XML 45 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accounting policies (policy)
 9 Months Ended
Dec. 29, 2012
Accounting Policies [Abstract]  
Revenue Recognition, Bill and Hold Arrangements [Policy Text Block]

In the nine months ended December 29, 2012, the Company sold $151,240,000 of Green Giant finished goods inventory to General Mills Operations, LLC (“GMOL”) for cash, on a bill and hold basis, as compared to $150,981,000 for the nine months ended December 31, 2011. Under the terms of the bill and hold agreement, title to the specified inventory transferred to GMOL. The Company believes it has met the criteria required for bill and hold treatment.
Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments--The fair values of cash and cash equivalents, accounts receivable, short-term debt (classified as Level 2 in the fair value hierarchy) and accounts payable approximate cost because of the immediate and short-term maturity of these financial instruments. See note 11 Fair Value of Financial Instruments, for a discussion of the fair value of long-term debt
Business Combination Disclosure Text Block

Acquisition--On January 15, 2013, the Company completed the acquisition of 100% of the membership interest of Independent Foods, LLC. The business, based in Sunnyside, Washington, is a processor of canned pears, apples and cherries in the United States. The rationale for the acquisition was twofold: (1) the business is a complementary fit with the Company's existing business and (2) it provides an extension of the Company's product offerings. The purchase price was approximately $5.3 million plus the assumption of certain liabilities. In conjunction with the closing, the Company paid $19.5 million of liabilities acquired. Since this acquisition was not completed until the fourth quarter of 2013, the Company will be reporting more details in future reports.