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Note 12 - Segment Information
 6 Months Ended
Sep. 28, 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 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 September 28, 2024

  
           

Fruit and

            

Subtotal

    

LIFO

          
   

Vegetable

    

Snack

    

Other

    

(FIFO basis)

    

Impact

    

Total

  

Net sales

   $ 390,354     $ 26,353     $ 8,758     $ 425,465     $ -     $ 425,465  

Earnings (loss) before income taxes

     26,814       3,521       1,710       32,045       (14,977 )     17,068  

Total assets

     1,696,199       120,530       3,539       1,820,268       (336,841 )     1,483,427  

 

   

Three Months Ended September 30, 2023

  
           

Fruit and

            

Subtotal

    

LIFO

          
   

Vegetable

    

Snack

    

Other

    

(FIFO basis)

    

Impact

    

Total

  

Net sales

   $ 371,632     $ 27,057     $ 8,786     $ 407,475     $ -     $ 407,475  

Earnings (loss) before income taxes

     38,433       1,997       1,463       41,893       (9,316 )     32,577  

Total assets

     1,758,522       119,931       3,323       1,881,776       (310,056 )     1,571,720  

 

   

Six Months Ended September 28, 2024

  
           

Fruit and

            

Subtotal

    

LIFO

          
   

Vegetable

    

Snack

    

Other

    

(FIFO basis)

    

Impact

    

Total

  

Net sales

   $ 669,437     $ 48,059     $ 12,696     $ 730,192     $ -     $ 730,192  

Earnings (loss) before income taxes

     38,156       5,523       1,949       45,628       (12,059 )     33,569  

Total assets

     1,696,199       120,530       3,539       1,820,268       (336,841 )     1,483,427  

 

   

Six Months Ended September 30, 2023

  
           

Fruit and

            

Subtotal

    

LIFO

          
   

Vegetable

    

Snack

    

Other

    

(FIFO basis)

    

Impact

    

Total

  

Net sales

   $ 644,121     $ 46,893     $ 15,125     $ 706,139     $ -     $ 706,139  

Earnings (loss) before income taxes

     63,505       2,196       4,753       70,454       (7,616 )     62,838  

Total assets

     1,758,522       119,931       3,323       1,881,776       (310,056 )     1,571,720