Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 24

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 24
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 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 Company is in the process of analyzing the impact on its consolidated financial statements.

			9.

			Retirement Plans

The net periodic (benefit) cost for the Company’s pension plan consisted of (in thousands):

			Three Months Ended

			June 28,

			June 29,

			2025

			2024

			Service cost including administrative expenses

			$
			1,323

			$
			1,591

			Interest cost

			2,912

			2,942

			Expected return on plan assets

			(4,820
			)

			(4,423
			)

			Amortization of net loss

			-

			76

			Amortization of prior service cost

			2

			2

			Net periodic pension (benefit) cost

			$
			(583
			)
			 
			$
			188

There were no pension contributions made during the three months ended June 28, 2025 and June 29, 2024.

12

SENECA FOODS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

			10.

			Stockholders’ Equity

During the three months ended June 28, 2025, the Company repurchased 41,937 shares of its Class A Common Stock at a cost of $3.8 million, which are included in treasury stock in the condensed consolidated balance sheets. During the three months ended June 29, 2024, the Company repurchased 117,262 shares of its Class A Common Stock at a cost of $6.6 million. The Company did not repurchase any of its Class B Common Stock in either three-month period. As of June 28, 2025, there are 5,347,238 shares or $214.4 million of repurchased stock being held as treasury stock. These shares are not considered outstanding and the Company accounts for treasury stock under the cost method.

			11.

			Fair Value of Financial Instruments

Cash and cash equivalents, restricted cash, accounts receivable,