Price | 31.28 | EPS | 1 | |
Shares | 9 | P/E | 27 | |
MCap | 295 | P/FCF | 3 | |
Net Debt | 226 | EBIT | 17 | |
TEV | 522 | TEV/EBIT | 31 | TTM 2019-09-28, in MM, except price, ratios |
10-Q | 2020-09-26 | Filed 2020-11-04 |
10-Q | 2020-06-27 | Filed 2020-08-05 |
10-K | 2020-03-31 | Filed 2020-07-02 |
10-Q | 2019-12-28 | Filed 2020-02-05 |
10-Q | 2019-09-28 | Filed 2019-11-06 |
10-Q | 2019-06-29 | Filed 2019-08-07 |
10-K | 2019-03-31 | Filed 2019-06-13 |
10-Q | 2018-12-29 | Filed 2019-02-01 |
10-Q | 2018-09-29 | Filed 2018-11-09 |
10-Q | 2018-06-30 | Filed 2018-07-31 |
10-K | 2018-03-31 | Filed 2018-06-29 |
10-Q | 2017-12-30 | Filed 2018-01-25 |
10-Q | 2017-09-30 | Filed 2017-10-26 |
10-Q | 2017-07-01 | Filed 2017-07-31 |
10-K | 2017-03-31 | Filed 2017-05-25 |
10-Q | 2016-12-31 | Filed 2017-01-25 |
10-Q | 2016-10-01 | Filed 2016-11-07 |
10-Q | 2016-07-02 | Filed 2016-07-29 |
10-K | 2016-03-31 | Filed 2016-06-08 |
10-Q | 2015-12-26 | Filed 2016-02-02 |
10-Q | 2015-09-26 | Filed 2015-11-02 |
10-Q | 2015-06-27 | Filed 2015-07-31 |
10-K | 2015-03-31 | Filed 2015-06-09 |
10-Q | 2014-12-27 | Filed 2015-02-02 |
10-Q | 2014-09-27 | Filed 2014-10-23 |
10-Q | 2014-06-28 | Filed 2014-08-06 |
10-K | 2014-03-31 | Filed 2014-05-22 |
10-Q | 2013-12-28 | Filed 2014-01-29 |
10-Q | 2013-09-28 | Filed 2013-10-23 |
10-Q | 2013-06-29 | Filed 2013-08-01 |
10-K | 2013-03-31 | Filed 2013-05-23 |
10-Q | 2012-12-29 | Filed 2013-01-31 |
10-Q | 2012-09-29 | Filed 2012-10-25 |
10-Q | 2012-06-30 | Filed 2012-08-03 |
10-K | 2012-03-31 | Filed 2012-06-08 |
10-Q | 2011-12-31 | Filed 2012-01-27 |
10-Q | 2011-10-01 | Filed 2011-10-27 |
10-Q | 2011-07-02 | Filed 2011-08-03 |
10-K | 2011-03-31 | Filed 2011-05-26 |
10-Q | 2011-01-01 | Filed 2011-01-27 |
10-Q | 2010-10-02 | Filed 2010-10-28 |
10-Q | 2010-07-03 | Filed 2010-08-04 |
10-K | 2010-03-31 | Filed 2010-05-26 |
10-Q | 2009-12-26 | Filed 2010-02-02 |
8-K | 2020-11-04 | Exhibits |
8-K | 2020-11-04 | Earnings, Exhibits |
8-K | 2020-10-27 | Exhibits |
8-K | 2020-09-15 | |
8-K | 2020-08-31 | Exhibits |
8-K | 2020-08-18 | |
8-K | 2020-08-05 | Earnings, Exhibits |
8-K | 2020-06-12 | |
8-K | 2020-05-28 | |
8-K | 2020-03-31 | Earnings, Exhibits |
8-K | 2020-02-05 | |
8-K | 2019-11-06 | |
8-K | 2019-08-22 | |
8-K | 2019-08-07 | |
8-K | 2019-08-07 | |
8-K | 2019-06-13 | |
8-K | 2019-05-09 | |
8-K | 2018-12-29 | |
8-K | 2018-12-07 | |
8-K | 2018-11-09 | |
8-K | 2018-08-10 | |
8-K | 2018-07-31 | |
8-K | 2018-07-27 | |
8-K | 2018-06-29 | |
8-K | 2018-06-28 | |
8-K | 2018-02-16 | |
8-K | 2018-01-25 |
Item 2 Managements Discussion and Analysis |
Item 1. Legal Proceedings |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
EX-10.1 | ex_208556.htm |
EX-10.2 | ex_208557.htm |
EX-10.3 | ex_208558.htm |
EX-31.1 | ex_208559.htm |
EX-31.2 | ex_208560.htm |
EX-31.3 | ex_208561.htm |
EX-32 | ex_208562.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number
Seneca Foods Corporation
(Exact name of Company as specified in its charter)
| |
(State or other jurisdiction of | (I. R. S. Employer |
incorporation or organization) | Identification No.) |
| |
(Address of principal executive offices) | (Zip Code) |
Company's telephone number, including area code
Not Applicable
Former name, former address and former fiscal year,
if changed since last report
Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the Company is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and an emerging growth company in Rule 12b-2 of the Exchange Act:
