Note 1 - Unaudited Condensed Consolidated Financial Statements

9 Months Ended

Dec. 28, 2019

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

1. Unaudited Condensed Consolidated Financial Statements

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of Seneca Foods Corporation (the “Company”) as of

December 28, 2019

and

December 29, 2018

results of its operations and its cash flows for the interim periods presented. All significant intercompany transactions and accounts have been eliminated in consolidation. The

March 31, 2019

balance sheet was derived from the audited consolidated financial statements.

The results of operations for the

three

and

nine

month periods ended

December 28, 2019

are

not

necessarily indicative of the results to be expected for the full year.

During the

nine

months ended

December 28, 2019,

the Company sold on a gross basis including casing and labeling and future warehousing

$116,515,000

of Green Giant finished goods inventory to B&G Foods, Inc. for cash, on a bill and hold basis, as compared to

$65,741,000

for the

nine

months ended

December 29, 2018.

Under the terms of the bill and hold agreement, title to the specified inventory transferred to B&G. Under the new revenue recognition standard, this contract qualifies for bill and hold accounting treatment as the Company has concluded that control of the unlabeled products transfers to the customer at the time title transfers and the Company has the right to payment (prior to physical delivery), which results in earlier revenue recognition. Labeling and storage services that are provided after control of the goods has transferred to the customer are accounted for as separate performance obligations for which revenue is deferred until the services are performed.

The accounting policies followed by the Company are set forth in Note

1

to the Company's Consolidated Financial Statements in the Company’s

2019

Annual Report on Form

10

-K.

Other footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company's

2019

Annual Report on Form

10

-K.

All references to years are fiscal years ended or ending

March 31

unless otherwise indicated. Certain percentage tables

may

not

foot due to rounding.

Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification.