Company: SENEA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033352
Chunk: 6

Company: Seneca Foods Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 6
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6,925

			6,982

			6,937

			7,005

			Diluted earnings per common share

			$
			4.29

			$
			1.90

			$
			6.43

			$
			3.70

7

SENECA FOODS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

			4.

			Inventories

The Company uses the last-in, first-out (“LIFO”) method of valuing inventory as it believes this method allows for better matching of current production cost to current revenue. An actual valuation of inventory under the LIFO method is made at the end of each fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels, production pack yields, sales and the expected rate of inflation or deflation for the year. The interim LIFO calculations are subject to adjustment in the final year-end LIFO inventory valuation.

As of September 27, 2025, September 28, 2024, and March 31, 2025, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $339.8 million, $336.8 million, and $359.3 million, respectively. In order to state inventories at LIFO, the Company recorded a LIFO credit which decreased cost of products sold by $7.7 million and $19.5 million for the three and six months ended September 27, 2025, respectively. The Company recorded a LIFO charge which increased cost of products sold by $15.0 million and $12.1 million for the three and six months ended September 28, 2024, respectively.

The inventories by category and the impact of using the LIFO method are shown in the following table (in thousands):

			As of:

			September 27,

			September 28,

			March 31,

			2025

			2024

			2025

			Finished products

			$
			833,339

			$
			965,937

			$
			619,598

			Work in process

			93,452

			110,904

			106,006