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Inventories

6 Months Ended

Sep. 30, 2012

4. Inventories

Inventories consisted of the following (in thousands):

	September 30,		March 31,
	2012		2012
At cost - FIFO basis:
Raw materials	$	61,186	$	59,252
Work-in-process		18,216		18,952
Finished goods		54,115		49,315
		133,517		127,519
LIFO cost less than FIFO cost		(21,466)		(19,464)
Net inventories	$	112,051	$	108,055

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.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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