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Inventories

12 Months Ended

Mar. 31, 2016

Inventories:

Inventory Disclosure [Text Block]

10. Inventories

Effective December 30, 2007 (beginning of 4th quarter of Fiscal Year 2008), the Company changed its inventory valuation method from the lower of cost, determined 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 increase net earnings by $16.1 million in 2016, reduce net earnings by $6.9 million in 2015, and reduce net earnings by $13.2 million in 2014, compared to what would have been reported using the FIFO inventory method. The increase in earnings per share was $1.62 ($1.60 diluted) in 2016, reduce earnings per share was $0.64 ($0.63 diluted) in 2015, and reduce earnings per share was $1.19 ($1.19 diluted) in 2014. During 2014, 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 earnings of these liquidations was no impact in 2016 and 2015, and an increase of $4.8 million during 2014. The inventories by category and the impact of using the LIFO method are shown in the following table:

		2016		2015		2014
		(In thousands)
Finished products	$	467,337	$	414,154	$	418,368
In process		25,855		22,651		16,056
Raw materials and supplies		213,790		199,674		170,210
		706,982		636,479		604,634
Less excess of FIFO cost over LIFO cost		139,275		164,067		153,384
Total inventories	$	567,707	$	472,412	$	451,250

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- 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 S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: 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 3: 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

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X

- References

No definition available.

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