Note 2 - Restatement of Previously Issued Financial Statements

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Error Correction [Text Block]

2. Restatement of Previously Issued Financial Statements

On July 25, 2023, we reported that we had identified an error related to our accounting for valuing inventory using the LIFO method of accounting as of March 31, 2023 and 2022. 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. During the formulaic valuation of actual inventory values at fiscal year end, incorrect quantities were applied to the calculation which resulted in an understatement of the LIFO reserve as of March 31, 2023 and 2022. Management determined that correct LIFO quantities were applied to the actual valuation of LIFO at year end prior to fiscal year 2022, as only trivial differences were noted during Management's examination. In contrast, 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.

The Consolidated Statements of Cash Flows are not presented in the following tables because there is no impact on total cash flows from operating activities, investing activities and financing activities. The impact from the restatements within the operating activities section of the cash flow statement are illustrated in the balance sheet and net earnings adjustments below. The following tables present a summary of the effects of these restatements:

	Consolidated Statements of Net Earnings
	Fiscal Year Ended
	March 31, 2023							March 31, 2022
	As Reported		Correction			As Restated		As Reported		Correction			As Restated
Cost of products sold	$	1,373,456	$	31,577		$	1,405,033	$	1,237,348	$	6,336		$	1,243,684
Total costs and expenses		1,456,416		31,577			1,487,993		1,314,935		6,336			1,321,271
Operating income		52,936		(31,577	)		21,359		70,345		(6,336	)		64,009
Earnings before income taxes		45,370		(31,577	)		13,793		66,231		(6,336	)		59,895
Income taxes		12,232		(7,670	)		4,562		15,224		(1,529	)		13,695
Net earnings		33,138		(23,907	)		9,231		51,007		(4,807	)		46,200
Earnings per share:
Earnings per share - basic	$	4.23	$	(3.04	)	$	1.19	$	5.83	$	(0.55	)	$	5.28
Earnings per share - diluted	$	4.20	$	(3.04	)	$	1.16	$	5.79	$	(0.55	)	$	5.24

	Consolidated Balance Sheets
	As of:
	March 31, 2023							March 31, 2022
	As Reported		Correction			As Restated		As Reported		Correction			As Restated
Assets
Inventories	$	708,811	$	(37,913	)	$	670,898	$	410,331	$	(6,336	)	$	403,995
Refundable income taxes		-		6,976			6,976		3,866		1,580			5,446
Total current assets		824,976		(30,937	)		794,039		555,442		(4,756	)	$	550,686
Total assets		1,243,658		(30,937	)		1,212,721		947,030		(4,756	)		942,274
Liabilities and Stockholders’ Equity
Income taxes payable		2,018		(2,018	)	$	-		-		-		$	-
Total current liabilities		158,206		(2,018	)		156,188		173,155		-			173,155
Deferred income tax liability, net	$	31,625	$	(144	)	$	31,481	$	32,944	$	72			33,016
Other liabilities		3,700		(61	)		3,639		4,995		(21	)		4,974
Total liabilities		660,194		(2,223	)		657,971		363,193		51			363,244
Retained earnings		669,973		(28,714	)		641,259		636,858		(4,807	)		632,051
Total stockholders’ equity		583,464		(28,714	)		554,750		583,837		(4,807	)		579,030
Total liabilities and stockholders’ equity		1,243,658		(30,937	)		1,212,721		947,030		(4,756	)		942,274

Additionally, Notes 4, 5, 10, and 15 were impacted and restated as result of the error related to our accounting for valuing inventory using the LIFO method of accounting.