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Note 4 - Inventories

3 Months Ended

Jun. 27, 2026

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.

As of June 27, 2026, June 28, 2025, and March 31, 2026, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $333.9 million, $347.5 million, and $337.0 million, respectively. In order to state inventories at LIFO, the Company recorded a decrease to cost of products sold of $3.0 million and $11.8 million for the three months ended June 27, 2026 and June 28, 2025, respectively.

The inventories by category and the impact of using the LIFO method are shown in the following table (in thousands):

		As of:
		June 27,				June 28,				March 31,
		2026				2025				2026
Finished products		$	509,010			$	587,053			$	596,965
Work in process			101,964				99,651				104,202
Raw materials and supplies			324,344				275,189				249,704
			935,318				961,893				950,871
Less: excess of FIFO cost over LIFO cost			(333,911	)			(347,458	)			(336,958	)
Total inventories		$	601,407			$	614,435			$	613,913