Note 5 - Inventories

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

5. Inventories

The Company uses the LIFO method of valuing inventory as it believes this method allows for better matching of current production cost to current revenue. As of March 31, 2023 and 2022, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $302.4 million and $170.8 million, respectively. In order to state inventories at LIFO, the Company recorded an increase to cost of products sold of $131.6 million and $42.2 million for fiscal years 2023 and 2022, respectively. The inventories by category and the impact of using the LIFO method are shown in the following table (in thousands):

	As of:
	March 31,		March 31,
	2023		2022
	(Restated)		(Restated)
Finished products	$	613,622	$	385,681
In process		75,123		23,652
Raw materials and supplies		284,593		165,491
		973,338		574,824
Less excess of FIFO cost over LIFO cost		302,440		170,829
Total inventories	$	670,898	$	403,995