Note 4 - Inventories

6 Months Ended

Sep. 28, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

4. Inventories

The Company uses the last-in, first-out (“LIFO”) method of valuing inventory as it believes this method allows for better matching of current production cost to current revenue. 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 September 28, 2024, September 30, 2023, and March 31, 2024, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $336.8 million, $310.1 million, and $324.8 million, respectively. In order to state inventories at LIFO, the Company recorded an increase to cost of products sold of $15.0 million and $9.3 million for the three months ended September 28, 2024 and September 30, 2023, respectively, and an increase to cost of products sold of $12.1 million and $7.6 million for the six months ended September 28, 2024 and September 30, 2023, respectively.

The inventories by category and the impact of using the LIFO method are shown in the following table (in thousands):

	As of:
	September 28,		September 30,		March 31,
	2024		2023		2024
Finished products	$	965,937	$	988,307	$	795,993
In process		110,904		87,463		125,027
Raw materials and supplies		204,887		247,733		276,454
		1,281,728		1,323,503		1,197,474
Less excess of FIFO cost over LIFO cost		336,841		310,056		324,782
Total inventories	$	944,887	$	1,013,447	$	872,692