Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 57

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 57
---
			$
			2.14

			$
			1.80

			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 June 28, 2025, June 29, 2024, and March 31, 2025, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $347.5 million, $321.9 million, and $359.3 million, respectively. In order to state inventories at LIFO, the Company recorded a decrease to cost of products sold of $11.8 million and $2.9 million for the three months ended June 28, 2025 and June 29, 2024, respectively. 

7

SENECA FOODS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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

			As of:

			June 28,

			June 29,

			March 31,

			2025

			2024

			2025

			Finished products

			$
			587,053

			$
			753,175

			$
			619,598

			Work in process

			99,651

			118,914

			106,006

			Raw materials and supplies

			275,189

			291,622

			237,607

			961,893

			1,163,711

			963,211

			Less: excess of FIFO cost over LIFO cost

			(347,458
			)

			(321,864
			)

			(359,256