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Note 12 - Inventories | 12 Months Ended
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Mar. 31, 2020
Notes to Financial Statements |
Inventory Disclosure [Text Block] | 1 2 . 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 continuing net earnings by $12.8 million in 2020 and to reduce net earnings by $30.4 million in 2019, compared to what would have been reported using the FIFO inventory method. The increase in earnings per share was $1.38 ( $1.37 diluted) in 2020; and a reduction in earnings per share of $3.14 ( $3.14 diluted) in 2019. There were LIFO liquidations of $6.6 million in 2020 and $28.7 million in 2019. Most of this LIFO liquidation in 2019 is reported as Discontinued Operations since it related to the Modesto fruit (see Discontinued Operations Note 3 ). The inventories by category and the impact of using the LIFO method are shown in the following table:
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Finished products |  | $ | 351,251 |  |  | $ | 454,920 |
In process |  |  | 31,173 |  |  |  | 42,045 |
Raw materials and supplies |  |  | 173,474 |  |  |  | 166,060 |
|  |  | 555,898 |  |  |  | 663,025 |
Less excess of FIFO cost over LIFO cost |  |  | 144,267 |  |  |  | 161,341 |
Total inventories |  | $ | 411,631 |  |  | $ | 501,684 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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