Note 2 - Revenue Recognition

3 Months Ended

Jul. 01, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

2. Revenue Recognition

Revenue recognition is completed for most customers at a point in time when product control is transferred to the customer. In general, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can direct the use and obtain substantially all of the remaining benefits from the asset at this point in time. The Company does sell certain finished goods inventory for cash on a bill and hold basis. The terms of the bill and hold agreement provide that title to the specified inventory is transferred to the customer prior to shipment and the Company has the right to payment (prior to physical delivery) which results in recorded revenue as determined under the revenue recognition standard.

In the following table, revenue is disaggregated by product category groups (in thousands):

	Three Months Ended
	July 1,		July 2,
	2023		2022
Canned vegetables	$	250,950	$	218,335
Frozen vegetables		21,539		19,711
Fruit products		16,738		18,332
Snack products		3,098		2,980
Other		6,339		5,835
	$	298,664	$	265,193

As a result of certain contracts with customers, the Company has contract asset balances of $0.6 million, $1.1 million, and $0.6 million as of July 1, 2023, July 2, 2022, and March 31, 2023, respectively, which are included in other current assets on the condensed consolidated balance sheets.