Company: SENEA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033352
Chunk: 17

Company: Seneca Foods Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 17
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 the Company repurchased 52,477 shares of its Class A Common Stock at a cost of $4.9 million, which are included in treasury stock in the condensed consolidated balance sheets. During the six months ended September 28, 2024, the Company repurchased 173,379 shares of its Class A Common Stock at a cost of $10.0 million. The Company did not repurchase any of its Class B Common Stock in either six-month period. As of September 27, 2025, there are 5,357,778 shares or $215.5 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, refundable income taxes, accounts payable, income taxes payable, and accrued expenses are reflected in the condensed consolidated balance sheets at carrying value, which approximates fair value due to the short-term maturity of these instruments.

Utilizing the fair value hierarchy, the Company determines fair value of money market funds using Level 1 inputs of quoted prices in active markets. Fair value of commercial paper is determined by using Level 2 inputs of quoted prices for similar assets in active markets.

On a quarterly basis, the Company estimates the fair values for financial instruments that are recorded at carrying value on the condensed consolidated balance sheets. The estimated fair value for long-term debt and finance obligation (classified as Level 2 in the fair value hierarchy) is determined by the quoted market prices for similar debt (comparable to the Company’s financial strength) or current rates offered to the Company for debt with the same maturities. Since quoted prices for identical instruments in active markets are not available (Level 1), the Company makes use of observable market-based inputs to calculate fair value, which is Level 2. 

The carrying value and estimated fair value of the Company’s long-term debt and finance obligation are summarized as follows (in thousands): 

			As of:

			September 27,

			September 28,

			March 31,

			2025

			2024

			2025

			Carrying value

			$
			280,198

			$
			504,612

			$
			369,878

			Fair value

			$
			280,212

			$
			501,239