Large accelerated filer ☐
Emerging growth company
Indicate by check mark whether the Company is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
If an emerging growth company, indicate by checkmark if the Company has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol | Name of Exchange on Which Registered |
The number of shares outstanding of each of the issuer's classes of common stock at the latest practical date are:
Class | Shares Outstanding at October 30, 2020 |
Common Stock Class A, $.25 Par | |
Common Stock Class B, $.25 Par | |
Seneca Foods Corporation |
Quarterly Report on Form 10-Q |
Table of Contents |
Page | ||
PART 1 | ||
Item 1 | ||
Condensed Consolidated Balance Sheets-September 26, 2020, September 28, 2019 and March 31, 2020 | 1 | |
2 | ||
2 | ||
3 | ||
4 | ||
5 | ||
Item 2 | Management's Discussion and Analysis of Financial Condition and Results of Operations | 15 |
Item 3 | 22 | |
Item 4 | 23 | |
PART II | ||
Item 1 | 24 | |
Item 1A | 24 | |
Item 2 | 24 | |
Item 3 | 24 | |
Item 4 | 24 | |
Item 5 | 24 | |
Item 6 | 25 | |
26 |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In Thousands, Except Per Share Data) |
Unaudited | Unaudited | |||||||||||
September 26, | September 28, |
| March 31, 2020 | |||||||||
ASSETS | ||||||||||||
Current Assets: | ||||||||||||
Cash and Cash Equivalents | $ | $ | $ | |||||||||
Accounts Receivable, Net | ||||||||||||
Contracts Receivable | ||||||||||||
Current Assets Held For Sale | ||||||||||||
Current Assets Held For Sale-Discontinued Operations | ||||||||||||
Inventories | ||||||||||||
Refundable Income Taxes | ||||||||||||
Other Current Assets | ||||||||||||
Total Current Assets | ||||||||||||
Property, Plant and Equipment, Net | ||||||||||||
Right-of-Use Assets Operating, Net | ||||||||||||
Right-of-Use Assets Financing, Net | ||||||||||||
Deferred Income Taxes, Net | ||||||||||||
Noncurrent Assets Held For Sale-Discontinued Operations | ||||||||||||
Other Assets | ||||||||||||
Total Assets | $ | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Current Liabilities: | ||||||||||||
Accounts Payable | $ | $ | $ | |||||||||
Deferred Revenue | ||||||||||||
Accrued Vacation | ||||||||||||
Accrued Payroll | ||||||||||||
Other Accrued Expenses | ||||||||||||
Income Taxes Payable | ||||||||||||
Current Liabilities Held For Sale-Discontinued Operations | ||||||||||||
Current Portion of Operating Lease Obligations | ||||||||||||
Current Portion of Financing Lease Obligations | ||||||||||||
Current Portion of Long-Term Debt | ||||||||||||
Total Current Liabilities | ||||||||||||
Long-Term Debt, Less Current Portion | ||||||||||||
Operating Lease Obligations, Less Current Portion | ||||||||||||
Financing Lease Obligations, Less Current Portion | ||||||||||||
Pension Liabilities | ||||||||||||
Other Long-Term Liabilities | ||||||||||||
Total Liabilities | ||||||||||||
Commitments and Contingencies | ||||||||||||
Stockholders' Equity: | ||||||||||||
Preferred Stock | ||||||||||||
Common Stock, $ Par Value Per Share | ||||||||||||
Additional Paid-in Capital | ||||||||||||
Treasury Stock, at Cost | ( | ) | ( | ) | ( | ) | ||||||
Accumulated Other Comprehensive Loss | ( | ) | ( | ) | ( | ) | ||||||
Retained Earnings | ||||||||||||
Total Stockholders' Equity | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ | $ |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF NET EARNINGS | ||||
(Unaudited) | ||||
