Note 5 - Inventories

9 Months Ended

Dec. 26, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

5. Inventories

First-In, First-Out (“FIFO”) based inventory costs exceeded LIFO based inventory costs by $139,999,000 as of the end of the third quarter of fiscal 2021 as compared to $153,884,000 as of the end of the third quarter of fiscal 2020. The change in the LIFO Reserve for the three months ended December 26, 2020 was a decrease of $4,656,000 as compared to a decrease of $11,337,000 for the three months ended December 28, 2019.

The change in the LIFO Reserve for the nine months ended December 26, 2020 was a decrease of $4,268,000 as compared to a decrease of $7,457,000 for the nine months ended December 28, 2019. This current year-to-date decrease reflects the impact of lower inventory levels as a result of increased sales volumes and lower than planned pack quantities for certain commodities. The following table shows inventory by category and the related LIFO balance (in thousands):

	December 26, 2020		December 28, 2019		March 31, 2020
Finished products	$	421,987	$	465,306		351,251
In process		38,552		34,685		31,173
Raw materials and supplies		90,387		146,958		173,474
		550,926		646,949		555,898
Less excess of FIFO cost over LIFO cost		139,999		153,884		144,267
Total inventories	$	410,927	$	493,065	$	411,631