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What changed in Seneca Foods Corp's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Seneca Foods Corp's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+94 added−94 removedSource: 10-K (2024-06-13) vs 10-K (2023-06-13)

Top changes in Seneca Foods Corp's 2024 10-K

94 paragraphs added · 94 removed · 80 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeDomestic and International Sales The following table sets forth domestic and international sales (In thousands, except percentages): Fiscal Year 2023 2022 Net sales: Domestic $ 1,408,710 $ 1,285,540 International 100,642 99,740 Total net sales $ 1,509,352 $ 1,385,280 As a percentage of net sales: Domestic 93.3 % 92.8 % International 6.7 % 7.2 % Total 100.0 % 100.0 % Intellectual Property The Company's most significant brand name, Libby's®, is held pursuant to a trademark license granted to the Company in March 1982 and renewable by the Company every 10 years for an aggregate period expiring in March 2081.
Biggest changeDomestic and International Sales The following table sets forth domestic and international sales (in thousands, except percentages): Fiscal Year 2024 2023 Net sales: Domestic $ 1,374,774 $ 1,408,710 International 83,829 100,642 Total net sales $ 1,458,603 $ 1,509,352 As a percentage of net sales: Domestic 94.3 % 93.3 % International 5.7 % 6.7 % Total 100.0 % 100.0 % Intellectual Property The Company has a license agreement with B&G Foods, Inc., for use of the Green Giant® brand name to manufacture, market, distribute, and sell shelf-stable vegetable products within the United States and its territories, and certain Caribbean islands in perpetuity.
These strategies include: 1) expand the Company’s leadership in the packaged fruit and vegetable industry; 2) provide low-cost, high-quality vegetable products to consumers through the elimination of costs from the Company’s supply chain and investment in state-of-the-art production and logistical technology; 3) focus on growth opportunities to capitalize on higher expected returns; and 4) pursue strategic acquisitions that leverage the Company’s core competencies.
These strategies include: 1) expand the Company’s leadership in the packaged fruit and vegetable industry; 2) provide low-cost, high-quality fruit and vegetable products to consumers through the elimination of costs from the Company’s supply chain and investment in state-of-the-art production and logistical technology; 3) focus on growth opportunities to capitalize on higher expected returns; and 4) pursue strategic acquisitions that leverage the Company’s core competencies.
The Company manufactures and sells the following: ● private label products to retailers, such as supermarkets, mass merchandisers, and specialty retailers, for resale under the retailers’ own or controlled labels; ● private label and branded products to the foodservice industry, including foodservice distributors and national restaurant operators; ● branded products under national and regional brands that the Company owns or licenses, including Seneca®, Libby’s®, Aunt Nellie’s®, Cherryman®, Green Valley® and READ®; ● branded products under co-pack agreements to other major branded companies for their distribution; and ● products to the Company’s industrial customer base for repackaging in portion control packages and for use as ingredients by other food manufacturers. 2 Table of Contents The Company’s fruits and vegetables are sold nationwide by major grocery outlets, including supermarkets, mass merchandisers, limited assortment stores, club stores and dollar stores.
The Company manufactures and sells the following: ● private label products to retailers, such as supermarkets, mass merchandisers, and specialty retailers, for resale under the retailers’ own or controlled labels; ● private label and branded products to the foodservice industry, including foodservice distributors and national restaurant operators; ● branded products under national and regional brands that the Company owns or licenses, including Seneca®, Libby’s®, Green Giant®, Aunt Nellie’s®, CherryMan®, Green Valley® and READ®; ● branded products under co-pack agreements to other major branded companies for their distribution; and ● products to the Company’s industrial customer base for repackaging in portion control packages and for use as ingredients by other food manufacturers. 2 Table of Contents The Company’s fruits and vegetables are sold nationwide by major grocery outlets, including supermarkets, mass merchandisers, limited assortment stores, club stores and dollar stores.
Culture At Seneca Foods, we work hard every day to feed the world safe and nutritious products, while adhering to our fundamental beliefs (which can be found on our website). These beliefs include acting with integrity in all matters, treating employees with respect, and maintaining the highest standards for protecting our workers.
Culture At Seneca, we work hard every day to feed the world safe and nutritious products, while adhering to our fundamental beliefs (which can be found on our website). These beliefs include acting with integrity in all matters, treating employees with respect, and maintaining the highest standards for protecting our workers.
We also believe in promoting from within, which has resulted in many long-tenured employees in leadership positions throughout the Company. Employee Health and Safety The health and safety of our employees is a top priority at Seneca Foods. The Company complies with all national and local laws of the jurisdictions in which we operate regarding worker health and safety.
We also believe in promoting from within, which has resulted in many long-tenured employees in leadership positions throughout the Company. Employee Health and Safety The health and safety of our employees is a top priority at Seneca. The Company complies with all national and local laws of the jurisdictions in which we operate regarding worker health and safety.
The Company is incorporated in New York with its headquarters located at 350 WillowBrook Office Park Fairport, New York and its telephone number is (585) 495-4100. The Company’s business strategies are designed to grow its market share and enhance sales and margins.
The Company is incorporated in New York with its headquarters located at 350 WillowBrook Office Park, Fairport, New York 14450 and its telephone number is (585) 495-4100. The Company’s business strategies are designed to grow its market share and enhance sales and margins.
A total of $0.1 million was paid as a royalty fee for the fiscal year ended March 31, 2023. The Company also sells canned vegetables, frozen vegetables, jarred fruit, and other food products under several other brands for which the Company has obtained registered trademarks, including, Aunt Nellie’s®, CherryMan®, Green Valley®, READ®, Seneca®, and other regional brands.
A total of $0.1 million was paid as a royalty fee for the fiscal year ended March 31, 2024. The Company also sells canned vegetables, frozen vegetables, jarred fruit, and other food products under several other brands for which the Company has obtained registered trademarks, including, Aunt Nellie’s®, CherryMan®, Green Valley®, READ®, Seneca®, and other regional brands.
The Company is committed to providing equal opportunity in all aspects of employment, and to applying fair labor practices while respecting the national and local laws of the countries and communities where we have operations. The Company does not engage in or tolerate discrimination, intimidation, harassment, or any other unlawful conduct.
