Note 12 - Segment Information

3 Months Ended

Jun. 29, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

12. Segment Information

The Company conducts its business almost entirely in food packaging with two reportable segments: Vegetable and Fruit/Snack. The reportable segments reflect how the Company's Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), allocates resources and evaluates performance, and how the Company's internal management financial reporting is structured. The Company's CODM evaluates the performance of these reportable segments with a focus on earnings (loss) before income taxes as the measure of segment profit or loss.

The Other category consists of the Company's non-food operations including revenue derived from the sale of cans, ends, seed, outside revenue from the Company's trucking and aircraft operations, and certain corporate items. These ancillary activities do not qualify as an operating segment and are not eligible for aggregation with one of the identified operating segments; therefore they are combined and presented within the “Other” category.

Segment information is provided on a FIFO basis which is consistent with how financial information is prepared internally and provided to the CODM. The LIFO impact on earnings (loss) before income taxes and total assets is shown separately for purposes of reconciling to the GAAP financial statement measure shown on the condensed consolidated statements of net earnings and condensed consolidated balance sheets.

The following table summarizes certain financial data for the Company’s reportable segments (in thousands):

	Three Months Ended June 29, 2024
			Fruit and				Subtotal		LIFO
	Vegetable		Snack		Other		(FIFO basis)		Impact			Total
Net sales	$	279,083	$	21,706	$	3,938	$	304,727	$	-		$	304,727
Earnings before income taxes		11,342		2,002		239		13,583		2,918			16,501
Total assets		1,579,664		107,739		3,586		1,690,989		(321,864	)		1,369,125

	Three Months Ended July 1, 2023
			Fruit and				Subtotal		LIFO
	Vegetable		Snack		Other		(FIFO basis)		Impact			Total
Net sales	$	272,489	$	19,836	$	6,339	$	298,664	$	-		$	298,664
Earnings before income taxes		25,073		199		3,289		28,561		1,700			30,261
Total assets		1,449,404		104,506		3,446		1,557,356		(300,740	)		1,256,616