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Note 4 - Inventories | 3 Months Ended
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Jun. 29, 2024
Notes to Financial Statements |
Inventory Disclosure [Text Block] |
4. | Inventories
The Company uses the last-in, first-out (“LIFO”) method of valuing inventory as it believes this method allows for better matching of current production cost to current revenue. 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 June 29, 2024, July 1, 2023, and March 31, 2024, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $321.9 million, $300.7 million, and $324.8 million, respectively. In order to state inventories at LIFO, the Company recorded a decrease to cost of products sold of $2.9 million and $1.7 million for the three months ended June 29, 2024 and July 1, 2023, respectively. The inventories by category and the impact of using the LIFO method are shown in the following table (in thousands):
|  | As of: |
|  | June 29, |  |  | July 1, |  |  | March 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |
Finished products |  | $ | 753,175 |  |  | $ | 616,470 |  |  |  | 795,993 |
In process |  |  | 118,914 |  |  |  | 77,624 |  |  |  | 125,027 |
Raw materials and supplies |  |  | 291,622 |  |  |  | 341,770 |  |  |  | 276,454 |
|  |  | 1,163,711 |  |  |  | 1,035,864 |  |  |  | 1,197,474 |
Less excess of FIFO cost over LIFO cost |  |  | 321,864 |  |  |  | 300,740 |  |  |  | 324,782 |
Total inventories |  | $ | 841,847 |  |  | $ | 735,124 |  |  | $ | 872,692 |

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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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