The Company is committed to providing equal opportunity in all aspects of employment, and to applying fair labor practices while respecting the national and local laws of the states and communities where we have operations. The Company does not engage in or tolerate discrimination, intimidation, harassment, or any other unlawful conduct.
For peas, the peak inventory time is mid-summer and for corn and green beans, the Company's highest volume vegetables, the peak inventory is in mid-autumn. The seasonal nature of the Company’s production cycle results in inventory and accounts payable reaching their lowest point late in the fourth quarter/early in the first quarter prior to the new seasonal pack commencing.
For peas, the peak inventory time is mid-summer and for corn and green beans, the Company's highest volume vegetables, the peak inventory is in mid-autumn. The seasonal nature of the Company’s production cycle results in inventory and accounts payable reaching their lowest point late in mid-to-late first quarter prior to the new seasonal pack commencing.
The Company also sells its products to foodservice distributors, restaurants chains, industrial markets, other food processors, export customers in approximately 60 countries and federal, state and local governments for school and other food programs. Additionally, the Company packs canned and frozen vegetables under contract packing agreements.
The Company also sells its products to foodservice distributors, restaurant chains, industrial markets, other food processors, export customers in approximately 55 countries and federal, state and local governments for school and other food programs. Additionally, the Company packs canned and frozen vegetables under contract packing agreements.
In addition, we work to continuously improve our safety record with worker safety training and Seneca’s HERO (Health Environment Risk Observation) program, in which employees proactively identify and mitigate potential safety risks. At Seneca Foods, we believe that safety is everyone’s responsibility, and the HERO program reflects that commitment, with close to 100% employee participation.
In addition, we work to continuously improve our safety record with worker safety training and Seneca’s HERO (“Health Environment Risk Observation”) program, in which employees proactively identify and mitigate potential safety risks. At Seneca, we believe that safety is everyone’s responsibility, and the HERO program reflects that commitment, with close to 100% employee participation.
The Company continues to experience material cost inflation for many of its raw materials and other input costs attributable to a number of factors, including but not limited to, supply chain disruptions (including raw material shortages), labor shortages, and the war in Ukraine.
The Company continues to experience material cost inflation for many of its raw materials and other input costs attributable to a number of factors, including but not limited to, supply chain disruptions (including raw material shortages), labor shortages, the conflict between Russia and Ukraine, and the conflict in Israel and Gaza.
Human Capital Employment As of March 31, 2023, Seneca Foods employed 2,809 full-time employees and averaged approximately an additional 3,600 seasonal employees during the Company’s peak summer harvest season. 100% of our employees are located in the United States, distributed across the Company’s facilities.
Human Capital Employment As of March 31, 2024, Seneca employed approximately 2,900 employees and employed an additional approximately 3,900 seasonal employees during the Company’s peak summer harvest season. 100% of our employees are located in the United States, distributed across the Company’s facilities.
The Company’s management recognizes plants that achieve at least one million work hours or 1,000 days worked without a lost time injury to employees with the President’s “Bronze Eagle” award, which is prominently displayed at many of our processing facilities.
The Company’s management recognizes plants that achieve at least one million work hours or 1,000 days worked without a lost time injury to employees with the President’s “Bronze Eagle” award, which is prominently displayed at many of our processing facilities. Employee Training and Development Seneca believes in developing internal talent and providing employees with an opportunity for education and advancement.
The following table summarizes net sales by major product category for fiscal years 2023 and 2022 (in thousands): Fiscal Year: 2023 2022 Canned vegetables $ 1,253,257 $ 1,135,983 Frozen vegetables 121,211 123,895 Fruit products 91,495 84,708 Snack products 12,661 12,332 Other 30,728 28,362 $ 1,509,352 $ 1,385,280 Source and Availability of Raw Materials The Company’s high-quality products are primarily sourced from approximately 1,400 American farms.
The following table summarizes net sales by major product category for fiscal years 2024 and 2023 (in thousands): Fiscal Year: 2024 2023 Canned vegetables $ 1,204,823 $ 1,253,257 Frozen vegetables 120,795 121,211 Fruit products 87,435 91,495 Snack products 13,400 12,661 Other 32,150 30,728 $ 1,458,603 $ 1,509,352 Source and Availability of Raw Materials The Company’s high-quality products are primarily sourced from more than 1,200 American farms.
Competitive pressures also may limit the Company’s ability to quickly raise prices in response to rising costs. To the extent the Company is unable to avoid or offset any present or future cost increases its operating results could be materially adversely affected.
To the extent the Company is unable to avoid or offset any present or future cost increases, its operating results could be materially adversely affected.
The license is limited to vegetables which are shelf-stable, frozen, and thermally packaged, and includes the Company's major vegetable varieties – corn, peas and green beans – as well as certain other thermally packaged vegetable varieties and sauerkraut. 3 Table of Contents The Company is required to pay an annual royalty to Corlib Brands, now known as Libby's Brand Holding, Ltd., who may terminate the license for non-payment of royalty, use of the trademark in sales outside the licensed territory, failure to achieve a minimum level of sales under the licensed trademark during any calendar year or a material breach or default by the Company under the agreement (which is not cured within the specified cure period).
The license is renewable by the Company every 10 years for an aggregate period expiring in March 2081. 3 Table of Contents The Company is required to pay an annual royalty to Libby's Brand Holding, Ltd., who may terminate the license for non-payment of royalty, use of the trademark in sales outside the licensed territory, failure to achieve a minimum level of sales under the licensed trademark during any calendar year or a material breach or default by the Company under the agreement (which is not cured within the specified cure period).
Non-food packaging sales represented 2% of the Company's fiscal year 2023 net sales. Refer to the information set forth under the heading “ Segment Information ” in Note 14 of the Notes to Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data”, for additional discussion about the Company’s segments.
Refer to the information set forth under the heading “ Segment Information ” in Note 13 of the Notes to Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data”, for additional discussion about the Company’s segments. Principal Products and Markets The Company’s principal product offerings include canned, frozen and jarred produce, and snack chips.
Financial Information about Industry Segments The Company has historically managed its business on the basis of three reportable food packaging segments: (1) fruits and vegetables, (2) prepared food products and (3) snack products. The other category comprises non-food packaging sales which relate to the sale of cans, ends, seed, and outside revenue from the Company's trucking and aircraft operations.
