Company: SENEA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033352
Chunk: 54

Company: Seneca Foods Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 54
---
,887

			$
			603,955

			5.

			Property, Plant and Equipment

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

			As of:

			September 27,

			September 28,

			March 31,

			2025

			2024

			2025

			Land and land improvements

			$
			54,003

			$
			50,679

			$
			52,339

			Buildings and improvements

			240,666

			238,376

			238,709

			Machinery and equipment

			519,968

			498,540

			502,223

			Office equipment, furniture, vehicles and computer software

			16,032

			15,505

			15,604

			Construction in progress

			13,198

			9,499

			16,177

			Property, plant and equipment, cost

			843,867

			812,599

			825,052

			Less: accumulated depreciation

			(519,851
			)

			(486,739
			)

			(500,284
			)

			Property, plant and equipment, net

			$
			324,016

			$
			325,860

			$
			324,768

Depreciation expense totaled $10.3 million and $9.9 million for the three months ended September 27, 2025 and September 28, 2024, respectively. For the six months ended September 27, 2025 and September 28, 2024, depreciation expense totaled $20.3 million and $19.4 million, 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 SOFR plus 1.80% with interest payable monthly.

8

SENECA FOODS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Un