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Note 4 - Inventories | 12 Months Ended
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Mar. 31, 2022
Notes to Financial Statements |
Inventory Disclosure [Text Block] | 4. Inventories The Company uses the LIFO method of valuing inventory as it believes this method allows for better matching of current production cost to current revenue. As of March 31, 2022 and 2021, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $164.5 million and $128.7 million, respectively. In order to state inventories at LIFO, the Company recorded an increase to cost of products sold of $35.8 million for fiscal year 2022 as compared to a decrease to cost of products sold of $15.6 million for fiscal year 2021. The inventories by category and the impact of using the LIFO method are shown in the following table (in thousands):
|  | As of: |
|  | March 31, |  |  | March 31, |
|  | 2022 |  |  | 2021 |
Finished products |  | $ | 385,681 |  |  | $ | 317,654 |
In process |  |  | 23,652 |  |  |  | 25,175 |
Raw materials and supplies |  |  | 165,491 |  |  |  | 128,987 |
|  |  | 574,824 |  |  |  | 471,816 |
Less excess of FIFO cost over LIFO cost |  |  | 164,493 |  |  |  | 128,672 |
Total inventories |  | $ | 410,331 |  |  | $ | 343,144 |

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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 https://asc.fasb.org/topic&trid=2126998 + Details
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