Financial Information about Industry Segments The Company manages its business almost entirely on the basis of two reportable food packaging segments: Vegetable and Fruit/Snack. The Other category comprises non-food operations including revenue derived from the sale of cans, ends, seed, and outside revenue from the Company's trucking and aircraft operations, and certain corporate items.
These seasonal fluctuations are illustrated in the following table, which presents certain unaudited quarterly financial information for the periods indicated (in thousands): First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2023: Net sales $ 265,193 $ 439,842 $ 473,254 $ 331,063 Gross margin 22,843 41,779 53,789 17,485 Net earnings 5,103 16,131 21,054 (9,150 ) Fiscal Year 2022: Net sales $ 235,042 $ 372,256 $ 445,593 $ 332,389 Gross margin 33,623 42,728 44,985 26,596 Net earnings 14,136 11,654 18,664 6,553 Competition Competition in the packaged food industry is substantial with brand recognition and promotion, quality, service, and pricing being the major determinants in the Company’s relative market position.
These seasonal fluctuations are illustrated in the following table, which presents certain unaudited quarterly financial information for the periods indicated (in thousands): First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2024: Net sales $ 298,664 $ 407,475 $ 444,481 $ 307,983 Gross margin 55,289 58,118 54,033 20,778 Net earnings (loss) 23,111 24,779 17,675 (2,247 ) Revolver outstanding (at quarter end) 52,064 134,757 258,108 237,225 Fiscal Year 2023: Net sales $ 265,193 $ 439,842 $ 473,254 $ 331,063 Gross margin 22,843 41,779 53,789 (14,092 ) Net earnings (loss) 5,103 16,131 21,054 (33,057 ) Revolver outstanding (at quarter end) 78,965 229,213 313,808 180,598 Competition Competition in the packaged food industry is substantial with brand recognition and promotion, quality, service, and pricing being the major determinants in the Company’s relative market position.
During fiscal year 2021, the Company sold its prepared foods business, leaving just two reportable segments along with the other category. The Company’s food operation constituted 98% of total net sales in fiscal year 2023. Canned vegetables represented 83%, frozen vegetables represented 8%, fruit products represented 6%, and chip products represented 1% of the total food packaging net sales.
The Company’s food operations constituted 98% of total net sales in fiscal year 2024. Canned vegetables represented 83%, frozen vegetables represented 8%, fruit products represented 6%, and snack products represented 1% of the total food packaging net sales. Non-food packaging sales represented 2% of the Company's fiscal year 2024 net sales.
While the Company has no direct exposure to Russia and Ukraine, it has experienced increased costs for transportation, energy, and raw materials due in part to the negative impact of the Russia-Ukraine conflict on the global economy.
While the Company has no direct exposure to these conflicts, it has continued to experience increased costs for transportation, energy, and raw materials due in part to the negative impact on the global economy. The Company attempts to manage cost inflation risks by locking in prices through short-term supply contracts, advance grower purchase agreements, and by implementing cost saving measures.
The Company attempts to manage cost inflation risks by locking in prices through short-term supply contracts, advance grower purchase agreements, and by implementing cost saving measures. The Company also attempts to offset rising input costs by raising sales prices to its customers. However, increases in the prices the Company charges its customers may lag behind rising input costs.
The Company also attempts to offset rising input costs by raising sales prices to its customers. However, increases in the prices the Company charges its customers may lag behind rising input costs. Competitive pressures also may limit the Company’s ability to quickly raise prices in response to rising costs.
Employee Training and Development Seneca Foods believes in developing internal talent and providing employees with an opportunity for education and advancement. In support of this endeavor, we have developed two key programs . SAVES (Seneca Adding Value Employee System) focuses on employee empowerment, education, and application of lean manufacturing principles.
In support of this endeavor, we have developed three key programs . SAVES (“Seneca Adding Value Employee System”) focuses on employee empowerment, education, and application of lean manufacturing principles. The Company’s dedicated SAVES instructors and project leaders educate employees and empower them to make process improvements at all of our processing facilities.
Removed
Principal products and markets The Company’s principal product offerings include canned, frozen and bottled produce, and snack chips.
Added
The license is royalty free and does not include Green Giant frozen, Green Giant Canada or the Le Sueur brand. The Company holds the Libby's® brand name pursuant to a trademark license.
Removed
The original licensor was Libby, McNeill & Libby, Inc., then an indirect subsidiary of Nestlé, S. A. ("Nestlé") and the license was granted in connection with the Company's purchase of certain of the licensor's canned vegetable operations in the United States. Corlib Brands Management, LTD acquired the license from Nestlé during 2006.
Added
The license is limited to vegetables which are shelf-stable, frozen, and thermally packaged, and includes the Company's major vegetable varieties – corn, peas and green beans – as well as certain other thermally packaged vegetable varieties and sauerkraut.
Removed
The Company’s dedicated SAVES instructors and project leaders educate employees and empower them to make process improvements at all of our processing facilities. GROWS (Get Rid of Waste Systemically) supports our leadership development efforts through continuous improvement project leadership. Diversity, Equity and Inclusion Seneca Foods believes that everyone should feel respected and welcome in our workplace.
Added
Environmental Matters Seneca publishes an annual Corporate Responsibility Report which highlights its vision for and approach to corporate sustainability and details key initiatives it is undertaking in the areas of environmental stewardship, social responsibility, and corporate governance. The report is available on our website and is not a part of this Annual Report on Form 10-K.
Added
The Company takes its responsibility to be a good steward of the environment seriously and adopts policies and procedures under the guidance of the Board of Directors that advance our performance. We monitor existing and pending climate legislation and regulation to evaluate any potential impact on our future results of operations, capital expenditures or financial position.
Added
The Board of Directors provides oversight as part of their evaluation of business responsibility and sustainability initiatives, and we will continue to monitor emerging developments and assess our performance in this area. We may face additional economic and operational impacts from ESG regulations as well as impacts from our suppliers and customers as they adhere to the laws and regulations.
Added
GROWS (“Get Rid of Waste Systemically”) supports our leadership development efforts through continuous improvement project leadership.
