XML 20 R11.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Note 4 - Inventories | 9 Months Ended
--- | ---
Dec. 30, 2023
Notes to Financial Statements |
Inventory Disclosure [Text Block] |
4. | Inventories
The Company uses the last-in, first-out (“LIFO”) method of valuing inventory. 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. Accordingly, 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. As of December 30, 2023, December 31, 2022, and March 31, 2023, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $322.1 million, $250.2 million, and $302.4 million, respectively. In order to state inventories at LIFO, the Company recorded an increase to cost of products sold of $12.0 million and $30.9 million for the three months ended December 30, 2023 and December 31, 2022, respectively, and an increase to cost of products sold of $19.6 million and $79.3 million for the nine months ended December 30, 2023 and December 31, 2022, respectively. The following table shows inventory by category and the related LIFO reserve (in thousands):
|  | As of: |
|  | December 30, |  |  | December 31, |  |  | March 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |
Finished products |  | $ | 912,430 |  |  | $ | 738,331 |  |  |  | 613,622 |
In process |  |  | 111,939 |  |  |  | 67,380 |  |  |  | 75,123 |
Raw materials and supplies |  |  | 266,603 |  |  |  | 218,572 |  |  |  | 284,593 |
|  |  | 1,290,972 |  |  |  | 1,024,283 |  |  |  | 973,338 |
Less excess of FIFO cost over LIFO cost |  |  | 322,083 |  |  |  | 250,162 |  |  |  | 302,440 |
Total inventories |  | $ | 968,889 |  |  | $ | 774,121 |  |  | $ | 670,898 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_InventoryDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration