XML 37 R23.htm IDEA: XBRL DOCUMENT
v3.26.1

Note 13 - Segment Information | 12 Months Ended
--- | ---
Mar. 31, 2026
Notes to Financial Statements |
Segment Reporting [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 Consolidated Statements of Net Earnings and Consolidated Balance Sheets. 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 2026: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales (1) |  | $ | 1,517,815 |  |  | $ | 108,476 |  |  | $ | 33,384 |  |  | $ | 1,659,675 |  |  | $ | - |  |  | $ | 1,659,675 |
Cost of products sold |  |  | 1,337,578 |  |  |  | 89,201 |  |  |  | 23,980 |  |  |  | 1,450,759 |  |  |  | (22,298 | ) |  |  | 1,428,461 |
Selling and advertising expense (2) |  |  | 34,447 |  |  |  | 2,525 |  |  |  | 371 |  |  |  | 37,343 |  |  |  | - |  |  |  | 37,343 |
General and administrative expense |  |  | 29,604 |  |  |  | 3,351 |  |  |  | 12,799 |  |  |  | 45,754 |  |  |  | - |  |  |  | 45,754 |
Other segment items (3) |  |  | (989 | ) |  |  | 20 |  |  |  | (18,153 | ) |  |  | (19,122 | ) |  |  | - |  |  |  | (19,122 | )
Interest expense, net of interest income |  |  | 16,220 |  |  |  | 1,522 |  |  |  | 402 |  |  |  | 18,144 |  |  |  | - |  |  |  | 18,144 |
Earnings before income taxes |  | $ | 100,955 |  |  | $ | 11,857 |  |  | $ | 13,985 |  |  | $ | 126,797 |  |  | $ | 22,298 |  |  | $ | 149,095 |
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,421 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 114,674 |
Additional segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (4) |  | $ | 36,032 |  |  | $ | 3,277 |  |  | $ | 4,688 |  |  | $ | 43,997 |  |  | $ | - |  |  | $ | 43,997 |
Capital expenditures (5) |  | $ | 40,918 |  |  | $ | 3,918 |  |  | $ | 2,019 |  |  | $ | 46,855 |  |  | $ | - |  |  | $ | 46,855 |
Total assets |  | $ | 1,473,285 |  |  | $ | 108,369 |  |  | $ | 3,062 |  |  | $ | 1,584,716 |  |  | $ | (336,958 | ) |  | $ | 1,247,758 |
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 |
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 customers 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 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: |
|  | 2026 |  |  | 2025 |  |  | 2024 |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,583,797 |  |  | $ | 1,492,266 |  |  | $ | 1,374,774 |
International |  |  | 75,878 |  |  |  | 86,621 |  |  |  | 83,829 |
Total net sales |  | $ | 1,659,675 |  |  | $ | 1,578,887 |  |  | $ | 1,458,603 |
As a percentage of net sales: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 95.4 | % |  |  | 94.5 | % |  |  | 94.3 | %
International |  |  | 4.6 | % |  |  | 5.5 | % |  |  | 5.7 | %
Total |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %
For fiscal year 2026, two customers (Customer A and Customer B) accounted for approximately 17% and 11% of net sales, respectively. For fiscal years 2025 and 2024, one customer (Customer A) accounted for approximately 16% and 14% of net sales, respectively. As of March 31, 2026 and March 31, 2025, Customer A accounted for approximately 25% and 24% 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.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for segment reporting. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 18: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 19: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 20: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 21: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 22: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration