INVENTORIES

12 Months Ended

Mar. 31, 2026

Inventories consisted of the following (in thousands):


	Year Ended March 31,
	2026		2025
Inventories:
Raw materials	$	5,252	$	6,928
Work in process	2,357		2,342
Finished goods	4,406		5,358
Aircraft parts for sale	49,553		28,794
Expendable parts	20,745		—
Total inventories	82,313		43,422
Reserves	(5,186)		(4,906)
Total inventories, net of reserves	$	77,127	$	38,516

A write-down of $0.9 million and $1.5 million was recorded on the inventory of the commercial aircraft, engines and parts segment during the fiscal years ended March 31, 2026 and March 31, 2025, respectively. The write-downs were attributable to our evaluation of the carrying value of inventory as of each period end, where we compared its cost to its net realizable value and considered factors such as physical condition, sales patterns and expected future demand to estimate the amount necessary to write down any slow moving, obsolete or damaged inventory.