper notice must be made to the State and involved firms at least 60 days before any suit under Proposition 65 may be filed by private litigants like ELF. That 60-day period has expired and to date neither the California Attorney General nor any appropriate district attorney or city attorney has initiated an action against the Company. However, private litigant ELF filed an action against the Company and 27 other named companies on September 28, 2011, in Superior Court of Alameda County, California, alleging violations of Proposition 65 and seeking various measures of relief, including injunctive and declaratory relief and civil penalties. The Company, along with the other named companies, vigorously defended the claim. A responsive answer was filed, the discovery process was completed and a trial on liability was held beginning in April of 2013 in accordance with court schedules. The trial was completed on May 16, 2013 and, on July 15, 2013 the judge issued a tentative and proposed statement of decision agreeing with the Company, and the other defendants, that the “safe harbor” defense had been met under the regulations relating to Proposition 65 and the Company will not be required to place a Proposition 65 warning label on the products at issue in the case. The trial decision was finalized and the decision was appealed by ELF with a filing dated October 3, 2013. The California Court of Appeal, First Appellate District, Division One unanimously rejected the appeal by ELF in a decision dated March 17, 2015. ELF filed a petition for review with the California Supreme Court on April 28, 2015, and the petition was denied on July 8, 2015. With the successful defense of the case, the remedies portion of the case was not litigated and the denial of review by the California Supreme Court ended the action. Our portion of legal fees in defense of this action have been sizable, as would be expected with litigation resulting in trial, and the appeal, but have not had a material adverse impact on the Company’s financial position, results of operations, or cash flows. |
Restructuring And Related Activities |
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Restructuring And Related Activities Disclosure Text Block | 14. Plant Restructuring During 2016, the Company recorded a restructuring charge of $10.4 million related to the closing of a plant in the Northwest of which $0.2 million was related to severance cost, $5.1 million was related to asset impairments (contra fixed assets), and $5.1 million was related to other costs ($3.6 related to operating lease costs). During 2016, the Company reduced the costs of the plant closing in the Midwest, started in 2015, by $0.1 million, mostly related to severance costs. In accounting for the closing of the facility in the Northwest, the Company reevaluated the treatment for one of its operating leases at the closed facility and determined the transaction should have originally been recorded as a lease financing liability. The Company performed an analysis of the error as to the impact on the Consolidated Balance Sheets and Statement of Net Earnings in each of the previous years it was unrecorded in accordance with SEC Staff Accounting Bulletin No. 99. Based on this analysis, the Company determined that the impact was not material to the consolidated financial statements and no prior periods were adjusted. The Company adjusted the financial statements as of March 31, 2016 by recording a finance lease asset of $5.6 million and lease financing liability of $5.3 million. See Note 4 for the lease finance obligation. During 2015, the Company recorded a restructuring charge of $1.4 million related to the closing of a plant in the Midwest and the realignment of two other plants, one in the Midwest and the other in the Northwest, of which $0.8 million was related to severance cost, $0.3 million was related to equipment costs (contra fixed assets), and $0.3 million was related to equipment relocation costs. During 2013, the Company implemented a product rationalization program and recorded a restructuring charge of $3.5 million for related equipment costs (contra fixed assets), lease impairment costs (net of realizable value), and certain inventory costs. During 2014, the Company adjusted the costs of the product rationalization program, started in 2013, by $0.5 million, mostly related to equipment costs. The following table summarizes the restructuring and related asset impairment charges recorded and the accruals established during 2014, 2015 and 2016:
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Certain Transactions |
