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Inventories | 12 Months Ended
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Mar. 31, 2017
Inventories: |
Inventory Disclosure [Text Block] | 1 0. 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 cur rent revenue. The effect of LIFO was to increase net earnings by $3.9 million in 2017; to increase net earnings by $16.1 million in 2016, and reduce net earnings by $6.9 million in 2015, compared to what would have been reported using the FIFO inventory me thod. The increase in earnings per share was $0.40 ($0.40 diluted) in 2017; increase earnings per share was $1.62 ($1.60 diluted) in 2016, and reduce earnings per share was $0.64 ($0.63 diluted) in 2015. There was no LIFO liquidations during the three-year period ended March 31, 2017. The inventories by categor y and the impact of using the LIFO method are shown in the following table:
|  | 2017 |  | 2016 |  | 2015
|  | (In thousands)
Finished products | $ | 534,995 | $ | 467,337 | $ | 414,154
In process |  | 35,982 |  | 25,855 |  | 22,651
Raw materials and supplies |  | 160,333 |  | 213,790 |  | 199,674
|  | 731,310 |  | 706,982 |  | 636,479
Less excess of FIFO cost over LIFO cost |  | 133,254 |  | 139,275 |  | 164,067
Total inventories | $ | 598,056 | $ | 567,707 | $ | 472,412

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + 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 + Details
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