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Note 11 - Recently Issued Accounting Standards
 9 Months Ended
Dec. 28, 2019
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
1
1
.
Recently Issued Accounting Standards
 
In
February 2016,
the FASB issued ASU
2016
-
02,
“Leases.” ASU
2016
-
02
establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than
12
months. In
July 2018,
the FASB issued ASU
No.
2018
-
11,
Targeted Improvements – Leases (Topic
842
)." This update provides an optional transition method that allows entities to elect to apply the standard retrospectively at the beginning of the period of adoption, versus recasting the prior periods presented. If elected, an entity would recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance is effective for annual periods beginning after
December 15, 2018.
We adopted ASU
2016
-
02
as of
April 1, 2019,
using the optional transition method provided by ASU
2018
-
11.
  The standard resulted in the initial recognition of
$88,333,000
of total operating lease assets and
$91,025,000
of net operating lease liabilities and a net adjustment to retained earnings totaling
$2,019,000
(
$2,692,000
less tax effect of
$673,000
) on the Condensed Consolidated Balance Sheet on
April 1, 2019.
The standard did
not
materially impact the Condensed Consolidated Statement of Income or Condensed Consolidated Statement of Cash Flows. At adoption, the Company recorded an adjustment to retained earnings of
$2,019,000,
which includes an impairment loss that was related to a Northwest plant impairment which was incurred in
March 2019
just prior to adoption of this standard. The disclosures required by the recently adopted accounting standard are included in Note
5
of the Notes to the Condensed Consolidated Financial Statements.
 
In
August 2018,
the FASB issued ASU
No.
2018
-
14,
Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic
715
-
20
): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans
, which modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU
2018
-
14
is effective for annual periods beginning after
December 15, 2020,
with early adoption permitted. The amendments in this ASU should be applied on a retrospective basis to all periods presented. We are currently evaluating the effect that ASU
2018
-
14
will have on our condensed consolidated financial statements and related disclosures.
 
There were
no
other recently issued accounting pronouncements that impacted the Company’s condensed consolidated financial statements. In addition, the Company did
not
adopt any other new accounting pronouncements during the quarter ended
December 28, 2019.