XML 60 R22.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Inventories | 12 Months Ended
--- | ---
Mar. 31, 2014
Inventories: |
Inventory Disclosure [Text Block] | 1 1. Inventories Effective December 30, 2007 (beginning of 4th quarter of Fiscal Year 2008), the Company change d its inventory valuatio n method from the lower of cost, d etermined under the FIFO method, or market to the lower of cost, determined under the LIFO method, or market. In the high inflation environment that the Company was experiencing, the Company believed that the LIFO inventory method was preferable over the FIFO method because it better compares the cost of current production to current revenue. The effect of LIFO was to reduce net earnings by $13.2 million in 2014, increase net earnings by $2.7 million in 2013 and reduce net earnings by $30.8 million in 2012, compared to what would have been reported using the FIFO inventory method. The reduction in earnings per share was $1.19 ($1.19 diluted) in 2014, increase in earnings per share was $0.24 ($0.24 diluted) in 2013, and the reduction in earnings per share was $2.53 ($2.52 diluted) in 2012. During 2014 and 2012, certain inventory quantities accounted for on the LIFO method were reduced, resulting in the liquidation of certain quantities carried at costs prevailing in prior years. The impact on net e ar nings of these liquidations was an increase of $4.8 million and $2.9 million during 2014 and 2012, respectively. The inventories by categor y and the impact of using the LIFO method are shown in the following table:
|  | 2014 |  | 2013 |  | 2012
|  | (In thousands)
Finished products | $ | 418,368 | $ | 445,278 | $ | 406,164
In process |  | 16,056 |  | 18,107 |  | 24,451
Raw materials and supplies |  | 170,210 |  | 149,359 |  | 139,045
|  | 604,634 |  | 612,744 |  | 569,660
Less excess of FIFO cost over LIFO cost |  | 153,384 |  | 133,014 |  | 137,227
Total inventories | $ | 451,250 | $ | 479,730 | $ | 432,433

X
- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section A -Paragraph 9 -Chapter 3 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
Name: | us-gaap_InventoryDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_InventoryNetAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration