Note 4 - Inventories

3 Months Ended

Jul. 02, 2022

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 July 2, 2022 and July 3, 2021, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $183.7 million and $131.5 million, respectively. In order to state inventories at LIFO, the Company recorded an increase to cost of products sold of $‐‐19.2 million and $2.8 million for the three months ended July 2, 2022 and July 3, 2021, respectively.

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

			As of:
	July 2,		July 3,		March 31,
	2022		2021		2022
Finished products	$	390,245	$	340,468		385,681
In process		24,356		17,070		23,652
Raw materials and supplies		292,517		188,661		165,491
		707,118		546,199		574,824
Less excess of FIFO cost over LIFO cost		183,716		131,509		164,493
Total inventories	$	523,402	$	414,690	$	410,331