Note 13 - Segment Information

9 Months Ended

Dec. 27, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13. 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 December 27, 2025
Net sales (1)	$	459,540		$	37,995	$	10,813		$	508,348		$	-		$	508,348
Cost of products sold		389,532			29,652		8,348			427,532			(2,644	)		424,888
Selling and advertising expense (2)		10,313			786		44			11,143			-			11,143
General and administrative expense		7,693			883		3,911			12,487			-			12,487
Other segment items (3)		(137	)		-		(2,803	)		(2,940	)		-			(2,940	)
Interest expense, net		3,731			388		9			4,128			-			4,128
Earnings before income taxes	$	48,408		$	6,286	$	1,304		$	55,998		$	2,644		$	58,642
Income taxes																13,874
Net earnings															$	44,768
Additional segment disclosures:
Depreciation and amortization (4)	$	8,913		$	802	$	1,188		$	10,903		$	-		$	10,903
Capital expenditures (5)	$	6,405		$	997	$	295		$	7,697		$	-		$	7,697
Total assets	$	1,446,907		$	110,813	$	1,926		$	1,559,646		$	(337,140	)	$	1,222,506
Three months ended December 28, 2024
Net sales (1)	$	453,170		$	40,177	$	9,509		$	502,856		$	-		$	502,856
Cost of products sold		405,262			33,921		3,644			442,827			10,919			453,746
Selling and advertising expense (2)		10,173			1,009		49			11,231			-			11,231
General and administrative expense		7,157			814		3,464			11,435			-			11,435
Other segment items (3)		784			-		(1,529	)		(745	)		-			(745	)
Interest expense, net		5,918			561		1,362			7,841			-			7,841
Earnings (loss) before income taxes	$	23,876		$	3,872	$	2,519		$	30,267		$	(10,919	)	$	19,348
Income taxes																4,689
Net earnings															$	14,659
Additional segment disclosures:
Depreciation and amortization (4)	$	9,459		$	847	$	1,220		$	11,526		$	-		$	11,526
Capital expenditures (5)	$	31,136		$	205	$	-		$	31,341		$	-		$	31,341
Total assets	$	1,467,960		$	103,117	$	2,598		$	1,573,675		$	(347,760	)	$	1,225,915

				Fruit and						Subtotal			LIFO
	Vegetable			Snack			Other			(FIFO basis)			Impact			Total
Nine months ended December 27, 2025
Net sales (1)	$	1,152,027		$	87,351		$	26,450		$	1,265,828		$	-		$	1,265,828
Cost of products sold		1,013,535			69,073			18,198			1,100,806			(22,116	)		1,078,690
Selling and advertising expense (2)		26,210			2,018			159			28,387			-			28,387
General and administrative expense		22,622			2,493			9,414			34,529			-			34,529
Other segment items (3)		(376	)		(20	)		(6,651	)		(7,047	)		-			(7,047	)
Interest expense, net		12,222			1,037			963			14,222			-			14,222
Earnings before income taxes	$	77,814		$	12,750		$	4,367		$	94,931		$	22,116		$	117,047
Income taxes																	27,655
Net earnings																$	89,392
Additional segment disclosures:
Depreciation and amortization (4)	$	27,245		$	2,484		$	3,671		$	33,400		$	-		$	33,400
Capital expenditures (5)	$	24,526		$	2,546		$	295		$	27,367		$	-		$	27,367
Total assets	$	1,446,907		$	110,813		$	1,926		$	1,559,646		$	(337,140	)	$	1,222,506
Nine months ended December 28, 2024
Net sales (1)	$	1,122,607		$	88,236		$	22,205		$	1,233,048		$	-		$	1,233,048
Cost of products sold		992,353			72,254			10,791			1,075,398			22,978			1,098,376
Selling and advertising expense (2)		25,056			2,251			172			27,479			-			27,479
General and administrative expense		19,997			2,473			8,265			30,735			-			30,735
Other segment items (3)		676			-			(4,334	)		(3,658	)		-			(3,658	)
Interest expense, net		22,493			1,863			2,843			27,199			-			27,199
Earnings (loss) before income taxes	$	62,032		$	9,395		$	4,468		$	75,895		$	(22,978	)	$	52,917
Income taxes																	12,294
Net earnings																$	40,623
Additional segment disclosures:
Depreciation and amortization (4)	$	26,847		$	2,533		$	4,176		$	33,556		$	-		$	33,556
Capital expenditures (5)	$	49,336		$	980		$	-		$	50,316		$	-		$	50,316
Total assets	$	1,467,960		$	103,117		$	2,598		$	1,573,675		$	(347,760	)	$	1,225,915

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 (loss) 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.