Added
LEADS ("Leadership Education and Development at Seneca") is a training program focused on leadership, managing employees in a positive and productive manner, and reinforces many of our fundamental beliefs, such as treating employees with respect. 5 Table of Contents Culture Seneca believes that everyone should feel respected and welcome in our workplace.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeFor a more detailed description of the pension plan, refer to the information set forth under the heading “ Retirement Plans ” in Note 10 of the Notes to Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data.” An obligation to make additional, unanticipated contributions to our defined benefit plans could reduce the cash available for working capital and other corporate uses, and may have a material adverse effect on our business, consolidated financial position, results of operations and liquidity.
Biggest changeFor a more detailed description of the pension plan, refer to the information set forth under the heading “ Retirement Plans ” in Note 10 of the Notes to Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data.” An obligation to make additional, unanticipated contributions to our defined benefit plans could reduce the cash available for working capital and other corporate uses and may have a material adverse effect on our business, consolidated financial position, results of operations and liquidity. 8 Table of Contents Our business is dependent on our information technology systems and software, and failure to protect against or effectively respond to cyber-attacks, security breaches, or other incidents involving those systems, could adversely affect day-to-day operations and decision making processes and have an adverse effect on our performance and reputation.
FSMA was designed to focus the efforts of FDA on preventing food safety problems rather than relying primarily on reacting to problems after they occur.
FSMA was designed to focus the efforts of the FDA on preventing food safety problems rather than relying primarily on reacting to problems after they occur.
The law also gives FDA important new tools to hold imported foods to the same standards as domestic foods. Our results are dependent on successful marketplace initiatives and acceptance by consumers of our products. Our product introductions and product improvements, along with other marketplace initiatives, are designed to capitalize on new customer or consumer trends.
The law also gives the FDA important new tools to hold imported foods to the same standards as domestic foods. Our results are dependent on successful marketplace initiatives and acceptance by consumers of our products. Our product introductions and product improvements, along with other marketplace initiatives, are designed to capitalize on new customer or consumer trends.
Under certain circumstances, we may be required to recall products, leading to a material adverse effect on our business, consolidated financial condition, results of operations or liquidity. Even if a situation does not necessitate a recall, product liability claims might be asserted against us.
Under certain circumstances, we may be required to recall products, leading to a material adverse effect on our business, financial condition, results of operations or liquidity. Even if a situation does not necessitate a recall, product liability claims might be asserted against us.
Any of these activities could materially and adversely affect our financial condition and results of operations. Environmental and other regulation of our business, including potential climate change regulation, could adversely impact us by increasing our production cost or restricting our ability to import certain products into the United States.
Any of these activities could materially and adversely affect our financial condition and results of operations. Environmental and other regulation of our business, including climate change regulation, could adversely impact us by increasing our production cost or restricting our ability to import certain products into the United States.
The FDA has issued a statement on sodium which referred to an Institute of Medicine statement that too much sodium is a major contributor to high blood pressure. Some of our products contain a moderate amount of sodium per recommended serving, which is based on consumer’s preferences for taste.
The FDA has issued a statement on sodium which referred to an Institute of Medicine statement that too much sodium is a major contributor to high blood pressure. Some of our products contain a moderate amount of sodium per recommended serving, which is based on consumer preferences for taste.
The materials that we use, such as raw fruit and vegetables, steel, ingredients, pouches and other packaging materials as well as the electricity, diesel fuel, and natural gas used in our business, are commodities that may experience price volatility caused by external factors, including market fluctuations, availability, currency fluctuations and changes in governmental regulations and agricultural programs.
The materials that we use, such as raw fruit and vegetables, steel, ingredients, pouches and other packaging materials as well as the electricity, diesel fuel, and natural gas used in our business, are commodities that may experience price volatility caused by external factors, including but not limited to market fluctuations, availability, currency fluctuations and changes in governmental regulations and agricultural programs.
This concentration of voting power may inhibit changes in control of the Company and may adversely affect the market price of our common stock. Our certificate of incorporation and bylaws contain provisions that discourage corporate takeovers.
This concentration of voting power may inhibit changes in control of the Company and may adversely affect the market price of our common stock. 11 Table of Contents Our certificate of incorporation and bylaws contain provisions that discourage corporate takeovers.
Climate change regulation continues to evolve, and it is not possible to accurately estimate either a timetable for implementation or our future compliance costs relating to implementation. 9 Table of Contents There may be increased governmental legislative and regulatory activity in reaction to consumer perception related to enamels.
Climate change regulation continues to evolve, and it is not possible to accurately estimate either a timetable for implementation or our future compliance costs relating to implementation. There may be increased governmental legislative and regulatory activity in reaction to consumer perception related to enamels.
The top ten customers represented approximately 55%, and 53% of net sales for fiscal years 2023 and 2022, respectively. If we lose a significant customer or if sales to a significant customer materially decrease, our business, financial condition and results of operations may be materially and adversely affected.
The top ten customers represented approximately 52% and 55% of net sales for fiscal years 2024 and 2023, respectively. If we lose a significant customer or if sales to a significant customer materially decrease, our business, financial condition and results of operations may be materially and adversely affected.
In addition, payment of cash dividends on our common stock is not permitted by the terms of our revolving credit facility. This policy may be revisited under the correct circumstances in the future. 11 Table of Contents Other Risks Tax legislation could impact future cash flows. We use the Last-In, First-Out (LIFO) method of inventory accounting.
In addition, payment of cash dividends on our common stock is not permitted by the terms of our revolving credit facility. This policy may be revisited under the correct circumstances in the future. Other Risks Tax legislation could impact future cash flows. We use the last-in, first-out (“LIFO”) method of inventory accounting.
When the vegetables are ready to be picked, we must harvest and package them quickly or forego the opportunity to package fresh picked vegetables for an entire year. Most of our vegetables are grown by farmers under contract with us.
When the vegetables are ready to be picked, we must harvest and package them quickly or lose the opportunity to package the impacted vegetables for an entire year. Most of our vegetables are grown by farmers under contract with us.
As of March 31, 2023, holders of Class B common stock and voting preferred stock held 90.2% of the combined voting power of all shares of capital stock then outstanding and entitled to vote.
As of March 31, 2024, holders of Class B common stock and voting preferred stock held 90.8% of the combined voting power of all shares of capital stock then outstanding and entitled to vote.
