Note 10 - Plant Restructuring

9 Months Ended

Dec. 26, 2020

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

10. Plant Restructuring

The following table summarizes the rollforward of restructuring charges and related asset impairment charges recorded and the accruals established (In thousands):

	Restructuring Payable
	Severance			Other Costs		Total
Balance March 31, 2020	$	202		$	-	$	202
First quarter charge		219			44		263
Second quarter charge		8			16		24
Third quarter credit		-			(118)		(118)
Cash payments/write offs		(429	)		58		(371	)
Balance December 26, 2020	$	-		$	-	$	-

	Severance			Other Costs			Total
Balance March 31, 2019	$	225		$	1		$	226
First quarter charge		586			4,220			4,806
Second quarter charge		386			760			1,146
Third quarter charge		28			765			793
Cash payments/write offs		(1,145	)		(5,746	)		(6,891	)
Balance December 28, 2019	$	80		$	-		$	80

During the nine months ended December 26, 2020, the Company recorded a restructuring charge of $169,000 related to closed plants, of which $227,000 was related to severance and $44,000 was for lease impairments partially offset by a $102,000 credit of a former grower payment.

During the nine months ended December 28, 2019, the Company recorded a restructuring charge of $6,745,000 related to the closing of plants in the Midwest and Northwest of which $5,266,000 was for accelerated amortization of right-of-use operating lease assets, $2,354,000 was mostly related to equipment moves and $1,000,000 was related to severance. The Company also recorded a credit of $1,875,000 for the reduced lease liability of previously impaired leases.