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Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Certain Transactions Disclosure [Text Block] | 15. Related Party Transactions A small percentage (less than 1% in fiscal 2016, 2015 and 2014) of vegetables supplied to the Company’s New York packaging plants are grown by a director of Seneca Foods Corporation, which supplied the Company approximately $1.0 million, $0.8 million, and $1.1 million pursuant to a raw vegetable grower contract in fiscal 2016, 2015 and 2014, respectively. The Chairman of the Audit Committee reviewed the relationship and determined that the contract was negotiated at arm's length and on no more favorable terms than to other growers in the marketplace. |
Assets Held For Sale |
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Mar. 31, 2016 | |
Assets Of Disposal Group Including Discontinued Operation [Abstract] | |
Disposal Groups Including Discontinued Operations Disclosure TextBlock | 16. Assets Held For Sale On April 23, 2016, the Company entered into a listing agreement to sell one of the Company’s northwest processing facilities. The Company expects this facility to be sold within the next 12 months. In conjunction with this potential sale, the assets held for sale at March 31, 2016, which are property, plant and equipment, total $5.0 million which represented 0.6% of total assets on the Consolidated Balance Sheet. |
Significant Accounting Policies |
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Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation — The consolidated financial statements include the accounts for the Parent Company and all of its wholly-owned subsidiaries after elimination of intercompany transactions, profits, and balances. |
Revenue Recognition, Bill and Hold Arrangements [Policy Text Block] | Revenue Recognition — Sales and related cost of product sold are recognized when legal title passes to the purchaser, which is primarily upon shipment of products. When customers, under the terms of specific orders, request that the Company invoice but hold the goods (“Bill and Hold”) for future shipment, the Company recognizes revenue when legal title to the finished goods inventory passes to the purchaser. Generally, the Company receives cash from the purchaser when legal title passes. During the years ended March 31, 2016 and 2015, the Company sold for cash, on a bill and hold basis, $126.1 million and $138.6 million, respectively, of Green Giant finished goods inventory. At the time of the sale of the Green Giant vegetables, title of the specified inventory transferred. The Company believes it has met the criteria required by the accounting standards for Bill and Hold treatment. As of March 31, 2016, $58.8 million of 2016 product remained unshipped. 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 take extended periods of time. |
Concentration Risk, Credit Risk | Concentration of Credit Risk — Financial instruments that potentially subject the Company to credit risk consist of trade receivables and interest-bearing investments. Wholesale and retail food distributors comprise a significant portion of the trade receivables; collateral is generally not required. A relatively limited number of customers account for a large percentage of the Company’s total sales. GMOL sales represented 11%, 13% and 13% of net sales in each of 2016, 2015 and 2014, respectively. The top ten customers, including GMOL, represented approximately 48%, 49% and 50% of net sales for 2016, 2015 and 2014, respectively. The Company closely monitors the credit risk associated with its customers. The Company places substantially all of its interest-bearing investments with financial institutions and monitors credit exposure. Cash and short-term investments in certain accounts exceed the federal insured limit; however, the Company has not experienced any losses in such accounts |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents — The Company considers all highly liquid instruments purchased with an original maturity of three months or less as cash equivalents |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments — The carrying values of cash and cash equivalents (Level 1), accounts receivable, short-term debt (Level 2) and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. See Note 9, Fair Value of Financial Instruments, for a discussion of the fair value of long-term debt. The three-tier value hierarchy is utilized to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobserved inputs (Level 3). The three levels are defined as follows:
