Note 2 - Revenue Recognition

9 Months Ended

Dec. 31, 2022

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 provide that title to the specified inventory is transferred to the customer 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				Nine Months Ended
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022
Canned vegetables	$	392,942	$	373,205	$	976,026	$	860,737
Frozen vegetables		33,754		32,305		93,560		95,739
Fruit products		33,371		30,192		75,674		68,351
Snack products		3,360		2,550		10,035		9,647
Other		9,827		7,341		22,994		18,417
Net sales	$	473,254	$	445,593	$	1,178,289	$	1,052,891

As a result of certain contracts with customers, the Company has contract asset balances of $0.7 million, $0.9 million, and $0.9 million as of December 31, 2022, January 1, 2022, and March 31, 2022 respectively, which are included in other current assets on the condensed consolidated balance sheets.