Note 2 - Revenue Recognition

6 Months Ended

Sep. 28, 2024

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(s) provide that title to the specified inventory is transferred to the customer(s) 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				Six Months Ended
	September 28,		September 30,		September 28,		September 30,
	2024		2023		2024		2023
Canned vegetables	$	351,268	$	328,586	$	605,017	$	579,536
Frozen vegetables		39,086		43,046		64,420		64,585
Fruit products		22,315		22,801		41,156		39,539
Snack products		4,038		4,256		6,903		7,354
Other		8,758		8,786		12,696		15,125
Total	$	425,465	$	407,475	$	730,192	$	706,139

As a result of certain contracts with customers, the Company has contract asset balances of $0.7 million, $0.5 million, and $0.4 million as of September 28, 2024, September 30, 2023, and March 31, 2024, respectively, which are recorded as part of other current assets on the condensed consolidated balance sheets. The Company has contract liabilities in the form of deferred revenue representing payments received from certain of its co-pack customers in advance of completion of the Company's respective performance obligations. The majority of the balance is comprised of prepaid case and labeling and storage services which have been collected from bill and hold sales, as well as amounts invoiced in accordance with the terms of a co-pack agreement.

The deferred revenue activity is shown in the following table (in thousands):

	Six Months Ended
	September 28,			September 30,
	2024			2023
Beginning balance	$	8,185		$	9,956
Deferral of revenue		9,994			13,871
Recognition of unearned revenue		(8,119	)		(9,190	)
Ending balance	$	10,060		$	14,637