Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 15

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 15
---
 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
			)

			Total inventories

			$
			614,435

			$
			841,847

			$
			603,955

			5.

			Property, Plant and Equipment

Property, plant and equipment is comprised of the following (in thousands): 

			As of:

			June 28,

			June 29,

			March 31,

			2025

			2024

			2025

			Land and land improvements

			$
			53,458

			$