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Note 5 - Inventories

3 Months Ended

Jun. 27, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

5. Inventories

First-In, First-Out (“FIFO”) based inventory costs exceeded LIFO based inventory costs by $142,126,000 as of the end of the first quarter of fiscal 2021 as compared to $164,517,000 as of the end of the first quarter of fiscal 2020. The change in the LIFO Reserve for the three months ended June 27, 2020 was a decrease of $2,141,000 as compared to an increase of $3,176,000 for the three months ended June 29, 2019. This reflects the projected impact of an overall cost decrease expected in fiscal 2021 versus fiscal 2020. The following table shows inventory by category and the related LIFO balance (in thousands):

		June 27, 2020				June 29, 2019				March 31, 2020
Finished products		$	330,071			$	405,372			$	351,251
In process			29,875				33,568				31,173
Raw materials and supplies			206,024				219,075				173,474
			565,970				658,015				555,898
Less excess of FIFO cost over LIFO cost			142,126				164,517				144,267
Total inventories		$	423,844			$	493,498			$	411,631

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- References

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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

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