(In Thousands, Except Per Share Data) |
Three Months Ended | Six Months Ended | |||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||
Net Sales | $ | $ | $ | $ | ||||||||||||
Costs and Expenses: | ||||||||||||||||
Cost of Product Sold | ||||||||||||||||
Selling, General and Administrative | ||||||||||||||||
Plant Restructuring Charge | ||||||||||||||||
Other Operating Loss/(Income) | ( | ) | ( | ) | ||||||||||||
Total Costs and Expenses | ||||||||||||||||
Operating Income | ||||||||||||||||
Loss From Equity Investment | ||||||||||||||||
Other Loss/(Income) | ( | ) | ( | ) | ||||||||||||
Interest Expense, Net | ||||||||||||||||
Earnings Before Income Taxes | ||||||||||||||||
Income Taxes | ||||||||||||||||
Net Earnings | $ | $ | $ | $ | ||||||||||||
Basic Earnings per Common Share | $ | $ | $ | $ | ||||||||||||
Diluted Earnings per Common Share: | $ | $ | $ | $ |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
SENECA FOODS CORPORATION AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||
(Unaudited) | |||||
(In Thousands) |
Three Months Ended | Six Months Ended | |||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||
Comprehensive income: | ||||||||||||||||
Net earnings | $ | $ | $ | $ | ||||||||||||
Total | $ | $ | $ | $ |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
(Unaudited) | ||
(In Thousands) |
Six Months Ended | ||||||||
September 26, 2020 | September 28, 2019 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net Earnings | $ | $ | ||||||
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operations: | ||||||||
Depreciation & Amortization | ||||||||
Gain on the Sale of Assets | ( | ) | ( | ) | ||||
Provision for Restructuring and Impairment | ||||||||
Loss From Equity Investment | ||||||||
Deferred Income Tax Benefit | ( | ) | ( | ) | ||||
Changes in Operating Assets and Liabilities: | ||||||||
Accounts Receivable | ( | ) | ( | ) | ||||
Inventories | ( | ) | ( | ) | ||||
Other Current Assets | ( | ) | ||||||
Income Taxes | ||||||||
Accounts Payable, Accrued Expenses and Other | ||||||||
Net Cash Provided by Operations | ||||||||
Cash Flows from Investing Activities: | ||||||||
Additions to Property, Plant and Equipment | ( | ) | ( | ) | ||||
Proceeds from the Sale of Assets | ||||||||
Net Cash Used In Investing Activities | ( | ) | ( | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Long-Term Borrowing | ||||||||
Payments on Long-Term Debt | ( | ) | ( | ) | ||||
Other Assets | ( | ) | ( | ) | ||||
Payments on Financing Leases | ( | ) | ( | ) | ||||
Purchase of Treasury Stock | ( | ) | ( | ) | ||||
Dividends | ( | ) | ( | ) | ||||
Net Cash Used In Financing Activities | ( | ) | ( | ) | ||||
Net Increase in Cash and Cash Equivalents | ||||||||
Cash and Cash Equivalents, Beginning of the Period | ||||||||
Cash and Cash Equivalents, End of the Period | $ | $ | ||||||
Supplemental Disclosures of Cash Flow Information: | ||||||||
Noncash Transactions: | ||||||||
Property, Plant and Equipment Purchased Under Lease Obligations | $ | $ |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(In Thousands) |
Accumulated | ||||||||||||||||||||||||
Additional | Other | |||||||||||||||||||||||
Preferred | Common | Paid-In | Treasury | Comprehensive | Retained | |||||||||||||||||||
Stock | Stock | Capital | Stock | Loss | Earnings | |||||||||||||||||||
First Quarter FY 2021: | ||||||||||||||||||||||||
Balance March 31, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Net earnings | ||||||||||||||||||||||||
