Note 5 - Inventories

6 Months Ended

Sep. 26, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

5. Inventories

First-In, First-Out (“FIFO”) based inventory costs exceeded LIFO based inventory costs by $144,655,000 as of the end of the second quarter of fiscal 2021 as compared to $165,221,000 as of the end of the second quarter of fiscal 2020. The change in the LIFO Reserve for the three months ended September 26, 2020 was an increase of $2,528,000 as compared to an increase of $704,000 for the three months ended September 28, 2019.

The change in the LIFO Reserve for the six months ended September 26, 2020 was an increase of $388,000 as compared to an increase of $3,880,000 for the six months ended September 28, 2019. This current year-to-date increase reflects the projected impact of higher costs expected in fiscal 2021 versus fiscal 2020. The following table shows inventory by category and the related LIFO balance (in thousands):

	September 26, 2020		September 28, 2019		March 31, 2020
Finished products	$	536,015	$	547,116		351,251
In process		26,514		27,190		31,173
Raw materials and supplies		132,830		166,098		173,474
		695,359		740,404		555,898
Less excess of FIFO cost over LIFO cost		144,655		165,221		144,267
Total inventories	$	550,704	$	575,183	$	411,631