Note 4 - Inventories

3 Months Ended

Jul. 01, 2023

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 1, 2023, July 2, 2022, and March 31, 2023, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $300.7 million, $190.1 million, and $302.4 million, respectively. In order to state inventories at LIFO, the Company recorded a decrease to cost of products sold of $1.7 million and an increase to cost of products sold of $19.2 million for the three months ended July 1, 2023 and July 2, 2022, respectively.

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

	As of:
	July 1,		July 2,		March 31,
	2023		2022		2023
Finished products	$	616,470	$	390,245		613,622
In process		77,624		24,356		75,123
Raw materials and supplies		341,770		292,517		284,593
		1,035,864		707,118		973,338
Less excess of FIFO cost over LIFO cost		300,740		190,052		302,440
Total inventories	$	735,124	$	517,066	$	670,898