Cash dividends declared on preferred stock | ( | ) | ||||||||||||||||||||||
Equity incentive program | ||||||||||||||||||||||||
Balance June 27, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Second Quarter FY 2021: | ||||||||||||||||||||||||
Net earnings | ||||||||||||||||||||||||
Equity incentive program | ||||||||||||||||||||||||
Purchase treasury stock | ( | ) | ||||||||||||||||||||||
Balance September 26, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
First Quarter FY 2020: | ||||||||||||||||||||||||
Balance March 31, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Net earnings | ||||||||||||||||||||||||
Cash dividends declared | ||||||||||||||||||||||||
on preferred stock | ( | ) | ||||||||||||||||||||||
Equity incentive program | ||||||||||||||||||||||||
Purchase treasury stock | ( | ) | ||||||||||||||||||||||
Operating lease impairment adjustment upon the adoption of ASU 2016-02 "Leases" (net of tax) | ( | ) | ||||||||||||||||||||||
Balance June 29, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Second Quarter FY 2020: | ||||||||||||||||||||||||
Net earnings | ||||||||||||||||||||||||
Equity incentive program | ||||||||||||||||||||||||
Preferred stock conversion | ( | ) | ||||||||||||||||||||||
Purchase treasury stock | ( | ) | ||||||||||||||||||||||
Balance September 28, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ |
Preferred Stock | Common Stock | |||||||||||||||||||||||
6% | 10% | |||||||||||||||||||||||
Cumulative Par | Cumulative Par | 2003 Series | ||||||||||||||||||||||
Value $.25 | Value $.025 | Participating | Participating | Class A | Class B | |||||||||||||||||||
Callable at Par | Convertible | Convertible Par | Convertible Par | Common Stock | Common Stock | |||||||||||||||||||
Voting | Voting | Value $.025 | Value $.025 | Par Value $.25 | Par Value $.25 | |||||||||||||||||||
Shares authorized and designated: | ||||||||||||||||||||||||
September 26, 2020 | ||||||||||||||||||||||||
Shares outstanding: | ||||||||||||||||||||||||
September 26, 2020 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
SENECA FOODS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 26, 2020
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 September 26, 2020 and 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, 2020 balance sheet was derived from the audited consolidated financial statements.
The results of operations for the three and six month periods ended September 26, 2020 are not necessarily indicative of the results to be expected for the full year.
For the six months ended September 26, 2020 and September 28, 2019 the Company sold certain finished goods inventory for cash on a bill and hold basis. The terms of the bill and hold agreement(s) provide that title to the specified inventory is transferred to the customer(s) 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.
The accounting policies followed by the Company are set forth in Note 1 to the Company's Consolidated Financial Statements in the Company’s 2020 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 2020 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. In addition, the Company has adjusted its prior quarter cash flow statement to properly reflect lease payments made on operating leases under Accounting Standards Codification (“ASC”) 842 - Leases. This adjustment reduced net cash provided by operations and reduced net cash used in financing activities.
