Company: SENEA
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001437749-25-021427
Chunk: 8

Company: Seneca Foods Corp
Filing Date: 2025-06-27
Form: 11-K
Chunk 8
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 EMPLOYEES' SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2024 and 2023.

Mutual funds: Valued at the net asset value (“NAV”) of shares held by the Plan at year end. The NAV is the closing price reported on the active market on which the securities are traded (Level 1).

Employer securities:Certain assets of the Plan are invested in employer securities through a unitized stock fund, which includes the Company’s Class A and B common stock and investments in a money market fund for liquidity purposes. Employer securities are valued at the closing price reported on The NASDAQ Global Select Market System. Money market funds are stated at cost, which approximates fair value (Level 1).

Variable annuities: Assets of each separate account are pooled with the funds of other investors and invested in stocks, bonds, mutual funds or collective trusts. Shares held in pooled separate accounts are reported at the NAV of units held at year end. The NAV is determined by the total value of fund assets divided by the total number of units of the fund owned.

Collective investment trusts: Stable value funds that are composed primarily of fully benefit-responsive investment contracts that are valued at the net asset value of units of the bank collective trust. The collective investment trusts ("CIT") are tax-exempt, pooled investment vehicles that are valued daily by the CIT manager. CIT funds are not regulated by the Securities and Exchange Commission ("SEC"). They are regulated through the Office of the Comptroller of the Currency. CITs are not publicly traded; however, the daily price of the funds are publicly available through the NASDAQ Fund Network. All CITs are classified within Level 2 of the valuation hierarchy.

The following tables set forth, by level within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2024 and 2023:

| Description                                  
 Financial assets:                            |     | December 31, 
         2024 |             |     | Quoted Prices in 
 Active Markets   
 for Identical    
 Assets           
 (Level 1)        |             |     | Significant 
 Other       
 Observable  
 Inputs      
 (Level 2)   |             |     | Unobservable 
 Inputs       
 (Level 3)    |   |
|:---------------------------------------------|:----|-------------:|------------