Net Property, Plant and Equipment

9 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Net Property, Plant, and Equipment

Net Property, Plant and Equipment

Property, plant and equipment is stated at cost and depreciated over estimated useful lives. Machinery and equipment is depreciated using the double declining balance method at most of the Company's facilities, and using the straight-line method at other Company facilities. Other depreciable property is depreciated using the straight-line method. Machinery and equipment is depreciated over 1 to 30 years and buildings and improvements is depreciated over 1 to 45 years. Depreciation expense was $89,374 in the 2015 transition period (as restated), $72,843 in fiscal 2015 (as restated) and $69,192 in fiscal 2014.

Property, plant and equipment is reviewed for impairment when indicators of potential impairment are present. When such impairment is identified, it is recorded as a loss in that period. Maintenance and repairs are charged to expense as incurred. Major improvements that extend useful lives are capitalized and depreciated. The cost and accumulated depreciation of property, plant and equipment retired or otherwise disposed of are removed from the related accounts, and any residual values are charged or credited to income.

Net property, plant and equipment consisted of the following:

	December 31, 2015			March 31, 2015
	As Restated			As Restated
Land and land improvements	$	47,907		$	41,597
Buildings and other improvements	355,687			339,929
Machinery, equipment and other	1,289,721			1,234,968
Property not yet in service	134,234			139,662
Gross property, plant and equipment	1,827,549			1,756,156
Less accumulated depreciation	(1,065,855		)	(987,106		)
Net property, plant and equipment	$	761,694		$	769,050