In the event the Internal Revenue Service (“IRS”) were to determine that this subsidiary does not qualify as an insurance company, we could be required to make accelerated income tax payments to the IRS that we otherwise would have deferred until future periods. Item 1B. Unresolved Staff Comments None
In the event the Internal Revenue Service (“IRS”) were to determine that this subsidiary does not qualify as an insurance company, we could be required to make accelerated income tax payments to the IRS that we otherwise would have deferred until future periods.
Disruption to the timely supply of these services or increases in the cost of these services for any reason, including availability or cost of fuel, regulations affecting the industry, or labor shortages in the transportation industry, could have an adverse effect on our ability to serve our customers, and could materially and adversely affect our business, financial condition and results of operations. 7 Table of Contents A recall of our products could have a material adverse effect on our business.
Disruption to the timely supply of these services or increases in the cost of these services for any reason, including availability or cost of fuel, regulations affecting the industry, or labor shortages in the transportation industry, could have an adverse effect on our ability to serve our customers, and could materially and adversely affect our business, financial condition and results of operations.
The food products industry and our financial performance are sensitive to changes in overall economic conditions that impact consumer spending, including not limited to, inflation, economic volatility resulting from a pandemic and the war in Ukraine.
The food products industry and our financial performance are sensitive to changes in overall economic conditions that impact consumer spending, including but not limited to inflation, economic volatility resulting from a pandemic and global conflicts.
This may result in us taking corporate actions that you may not consider to be in your best interest and may affect the price of our common stock.
This may result in us taking corporate actions that shareholders may not consider to be in their best interest and may affect the price of our common stock.
As a food packager, we regularly dispose of produce wastes (silage) and processing water as well as materials used in plant operation and maintenance and our plant boilers, which generate heat used in packaging and can manufacturing operations, producing generally small emissions into the air.
We generate agricultural food packaging wastes and are subject to substantial environmental regulation. As a food packager, we regularly dispose of produce wastes (silage) and processing water as well as materials used in plant operation and maintenance and our plant boilers, which generate heat used in packaging and can manufacturing operations, producing generally small emissions into the air.
We have transitioned to BPANI (BPA Non-intent) and less than 1% of our canned product volume still includes BPA. Even though BPANI has been fully approved by the Food and Drug Administration (“FDA”), there could be future legislative or regulatory actions that claim BPANI also poses a risk to human health.
We have fully transitioned to BPA Non-Intent (“BPANI”) for our canned product volume. Even though BPANI has been fully approved by the Food and Drug Administration (“FDA”), there could be future legislative or regulatory actions that claim BPANI also poses a risk to human health.
These costs can vary substantially as a result of an increase in the number, mix and experience of our employees and changes in health care and other employment-related laws. There are no assurances that we will succeed in reducing future increases in such costs.
Personnel costs, including the costs of medical and other employee health and welfare benefits, have increased. These costs can vary substantially as a result of an increase in the number, mix and experience of our employees and changes in health care and other employment-related laws. There are no assurances that we will succeed in reducing future increases in such costs.
The fruit and vegetable products which we sell under our own brand names not only compete with fruit and vegetable products produced by food packaging competitors, but also compete with products we produce and sell under contract packing agreements with other companies who market those products under their own brand names and the vegetables we sell to various retail grocery chains which carry our customer’s own brand names.
The fruit and vegetable products which we sell under our own brand names not only compete with fruit and vegetable products produced by food packaging competitors, but also compete with products we produce and sell under contract packing agreements with other companies who market those products under their own brand names and the vegetables we sell to various retail grocery chains which carry our customer’s own brand names. 7 Table of Contents The customers who buy our products to sell under their own brand names control the marketing programs for those products.
A majority of our sales occur during the second and third quarters of each fiscal year due to seasonal consumption patterns for our products. Accordingly, inventory levels are highest during the second and third quarters, and accounts receivable levels are highest during the second and third quarters.
A majority of our sales occur during the second and third quarters of each fiscal year due to seasonal consumption patterns for our products. Accordingly, inventory levels and accounts receivable levels are highest during the second and third quarters. Net sales generated during our second and third fiscal quarters have a significant impact on our results of operations.
Additionally, if we need to use a portion of our cash flows to pay principal and interest on our debt, it will reduce the amount of money we have for operations, working capital, capital expenditures, expansions, acquisitions or general corporate or other business activities. 10 Table of Contents Failure to comply with the requirements of our debt agreements could have a material adverse effect on our business.
Additionally, if we need to use a portion of our cash flows to pay principal and interest on our debt, it will reduce the amount of money we have for operations, working capital, capital expenditures, expansions, acquisitions or general corporate or other business activities.
In addition, we may be subject to significant liability should the consumption of any of our products cause injury, illness or death. The sale of food products for human consumption involves the risk of injury to consumers.
A recall of our products could have a material adverse effect on our business. In addition, we may be subject to significant liability should the consumption of any of our products cause injury, illness or death. The sale of food products for human consumption involves the risk of illness or injury to consumers.
Financing Risks Global economic conditions may materially and adversely affect our business, financial condition and results of operations. Unfavorable economic conditions, including the impact of recessions in the United States and throughout the world, may negatively affect our business and financial results.
Unfavorable economic conditions, including the impact of recessions in the United States and throughout the world, may negatively affect our business and financial results.
At the end of December 2022, we had roughly 3,000 employees of which approximately 2,800 were full time, 100 seasonal employees worked in food packaging, and 100 employees worked in other activities. During the peak summer harvest period, we averaged approximately 3,600 additional seasonal employees to help package fruit and vegetables.
At the end of March 2024, we had roughly 2,900 employees of which approximately 2,800 were full time and approximately 100 seasonal employees worked in food packaging. During the peak summer harvest period, we employed an additional approximately 3,900 seasonal employees to help package fruit and vegetables.
An inability to hire and train sufficient employees during the critical harvest period could materially and adversely affect our business, financial condition and results of operations.
An inability to hire and train sufficient employees during the critical harvest period could materially and adversely affect our business, financial condition and results of operations. 9 Table of Contents Increases in labor costs or work stoppages or strikes could materially and adversely affect our financial condition and results of operations.
If prices of these commodities increase beyond what we can pass along to our customers, our operating income will decrease. 6 Table of Contents Risks Associated With Our Operations Changes in economic conditions that impact consumer spending could harm our business.
