Inventories

6 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following (in thousands):

	September 30, 2020		March 31, 2020
At cost - FIFO basis:
Raw materials	$	80,206	$	85,452
Work-in-process	22,761		25,876
Finished goods	28,107		33,216
Total at cost FIFO basis	131,074		144,544
LIFO cost less than FIFO cost	(18,979)		(17,171)
Net inventories	$	112,095	$	127,373

An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management's control, estimated interim results are subject to change in the final year-end LIFO inventory valuation.