Inventories

3 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

5.    Inventories

Inventories consisted of the following (in thousands):

	June 30, 2023		March 31, 2023
At cost - FIFO basis:
Raw materials	$	163,088	$	142,490
Work-in-process	30,408		26,323
Finished goods	41,472		39,714
Total at cost FIFO basis	234,968		208,527
LIFO cost less than FIFO cost	(30,221)		(29,168)
Net inventories	$	204,747	$	179,359

The acquisition of montratec contributed $5,336,000 to the increase in inventory since March 31, 2023.

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.