These programs and other events can result in reduced supplies of these commodities, higher supply costs or interruptions in our production schedules. If prices of these commodities increase beyond what we can pass along to our customers, our operating income will decrease. Risks Associated with Our Operations Changes in economic conditions that impact consumer spending could harm our business.
An inability to obtain additional working capital on terms reasonably acceptable to us or access the Revolver would materially and adversely affect our operations.
Significant changes in our business or cash outflows from operations could create a need for additional working capital. An inability to obtain additional working capital on terms reasonably acceptable to us or access the Revolver would materially and adversely affect our operations.
A sizeable portion of our vegetable production areas are serviced with irrigation systems to help minimize (i) wet conditions for planting and (ii) dry conditions during the growing season. Any adverse effects of weather-related reduced production may be partially mitigated by higher selling prices for the vegetables which are produced.
A sizeable portion of our vegetable production areas are serviced with irrigation systems to help minimize (i) wet conditions for planting and (ii) dry conditions during the growing season.
As most of our vegetables are produced in more than one part of the U.S., this somewhat reduces the risk that our entire crop will be subject to disastrous weather.
Weather conditions during the course of each vegetable crop’s growing season will affect the volume and growing time of that crop. As most of our vegetables are produced in more than one part of the United States, this somewhat reduces the risk that our entire crop will be subject to disastrous weather.
As of March 31, 2023, our current executive officers and directors beneficially owned 11.4% of our outstanding shares of Class A common stock, 50.07% of our outstanding shares of Class B common stock and 23.1% of our voting preferred stock, or 37.2% of the combined voting power of our outstanding shares of capital stock.
As of March 31, 2024, our current executive officers and directors beneficially owned 12.74% of our outstanding shares of Class A common stock, 54.47% of our outstanding shares of Class B common stock and 27.12% of our voting preferred stock, or 41.25% of the combined voting power of our outstanding shares of capital stock.
Such regulation could take several forms that could result in additional costs in the form of taxes, consultant costs, the restriction of output, investments of capital to maintain compliance with laws and regulations, or required acquisition or trading of emission allowances.
Such regulation could result in additional costs in the form of taxes, consultant costs, the restriction of output, investments of capital to maintain compliance with laws and regulations, or required acquisition or trading of emission allowances. Disclosure requirements imposed by different regulators may not always be uniform, which may result in increased complexity, increased compliance costs, and other compliance-related risks.
Should LIFO be repealed, the $66.1 million of postponed taxes, plus any future benefit realized prior to the date of repeal, would likely have to be repaid over some period of time.
From time-to-time, discussions regarding changes in U.S. corporate and state tax laws have included the potential of LIFO being repealed. Should LIFO be repealed, the $79.9 million of postponed taxes, plus any future benefit realized prior to the date of repeal, would likely have to be repaid over some period of time.
Our net sales are a function of product availability and market pricing. In the fruit and vegetable packaging industry, product availability and market prices tend to have an inverse relationship: market prices tend to decrease as more product is available and to increase if less product is available.
In the fruit and vegetable packaging industry, product availability and market prices tend to have an inverse relationship: market prices tend to decrease as more product is available and to increase if less product is available. Product availability is a direct result of plantings, growing conditions, crop yields and inventory levels, all of which vary from year to year.
Increases in logistics and other transportation-related costs could materially adversely impact our results of operations. Our ability to competitively serve our customers depends on the availability of reliable and low-cost transportation. We use multiple forms of transportation to bring our products to market. They include trucks, intermodal, rail cars, and ships.
These factors could negatively affect our existing market share and adversely impact the Company’s financial condition and results of operations. Increases in logistics and other transportation-related costs could materially adversely impact our results of operations. Our ability to competitively serve our customers depends on the availability of reliable and low-cost transportation.
As of March 31, 2023, we had a LIFO reserve of $264.5 million which, at the U.S. corporate tax rate, represents approximately $66.1 million of income taxes, payment of which is delayed to future dates based upon changes in inventory costs. From time-to-time, discussions regarding changes in U.S. tax laws have included the potential of LIFO being repealed.
As of March 31, 2024, we had a LIFO reserve of $324.8 million which, at the statutory tax rate of 24.6%, represents approximately $79.9 million of income taxes, payment of which is delayed to future dates based upon changes in inventory costs.
In order to remain successful, we must anticipate and react to these new trends and develop new products or packages to address them. While we devote significant resources to meeting this goal, we may not be successful in developing new products or packages, or our new products or packages may not be accepted by customers or consumers.
In order to remain successful, we must anticipate and react to these new trends and develop new products or packages to address them.
Our debt agreements contain financial and other restrictive covenants which, among other things, limit our ability to borrow money, including with respect to the refinancing of existing indebtedness. These provisions may limit our ability to conduct our business, take advantage of business opportunities and respond to changing business, market and economic conditions.
Failure to comply with the requirements of our debt agreements could have a material adverse effect on our business. Our debt agreements contain financial and other restrictive covenants which, among other things, limit our ability to borrow money, including with respect to the refinancing of existing indebtedness.
Our ability to obtain financing in the future through credit facilities will be affected by several factors, including our creditworthiness, our ability to operate in a profitable manner and general market and credit conditions. Significant changes in our business or cash outflows from operations could create a need for additional working capital.
In these circumstances, it is necessary to borrow under our Revolver. Our ability to obtain financing in the future through credit facilities will be affected by several factors, including our creditworthiness, our ability to operate in a profitable manner and general market and credit conditions.
Net sales generated during our second and third fiscal quarters have a significant impact on our results of operations. Because of these seasonal fluctuations, the results of any particular quarter, particularly in the first half of our fiscal year, will not necessarily be indicative of results for the full year or for future years.
Because of these seasonal fluctuations, the results of any particular quarter, particularly in the first half of our fiscal year, will not necessarily be indicative of results for the full year or for future years. We set our planting schedules without knowing the effect of the weather on the crops or on the entire industry’s production.
Fresh and perishable businesses are improving their delivery systems around the world and the availability of fresh produce is impacting the consumers purchasing patterns relating to packaged fruit and vegetables. Our financial performance and growth are related to conditions in the United States’ fruit and vegetable packaging industry which is a mature industry.
Our financial performance and growth are related to conditions in the United States’ fruit and vegetable packaging industry which is a mature industry. Our net sales are a function of product availability and market pricing.
