Inventories, Net

9 Months Ended

Dec. 31, 2013

Notes To Financial Statements [Abstract]

Inventories, net are stated at the lower of cost or market. We use the last-in, first-out (“LIFO”) and first-in, first-out cost methods. An actual valuation of inventory under the LIFO method is made only at the end of the fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and are subject to the final fiscal year-end LIFO inventory valuation. Inventory costs include material, labor, and overhead. Inventories, net consisted of the following:



	December 31, 2013			March 31, 2013
Raw materials	$	59,401		$	54,456
Work in process	28,603			24,300
Finished goods	102,870			96,616
LIFO reserve	(16,039		)	(18,944		)
Reserve for excess and obsolete inventory	(14,936		)	(11,985		)
Inventories, net	$	159,899		$	144,443

- 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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