XML 22 R12.htm IDEA: XBRL DOCUMENT

Note 4 - Inventories

3 Months Ended

Jul. 03, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

4.	Inventories

First-In, First-Out (“FIFO”) based inventory costs exceeded Last-In, First-Out (“LIFO”) based inventory costs, resulting in a LIFO reserve of $131.5 million and $142.1 million as of July 3, 2021 and June 27, 2020, respectively. The LIFO reserve increased by $2.8 million during the three months ended July 3, 2021 as a compared to a decrease of $2.1 million for the three months ended June 27, 2020. The increase in the LIFO reserve during the first quarter of fiscal 2022 reflects the projected impact of expected cost increases and an overall inventory quantity increase as compared to fiscal 2021. The following table shows inventory by category and the related LIFO balance (in thousands):

		July 3,				June 27,				March 31,
		2021				2020				2021
Finished products		$	340,468			$	330,071				317,654
In process			17,070				29,875				25,175
Raw materials and supplies			188,661				206,024				128,987
FIFO inventories			546,199				565,970				471,816
Less excess of FIFO cost over LIFO cost			131,509				142,126				128,672
Total LIFO inventories		$	414,690			$	423,844			$	343,144