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Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs — Deferred financing costs incurred in obtaining debt are amortized on a straight-line basis over the term of the debt, which is not materially different than using the effective interest rate method. As of March 31, 2016, there were $0.1 million of unamortized financing cost included in other current assets and $0.1 million of unamortized financing costs included in other assets on the Consolidated Balance Sheets. |
Inventory, Policy [Policy Text Block] | Inventories — Substantially all inventories are stated at the lower of cost; determined under the last-in, first-out (“LIFO”) method; or market. |
Income Tax, Policy [Policy Text Block] | Income Taxes — The provision for income taxes includes federal and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities and tax credit carryforwards. The Company uses the flow-through method to account for its investment tax credits. The Company evaluates the likelihood of realization of its net deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. Current rules on the accounting for uncertainty on income taxes prescribe a minimum recognition threshold for a tax position taken or expected to be taken in a tax return that is required to be met before being recognized in the financial statements. Those rules also provide guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company recognizes interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable settlements within income tax expense. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs — The Company includes all shipping and handling costs billed to customers in net sales and the corresponding costs in cost of products sold. The shipping and handling costs billed to customers in net sales were $38.3 million, $38.8 million and $41.3 million in 2016, 2015, and 2014, respectively. |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Advertising Costs — Advertising costs are expensed as incurred. Advertising costs charged to operations were $2.0 million, $1.7 million and $1.5 million in 2016, 2015 and 2014, respectively. |
Receivables, Policy [Policy Text Block] | Accounts Receivable and Doubtful Accounts — Accounts receivable is stated at invoice value, which is net of any off invoice promotions. A provision for doubtful accounts is recorded based upon an assessment of credit risk within the accounts receivable portfolio, experience of delinquencies (accounts over 15 days past due) and charge-offs (accounts removed from accounts receivable for expectation of non-payment), and current market conditions. Management believes these provisions are adequate based upon the relevant information presently available |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share — The Company has three series of convertible preferred stock, which are deemed to be participating securities that are entitled to participate in any dividend on Class A common stock as if the preferred stock had been converted into common stock immediately prior to the record date for such dividend. Basic earnings per share for common stock is calculated using the “two-class” method by dividing the earnings attributable to common stockholders by the weighted average of common shares outstanding during the period. Restricted stock is included in all earnings per share calculations. 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. |
Depreciation and Valuation [Policy Text Block] | Depreciation and Valuation — Property, plant, and equipment are stated at cost. Interest incurred during the construction of major projects is capitalized. For financial reporting, the Company provides for depreciation on the straight-line method at rates based upon the estimated useful lives of the various assets. Depreciation was $21.4 million, $21.5 million, and $22.9 million in 2016, 2015, and 2014, respectively. The estimated useful lives are as follows: buildings and improvements — 30 years; machinery and equipment — 10-15 years; computer software — 3-5 years; vehicles — 3-7 years; and land improvements — 10-20 years. 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. There were $5.1 million of impairment losses in 2016 included in Plant Restructuring (see Note 14, Plant Restructuring). There were no significant impairment losses in 2015 and 2014 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimated |
Recently Issued Accounting Standards [Text Block] | Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for the Company on April 1, 2018 (beginning of fiscal 2019). Early adoption is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. The Company does not anticipate a material impact on the Company's financial position, results of operations or cash flows as a result of this change. |
Prior Period Reclassification Adjustment, Description | Reclassifications — Certain previously reported amounts have been reclassified to conform to the current period classification |
