Inventories

9 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following (in thousands):

	December 31, 2019			March 31, 2019
At cost - FIFO basis:
Raw materials	$	93,778		$	88,786
Work-in-process	24,819			32,547
Finished goods	35,204			40,523
Total at cost FIFO basis	153,801			161,856
LIFO cost less than FIFO cost	(18,352		)	(15,593		)
Net inventories	$	135,449		$	146,263

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.