Inventories, Net

9 Months Ended

Dec. 31, 2011

INVENTORIES, NET

Inventories, net, consist of:



(In thousands)	December 31, 2011		March 31, 2011
Hardgoods	$	292,644	$	246,607
Gases	100,719		115,895
	$	393,363	$	362,502

Hardgoods inventories determined using the last-in, first-out (“LIFO”) inventory method totaled $36 million at December 31, 2011 and $32 million at March 31, 2011. The balance of the hardgoods inventories is valued using the first-in, first-out (“FIFO”) and average-cost inventory methods. If the hardgoods inventories valued under the LIFO method had been valued using the FIFO method, the carrying value of hardgoods inventory would have been $12.0 million higher at December 31, 2011 and $11.1 million higher at March 31, 2011. Substantially all of the inventories are finished goods.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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