Inventories

3 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following (in thousands):

	June 30, 2021		March 31, 2021
At cost - FIFO basis:
Raw materials	$	97,516	$	79,981
Work-in-process	29,404		23,067
Finished goods	31,536		27,201
Total at cost FIFO basis	158,456		130,249
LIFO cost less than FIFO cost	(19,798)		(18,761)
Net inventories	$	138,658	$	111,488

The acquisition of Dorner contributed $13,768,000 to the increase in inventory since March 31, 2021.

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.