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What changed in Seneca Foods Corp's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Seneca Foods Corp's 2024 and 2025 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 2025 report.

+92 added−84 removedSource: 10-K (2025-06-12) vs 10-K (2024-06-13)

Top changes in Seneca Foods Corp's 2025 10-K

92 paragraphs added · 84 removed · 80 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeThese 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.
Biggest changeThese 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 2025: Net sales $ 304,727 $ 425,465 $ 502,856 $ 345,839 Gross margin 42,691 42,871 49,110 15,529 Net earnings 12,661 13,303 14,659 601 Accounts receivable, net (at quarter end) 96,448 108,533 70,829 96,330 Inventories (at quarter end) 841,847 944,887 735,682 603,955 Accounts payable (at quarter end) 62,460 213,015 70,791 43,580 Revolver outstanding (at quarter end) 209,189 146,421 42,196 1,000 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 ) Accounts receivable, net (at quarter end) 84,964 128,380 89,928 79,767 Inventories (at quarter end) 735,124 1,013,447 968,889 872,692 Accounts payable (at quarter end) 117,700 321,579 125,182 40,326 Revolver outstanding (at quarter end) 52,064 134,757 258,108 237,225 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.
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.
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 aircraft operations, and certain corporate items.
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.
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. 3 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.
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.
Environmental Matters Seneca publishes an annual Business Responsibility and Sustainability 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.
In the United States, there is a significant possibility that some form of regulation will be forthcoming at the federal level to address the effects of climate change.
In the United States, there is a possibility that some form of regulation will be forthcoming at the federal level to address the effects of climate change.
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.
A total of $0.1 million was paid as a royalty fee for the fiscal year ended March 31, 2025. 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.
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.
Refer to the information set forth under the heading “ Segment Information ” in Note 12 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.
All such filings on the Company’s web site are available free of charge. Information on our website is not part of the annual report on Form 10-K. In addition, the Company's website includes items related to corporate governance matters, including charters of various committees of the Board of Directors and the Company's Code of Business Conduct and Ethics.
All such filings on the Company’s website are available free of charge. Information on our website is not part of the annual report on Form 10-K. In addition, the Company's website includes items related to corporate governance matters, including charters of various committees of the Board of Directors and the Company's Code of Business Conduct and Ethics.
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.
For peas, the peak inventory time is mid-summer and for sweet 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 typically reaching their lowest point in mid-to-late first quarter prior to the new seasonal pack commencing.
The Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available on the Company’s web site, as soon as reasonably practicable after they are electronically filed with or furnished to the SEC.
The Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available on the Company’s website, as soon as reasonably practicable after they are electronically filed with or furnished to the SEC.
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.
The Company’s food operations constituted 98% of total net sales in fiscal year 2025. 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 2025 net sales.
Under various statutes, these agencies prescribe and establish, among other things, the requirements and standards for quality, safety and representation of the Company’s products to the consumer in labeling and advertising. 4 Table of Contents Environmental protection is an area that has been worked on diligently at each food packaging facility.
Under various statutes, these agencies prescribe and establish, among other things, the requirements and standards for quality, safety and representation of the Company’s products to the consumer in labeling and advertising. Environmental protection is an area that has been worked on diligently at each food packaging facility.
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.
The license is royalty free and does not include Green Giant frozen, Green Giant Canada or the Le Sueur brand. 4 Table of Contents The Company holds the Libby's® brand name pursuant to a trademark license.
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.
Human Capital Employment As of March 31, 2025, Seneca employed approximately 2,885 employees and employed an additional approximately 4,010 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 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).
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).
Domestic 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.
United States and International Sales The following table sets forth United States and international net sales (in thousands, except percentages): Fiscal Year: 2025 2024 Net sales: United States $ 1,492,266 $ 1,374,774 International 86,621 83,829 Total net sales $ 1,578,887 $ 1,458,603 As a percentage of net sales: United States 94.5 % 94.3 % International 5.5 % 5.7 % 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.
As the seasonal pack progresses, these components of working capital both increase until the pack is complete. The Company’s revenues typically are highest in the second and third fiscal quarters. This is due, in part, because the Company’s fruit and vegetable sales exhibit seasonal increases in the third fiscal quarter due to increased retail demand during the holiday season.
