Note 4 - Inventories

6 Months Ended

Oct. 02, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

4. Inventories

The Company uses the last-in, first-out (“LIFO”) method of valuing inventory. An actual valuation of inventory under the LIFO method is made at the end of each fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels, production pack yields, sales and the expected rate of inflation or deflation for the year. The interim LIFO calculations are subject to adjustment in the final year-end LIFO inventory valuation.

As of October 2, 2021 and September 26, 2020, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $140.3 million and $144.7 million, respectively. The Company recorded an increase to cost of products sold of $8.8 million and $2.5 million for the three months ended October 2, 2021 and September 26, 2020, respectively, and an increase to cost of products sold of $11.6 million and $0.4 million for the six months ended October 2, 2021 and September 26, 2020, respectively, to state inventories at LIFO.

The following table shows inventory by category and the related LIFO reserve (in thousands):

	October 2,		September 26,		March 31,
	2021		2020		2021
Finished products	$	629,503	$	536,015	$	317,654
In process		17,810		26,514		25,175
Raw materials and supplies		101,177		132,830		128,987
		748,490		695,359		471,816
Less excess of FIFO cost over LIFO cost		140,311		144,655		128,672
Total inventories	$	608,179	$	550,704	$	343,144