Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 58

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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			)

			Total inventories

			$
			614,435

			$
			841,847

			$
			603,955

			5.

			Property, Plant and Equipment

Property, plant and equipment is comprised of the following (in thousands): 

			As of:

			June 28,

			June 29,

			March 31,

			2025

			2024

			2025

			Land and land improvements

			$
			53,458

			$
			49,985

			$
			52,339

			Buildings and improvements

			238,848

			237,690

			238,709

			Machinery and equipment

			506,101

			467,272

			502,223

			Office equipment, furniture, vehicles and computer software

			15,948

			15,374

			15,604

			Construction in progress

			21,138

			14,308

			16,177

			Property, plant and equipment, cost

			835,493

			784,629

			825,052

			Less: accumulated depreciation

			(510,001
			)

			(476,975
			)

			(500,284
			)

			Property, plant and equipment, net

			$
			325,492

			$
			307,654

			$
			324,768

Depreciation expense totaled $10.0 million and $9.6 million for the three months ended June 28, 2025 and June 29, 2024, respectively.

			6.

			Debt

Note Payable and Finance Obligation — During fiscal year 2024, the Company entered into an unsecured note payable with an individual lender for an interim financing arrangement associated with deposits paid to vendors for the installation of a new can manufacturing line located at one of the Company’s plant facilities. The note payable had a variable interest rate based upon the Secured Overnight Financing Rate (“SOFR”) plus 1.80% with interest payable monthly.

During fiscal year 2025, subsequent to the final installation of the can manufacturing line in September 2024, the Company took title and recorded an addition to property