Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 65

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 65
---
	$
			57

			$
			5,627

			Weighted-average lease term (years):

			Finance leases

			3.7

			4.2

			Operating leases

			4.1

			4.6

			Weighted-average discount rate (percentage):

			Finance leases

			4.2
			%

			4.0
			%

			Operating leases

			5.2
			%

			4.9
			%

11

SENECA FOODS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Undiscounted future lease payments under non-cancelable operating and finance leases, along with a reconciliation of undiscounted cash flows to operating and finance lease obligations, respectively, as of June 28, 2025 were as follows (in thousands):

			Years ending March 31:

			Operating

			Finance

			Balance of 2026

			$
			2,066

			$
			3,132

			2027

			3,010

			3,218

			2028

			2,512

			2,811

			2029

			1,455

			1,659

			2030

			1,112

			923

			2031 and thereafter

			1,015

			383

			Total minimum payment required

			11,170

			12,126

			Less interest

			1,090

			903

			Present value of minimum lease payments

			10,080

			11,223

			Amount due within one year

			3,083

			3,664

			Long-term lease obligations

			$
			6,997

			$
			7,559

			8.

			Income Taxes

The Company’s effective tax rate was 24.5% and 23.3% for the three months ended June 28, 2025 and June 29, 2024, respectively. The effective tax rate increased in the current quarter partially driven by the impact of lower federal credits and higher earnings before income taxes as compared to the prior year quarter which increased the effective rate by 0.4%. The