As the seasonal pack progresses, these components of working capital both increase until the pack is complete. The Company’s fruit and vegetable sales exhibit seasonal increases in the third fiscal quarter due to increased retail demand during the holiday season.
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.
The following table summarizes net sales by major product category for fiscal years 2025 and 2024 (in thousands): Fiscal Year: 2025 2024 Canned vegetables $ 1,314,315 $ 1,204,823 Frozen vegetables 124,714 120,795 Fruit products 92,378 87,435 Snack products 14,995 13,400 Other 32,485 32,150 $ 1,578,887 $ 1,458,603 Source and Availability of Raw Materials The Company’s high-quality products are primarily sourced from more than 1,100 American farms.
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.
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.
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.
The license is limited to vegetables which are shelf-stable, frozen, and thermally packaged, and includes the Company's major vegetable varieties – sweet corn, peas and green beans – as well as certain other thermally packaged vegetable varieties and sauerkraut. The license is renewable by the Company every 10 years for an aggregate period expiring in March 2081.
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.
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 believe that a diverse and inclusive workforce provides the Company with the benefits of different viewpoints and perspectives, as well as a talented and innovative employee base.
The Company does not engage in or tolerate discrimination, intimidation, harassment, or any other unlawful conduct. We believe that a diverse and inclusive workforce provides the Company with the benefits of different viewpoints and perspectives, as well as a talented and innovative employee base.
The Company believes that it is a major producer of canned vegetables, frozen vegetables, and jarred fruit but some producers of these products have sales which exceed the Company's sales. The Company is aware of at least 13 competitors in the U.S. packaged fruit and vegetable industry, many of which are privately held companies.
The Company believes that it is a major producer of canned vegetables, frozen vegetables, and jarred fruit but some producers of these products have sales which exceed the Company's sales.
The Company also conducts annual safety audits at all processing locations to ensure compliance with Seneca and OSHA safety standards. External risk management services are also consulted as part of this process.
At Seneca, we believe that safety is everyone’s responsibility, and the HERO program reflects that commitment, with close to 100% employee participation. 6 Table of Contents The Company also conducts regular safety audits at all processing locations to ensure compliance with Seneca and OSHA safety standards. External risk management services are also consulted as part of this process.
In addition, the Company sells canned and frozen vegetables to a co-pack customer on a bill and hold basis at the end of each pack cycle, which typically occurs during these quarters.
In addition, the Company sells canned and frozen vegetables to a co-pack customer on a bill and hold basis during the pack cycle, which typically occurs in the second and third quarters. Given the seasonal nature of the Company's sales, the accounts receivable balance typically reaches its highest point at the end of the second fiscal quarter.
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.
GROWS (“Get Rid of Waste Systemically”) supports our leadership development efforts through continuous improvement project leadership. 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.
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.
Culture Seneca believes that everyone should feel respected and welcome in our workplace. 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.
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.
Competitive pressures and pricing methodologies employed in the various sales channels in which the Company competes also may limit its ability to 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.
Seasonality While individual vegetables have seasonal cycles of peak production and sales, the different cycles are somewhat offsetting. Minimal food packaging occurs in the Company's last fiscal quarter ending March 31, which is the optimal time for maintenance, repairs and equipment changes in its packaging plants.
Seasonality The Company’s production cycle begins with planting in the spring followed by harvesting and packaging during the second and third fiscal quarters with sales spanning over the following twelve months. Minimal food packaging occurs in the Company's last fiscal quarter ending March 31, which is the optimal time for maintenance, repairs and equipment changes in its packaging plants.
Government Regulation The Company is subject to extensive regulations in the United States by federal, state and local government authorities.
The Company is aware of at least 13 competitors in the United States packaged fruit and vegetable industry, many of which are privately held companies. 5 Table of Contents Government Regulation The Company is subject to extensive regulations in the United States by federal, state and local government authorities.
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.
The Company experienced material cost increases to various production inputs during the last several years due to a number of factors, including but not limited to, supply chain disruptions, steel supply and pricing, raw material shortages, labor shortages, and the conflict between Russia and Ukraine.
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.
The Company attempts to manage costs 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.
