XML 21 R9.htm IDEA: XBRL DOCUMENT v3.25.2
Note 2 - Revenue Recognition
 3 Months Ended
Jun. 28, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

2.

Revenue Recognition

 

Revenue recognition is completed for most customers at a point in time when product control is transferred to the customer. In general, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can direct the use and obtain substantially all of the remaining benefits from the asset at this point in time. The Company does sell certain finished goods inventory for cash on a bill and hold basis. The terms of the bill and hold agreement(s) provide that title to the specified inventory is transferred to the customer(s) prior to shipment and the Company has the right to payment (prior to physical delivery) which results in recorded revenue as determined under the revenue recognition standard.

 

In the following table, revenue is disaggregated by product category groups (in thousands):

 

   

Three Months Ended

  
   

June 28,

    

June 29,

  
   

2025

    

2024

  

Canned vegetables

   $ 247,351     $ 253,749  

Frozen vegetables

     22,937       25,334  

Fruit products

     18,050       18,841  

Snack products

     3,555       2,865  

Other

     5,565       3,938  

Total

   $ 297,458     $ 304,727  

 

As a result of certain contracts with customers, the Company has contract asset balances of $1.0 million, $1.2 million, and $1.1 million as of June 28, 2025, June 29, 2024, and March 31, 2025, respectively, which are recorded as part of other current assets on the condensed consolidated balance sheets. The Company has contract liabilities in the form of deferred revenue representing payments received from certain of its co-pack customers in advance of completion of the Company's respective performance obligations. The balance is comprised of prepaid case and labeling and storage services which have been collected from bill and hold sales, as well as amounts invoiced in accordance with the terms of a co-pack agreement. 

 

 

The deferred revenue activity is shown in the following table (in thousands):

 

   

Three Months Ended

  
   

June 28,

    

June 29,

  
   

2025

    

2024

  

Beginning balance

   $ 11,140     $ 8,185  

Deferral of revenue

     1,488       1,239  

Recognition of unearned revenue

     (4,315 )     (4,363 )

Ending balance

   $ 8,313     $ 5,061