Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 64

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 64
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U asset and lease obligation only 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 non-lease components for its leases when it is impractical to separate the two. In addition, the Company may have 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 condensed consolidated balance sheet presentation and expensed as incurred. Leases with an initial term of 12 months or less, or short-term leases, are not recorded on the accompanying condensed consolidated balance sheets and are expensed as incurred.

The components of lease cost were as follows (in thousands): 

			Three Months Ended

			June 28,

			June 29,

			2025

			2024

			Lease cost:

			Amortization of right-of-use assets

			$
			904

			$
			1,127

			Interest on lease obligations

			112

			154

			Finance lease cost

			1,016

			1,281

			Operating lease cost

			1,087

			1,832

			Short-term lease cost

			3,683

			2,745

			Total lease cost

			$
			5,786

			$
			5,858

			Cash paid for amounts included in the measurement of lease obligations:

			Operating cash flows from finance leases

			$
			112

			$
			154

			Operating cash flows from operating leases

			2,066

			3,089

			Financing cash flows from finance leases

			1,023

			1,390

			$
			3,201

			$
			4,633

			Right-of-use assets obtained in exchange for new finance lease obligations

			$
			-

			$
			-

			Right-of-use assets obtained in exchange for new operating lease obligations

			$
			1,955

			$
			1,391

			Right-of-use assets derecognized upon early termination of finance leases

			$
			2

			$
			-

			Right-of-use assets derecognized upon early termination of operating leases