Removed
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.
Added
While the Company has no direct exposure to this foreign conflict, it had a negative impact on the global economy which increased certain of our input costs. While some of the factors mentioned above have started to ease and stabilize during fiscal year 2025, the Company’s costs remain elevated as compared to historical levels.
Removed
GROWS (“Get Rid of Waste Systemically”) supports our leadership development efforts through continuous improvement project leadership.
Added
Climate change regulation continues to evolve, and while it is not possible to accurately estimate either a timetable for implementation or the Company’s future compliance costs relating to implementation, such regulation could have a material effect on our business, financial condition and results of operations.
Added
We may face additional economic and operational impacts from environmental and climate protection laws and regulations as well as impacts from our suppliers and customers as they adhere to such laws and regulations.

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. 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.
Biggest changeFor a more detailed description of the pension plan, refer to the information set forth under the heading “ Retirement Plans ” in Note 9 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, financial condition, results of operations and liquidity.
In addition, our information technology systems may be vulnerable to damage or interruption from circumstances beyond our control, including systems failures, natural disasters, terrorist attacks, viruses, ransomware, security breaches or cyber incidents. Cyber-attacks are becoming more sophisticated and are increasing in the number of attempts and frequency by groups and individuals with a wide range of motives.
In addition, our information technology systems may be vulnerable to damage or interruption from circumstances beyond our control, including systems failures, natural disasters, terrorist attacks, viruses, ransomware, security breaches or cyber incidents. Cyberattacks are becoming more sophisticated and are increasing in the number of attempts and frequency by groups and individuals with a wide range of motives.
In addition, we may be required to pay damage awards or settlements or become subject to injunctions or other equitable remedies, which could have a material adverse effect on our business, consolidated financial condition, results of operations or liquidity.
In addition, we may be required to pay damage awards or settlements or become subject to injunctions or other equitable remedies, which could have a material adverse effect on our business, financial condition, results of operations or liquidity.
The upper Midwest is the primary growing region for the principal vegetables which we pack, namely peas, green beans and corn, and it is also a substantial source of our competitors’ vegetable production.
The upper Midwest is the primary growing region for the principal vegetables which we pack, namely peas, green beans and sweet corn, and it is also a substantial source of our competitors’ vegetable production.
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.
This may result in us taking corporate actions that shareholders may not consider to be in their best interest and may affect the market price of our common stock.
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 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. This includes our plant boilers, which generate heat used in packaging and can manufacturing operations, producing generally small emissions into the air.
We depend upon key customers. Our products are sold in a highly competitive marketplace, which includes increased concentration and a growing presence of large-format retailers and discounters. Dependence upon key customers could lead to increased pricing pressure by these customers. A relatively limited number of customers account for a large percentage of the Company’s total net sales.
Our products are sold in a highly competitive marketplace, which includes increased concentration and a growing presence of large-format retailers and discounters. Dependence upon key customers could lead to increased pricing pressure by these customers. A relatively limited number of customers account for a large percentage of the Company’s total net sales.
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.
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 consumer purchasing patterns relating to packaged fruit and vegetables.
The outcome of litigation is often difficult to predict, and the outcome of pending or future litigation may have a material adverse effect on our business, consolidated financial condition, results of operations or liquidity. We face risks associated with our defined benefit pension plan. We maintain a company-sponsored defined benefit pension plan.
The outcome of litigation is often difficult to predict, and the outcome of pending or future litigation may have a material adverse effect on our business, financial condition, results of operations or liquidity. We face risks associated with our defined benefit pension plan. We maintain a company-sponsored noncontributory defined benefit pension plan.
We only have one plant that produces fruit products and one plant that produces pumpkin products. We have two plants that manufacture empty cans, one with substantially more capacity than the other, which are not interchangeable since each plant cannot necessarily produce all the can sizes needed.
We only have one plant that produces cherry products and one plant that produces pumpkin products. We have two plants that manufacture empty cans, one with substantially more capacity than the other, which are not interchangeable since each plant cannot necessarily produce all the can sizes needed.
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.
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. Increases in labor costs or work stoppages or strikes could materially and adversely affect our financial condition and results of operations.
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.
The domestic packaged food industry continues to face import competition. 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.
