Inventories, Net (Table Text Block)

12 Months Ended

Mar. 31, 2013

Inventories, net

Inventories, net were as follows:

		March 31,
		2013		2012
		(In thousands)
Truck and trailer parts and accessories (a)	$	51,247	$	52,973
Hitches and towing components (b)		14,574		13,877
Moving supplies and propane (b)		6,979		7,156
Subtotal		72,800		74,006
Less: LIFO reserves		(14,693	)	(14,541	)
Less: excess and obsolete reserves		(1,711	)	(730	)
Total	$	56,396	$	58,735

(a) Primarily held for internal usage, including equipment manufacturing and repair
(b) Primarily held for retail sales

Inventories consist primarily of truck and trailer parts and accessories used to manufacture and repair rental equipment as well as products and accessories available for retail sale. Inventory is held at our owned locations; our independent dealers do not hold any of our inventory.

Inventory cost is primarily determined using the last-in first-out method (“LIFO”). Inventories valued using LIFO consisted of approximately 96% of the total inventories for March 31, 2013 and 2012. Had we utilized the first-in first-out method (“FIFO”), stated inventory balances would have been $14.7 million and $14.5 million higher at March 31, 2013 and 2012, respectively. In fiscal 2013, the positive effect on income due to liquidation of a portion of the LIFO inventory was $0.1 million.

- 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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