2. | Discontinued Operations |
On July 13, 2018, the Company executed a nonbinding letter of intent with a perspective buyer of the Modesto facility. On October 9, 2018, the Company closed on the sale of the facility to this outside buyer with net proceeds of $
SENECA FOODS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 26, 2020
The following table presents information related to the major classes of assets and liabilities of Modesto that are classified as Held For Sale-Discontinued Operations in the Company's Consolidated Balance Sheets (in thousands):
September 26, | September 28, | March 31, | ||||||||||
2020 | 2019 | 2020 | ||||||||||
Other Current Assets | ||||||||||||
Current Assets Held For Sale-Discontinued Operations | $ | $ | $ | |||||||||
Other Assets | ||||||||||||
Noncurrent Assets Held For Sale-Discontinued Operations | $ | $ | $ | |||||||||
Accounts Payable and Accrued Expenses | $ | $ | $ | |||||||||
Current Liabilities Held For Sale-Discontinued Operations | $ | $ | $ |
3. | Assets Held For Sale |
As of September 26, 2020, the Company has certain non-operating units in the Midwest that met the criteria to be classified as held for sale, which requires the Company to present the related assets and liabilities as separate line items in our Condensed Consolidated Balance Sheet. The Company is required to record the assets held for sale at the lower of carrying value or fair value less costs to sell. The following table presents information related to the major classes of assets and liabilities that were held for sale in our Condensed Consolidated Balance sheets (in thousands):
September 26, | ||||
2020 | ||||
Property, Plant and Equipment (net) | $ | |||
Current Assets Held For Sale | $ |
4. | Revenue Recognition |
In the following table, revenue is disaggregated by product category groups (in millions):
Three Months Ended | Six Months Ended | |||||||||||||||
September 26, 2020 | September | September | September | |||||||||||||
Canned Vegetables | $ | $ | $ | $ | ||||||||||||
Frozen | ||||||||||||||||
Fruit Products | ||||||||||||||||
Chip Products | ||||||||||||||||
Prepared Foods | ||||||||||||||||
Other | ||||||||||||||||
$ | $ | $ | $ |
SENECA FOODS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 26, 2020
5. | Inventories |
First-In, First-Out (“FIFO”) based inventory costs exceeded LIFO based inventory costs by $
The change in the LIFO Reserve for the six months ended September 26, 2020 was an increase of $
September 26, 2020 | September 28, 2019 | March 31, 2020 | ||||||||||
Finished products | $ | $ | ||||||||||
In process | ||||||||||||
Raw materials and supplies | ||||||||||||
Less excess of FIFO cost over LIFO cost | ||||||||||||
Total inventories | $ | $ | $ |
6. | Leases |
The Company determines if an arrangement is a lease at inception of the agreement. Operating leases are included in right-of-use operating assets, and current and noncurrent operating lease obligations in the Company’s Condensed Consolidated Balance Sheets. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. If the lease does not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The right-of-use operating lease assets also include in its calculation any prepaid lease payments made and excludes any lease incentives received from the arrangement. The Company’s lease terms may include options to extend or terminate the lease, and the impact of these options are included in the lease liability and lease asset calculations when the exercise of the option is at the Company’s sole discretion and it is reasonably certain that the Company will exercise that option. The Company will not separate lease and nonlease components for its leases when it is impractical to separate the two, such as leases with variable payment arrangements. Leases with an initial term of 12 months or less are not recorded on the balance sheet.
The Company has operating leases for land, machinery and equipment. The Company also has finance leases for machinery and equipment. The commencement date used for the calculation of the lease obligation is the latter of the commencement date of the new standard ( April 1, 2019) or the lease start date. Certain of the leases have options to extend the life of the lease, which are included in the liability calculation when the option is at the sole discretion of the Company and it is reasonably certain that the Company will exercise the option. In addition, the Company has certain leases that have variable payments based solely on output or usage of the leased asset. These variable operating lease assets are excluded from the Company’s balance sheet presentation and expensed as incurred. Leases with an initial term of 12 months or less are not material.