Significant Accounting Policies (Table) ( Earnings Per Share) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ScheduleOfEarningsPerShareBasicAndDilutedByCommonClassTextBlock |
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Acquistion (table) |
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Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
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Long-Term Debt (tables) |
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Long-term Debt, Unclassified [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] |
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Leases (table) |
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Leases {Abstract} | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases of Lessee Disclosure [Table Text Block] |
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Income Tax (tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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Summary of Income Tax Contingencies [Table Text Block] |
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Retirement Plans (tables) |
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Schedule of Changes in Projected Benefit Obligations [Table Text Block] |
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] |
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Schedule of Amounts Recognized In Other Comprehensive Income Loss [Table Text Block] |
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Schedule of Costs of Retirement Plans [Table Text Block] |
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Schedule of Assumptions Used [Table Text Block] |
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Schedule of Allocation of Plan Assets [Table Text Block] |
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Schedule Of Derivative Assets At Fair Value [Table Text Block] |
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Schedule of Expected Benefit Payments [Table Text Block] |
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Fair Value (table) |
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Fair Value, by Balance Sheet Grouping [Table Text Block] |
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Inventory (table) |
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Schedule of Inventory, Current [Table Text Block] |
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Segment Information (tables) |
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Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Schedule Of Classes Of Similar Products And Services [table text Block] |
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Plant Restructuring (table) |
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Schedule of Restructuring and Related Costs [Table Text Block] |
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Significant Accounting Policies Depreciation (narrative) (detail) - USD ($) $ in Millions |
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Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 21.4 | $ 21.5 | $ 22.9 |
Impairment Losses | $ 5.1 | ||
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 30 years | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 10-15 years | ||
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 3-5 years | ||
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 3-7 years | ||
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 10-20 years |
Acquisition (narrative) (detail) - USD ($) $ in Millions |
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Feb. 17, 2016 |
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Apr. 01, 2014 |
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Diana Fruit Co., Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase Price | $ 15.0 | ||||
Ownership percentage | 100.00% | ||||
Liabilities paid off | $ 1.4 | ||||
Gray & Company[Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase Price | $ 23.8 | ||||
Ownership percentage | 100.00% | ||||
Liabilities paid off | $ 12.0 | ||||
TruittBros.Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity Method Investments | $ 16.2 | ||||
Equity Method Ownership | 50.00% | ||||
Equity Method Right to Acquire | 50.00% | ||||
Gray & Company and Diana Fruit | |||||
Business Acquisition [Line Items] | |||||
Pro Forma Revenue | $ 1,324.8 | $ 1,363.7 | |||
Pro Forma Net Income Loss | 54.2 | $ 8.6 | |||
Net Sales Since Acquisition | 25.5 | ||||
Net Income Since Acquisition | $ 1.7 |
Acquisition (purchase price table) (detail) - USD ($) $ in Millions |
Feb. 17, 2016 |
Oct. 30, 2015 |
---|---|---|