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.
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 $89.5 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.
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.
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.
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.
For example, 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 and aligns with consumer preferences for taste.
A product liability judgment against us or a product recall or the damage to our reputation resulting therefrom could have a material adverse effect on our business, consolidated financial condition, results of operations or liquidity. Pending and future litigation may lead us to incur significant costs.
A product liability judgment against us or a product recall or the damage to our reputation resulting therefrom could have a material adverse effect on our business, financial condition, results of operations or liquidity. 9 Table of Contents Pending and future litigation may lead us to incur significant costs.
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.
The top ten customers represented approximately 53% and 52% of net sales for fiscal years 2025 and 2024, 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.
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.
If a default occurred and was not cured, secured lenders could foreclose on this collateral. 12 Table of Contents Risks Relating to Our Stock Our existing shareholders, if acting together, may be able to exert control over matters requiring shareholder approval.
Some of our workforce dwell in company provided housing and therefore any outbreaks would need to be managed, to the extent possible, to meet health care protocols.
Some of our workforce dwell in company provided housing and therefore any outbreaks would need to be managed, to the extent possible, to meet healthcare protocols.
The ultimate impact of a pandemic on our business will depend on many factors, including, among others, the duration of social distancing and stay-at-home mandates, our ability to continue to operate our manufacturing facilities and maintain the supply chain without material disruption, and the extent to which macroeconomic conditions resulting from the pandemic and the pace of the subsequent recovery may impact consumer eating habits.
The ultimate impact of a pandemic on our business will depend on many factors, including, among others, the duration of social distancing and stay-at-home mandates, our ability to continue to operate our manufacturing facilities and maintain the supply chain without material disruption, and the extent to which macroeconomic conditions resulting from the pandemic and the pace of the subsequent recovery may impact consumer eating habits. 8 Table of Contents We depend upon key customers.
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.
Our ability to manage our working capital and our Revolving Credit Facility is critical to our success. As of March 31, 2025, we had a $1.0 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.
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.
As of March 31, 2025, holders of Class B common stock and voting preferred stock held 90.6% 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.
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
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.
At the end of March 2025, we had roughly 2,885 employees of which approximately 2,800 were full time and approximately 85 seasonal employees worked in food packaging. During the peak summer harvest period, we employed an additional approximately 4,010 seasonal employees to help package fruit and vegetables.
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.
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 customers’ own brand names.
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.
As of March 31, 2025, we had a LIFO reserve of $359.3 million which, at the statutory tax rate of 24.9%, represents approximately $89.5 million of income taxes, payment of which is delayed to future dates based upon changes in inventory costs.
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.
As of March 31, 2025, our current executive officers and directors beneficially owned 13.37% of our outstanding shares of Class A common stock, 54.79% of our outstanding shares of Class B common stock and 27.12% of our voting preferred stock, or 41.06% of the combined voting power of our outstanding shares of capital stock.
Repayment of these postponed taxes will reduce the amount of cash that we would have available to fund our operations, working capital, capital expenditures, expansions, acquisitions or general corporate or other business activities. This could materially and adversely affect our business, financial condition and results of operations.
Repayment of these postponed taxes will reduce the amount of cash that we would have available to fund our operations, working capital, capital expenditures, expansions, acquisitions or general corporate or other business activities.
We may undertake acquisitions or product innovations and may have difficulties integrating them or may not realize the anticipated benefits. In the future, we may undertake acquisitions of other businesses or introduce new products, although there can be no assurances that these will occur. Such undertakings involve numerous risks and significant investments.
In the future, we may undertake acquisitions of other businesses or introduce new products, although there can be no assurances that these will occur. Such undertakings involve numerous risks and significant investments.
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.
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.
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.
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.
Although we maintain property and business interruption insurance coverage, there can be no assurance that this level of coverage is adequate in the event of a catastrophe or significant disruption at these or other Company facilities. If such an event occurs, it could materially and adversely affect our business, financial condition and results of operations.
Although we maintain property and business interruption insurance coverage, there can be no assurance that this level of coverage is adequate in the event of a catastrophe or significant disruption at these or other Company facilities.
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.
