Company: SENEA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033352
Chunk: 15

Company: Seneca Foods Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 15
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 31:

			Operating

			Finance

			Balance of 2026

			$
			1,094

			$
			1,998

			2027

			3,060

			3,218

			2028

			2,569

			2,811

			2029

			1,455

			1,659

			2030

			1,112

			923

			2031 and thereafter

			1,015

			384

			Total minimum payment required

			10,305

			10,993

			Less interest

			973

			799

			Present value of minimum lease payments

			9,332

			10,194

			Amount due within one year

			2,967

			3,373

			Long-term lease obligations

			$
			6,365

			$
			6,821

			8.

			Income Taxes

The Company’s effective tax rate was 23.6% and 22.7% for the six months ended September 27, 2025 and September 28, 2024, respectively. The increase in the current six-month period is primarily driven by the impact of lower federal credits and higher earnings before income taxes as compared to the prior year six-month period, resulting in an increase of 1.4% to the effective tax rate. Additionally, the prior year six-month period benefited from interest received on a federal income tax refund, which resulted in a 0.3% increase in the current six-month period effective tax rate on a comparative basis. These increases were partially offset by the impact of statute expirations for a portion of uncertain tax benefits during the current six-month period which decreased the effective tax rate by 0.8%.

On July 4, 2025, the President of the United States signed into law the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The corporate tax changes included in the OBBBA did not have a material impact on