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Note 12 - Segment Information | 12 Months Ended
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Mar. 31, 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 Consolidated Statements of Net Earnings and Consolidated Balance Sheets. The Company adopted ASU 2023-07 during the fiscal year ended March 31, 2025, the impact of which expanded the required segment disclosures including retrospective application for prior fiscal year amounts. The following table summarizes segment earnings (loss) before income taxes and significant segment expenses (in thousands):
|  |  |  |  |  | Fruit and |  |  |  |  |  |  | Subtotal |  |  | LIFO |  |  |  |  |
|  | Vegetable |  |  | Snack |  |  | Other |  |  | (FIFO basis) |  |  | Impact |  |  | Total |
Fiscal Year 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales (1) |  | $ | 1,439,029 |  |  | $ | 107,373 |  |  | $ | 32,485 |  |  | $ | 1,578,887 |  |  | $ | - |  |  | $ | 1,578,887 |
Cost of products sold |  |  | 1,282,833 |  |  |  | 87,492 |  |  |  | 23,887 |  |  |  | 1,394,212 |  |  |  | 34,474 |  |  |  | 1,428,686 |
Selling and advertising expense (2) |  |  | 30,842 |  |  |  | 2,680 |  |  |  | 428 |  |  |  | 33,950 |  |  |  | - |  |  |  | 33,950 |
General and administrative expense |  |  | 27,440 |  |  |  | 3,243 |  |  |  | 10,826 |  |  |  | 41,509 |  |  |  | - |  |  |  | 41,509 |
Other segment items (3) |  |  | (3,214 | ) |  |  | - |  |  |  | (9,772 | ) |  |  | (12,986 | ) |  |  | - |  |  |  | (12,986 | )
Interest expense, net of interest income |  |  | 30,370 |  |  |  | 2,251 |  |  |  | 624 |  |  |  | 33,245 |  |  |  | - |  |  |  | 33,245 |
Earnings (loss) before income taxes |  | $ | 70,758 |  |  | $ | 11,707 |  |  | $ | 6,492 |  |  | $ | 88,957 |  |  | $ | (34,474 | ) |  | $ | 54,483 |
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,259 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 41,224 |
Additional segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (4) |  | $ | 40,770 |  |  | $ | 3,388 |  |  | $ | 618 |  |  | $ | 44,776 |  |  | $ | - |  |  | $ | 44,776 |
Capital expenditures (5) |  | $ | 60,431 |  |  | $ | 1,117 |  |  | $ | - |  |  | $ | 61,548 |  |  | $ | - |  |  | $ | 61,548 |
Total assets |  | $ | 1,433,773 |  |  | $ | 104,666 |  |  | $ | 2,246 |  |  | $ | 1,540,685 |  |  | $ | (359,256 | ) |  | $ | 1,181,429 |
Fiscal Year 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales (1) |  | $ | 1,325,618 |  |  | $ | 100,835 |  |  | $ | 32,150 |  |  | $ | 1,458,603 |  |  | $ | - |  |  | $ | 1,458,603 |
Cost of products sold |  |  | 1,137,351 |  |  |  | 88,993 |  |  |  | 21,699 |  |  |  | 1,248,043 |  |  |  | 22,342 |  |  |  | 1,270,385 |
Selling and advertising expense (2) |  |  | 30,843 |  |  |  | 3,011 |  |  |  | 369 |  |  |  | 34,223 |  |  |  | - |  |  |  | 34,223 |
General and administrative expense |  |  | 30,331 |  |  |  | 3,011 |  |  |  | 13,644 |  |  |  | 46,986 |  |  |  | - |  |  |  | 46,986 |
Other segment items (3) |  |  | 2,634 |  |  |  | 209 |  |  |  | (12,853 | ) |  |  | (10,010 | ) |  |  | - |  |  |  | (10,010 | )
Interest expense, net of interest income |  |  | 31,607 |  |  |  | 2,347 |  |  |  | 66 |  |  |  | 34,020 |  |  |  | - |  |  |  | 34,020 |
Earnings (loss) before income taxes |  | $ | 92,852 |  |  | $ | 3,264 |  |  | $ | 9,225 |  |  | $ | 105,341 |  |  | $ | (22,342 | ) |  | $ | 82,999 |
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19,681 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 63,318 |
Additional segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (4) |  | $ | 39,364 |  |  | $ | 3,480 |  |  | $ | 634 |  |  | $ | 43,478 |  |  | $ | - |  |  | $ | 43,478 |