A security breach of sensitive information could result in damage to our reputation and our relations with our customers or employees. Any such damage or interruption could have a material adverse effect on our business. 8 Table of Contents We generate agricultural food packaging wastes and are subject to substantial environmental regulation.
A security breach of sensitive information could result in damage to our reputation and our relations with our customers or employees. Any such damage or interruption could have a material adverse effect on our business. Also see “Cybersecurity” included as part of Item 1C. of this Annual Report on Form 10-K.
Risks Relating to Our Stock Our existing shareholders, if acting together, may be able to exert control over matters requiring shareholder approval. Holders of our Class B common stock are entitled to one vote per share, while holders of our Class A common stock are entitled to one-twentieth of a vote per share.
Holders of our Class B common stock are entitled to one vote per share, while holders of our Class A common stock are entitled to one-twentieth of a vote per share.
In addition, they may place us at a competitive disadvantage relative to other companies that may be subject to fewer, if any, restrictions. Failure to comply with the requirements of our debt agreements could materially and adversely affect our business, financial condition and results of operations.
These provisions may limit our ability to conduct our business, take advantage of business opportunities and respond to changing business, market and economic conditions. In addition, they may place us at a competitive disadvantage relative to other companies that may be subject to fewer, if any, restrictions.
We have pledged our accounts receivable, inventory, equipment, certain facilities, capital stock, or other ownership interests that we own in our subsidiaries to secure certain debt. If a default occurred and was not cured, secured lenders could foreclose on this collateral.
Failure to comply with the requirements of our debt agreements could materially and adversely affect our business, financial condition and results of operations. We have pledged our accounts receivable, inventory, equipment, certain facilities, capital stock, or other ownership interests that we own in our subsidiaries to secure certain debt.
Other factors not presently known to us or that we presently believe are not material could also affect our business operations or financial results.
Other factors not presently known to us or that we presently believe are not material could also affect our business operations or financial results. The Company refers to itself as “we”, “our” or “us” in this section. Fruit and Vegetable Industry Risks Excess capacity in the fruit and vegetable industry has a downward impact on selling price.
The commodity materials that we package or otherwise require are subject to price increases that could adversely affect our profitability.
Any adverse effects of weather-related reduced production may be partially mitigated by higher selling prices for the vegetables which are produced. 6 Table of Contents The commodity materials that we package or otherwise require are subject to price increases that could adversely affect our profitability.
The occurrence of any of these risks could materially and adversely affect our business, financial condition and results of operations. Our ability to manage our working capital and our Revolver is critical to our success. As of March 31, 2023, we had a $180.6 million outstanding balance on our revolving credit facility (“Revolver”).
Our ability to manage our working capital and our Revolving Credit Facility is critical to our success. As of March 31, 2024, we had a $237.2 million outstanding balance on our revolving credit facility (“Revolver”). During our second and third fiscal quarters, our operations generally require more cash than is available from operations.
Removed
The Company refers to itself as “we”, “our” or “us” in this section. 5 Table of Contents Fruit and Vegetable Industry Risks Excess capacity in the fruit and vegetable industry has a downward impact on selling price. If canned vegetable, frozen vegetable, or jarred fruit categories decline, less shelf space will be devoted to these categories in the supermarkets.
Added
If canned vegetable, frozen vegetable, or jarred fruit categories decline, less shelf space will be devoted to these categories in the supermarkets. Fresh and perishable businesses are improving their delivery systems around the world and the availability of fresh produce is impacting the consumers purchasing patterns relating to packaged fruit and vegetables.
Removed
Product availability is a direct result of plantings, growing conditions, crop yields and inventory levels, all of which vary from year to year. Moreover, fruit and vegetable production outside the United States, particularly in Europe, Asia and South America, is increasing at a time when worldwide demand for certain products is being impacted by the global economic slowdown.
Added
The domestic packaged food industry continues to face import competition which has increased in recent years. The ramifications include, but are not limited to, market oversaturation, inferior quality of imported products competing in the same market as products sourced from the United States, and potential increased pricing pressure on domestic producers for finished goods.
Removed
We set our planting schedules without knowing the effect of the weather on the crops or on the entire industry’s production. Weather conditions during the course of each vegetable crop’s growing season will affect the volume and growing time of that crop.
Added
We use multiple forms of transportation to bring our products to market. They include trucks, intermodal, rail cars, and ships.
Removed
These programs and other events can result in reduced supplies of these commodities, higher supply costs or interruptions in our production schedules.
Added
While we devote significant resources to meeting this goal, we may not be successful in developing new products or packages, or our new products or packages may not be accepted by customers or consumers. 10 Table of Contents Financing Risks Global economic conditions may materially and adversely affect our business, financial condition and results of operations.
Removed
The customers who buy our products to sell under their own brand names control the marketing programs for those products.
Added
Certain of our raw materials, namely steel, are subject to import tariffs and other restrictions, and the United States government may periodically impose new or revise existing duties, quotas, tariffs or other restrictions to which we are subject. The occurrence of any of these risks could materially and adversely affect our business, financial condition and results of operations.
Removed
Our business is dependent on our information technology systems and software, and failure to protect against or effectively respond to cyber-attacks, security breaches, or other incidents involving those systems, could adversely affect day-to-day operations and decision making processes and have an adverse effect on our performance and reputation.
Added
If a default occurred and was not cured, secured lenders could foreclose on this collateral. Risks Relating to Our Stock Our existing shareholders, if acting together, may be able to exert control over matters requiring shareholder approval.
Removed
Increases in Labor Costs or Work Stoppages or Strikes Could Materially and Adversely Affect Our Financial Condition and Results of Operations Personnel costs, including the costs of medical and other employee health and welfare benefits, have increased.
Removed
In the United States, there is a significant possibility that some form of regulation will be enacted at the federal level to address the effects of climate change.
