Note 4 - Inventories

9 Months Ended

Dec. 30, 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 December 30, 2023, December 31, 2022, and March 31, 2023, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $322.1 million, $250.2 million, and $302.4 million, respectively. In order to state inventories at LIFO, the Company recorded an increase to cost of products sold of $12.0 million and $30.9 million for the three months ended December 30, 2023 and December 31, 2022, respectively, and an increase to cost of products sold of $19.6 million and $79.3 million for the nine months ended December 30, 2023 and December 31, 2022, respectively.

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

	As of:
	December 30,		December 31,		March 31,
	2023		2022		2023
Finished products	$	912,430	$	738,331		613,622
In process		111,939		67,380		75,123
Raw materials and supplies		266,603		218,572		284,593
		1,290,972		1,024,283		973,338
Less excess of FIFO cost over LIFO cost		322,083		250,162		302,440
Total inventories	$	968,889	$	774,121	$	670,898