Capital expenditures (5) |  | $ | 42,089 |  |  | $ | 1,536 |  |  | $ | - |  |  | $ | 43,625 |  |  | $ | - |  |  | $ | 43,625 |
Total assets |  | $ | 1,604,449 |  |  | $ | 100,627 |  |  | $ | 3,703 |  |  | $ | 1,708,779 |  |  | $ | (324,782 | ) |  | $ | 1,383,997 |
Fiscal Year 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales (1) |  | $ | 1,374,468 |  |  | $ | 104,156 |  |  | $ | 30,728 |  |  | $ | 1,509,352 |  |  | $ | - |  |  | $ | 1,509,352 |
Cost of products sold |  |  | 1,151,397 |  |  |  | 100,272 |  |  |  | 21,753 |  |  |  | 1,273,422 |  |  |  | 131,611 |  |  |  | 1,405,033 |
Selling and advertising expense (2) |  |  | 34,861 |  |  |  | 3,227 |  |  |  | 387 |  |  |  | 38,475 |  |  |  | - |  |  |  | 38,475 |
General and administrative expense |  |  | 28,278 |  |  |  | 2,858 |  |  |  | 11,461 |  |  |  | 42,597 |  |  |  | - |  |  |  | 42,597 |
Other segment items (3) |  |  | 9,693 |  |  |  | 554 |  |  |  | (15,118 | ) |  |  | (4,871 | ) |  |  | - |  |  |  | (4,871 | )
Interest expense, net of interest income |  |  | 12,684 |  |  |  | 1,180 |  |  |  | 461 |  |  |  | 14,325 |  |  |  | - |  |  |  | 14,325 |
Earnings (loss) before income taxes |  | $ | 137,555 |  |  | $ | (3,935 | ) |  | $ | 11,784 |  |  | $ | 145,404 |  |  | $ | (131,611 | ) |  | $ | 13,793 |
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,562 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,231 |
Additional segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (4) |  | $ | 37,359 |  |  | $ | 3,024 |  |  | $ | 558 |  |  | $ | 40,941 |  |  | $ | - |  |  | $ | 40,941 |
Capital expenditures (5) |  | $ | 57,593 |  |  | $ | 13,406 |  |  | $ | 806 |  |  | $ | 71,805 |  |  | $ | - |  |  | $ | 71,805 |
Total assets |  | $ | 1,415,857 |  |  | $ | 95,658 |  |  | $ | 3,646 |  |  | $ | 1,515,161 |  |  | $ | (302,440 | ) |  | $ | 1,212,721 |
The following footnotes should be read in connection with the segment disclosure table shown on the previous page:
| (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 plant restructuring, 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 fiscal year, regardless of payment timing. The total shown for each fiscal year reconciles to amounts reported on the Consolidated Statements of Cash Flows within the sections for net cash used in investing activities and supplemental noncash transaction information.
The following table sets forth United States and international net sales (in thousands, except percentages):
|  | Fiscal Year: |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,492,266 |  |  | $ | 1,374,774 |  |  | $ | 1,408,710 |
International |  |  | 86,621 |  |  |  | 83,829 |  |  |  | 100,642 |
Total net sales |  | $ | 1,578,887 |  |  | $ | 1,458,603 |  |  | $ | 1,509,352 |
As a percentage of net sales: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 94.5 | % |  |  | 94.3 | % |  |  | 93.3 | %
International |  |  | 5.5 | % |  |  | 5.7 | % |  |  | 6.7 | %
Total |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %
For fiscal years 2025, 2024 and 2023, one customer (Customer A) accounted for approximately 16%, 14%, and 14% of net sales, respectively. As of March 31, 2025 and March 31, 2024, Customer A accounted for approximately 24% and 25% of trade receivables, respectively. No other customers accounted for more than 10% of the Company’s net sales or trade receivables for the respective periods. The Company does not have any long-lived assets located outside of the United Sates.

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- Definition The entire disclosure for reporting segments including data and tables. 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