While we devote significant resources to meeting this goal, we may not be successful in developing new products or appropriate alternative ingredients that are acceptable by customers or consumers and meet the requirements of government regulatory agencies. Financing Risks Global economic conditions may materially and adversely affect our business, financial condition and results of operations.
Future changes or additional health and safety laws and regulations in connection with our products, packaging or processes may also impose upon us new requirements, costs, and changes to production. Such requirements, changes, liabilities, and costs could materially and adversely affect our business, financial condition and results of operations.
Future changes or additional health and safety laws and regulations in connection with our products, packaging or processes may also impose upon us new requirements, costs, and changes to production.
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 Food Safety Modernization Act ("FSMA") was enacted with the goal of enabling the FDA to better protect public health by strengthening the food safety system. 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.
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.
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.
The tax status of our insurance subsidiary could be challenged resulting in an acceleration of income tax payments. In conjunction with our workers’ compensation program, we operate a wholly owned insurance subsidiary, Dundee Insurance Company, Inc. We recognize this subsidiary as an insurance company for federal income tax purposes with respect to our consolidated federal income tax return.
This could materially and adversely affect our business, financial condition and results of operations. 13 Table of Contents The tax status of our insurance subsidiary could be challenged resulting in an acceleration of income tax payments. In conjunction with our workers’ compensation program, we operate a wholly owned insurance subsidiary, Dundee Insurance Company, Inc.
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 commodity materials that we package or otherwise require are subject to price increases that could adversely affect our profitability.
Consequently, we must pay the contract grower for the vegetables even if we cannot or do not harvest or package them. Most of our production occurs during the second quarter (July through September) of our fiscal year, which corresponds with the quarter that the growing season ends for most of the produce packaged by us.
Most of our production occurs during the second quarter (July through September) of our fiscal year, which corresponds with the quarter that the growing season ends for most of the produce packaged by us. 7 Table of Contents A majority of our sales occur during the second and third quarters of each fiscal year due to seasonal consumption patterns for our products.
Removed
The implementation of the Food Safety Modernization Act of 2011 may affect operations. The Food Safety Modernization Act ("FSMA") was enacted with the goal of enabling the FDA to better protect public health by strengthening the food safety system.
Added
Consequently, we must pay the contract grower for the vegetables even if we cannot or do not harvest or package them.
Removed
In order to remain successful, we must anticipate and react to these new trends and develop new products or packages to address them.
Added
The customers who buy our products to sell under their own brand names control the marketing programs for those products.
Added
Our business is dependent on our information technology systems and software, and failure to protect against or effectively respond to cyberattacks, 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 such an event occurs, it could materially and adversely affect our business, financial condition and results of operations. 10 Table of Contents We may undertake acquisitions or product innovations and may have difficulties integrating them or may not realize the anticipated benefits.
Added
Such requirements, changes, liabilities, and costs could materially and adversely affect our business, financial condition and results of operations. 11 Table of Contents The implementation of the Food Safety Modernization Act of 2011 may affect operations.
Added
Our product introductions and improvements of existing products, along with other marketplace initiatives, are designed to capitalize on new and evolving customer or consumer trends and preferences.
Added
Shifts in consumer trends and preferences may result from several factors, including dietary trends, attention to nutritional aspects and concerns (perceived or substantiated) about the health effects of and the sourcing of certain ingredients.
Added
In addition, there is the potential for increased government regulation of certain color additives which may include additional labeling requirements. Specific products within our portfolio could be impacted resulting in the need to modify our ingredient composition or develop alternative color additives. To remain competitive, we must anticipate and react to these trends and preferences.
Added
We recognize this subsidiary as an insurance company for federal income tax purposes with respect to our consolidated federal income tax return.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe CIO, along with the certified Information Security Officer and VP Information Technology have significant experience spanning over 20 years in information security, infrastructure, and compliance. The Board of Directors considers cybersecurity risk as part of its overall risk oversight function. The Board of Directors receives briefings from the CIO regarding the Company’s cybersecurity risk management program at least annually.
Biggest changeThe CIO, along with the certified Information Security Officer and the VP of Information Technology have significant experience spanning over 20 years in information security, infrastructure, and compliance. 14 Table of Contents The Board of Directors considers cybersecurity risk as part of its overall risk oversight function.
