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Inventories

12 Months Ended

Mar. 31, 2012

11. Inventories

Effective December 30, 2007 (beginning of 4th quarter of Fiscal Year 2008), the Company changed its inventory valuation method from the lower of cost, determined under the FIFO method, or market to the lower of cost, determined under the LIFO method, or market. In the high inflation environment that the Company was experiencing, the Company believed that the LIFO inventory method was preferable over the FIFO method because it better compares the cost of current production to current revenue. The effect of LIFO was to reduce net earnings by $30,771,000 in 2012, increase net earnings by $5,104,000 in 2011 and reduce net earnings by $7,307,000 in 2010, compared to what would have been reported using the FIFO inventory method. The reduction in earnings per share was $2.53 ($2.52 diluted) in 2012, the increase in earnings per share was $0.42 ($0.42 diluted) in 2011, and the reduction in earnings per share was $0.61 ($0.60 diluted) in 2010. During 2012, certain inventory quantities accounted for on the LIFO method were reduced, resulting in the liquidation of certain quantities carried at costs prevailing in prior years. The impact on net earnings of these liquidations was an increase of $2,899,000. The inventories by category and the impact of implementing the LIFO method are shown in the following table:

		2012		2011		2010
		(In thousands)

Finished products	$	406,164	$	390,754	$	407,403
In process		24,451		21,680		14,813
Raw materials and supplies		139,045		132,690		121,988
		569,660		545,124		544,204
Less excess of FIFO cost over LIFO cost		137,227		89,888		97,740
Total inventories	$	432,433	$	455,236	$	446,464

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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