Removed
During our second and third fiscal quarters, our operations generally require more cash than is available from operations. In these circumstances, it is necessary to borrow under our Revolver.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeProperties The following table details the Company’s manufacturing plants and warehouses: (000s) Square Food Group Footage Acres Nampa, Idaho 243 16 Payette, Idaho 392 43 Princeville, Illinois 288 568 Hart, Michigan 365 83 Traverse City, Michigan 58 43 Blue Earth, Minnesota 286 429 Glencoe, Minnesota 674 913 LeSueur, Minnesota 82 497 Montgomery, Minnesota 564 1,172 Rochester, Minnesota 835 620 Geneva, New York 769 593 Leicester, New York 204 91 Dayton, Oregon 82 19 Dayton, Washington 250 29 Yakima, Washington 122 8 Baraboo, Wisconsin 625 13 Berlin, Wisconsin 89 125 Cambria East, Wisconsin 399 401 Cambria West, Wisconsin 212 321 Clyman, Wisconsin 438 724 Cumberland, Wisconsin 400 307 Gillett, Wisconsin 324 105 Janesville, Wisconsin 1,234 342 Mayville, Wisconsin 239 354 Oakfield, Wisconsin 229 2,135 Ripon, Wisconsin 634 87 Non-Food Group (1) Fairport, New York 12 Penn Yan, New York 27 4 Total 10,076 10,042 (1) The table does not include facilities in Albany, Oregon and Beverly, Washington that were idle and classified as an asset held for sale on our consolidated balance sheet as of March 31, 2023.
Biggest changeProperties The following table details the Company’s manufacturing plants and warehouses: (000s) Square Food Group Footage Acres Nampa, Idaho 244 16 Payette, Idaho 404 43 Princeville, Illinois 278 568 Hart, Michigan 365 83 Traverse City, Michigan 58 43 Blue Earth, Minnesota 287 429 Glencoe, Minnesota 699 921 LeSueur, Minnesota 81 497 Montgomery, Minnesota 572 1,172 Rochester, Minnesota 835 620 Geneva, New York 762 593 Leicester, New York 228 91 Dayton, Oregon 82 19 Dayton, Washington 250 29 Yakima, Washington 122 8 Baraboo, Wisconsin 641 13 Berlin, Wisconsin 96 125 Cambria East, Wisconsin 399 401 Cambria West, Wisconsin 365 321 Clyman, Wisconsin 474 724 Cumberland, Wisconsin 437 307 Gillett, Wisconsin 329 90 Janesville, Wisconsin 1,298 342 Mayville, Wisconsin 239 354 Oakfield, Wisconsin 231 2,135 Ripon, Wisconsin 647 87 Non-Food Group (1) Fairport, New York 12 Penn Yan, New York 27 4 Total 10,462 10,035 The Company believes that these facilities are suitable and adequate for the purposes for which they are currently intended.
Because of the seasonal production cycles, the exact extent of utilization is difficult to measure.
All locations, although highly utilized, have the ability to expand as sales requirements justify. Because of the seasonal production cycles, the exact extent of utilization is difficult to measure.
Removed
The table also does not include a non-operational facility in Mendota, Illinois. 12 Table of Contents The Company believes that these facilities are suitable and adequate for the purposes for which they are currently intended. All locations, although highly utilized, have the ability to expand as sales requirements justify.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeItem 3. Legal Proceedings The information set forth under the heading “ Legal Proceedings and Other Contingencies ” in Note 15 of Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K is incorporated herein by reference. Item 4. Mine Safety Disclosures Not Applicable. PART II
Biggest changeItem 3. Legal Proceedings The information set forth under the heading “ Legal Proceedings and Other Contingencies ” in Note 14 of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K is incorporated herein by reference. Item 4. Mine Safety Disclosures Not Applicable. 14 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeTotal Number of Average Price Shares Purchased Paid per Share Maximum Number Total Number of Shares (or Approximate Dollar Value) of Class A Class B Class A Class B Purchased as Part of Publicly Shares that May Yet Be Purchased Period Common Common Common Common Announced Plans or Programs Under the Plans or Programs 01/01/2023 – 01/31/2023 - - 02/01/2023 – 02/28/2023 - - 03/01/2023– 03/31/2023 - - Total - - - - 550,661 Item 6.
Biggest changeTotal Number of Average Price Total Number of Shares Maximum Number Shares Purchased Paid per Share Purchased as Part of (or Approximate Dollar Value) of Class A Class B Class A Class B Publicly Announced Shares that May Yet Be Purchased Period Common Common Common Common Plans or Programs Under the Plans or Programs 01/01/2024 – 01/31/2024 - - - 02/01/2024 – 02/29/2024 - - - 03/01/2024 – 03/31/2024 (1) 109,633 - $ 54.21 - 98,996 Total 109,633 - $ 54.21 - 98,996 506,277 (1) Includes 10,637 shares that were purchased from the Seneca Foods Corporation Employees’ Savings Plan to satisfy the cash needs for transfers and payments in connection with the employer stock investment fund under the plan.
Item 5. Market for Registrant ’ s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities Refer to the information in the 2023 Annual Report, attached as Exhibit 13 to this Annual Report on Form 10-K, under the section “Shareholder Information”, which is incorporated by reference.
Item 5. Market for Registrant ’ s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities Refer to the information in the 2024 Annual Report, attached as Exhibit 13 to this Annual Report on Form 10-K, under the section “Shareholder Information”, which is incorporated by reference.
Removed
We may discontinue the program at any time.
Added
We may discontinue the program at any time. On August 9, 2023, the Board approved an amendment to the Company’s stock repurchase program which increased the maximum number of shares to be repurchased under the program up to 2,500,000 shares of the Common Stock. The Company’s stock repurchase program does not have an expiration date.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeItem 7. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations Refer to the information in the 2023 Annual Report, attached as Exhibit 13 to this Annual Report on Form 10-K, under the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, which is incorporated by reference.
Biggest changeItem 7. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations Refer to the information in the 2024 Annual Report, attached as Exhibit 13 to this Annual Report on Form 10-K, under the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, which is incorporated by reference.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeItem 7A. Quantitative and Qualitative Disclosures about Market Risk Refer to the information in the 2023 Annual Report, attached as Exhibit 13 to this Annual Report on Form 10-K, under the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, which is incorporated by reference.
Biggest changeItem 7A. Quantitative and Qualitative Disclosures about Market Risk Refer to the information in the 2024 Annual Report, attached as Exhibit 13 to this Annual Report on Form 10-K, under the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, which is incorporated by reference. 15 Table of Contents

Other SENEB 10-K year-over-year comparisons