Note 12 - Segment Information

6 Months Ended

Sep. 27, 2025

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 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.

Earnings (loss) before income taxes is utilized by the CODM to assess the profitability of the business. The CODM uses this information in making key operational decisions, including but not limited to, approval of annual budgets, expanding into new markets or product categories, pursuing business acquisitions or divestures, and initiating major capital expenditures. Analysis of current and historical trends of segment performance, including consideration of known favorable or unfavorable factors that contributed to the financial results for a given period, may also be performed as part of the process. The Company’s business strategies are prioritized and assessed to determine how resources should be allocated to achieve the initiatives and the associated impact on segment performance.

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 segment earnings before income taxes and significant segment expenses (in thousands):

				Fruit and						Subtotal			LIFO
	Vegetable			Snack			Other			(FIFO basis)			Impact			Total
Three months ended September 27, 2025
Net sales (1)	$	422,199		$	27,751		$	10,072		$	460,022		$	-		$	460,022
Cost of products sold		376,324			22,255			7,250			405,829			(7,674	)		398,155
Selling and advertising expense (2)		8,558			722			54			9,334			-			9,334
General and administrative expense		7,414			797			3,003			11,214			-			11,214
Other segment items (3)		(107	)		(20	)		(1,932	)		(2,059	)		-			(2,059	)
Interest expense (income), net		4,510			345			(171	)		4,684			-			4,684
Earnings before income taxes	$	25,500		$	3,652		$	1,868		$	31,020		$	7,674		$	38,694
Income taxes																	8,955
Net earnings																$	29,739
Additional segment disclosures:
Depreciation and amortization (4)	$	9,343		$	843		$	1,238		$	11,424		$	-		$	11,424
Capital expenditures (5)	$	8,551		$	334		$	-		$	8,885		$	-		$	8,885
Total assets	$	1,576,289		$	124,389		$	2,204		$	1,702,882		$	(339,784	)	$	1,363,098
Three months ended September 28, 2024
Net sales (1)	$	390,354		$	26,353		$	8,758		$	425,465		$	-		$	425,465
Cost of products sold		340,896			20,681			6,040			367,617			14,977			382,594
Selling and advertising expense (2)		8,081			694			45			8,820			-			8,820
General and administrative expense		6,465			818			1,965			9,248			-			9,248
Other segment items (3)		124			-			(1,402	)		(1,278	)		-			(1,278	)
Interest expense, net		7,974			639			400			9,013			-			9,013
Earnings (loss) before income taxes	$	26,814		$	3,521		$	1,710		$	32,045		$	(14,977	)	$	17,068
Income taxes																	3,765
Net earnings																$	13,303
Additional segment disclosures:
Depreciation and amortization (4)	$	8,861		$	845		$	1,505		$	11,211		$	-		$	11,211
Capital expenditures (5)	$	6,198		$	514		$	-		$	6,712		$	-		$	6,712
Total assets	$	1,696,199		$	120,530		$	3,539		$	1,820,268		$	(336,841	)	$	1,483,427
Six months ended September 27, 2025
Net sales (1)	$	692,487		$	49,356		$	15,637		$	757,480		$	-		$	757,480
Cost of products sold		624,003			39,421			9,850			673,274			(19,472	)		653,802
Selling and advertising expense (2)		15,897			1,232			115			17,244			-			17,244
General and administrative expense		14,929			1,610			5,503			22,042			-			22,042
Other segment items (3)		(239	)		(20	)		(3,848	)		(4,107	)		-			(4,107	)
Interest expense, net		8,491			649			954			10,094			-			10,094
Earnings before income taxes	$	29,406		$	6,464		$	3,063		$	38,933		$	19,472		$	58,405
Income taxes																	13,781
Net earnings																$	44,624
Additional segment disclosures:
Depreciation and amortization (4)	$	18,332		$	1,682		$	2,483		$	22,497		$	-		$	22,497
Capital expenditures (5)	$	18,121		$	1,549		$	-		$	19,670		$	-		$	19,670
Total assets	$	1,576,289		$	124,389		$	2,204		$	1,702,882		$	(339,784	)	$	1,363,098

				Fruit and					Subtotal			LIFO
	Vegetable			Snack		Other			(FIFO basis)			Impact			Total
Six months ended September 28, 2024
Net sales (1)	$	669,437		$	48,059	$	12,696		$	730,192		$	-		$	730,192
Cost of products sold		587,091			38,333		7,147			632,571			12,059			644,630
Selling and advertising expense (2)		14,883			1,242		123			16,248			-			16,248
General and administrative expense		12,840			1,659		4,801			19,300			-			19,300
Other segment items (3)		(108	)		-		(2,805	)		(2,913	)		-			(2,913	)
Interest expense, net		16,575			1,302		1,481			19,358			-			19,358
Earnings (loss) before income taxes	$	38,156		$	5,523	$	1,949		$	45,628		$	(12,059	)	$	33,569
Income taxes																7,605
Net earnings															$	25,964
Additional segment disclosures:
Depreciation and amortization (4)	$	17,388		$	1,686	$	2,956		$	22,030		$	-		$	22,030
Capital expenditures (5)	$	18,200		$	775	$	-		$	18,975		$	-		$	18,975
Total assets	$	1,696,199		$	120,530	$	3,539		$	1,820,268		$	(336,841	)	$	1,483,427

The following footnotes should be read in connection with the segment disclosure table shown above:

(1)	Information received by the CODM as part of net sales includes trade promotion costs representing amounts paid to retailers for shelf space, to obtain favorable display positions, and to offer temporary price reductions for the sale of the Company's products to consumers.
(2)	Information received by the CODM as part of selling and advertising expenses includes direct selling expenses such as brokerage costs, sales force employee compensation, and costs incurred to execute sales to customers.
(3)	Other segment items include other operating (income) expense, net and other non-operating income, each of which are not considered to be significant segment expenses. These amounts are combined into one line for purposes of reconciling to the reported measure of earnings before income taxes.
(4)	Depreciation and amortization are required to be disclosed as both amounts are included in the reported measure of earnings (loss) before income taxes. The amounts are not considered to be significant segment expenses and therefore are shown separately as an additional segment disclosure. Depreciation and amortization are included within the line items for cost of products sold and general and administrative expense.
(5)	Capital expenditures represent fixed asset additions recorded during the respective interim period, regardless of payment timing. The total shown for each interim period reconciles to amounts reported on the condensed consolidated statements of cash flows within the sections for net cash used in investing activities and supplemental noncash transaction information.