Inventory (Tables)

6 Months Ended

Sep. 30, 2018

Inventory [Abstract]

Impact of Adoption of New Revenue Recognition Standard on Inventory

The adoption of the new revenue recognition standard (see Note 4) impacted the revised inventory at March 31, 2018 as follows:

	March 31, 2018
				Adoption of
	As Revised			ASC 606				As Adjusted
Inventory
Raw materials	$	25,805,000		$	51,330,000		(1)	$	77,135,000
Work-in-process		635,000			1,948,000		(1)		2,583,000
Finished goods		53,973,000			34,201,000		(2)		88,174,000
		80,413,000			87,479,000				167,892,000
Less allowance for excess and obsolete inventory		(4,138,000	)		(2,544,000	)	(3)		(6,682,000	)
Total	$	76,275,000		$	84,935,000			$	161,210,000
Inventory unreturned	$	7,508,000		$	-			$	7,508,000
Long-term core inventory
Used cores held at the Company’s facilities	$	53,278,000		$	(53,278,000	)	(1)	$	-
Used cores expected to be returned by customers		12,970,000			(12,970,000	)	(4)		-
Remanufactured cores held in finished goods		34,201,000			(34,201,000	)	(2)		-
Remanufactured cores held at customers’ locations		200,389,000			(200,389,000	)	(5)		-
		300,838,000			(300,838,000	)			-
Less allowance for excess and obsolete inventory		(2,544,000	)		2,544,000		(3)		-
Total	$	298,294,000		$	(298,294,000	)		$	-
Long-term core inventory deposits	$	5,569,000		$	(5,569,000	)	(6)	$	-

(1) Used cores held at the Company’s facilities of $53,278,000 have been reclassified to raw materials and work-in-process in the consolidated balance sheet at March 31, 2018.

(2) Remanufactured Cores held in finished goods of $34,201,000 have been reclassified to finished goods in the consolidated balance sheet at March 31, 2018.

(3) The allowance for excess and obsolete inventory related to Used cores held at the Company’s facilities of $2,544,000, which was previously included in long-term core inventory, has been reclassified to inventory—net in the consolidated balance sheet at March 31, 2018.

(4) Used cores expected to be returned by customers of $12,970,000 have been reclassified to contract assets in the consolidated balance sheet at March 31, 2018.

(5) Remanufactured cores held at customers’ locations of $200,389,000 have been reclassified to current and long-term contract assets in the consolidated balance sheet at March 31, 2018.

(6) Long-term core inventory deposits of $5,569,000 have been reclassified to long-term contract assets in the consolidated balance sheet at March 31, 2018.

Inventory Net

Inventory–net is comprised of the following:

	September 30, 2018			March 31, 2018
Inventory - net
Raw materials	$	89,919,000		$	77,135,000
Work-in-process		3,811,000			2,583,000
Finished goods		104,584,000			88,174,000
		198,314,000			167,892,000
Less allowance for excess and obsolete inventory		(10,027,000	)		(6,682,000	)
Total inventory - net	$	188,287,000		$	161,210,000
Inventory unreturned	$	9,100,000		$	7,508,000