Note 2 - Revenue Recognition

6 Months Ended

Sep. 30, 2023

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				Six Months Ended
	September 30,		October 1,		September 30,		October 1,
	2023		2022		2023		2022
Canned vegetables	$	328,586	$	364,749	$	579,536	$	583,084
Frozen vegetables		43,046		40,095		64,585		59,806
Fruit products		22,801		23,971		39,539		42,303
Snack products		4,256		3,695		7,354		6,675
Other		8,786		7,332		15,125		13,167
	$	407,475	$	439,842	$	706,139	$	705,035

As a result of certain contracts with customers, the Company has contract asset balances of $0.5 million, $0.5 million, and $0.6 million as of September 30, 2023, October 1, 2022, and March 31, 2023, respectively, which are included in other current assets on the condensed consolidated balance sheets. The Company records deferred revenue for prepaid case and labeling and storage services which have been collected from bill and hold sales. Amounts are recognized in revenue as the associated performance obligation is satisfied and control has transferred to the customer.