Inventories

3 Months Ended

Jun. 30, 2026

Inventories consisted of the following (in thousands):


	June 30, 2026		March 31, 2026
At cost - FIFO basis:
Raw materials	$	274,429	$	283,228
Work-in-process	96,124		94,015
Finished goods	209,302		255,592
Total at cost FIFO basis	579,855		632,835
LIFO cost less than FIFO cost	(21,543)		(23,805)
Net inventories	$	558,312	$	609,030

A 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 year-end LIFO inventory valuation.

Included in the reduction in inventory during the quarter ended June 30, 2026 is $55,198,000 of acquisition-related inventory step up amortization.