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Note 2 - Restatement of Previously Issued Financial Statements | 12 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Error Correction [Text Block] | 2. Restatement of Previously Issued Financial Statements On July 25, 2023, we reported that we had identified an error related to our accounting for valuing inventory using the LIFO method of accounting as of March 31, 2023 and 2022. An actual valuation of inventory under the LIFO method is made at the end of each fiscal year based on the inventory levels and costs at that time. During the formulaic valuation of actual inventory values at fiscal year end, incorrect quantities were applied to the calculation which resulted in an understatement of the LIFO reserve as of March 31, 2023 and 2022. Management determined that correct LIFO quantities were applied to the actual valuation of LIFO at year end prior to fiscal year 2022, as only trivial differences were noted during Management's examination. In contrast, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels, production pack yields, sales and the expected rate of inflation or deflation for the year. The interim LIFO calculations are subject to adjustment in the final year-end LIFO inventory valuation. The Consolidated Statements of Cash Flows are not presented in the following tables because there is no impact on total cash flows from operating activities, investing activities and financing activities. The impact from the restatements within the operating activities section of the cash flow statement are illustrated in the balance sheet and net earnings adjustments below. The following tables present a summary of the effects of these restatements:
|  | Consolidated Statements of Net Earnings |
|  | Fiscal Year Ended |
|  | March 31, 2023 |  |  | March 31, 2022 |
|  | As Reported |  |  | Correction |  |  | As Restated |  |  | As Reported |  |  | Correction |  |  | As Restated |
Cost of products sold |  | $ | 1,373,456 |  |  | $ | 31,577 |  |  | $ | 1,405,033 |  |  | $ | 1,237,348 |  |  | $ | 6,336 |  |  | $ | 1,243,684 |
Total costs and expenses |  |  | 1,456,416 |  |  |  | 31,577 |  |  |  | 1,487,993 |  |  |  | 1,314,935 |  |  |  | 6,336 |  |  |  | 1,321,271 |
Operating income |  |  | 52,936 |  |  |  | (31,577 | ) |  |  | 21,359 |  |  |  | 70,345 |  |  |  | (6,336 | ) |  |  | 64,009 |
Earnings before income taxes |  |  | 45,370 |  |  |  | (31,577 | ) |  |  | 13,793 |  |  |  | 66,231 |  |  |  | (6,336 | ) |  |  | 59,895 |
Income taxes |  |  | 12,232 |  |  |  | (7,670 | ) |  |  | 4,562 |  |  |  | 15,224 |  |  |  | (1,529 | ) |  |  | 13,695 |
Net earnings |  |  | 33,138 |  |  |  | (23,907 | ) |  |  | 9,231 |  |  |  | 51,007 |  |  |  | (4,807 | ) |  |  | 46,200 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - basic |  | $ | 4.23 |  |  | $ | (3.04 | ) |  | $ | 1.19 |  |  | $ | 5.83 |  |  | $ | (0.55 | ) |  | $ | 5.28 |
Earnings per share - diluted |  | $ | 4.20 |  |  | $ | (3.04 | ) |  | $ | 1.16 |  |  | $ | 5.79 |  |  | $ | (0.55 | ) |  | $ | 5.24 |
|  | Consolidated Balance Sheets |
|  | As of: |
|  | March 31, 2023 |  |  | March 31, 2022 |
|  | As Reported |  |  | Correction |  |  | As Restated |  |  | As Reported |  |  | Correction |  |  | As Restated |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  | $ | 708,811 |  |  | $ | (37,913 | ) |  | $ | 670,898 |  |  | $ | 410,331 |  |  | $ | (6,336 | ) |  | $ | 403,995 |
Refundable income taxes |  |  | - |  |  |  | 6,976 |  |  |  | 6,976 |  |  |  | 3,866 |  |  |  | 1,580 |  |  |  | 5,446 |
Total current assets |  |  | 824,976 |  |  |  | (30,937 | ) |  |  | 794,039 |  |  |  | 555,442 |  |  |  | (4,756 | ) |  | $ | 550,686 |
Total assets |  |  | 1,243,658 |  |  |  | (30,937 | ) |  |  | 1,212,721 |  |  |  | 947,030 |  |  |  | (4,756 | ) |  |  | 942,274 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes payable |  |  | 2,018 |  |  |  | (2,018 | ) |  | $ | - |  |  |  | - |  |  |  | - |  |  | $ | - |
Total current liabilities |  |  | 158,206 |  |  |  | (2,018 | ) |  |  | 156,188 |  |  |  | 173,155 |  |  |  | - |  |  |  | 173,155 |
Deferred income tax liability, net |  | $ | 31,625 |  |  | $ | (144 | ) |  | $ | 31,481 |  |  | $ | 32,944 |  |  | $ | 72 |  |  |  | 33,016 |
Other liabilities |  |  | 3,700 |  |  |  | (61 | ) |  |  | 3,639 |  |  |  | 4,995 |  |  |  | (21 | ) |  |  | 4,974 |
Total liabilities |  |  | 660,194 |  |  |  | (2,223 | ) |  |  | 657,971 |  |  |  | 363,193 |  |  |  | 51 |  |  |  | 363,244 |
Retained earnings |  |  | 669,973 |  |  |  | (28,714 | ) |  |  | 641,259 |  |  |  | 636,858 |  |  |  | (4,807 | ) |  |  | 632,051 |
Total stockholders’ equity |  |  | 583,464 |  |  |  | (28,714 | ) |  |  | 554,750 |  |  |  | 583,837 |  |  |  | (4,807 | ) |  |  | 579,030 |
Total liabilities and stockholders’ equity |  |  | 1,243,658 |  |  |  | (30,937 | ) |  |  | 1,212,721 |  |  |  | 947,030 |  |  |  | (4,756 | ) |  |  | 942,274 |
Additionally, Notes 4, 5, 10, and 15 were impacted and restated as result of the error related to our accounting for valuing inventory using the LIFO method of accounting.

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