SENECA FOODS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 26, 2020
Upon adoption of Accounting Standards Update (“ASU”) No. 2016-02, the Company determined its right-of-use assets related to the operating leases for its plant equipment in Sunnyside, Washington were partially impaired and therefore were reduced with a corresponding charge to retained earnings of $
Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense were as follows (dollar amounts in thousands):
Three Months Ended | Six Months Ended | |||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||
Lease cost: | ||||||||||||||||
Amortization of right of use asset | $ | $ | $ | $ | ||||||||||||
Interest on lease liabilities | ||||||||||||||||
Finance lease cost | ||||||||||||||||
Operating lease cost | ||||||||||||||||
Total lease cost | $ | $ | $ | $ | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||||
Operating cash flows from finance leases | $ | $ | ||||||||||||||
Operating cash flows from operating leases | ||||||||||||||||
Financing cash flows from finance leases | ||||||||||||||||
$ | $ | |||||||||||||||
Right-of-use assets obtained in exchange for new finance lease liabilities | $ | $ | ||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ | ||||||||||||||
Weighted-average lease term (years): | ||||||||||||||||
Financing leases | ||||||||||||||||
Operating leases | ||||||||||||||||
Weighted-average discount rate (percentage): | ||||||||||||||||
Financing leases | ||||||||||||||||
Operating leases |
SENECA FOODS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 26, 2020
Undiscounted future lease payments under non-cancelable operating leases and financial leases, along with a reconciliation of undiscounted cash flows to operating and financing lease liabilities, respectively, as of September 26, 2020 (in thousands) were as follows:
Years ending March 31: | Operating | Financing | |||||||
Balance of 2021 | $ | $ | |||||||
2022 | |||||||||
2023 | |||||||||
2024 | |||||||||
2025 | |||||||||
2026-2032 | |||||||||
Total minimum payment required | $ | $ | |||||||
Less interest | |||||||||
Present value of minimum lease payments | |||||||||
Amount due within one year | |||||||||
Long-term lease obligations | $ | $ |
7. | Revolving Credit Facility |
The Company entered into a
The decrease in average amount of Revolver borrowings during the first six months of fiscal 2021 compared to the first six months of fiscal 2020 was attributable to strong earnings during the first six months of fiscal 2021.
General terms of the Revolver include payment of interest at LIBOR plus a defined spread.
The following table documents the quantitative data for Revolver borrowings during the second quarter and year-to-date for fiscal 2021 and fiscal 2020 (dollar amounts in thousands):
Second Quarter | Year-to-Date | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Reported end of period: | ||||||||||||||||
Outstanding borrowings | $ | $ | $ | $ | ||||||||||||
Weighted average interest rate | % | % | % | % | ||||||||||||
Reported during the period: | ||||||||||||||||
Maximum amount of borrowings | $ | $ | $ | $ | ||||||||||||
Average outstanding borrowings | $ | $ | $ | $ | ||||||||||||
Weighted average interest rate | % | % | % | % |
SENECA FOODS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 26, 2020
8. | Stockholders’ Equity |
During the six-month period ended September 26, 2020, the Company repurchased $
9. | Retirement Plans |
The net periodic benefit cost for the Company’s pension plan consisted of (In thousands):
Three Months Ended | Six Months Ended | |||||||||||||||
September 26, | September 28, | September 26, | September 28, | |||||||||||||
Service Cost Including Administration | $ | $ | $ | $ | ||||||||||||
Interest Cost | ||||||||||||||||
Expected Return on Plan Assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of Prior Service Cost | ||||||||||||||||
Amortization of Net Loss | ||||||||||||||||
Net Periodic Benefit Cost | $ | $ | $ | $ |
There was
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 | $ | $ | $ | |||||||||
First quarter charge | ||||||||||||
Second quarter charge | ||||||||||||
Cash payments/write offs | ( | ) | ( | ) | ( | ) | ||||||
Balance September 26, 2020 | $ | $ | $ |
Severance | Other Costs | Total | ||||||||||
Balance March 31, 2019 | $ | $ | $ | |||||||||
First quarter charge | ||||||||||||
Second quarter charge | ||||||||||||
Cash payments/write offs | ( | ) | ( | ) | ( | ) | ||||||
Balance September 28, 2019 | $ | $ | $ |
SENECA FOODS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 26, 2020
During the quarter ended September 26, 2020, the Company recorded a restructuring charge of $
to severance and $
During the quarter ended September 28, 2019 the Company recorded a restructuring charge of $