Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 66

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 66
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 prior year quarter also benefited from interest received on a federal income tax refund, which resulted in a 0.7% increase in the current quarter effective rate on a comparative basis. The effective tax rate was further increased in the current quarter by additional state tax filings and partially offset by a decrease in the valuation allowance related to the usage of state tax credits.

On July 4, 2025, the President of the United States signed into law the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of 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,