Diana Fruit Co., Inc [Member] | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 15.0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Current assets | 16.8 | |
Property, plant and equipment | 0.9 | |
Other long-term assets | 0.5 | |
Deferred tax asset | 0.4 | |
Current liabilities | (3.6) | |
Total | $ 15.0 | |
Gray & Company[Member] | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 23.8 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Current assets | 36.6 | |
Property, plant and equipment | 13.7 | |
Other long-term assets | 1.4 | |
Deferred taxes liabilitie | (7.7) | |
Current liabilities | (16.0) | |
Other long-term liabilites | (4.2) | |
Total | $ 23.8 |
Long-Term Debt (Repayment schedule) (detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Mar. 31, 2015 |
---|---|---|
Long-term Debt, by Maturity [Abstract] | ||
2017 | $ 279,572 | |
2018 | 7,904 | |
2019 | 3,034 | |
2020 | 2,531 | |
2021 | 7,019 | |
Thereafter | 15,479 | |
Total | $ 315,539 | $ 274,164 |
Long Term Debt (narrative) (detail) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Sep. 28, 2013 |
Mar. 31, 2016 |
|
Debt Instrument [Line Items] | ||
Other Restrictions on Payment of Dividends | $ 50,000 | |
Cash dividends paid on preferred stock | 23,000 | |
Pledged Assets Not Separately Reported Fixed Assets | 752,800,000 | |
Repayments Of Notes Payable | $ 36,700,000 | |
Secured By Direct Pay Letter Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Special Assessment Bond, Noncurrent | $ 22,600,000 |
Leases Capital (table) (detail) |
Mar. 31, 2016
USD ($)
|
---|---|
Capital Leased Assets [Line Items] | |
Property, plant and equipment issued under capital lease | $ 5,313,000 |
Less accumulated amortizaion | 89,000 |
Total | 5,224,000 |
Building [Member] | |
Capital Leased Assets [Line Items] | |
Property, plant and equipment issued under capital lease | $ 5,313,000 |
Leases (table) (detail) $ in Thousands |
Mar. 31, 2016
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Due [Abstract] | |
2017 | $ 43,392 |
2018 | 38,649 |
2019 | 33,746 |
2020 | 28,784 |
2021 | 22,379 |
2022-2030 | 28,918 |
Total | 195,868 |
CapitalLeasesFutureMinimumPaymentsDueAbstract | |
2017 | 507 |
2018 | 507 |
2019 | 507 |
2020 | 507 |
2021 | 507 |
2022-2030 | 4,943 |
Total | 7,478 |
Less interest | 2,247 |
Present value of minimum lease payments | 5,231 |
Amount due within one year | 243 |
Long-term capital lease obligations | $ 4,988 |
Leases (narrative) (detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense | $ 51,400,000 | $ 49,600,000 | $ 43,900,000 |
Capital Leased Assets [Line Items] | |||
Property, plant and equipment issued under capital lease | 5,313,000 | ||
Less accumulated amortizaion | 89,000 | ||
Building [Member] | |||
Capital Leased Assets [Line Items] | |||
Property, plant and equipment issued under capital lease | $ 5,313,000 | ||
Capital Lease Obligations [Member] | |||
Debt Instrument Interest Rate Effective Percentage [Abstract] | |||
Capital lease interest rate | 5.20% |
Income Tax (Deferred Income Tax Assets and Liabilities) (detail) - USD ($) |
Mar. 31, 2016 |
Mar. 31, 2015 |
---|---|---|
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Future tax credits | $ 3,807,000 | $ 4,021,000 |
Inventory valuation | 0 | 2,348,000 |
Employee benefits | 3,174,000 | 3,009,000 |
Insurance | 881,000 | 816,000 |
Otrher comprehensive loss | 18,154,000 | 20,335,000 |
Interest | 21,000 | 46,000 |
Defined benefit plan | 1,372,000 | |
Prepaid revenue | 571,000 | 701,000 |
Other deferred | 2,804,000 | 1,364,000 |
Severance | 3,000 | 256,000 |
Total | 29,415,000 | 34,268,000 |
Property basis and depreciation difference | 9,330,000 | 9,129,000 |
481 (a) adjustment | 880,000 | 1,281,000 |
Income from Equity Investment | 69,000 | 245,000 |
Inventory valuation | 1,247,000 | |
Intangibles | 235,000 | |
Pension | 2,896,000 | |
Total | 14,657,000 | 10,655,000 |
Valuation allowance - non-current | 1,861,000 | 1,787,000 |
Net deferred income tax asset | $ 12,897,000 | $ 21,826,000 |
Income Tax (Summary of Income Tax Contigencies) (detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income Tax Uncertainties [Abstract] | ||
Beginning Balance | $ 464 | $ 2,273 |
Additions | 291 | 13 |
Prior year additions | 241 | |
Reductions | (7) | (1,822) |
Settlements | (166) | |
Lapses in statues of limitaions | (129) | 0 |
Ending Balance | $ 694 | $ 464 |
Retirement Plans (narrative) (detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |||
Decrease in Unfunded Status | $ 17,200 | ||
Defined Benefit Plan, Benefit Obligation | 214,036 | $ 212,908 | $ 170,478 |
Employer contributions | 23,100 | 350 | |
Fair value of plan assets at end of year | 176,238 | 157,948 | 154,650 |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 195,300 | $ 188,500 | |
