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Note 5 - Inventories | 12 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Inventory Disclosure [Text Block] | 5. 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, 2023 and 2022, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $302.4 million and $170.8 million, respectively. In order to state inventories at LIFO, the Company recorded an increase to cost of products sold of $131.6 million and $42.2 million for fiscal years 2023 and 2022, respectively. 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, |
|  | 2023 |  |  | 2022 |
|  | (Restated) |  |  | (Restated) |
Finished products |  | $ | 613,622 |  |  | $ | 385,681 |
In process |  |  | 75,123 |  |  |  | 23,652 |
Raw materials and supplies |  |  | 284,593 |  |  |  | 165,491 |
|  |  | 973,338 |  |  |  | 574,824 |
Less excess of FIFO cost over LIFO cost |  |  | 302,440 |  |  |  | 170,829 |
Total inventories |  | $ | 670,898 |  |  | $ | 403,995 |

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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