Note 12 - Inventories

12 Months Ended

Mar. 31, 2020

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 increase continuing net earnings by

$12.8

million in

2020

and to reduce net earnings by

$30.4

million in

2019,

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

$1.38

(

$1.37

diluted) in

2020;

and a reduction in earnings per share of

$3.14

(

$3.14

diluted) in

2019.

There were LIFO liquidations of

$6.6

million in

2020

and

$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

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

	2020		2019
	(In thousands)
Finished products	$	351,251	$	454,920
In process		31,173		42,045
Raw materials and supplies		173,474		166,060
		555,898		663,025
Less excess of FIFO cost over LIFO cost		144,267		161,341
Total inventories	$	411,631	$	501,684