Note 12 - Inventories

12 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Inventory Disclosure [Text Block]

1

2

. 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 continuing net earnings by

$30.4

million in

2019

and to reduce continuing net earnings by

$9.8

million in

2018,

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

$3.14

(

$3.14

diluted) in

2019;

and a reduction in continuing earnings per share of

$1.00

(

$1.00

diluted) in

2018.

There was a LIFO liquidation of

$28.7

million in

2019.

Most of this LIFO liquidation in

2019

is reported as Discontinued Operations since it related to the Modesto fruit (see Discontinued Operations Note

3

). There was

no

LIFO liquidations during the period ended

March 31, 2018.

The Company's inventory consist of the following at

March 31: 

	2019		2018
	(In thousands)
Finished products	$	454,920	$	499,984
In process		42,045		47,970
Raw materials and supplies		166,060		144,009
		663,025		691,963
Less excess of FIFO cost over LIFO cost		161,341		145,004
Total inventories	$	501,684	$	546,959