Inventories

12 Months Ended

Mar. 31, 2017

10. Inventories

Effective December 30, 2007 (beginning of 4th quarter of Fiscal Year 2008), the Company changed its inventory valuation method from the lower of cost, determined under the FIFO method, or market to the lower of cost, determined under the LIFO method, or market. In the high inflation environment that the Company was experiencing, the Company believed that the LIFO inventory method was preferable over the FIFO method because it better compares the cost of current production to current revenue. The effect of LIFO was to increase net earnings by $3.9 million in 2017; to increase net earnings by $16.1 million in 2016, and reduce net earnings by $6.9 million in 2015, compared to what would have been reported using the FIFO inventory method. The increase in earnings per share was $0.40 ($0.40 diluted) in 2017; increase earnings per share was $1.62 ($1.60 diluted) in 2016, and reduce earnings per share was $0.64 ($0.63 diluted) in 2015. There was no LIFO liquidations during the three-year period ended March 31, 2017. The inventories by category and the impact of using the LIFO method are shown in the following table:

		2017		2016		2015
		(In thousands)

Finished products	$	534,995	$	467,337	$	414,154
In process		35,982		25,855		22,651
Raw materials and supplies		160,333		213,790		199,674
		731,310		706,982		636,479
Less excess of FIFO cost over LIFO cost		133,254		139,275		164,067
Total inventories	$	598,056	$	567,707	$	472,412