Note 11 - Inventories

12 Months Ended

Mar. 31, 2018

Inventory Disclosure [Text Block]

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

$11.2

million in

2018;

to increase net earnings by

$6.6

million in

2017,

and increase net earnings by

$18.0

million in

2016,

compared to what would have been reported using the FIFO inventory method. The reduction in earnings per share was

$1.15

(

$1.15

diluted) in

2018;

increase earnings per share

$0.67

(

$0.67

diluted) in

2017,

and increase earnings per share was

$1.81

(

$1.79

diluted) in

2016.

There was

LIFO liquidations during the

three

-year period ended

March 31, 2018.

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

	2018		2017
			(Restated)
	(In thousands)

Finished products	$	636,195	$	576,459
In process		47,972		35,982
Raw materials and supplies		155,468		160,333
		839,635		772,774
Less excess of FIFO cost over LIFO cost		158,807		143,839
Total inventories	$	680,828	$	628,935