Pay vs Performance Disclosure
Pure in Thousands

12 Months Ended

Mar. 31, 2024

USD ($)

Mar. 31, 2023

USD ($)

Mar. 31, 2022

USD ($)

Mar. 31, 2021

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance Disclosure

The following table and supporting graphics present information relating to executive compensation and financial performance measures for the fiscal years ended March 31, 2024, 2023, 2022 and 2021 in satisfaction of Item 402(v) of Regulation S-K. Please see the “Compensation Discussion and Analysis” section for an overview of the Company’s compensation programs.

											(2)
									Average		Average
									Summary		Summary
	Summary		Summary		(2)		(2)		Compen-		Compen-		Value of Initial Fixed
	Compen-		Compen-		Compen-		Compen-		sation		sation		$100 Investment Based On:
	sation		sation		sation		sation		Table		Actually				Peer
	Table		Table		Actually		Actually		Total for		Paid to		Company		Group				(5)
	Total for		Total for		Paid to		Paid to		Non-PEO		Non-PEO		Total		Total		(4)		Annual
(1)	First		Second		First		Second		Named		Named		Share-		Share-		Net		Adjusted
Fiscal	PEO		PEO		PEO		PEO		Executive		Executive		holder		holder		Income		Earnings
Year	(Palmby)		(Kayser)		(Palmby)		(Kayser)		Officers		Officers		Return		Return (3)		($ in 000s)		($ in 000s)
2024	$	1,195,063		N/A	$	1,135,160		N/A	$	561,482	$	534,022	$	143.04	$	139.86	$	63,318	$	106,117
2023	$	1,132,606		N/A	$	1,171,347		N/A	$	539,468	$	555,777	$	131.40	$	150.26	$	9,231	$	147,292
2022	$	997,908		N/A	$	1,016,603		N/A	$	458,274	$	460,107	$	129.56	$	136.74	$	46,200	$	111,071
2021	$	787,541	$	949,409	$	817,913	$	949,409	$	588,183	$	591,968	$	118.38	$	124.03	$	126,100	$	127,042

(1) The named executive officers included in the pay versus performance disclosure were:

Year	Principal Executive Officer (PEO)	Non-PEO Named Executive Officers
2024	Paul L. Palmby	Michael S. Wolcott, Timothy R. Nelson, Dean E. Erstad
2023	Paul L. Palmby	Timothy J. Benjamin, Timothy R. Nelson, Dean E. Erstad
2022	Paul L. Palmby	Timothy J. Benjamin, Timothy R. Nelson
2021	Paul L. Palmby, Kraig H. Kayser	Arthur S. Wolcott, Timothy J. Benjamin

PEO Total Compensation Amount

$ 1,195,063

$ 1,132,606

$ 997,908

$ 787,541

PEO Actually Paid Compensation Amount

$ 1,135,160

1,171,347

1,016,603

817,913

Adjustment To PEO Compensation, Footnote

(2) The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and applicable SEC guidance, and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. For fiscal year 2024, Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below (please note that, while similar adjustment information was provided in our 2023 proxy statement for fiscal years 2023, 2022 and 2021, under applicable SEC guidance, repeating such adjustment information is not required in this proxy statement because it is not material to our stockholders' understanding of the information reported in the Pay Versus Performance table for fiscal year 2024 or the relationship disclosures provided below):

	2024
Adjustments	PEO			Other NEOs
Summary Compensation Table (SCT) Total	$	1,195,063		$	561,482
(Deduct): Change in actuarial present value of pension benefits		(57,119	)		(53,462	)
Add: Service cost of pension benefits (6)		-			16,855
(Deduct): SCT "Stock Awards" column value		-			(25,000	)
Add: Covered Year-end fair value of outstanding equity awards granted in Covered Year		-			34,595
Add/(deduct): Change in fair value (from prior year-end to Covered Year-end) of equity awards outstanding at Covered Year-end that were granted in prior years		2,426			1,313
Add/(deduct): Change in fair value (from prior year-end to vest date in Covered Year) of prior year equity awards vested in Covered Year		(5,210	)		(1,761	)
Compensation Actually Paid Total	$	1,135,160		$	534,022

(3) The peer group used in this disclosure is the S&P Packaged Foods & Meats Index, which is the same peer group used in the stock performance graph contained within our 2024 Annual Report to Shareholders.

(4) Net income as reported in our consolidated statements of net earnings in our 2024 Annual Report to Shareholders.

(5) Adjusted Annual Earnings was determined to be the most important financial performance measure linking “compensation actually paid” to our company’s performance for 2024 and therefore was selected as the 2024 “company selected measure” as defined in Item 402(v). Refer to the subsection “Executive Profit Sharing Bonus Plan” within the “Compensation Discussion and Analysis” section of this proxy statement for a full definition of Adjusted Annual Earnings.

(6) For fiscal year 2024, the PEO does not have a service cost of pension benefits because he has reached his maximum years of credited service under the Pension Plan.

Non-PEO NEO Average Total Compensation Amount

$ 561,482

539,468

458,274

588,183

Non-PEO NEO Average Compensation Actually Paid Amount

$ 534,022

555,777

460,107

591,968

Compensation Actually Paid vs. Total Shareholder Return

The following charts provide (1) a comparison between our cumulative total shareholder return and the cumulative total shareholder return of the Peer Group, and (2) illustrations of the relationships between (A) the executive compensation actually paid to the PEO and the average of the executive compensation actually paid to our non-PEO named executive officers (in each case as set forth in the pay for performance table above) and (B) each of the performance measures set forth in the pay versus performance table above (net income and annual adjusted earnings).

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

As shown above, the Company has selected Annual Adjusted Earnings as the company-selected measure for the pay versus performance disclosure as we believe it represents the most important financial performance measure we used to link compensation actually paid to the named executive officers in 2024 to the company’s performance. Annual Adjusted Earnings is the performance measure used to determine 2024 annual cash incentive award payouts. The correlation between compensation actually paid and Annual Adjusted Earnings differs when comparing compensation actually paid to net income as reported on a GAAP basis primarily due to the large non-cash Last-In, First-Out (“LIFO”) charges that the Company has experienced in fiscal years 2024, 2023 and 2022 as a result of valuing inventory on a LIFO basis. The non-cash LIFO charges have been the result of significant cost inflation for various production inputs, including, but not limited to, steel, commodities, labor, ingredients, packaging, fuel, and transportation.

Total Shareholder Return Amount

$ 143.04

131.4

129.56

118.38

Peer Group Total Shareholder Return Amount

139.86

150.26

136.74

124.03

Net Income (Loss)

$ 63,318,000

$ 9,231,000

$ 46,200,000

$ 126,100,000

Company Selected Measure Amount

106,117

147,292

111,071

127,042

Former PEO [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

$ 949,409

PEO Actually Paid Compensation Amount

$ 949,409

PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (57,119)

PEO | Aggregate Pension Adjustments Service Cost

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,426

PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(5,210)

Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(53,462)

Non-PEO NEO | Aggregate Pension Adjustments Service Cost

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

16,855

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(25,000)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

34,595

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,313

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (1,761)