Expected return | 7.25% | 7.25% | |
Loss on plan assets | 1.40% | ||
Common stock included in plan assets | $ 18,400 | $ 14,400 | |
401 (k) match | 1,800 | 2,300 | 2,300 |
401 (k) match stock amount | 1,800 | 2,200 | |
401 (k) match amount in cash | 100 | ||
Change in pension and post retirement benefits adjustment (net of tax) | (3,408) | 20,552 | (11,296) |
Teamsters Plan Contributions | $ 2,500 | $ 2,400 | 2,400 |
Contribution Percentage | 5.00% | ||
Discount rate - benefit obligation | 4.36% | 4.15% | |
Change in pension and post retirement benefits adjustment tax | $ 2,179 | $ 13,140 | $ 7,222 |
Retirement Plans (Schedule of Changes in Projected Benefit Obligations) (detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of year | $ 212,908 | $ 170,478 | |
Service cost | 10,502 | 8,515 | $ 7,752 |
Interest cost | 8,902 | 8,236 | 7,592 |
Plan Amendments | 0 | 952 | |
Actuarial (gain) loss | (11,340) | 30,556 | |
Benefits payments and expenses | (6,936) | (5,829) | |
Benefit obligation at end of year | 214,036 | 212,908 | 170,478 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 157,948 | 154,650 | |
Actual gain on plan assets | 2,126 | 8,777 | |
Employer contributions | 23,100 | 350 | |
Benefits payments and expenses | (6,936) | (5,829) | |
Fair value of plan assets at end of year | 176,238 | 157,948 | $ 154,650 |
Unfunded Status | $ 37,798 | $ 54,960 |
Retirement Plans (Schedule of Amounts Included in Accumulated Other Comprehensive Income/Loss (detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Mar. 31, 2015 |
---|---|---|
Amounts Included in Accumulated Other Comprehensive Pre-Tax Loss [Abstract] | ||
Net loss | $ (45,248) | $ (50,883) |
Prior service cost | (952) | (843) |
Accumulated other comprehensive pre-tax loss | $ (46,091) | $ (51,835) |
Retirement Plans (Schedule of Accumulated Other Comprehensive Loss) (detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract | |||
Beginning Balance | $ (31,804) | ||
Change in pension and post retirement benefits adjustment (net of tax) | (3,408) | $ 20,552 | $ (11,296) |
Ending Balance | $ (28,396) | $ (31,804) |
Retirement Plans (Schedule of Cost of Retirement Plans) (detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 10,502 | $ 8,515 | $ 7,752 |
Interest cost | 8,902 | 8,236 | 7,592 |
Expected return on plan assets | 11,685 | 11,360 | 9,938 |
Amortization of net loss | (3,854) | (350) | (2,434) |
Amortization of prior service cost | 109 | ||
Net periodic benefit cost | $ 11,682 | $ 5,741 | $ 7,840 |
Retirement Plans (Schedule of Assumptions Used) (detail) |
12 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Schedule of Assumbptions Used [Abstract] | ||
Discount rate - benefit obligation | 4.36% | 4.15% |
Discount rate - pension expense | 4.15% | 4.85% |
Expected return on plan assets | 7.25% | 7.25% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement Plans (Schedule of Allocation of Plan Assets) (detail) |
12 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 99.00% | |
Percentage of Plan Assets | 99.00% | 97.00% |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 1.00% | |
Percentage of Plan Assets | 1.00% | 3.00% |
Retirement Plans (Schedule of Estimated Benefit Payments) (detail) $ in Thousands |
Mar. 31, 2016
USD ($)
|
---|---|
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2017 | $ 6,799 |
2018 | 7,394 |
2019 | 7,964 |
2020 | 8,577 |
2021 | 9,324 |
2022-2024 | $ 57,417 |
Fair Value (table) (detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Mar. 31, 2015 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Gross | $ 315,539 | $ 274,164 |
Long-term Debt, Fair Value | 315,478 | $ 274,999 |
Capital Lease Obligation, Gross | 5,231 | |
Captial Lease Obligation, Fair Vaue | $ 5,076 |
Inventory (narrative) (detail) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Inventory Disclosure [Abstract] | |||
Inventory, LIFO Reserve, Effect on Income, Net | $ 16.1 | $ 6.9 | $ 13.2 |
Effect of LIFO Inventory Liquidation on Income | $ 4.8 | ||
Effect Of LIFO Earnings Per Share Basic | $ 1.62 | $ 0.64 | $ 1.19 |
Effect Of LIFO Earnings Per Share Diluted | $ 1.6 | $ 0.63 | $ 1.19 |
Inventory (table) (detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
---|---|---|---|
Inventory Disclosure [Abstract] | |||
Finished products | $ 467,337 | $ 414,154 | $ 418,368 |
In process | 25,855 | 22,651 | 16,056 |
Raw material and supplies | 213,790 | 199,674 | 170,210 |
Total | 706,982 | 636,479 | 604,634 |
Inventory, LIFO Reserve | 139,275 | 164,067 | 153,384 |
Total Inventories | $ 567,707 | $ 472,412 | $ 451,250 |
Other Operating Income and Expenses (detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Restructuring Cost and Reserve [Line Items] | |||
Environmental Remediation Expense | $ 0.1 | $ 0.3 | |
