Consolidated Valuation and Qualifying Accounts

12 Months Ended

Mar. 31, 2012

Consolidated Valuation and Qualifying Accounts [Abstract]

CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

FOR YEARS ENDED MARCH 31, 2012, 2011 AND 2010

Description	Balance At Beginning of Period		Charged to Costs and Expenses			Charged to Other Accounts		Deductions			Balance At End of Period
	($ In thousands except share amounts)
2012
Allowances for doubtful accounts and sales returns	$	235	$	62		$	—	$	14		$	283
Inventory reserves		2,611		496			—		413			2,694
Environmental reserves		14,293		419			—		1,177			13,535
Allowance for tax loss valuation		265		—			—		—			265
2011
Allowances for doubtful accounts and sales returns	$	150	$	85		$	—	$	—		$	235
Inventory reserves		2,538		569			—		496			2,611
Environmental reserves		14,496		435			—		638			14,293
Allowance for tax loss valuation		265		—			—		—			265
2010
Allowances for doubtful accounts and sales returns	$	30	$	122		$	—	$	2		$	150
Inventory reserves		1,303		3,533	(a)		—		2,298	(a)		2,538
Environmental reserves		5,546		9,722	(b)		—		772			14,496
Allowance for tax loss valuation		1,867		—			—		1,602			265

(a) In the process of moving from Union, NJ to Whippany, NJ, the Company reviewed its inventory and identified $2,198 of items which would cost more to move and restock than their current or projected future market value; these items have been scrapped. Normal scrap during the fiscal year was $100. Since this amount was more than was expected, the Company’s management reassessed the methodology used for estimating inventory obsolescence and determined that a modification was warranted. This change in methodology increased the Company’s estimate of inventory obsolescence to $2,538 at March 31, 2010. The combination of these two events resulted in a non-cash pretax charge of $3,311. There was $222 of normal inventory obsolescence adjustments made during the fiscal year bringing the total to $3,533.

(b) In the fourth quarter of fiscal 2010, the Company received and evaluated new information regarding several of its environmental sites which triggered a reassessment of its environmental liability estimates.