The cybersecurity risk management program is grounded in a zero-trust framework and employs a multi-layered approach, including: ● Awareness and training for employees, involving phishing campaigns, informational sessions at management meetings, and annual mandatory training with simulations of common cybersecurity threats; ● Security tools and technologies, along with control policies and active review procedures which strengthen authentication and access protection; ● Third-party risk management process and monitoring procedures for service providers, suppliers, and vendors who have access to critical systems and information; ● Risk and vulnerability management encompassing both proactive and predictive defenses which provides opportunities to assess, remediate, and validate; and ● Managed detection and incident response, including advanced endpoint protection.
The cybersecurity risk management program is grounded in a zero-trust framework and employs a multi-layered approach, including: ● Awareness and training for employees, involving phishing campaigns, informational sessions at management meetings, and annual mandatory training with simulations of common cybersecurity threats; ● Security tools and technologies, along with control policies and active review procedures which strengthen authentication and access protection; ● Third-party risk management process and monitoring procedures for service providers, suppliers, and vendors who have access to critical systems and information; ● Risk and vulnerability management encompassing both proactive and predictive defenses which provides opportunities to assess, remediate, and validate; and ● Managed detection and incident response, including advanced endpoint protection and data loss prevention.
These briefings include updates on the Company’s cybersecurity risks and threats, the status of projects to strengthen the information security systems, assessments of the information security program, and the emerging cybersecurity threat landscape. 13 Table of Contents
The Board of Directors receives briefings from the CIO regarding the Company’s cybersecurity risk management program at least annually. These briefings include updates on the Company’s cybersecurity risks and threats, the status of projects to strengthen the information security systems, assessments of the information security program, and the emerging cybersecurity threat landscape.

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 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.
Biggest changeProperties The following table details the Company’s manufacturing plants, warehouses, and corporate offices: Square Footage Acres (000s) Food Group Nampa, Idaho 244 16 Payette, Idaho 404 43 Princeville, Illinois 278 568 Hart, Michigan 368 134 Traverse City, Michigan 58 43 Blue Earth, Minnesota 287 429 Glencoe, Minnesota 699 999 LeSueur, Minnesota 81 497 Montgomery, Minnesota 572 1,172 Rochester, Minnesota 835 461 Geneva, New York 762 593 Leicester, New York 228 91 Dayton, Oregon 82 19 Dayton, Washington 250 29 Yakima, Washington 122 8 Baraboo, Wisconsin 642 13 Berlin, Wisconsin 97 125 Cambria East, Wisconsin 399 401 Cambria West, Wisconsin 365 411 Clyman, Wisconsin 447 724 Cumberland, Wisconsin 437 307 Gillett, Wisconsin 329 90 Janesville, Wisconsin 1,299 341 Mayville, Wisconsin 239 354 Oakfield, Wisconsin 231 2,135 Ripon, Wisconsin 647 164 Non-Food Group Fairport, New York 13 Penn Yan, New York 27 4 Total 10,442 10,171 The Company believes that these facilities are suitable and adequate for the purposes for which they are currently intended.

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 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
Biggest changeItem 3. Legal Proceedings The information set forth under the heading “ Legal Proceedings and Other Contingencies ” in Note 13 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 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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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.
Biggest changeTotal Number of Average Price Maximum Number Shares Purchased Paid per Share Total Number of Shares (or Approximate Dollar Value) Purchased as Part of of Shares that May Yet Class A Class B Class A Class B Publicly Announced Be Purchased Under the Period Common Common Common Common Plans or Programs Plans or Programs 01/01/2025 – 01/31/2025 - - - - 02/01/2025 – 02/28/2025 (1) 9,891 - $ 79.53 - - 03/01/2025 – 03/31/2025 - - - - Total 9,891 - $ 79.53 - - 361,878 (1) Includes 9,891 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 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.
Item 5. Market for Registrant ’ s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities Refer to the information in the 2025 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 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 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.
Biggest changeItem 7. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations Refer to the information in the 2025 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 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
Biggest changeItem 7A. Quantitative and Qualitative Disclosures about Market Risk Refer to the information in the 2025 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.

Other SENEA 10-K year-over-year comparisons