Gain on sale of other assets | 0.4 | 0.1 | $ 0.2 |
Relationship transfer agreement | 24.3 | ||
Prop 65 litigation settlement | $ 0.2 | ||
Midwest Plant Member [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain from plant closing | $ 5.0 | ||
Sunnyside, WA [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain (Loss) on Disposition of Assets | 0.5 | ||
Gain on Purchase of Business | 0.1 | ||
Allens [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
OtherNonrecurringIncome | 2.9 | ||
Aircraft [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain on sale of other assets | $ 0.7 |
Segment Information (narrative) (detail) |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Export [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales Percentage | 8.50% | 9.00% | 9.20% |
Green Giant Vegetables [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales Percentage | 11.00% | 13.00% | 13.00% |
Fruit And Vegetable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets Percentage | 99.00% | 99.00% | 99.00% |
Income Loss Fom Continuing Operations Before Income Taxes Percentage | 100.00% | 102.00% | 93.00% |
Segment Information (classes of similar products/services) (table) (detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Segment Reporting Information [Line Items] | |||
Net Sales | $ 1,275,360 | $ 1,286,350 | $ 1,340,208 |
General Mills Operations LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 144,310 | 161,993 | 177,881 |
Canned Vegetables [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 746,501 | 754,556 | 753,318 |
Frozen [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 94,710 | 94,648 | 107,109 |
Fruit [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 253,658 | 234,918 | 264,549 |
Snack [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 12,336 | 11,667 | 11,496 |
Other Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 23,845 | $ 28,568 | $ 25,855 |
Plant Restructuring (narrative) (detail) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
Mar. 31, 2013 |
|
Plant Restructuring | $ 10,302 | $ 1,376 | $ 501 | $ 3,500 |
PropertySubjectToOperatingLeaseMember | ||||
Plant Restructuring | 3,600 | |||
Midwest Plant Member [Member] | ||||
Plant Restructuring | 100 | |||
Asset impairment cost | ||||
Plant Restructuring | 5,600 | |||
Employee Severance [Member] | ||||
Plant Restructuring | 200 | 800 | ||
Long Lived Asset Charges [Member] | ||||
Plant Restructuring | 5,100 | 300 | $ 500 | |
Other Restructuring [Member] | ||||
Plant Restructuring | 5,100 | $ 300 | ||
Lease financing obligations [Member} | ||||
Plant Restructuring | $ 5,300 |
Plant Restructuring (table) (detail) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
Mar. 31, 2013 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Balance | $ 1,249,000 | $ 10,000 | $ 1,501,000 | |
Plant Restructuring | 10,302,000 | 1,376,000 | 501,000 | $ 3,500,000 |
Cash payment/write offs | (2,679,000) | (137,000) | 1,992,000 | |
Balance | 8,872,000 | 1,249,000 | 10,000 | 1,501,000 |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Balance | 715,000 | 10,000 | 20,000 | |
Plant Restructuring | 162,000 | 842,000 | ||
Cash payment/write offs | (877,000) | (137,000) | 10,000 | |
Balance | 0 | 715,000 | 10,000 | 20,000 |
Long Lived Asset Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Balance | 264,000 | 0 | 1,174,000 | |
Plant Restructuring | 5,065,000 | 264,000 | 341,000 | |
Cash payment/write offs | (354,000) | (1,515,000) | ||
Balance | 4,975,000 | 264,000 | 0 | 1,174,000 |
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Balance | 270,000 | 0 | 307,000 | |
Plant Restructuring | 5,075,000 | 270,000 | 160,000 | |
Cash payment/write offs | (1,448,000) | (467,000) | ||
Balance | $ 3,897,000 | $ 270,000 | $ 0 | $ 307,000 |
Certain Transactions (detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
---|---|---|---|
Related Party [Line Items] | |||
Raw Materials and Supplies | $ 183,674 | $ 160,540 | |
Director [Member] | |||
Related Party [Line Items] | |||
Raw Materials and Supplies | $ 1,000 | $ 800 | $ 1,100 |
Assets Held For Sale (detail) $ in Thousands |
Mar. 31, 2016
USD ($)
|
---|---|
Assets Held For Sale Not Part Of Disposal Group Current [Abstract] | |
Assets Held For Sale | $ 5,025 |
Northwest Processing Facility [Member] | |
Assets Held For Sale Not Part Of Disposal Group Current [Abstract] | |
Assets Held For Sale | $ 5,000 |
Assets Percentage | 0.60% |
Label | Element | Value |
---|---|---|
Common Class A Member | ||
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 8,735,714 |
Common Class B Member | ||
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 2,013,953 |
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