Inventory (Tables)

3 Months Ended

Jun. 30, 2018

Impact of Adoption of New Revenue Recognition Standard on Inventory

The adoption of the new revenue recognition standard (see Note 3) impacted the previously reported inventory at March 31, 2018 as follows:

	March 31, 2018
	As Previously			Adoption of
	Reported			ASU 2014-09					As Adjusted
Inventory
Raw materials	$	25,805,000		$	51,330,000		(1	)	$	77,135,000
Work-in-process		635,000			1,948,000		(1	)		2,583,000
Finished goods		53,973,000			34,201,000		(2	)		88,174,000
		80,413,000			87,479,000					167,892,000
Less allowance for excess and obsolete inventory		(4,138,000	)		(2,544,000	)	(3	)		(6,682,000	)
Total	$	76,275,000		$	84,935,000				$	161,210,000

Inventory unreturned	$	7,508,000		$	-				$	7,508,000
Long-term core inventory
Used cores held at the Company's facilities	$	53,278,000		$	(53,278,000	)	(1	)	$	-
Used cores expected to be returned by customers		12,970,000			(12,970,000	)	(4	)		-
Remanufactured cores held in finished goods		34,201,000			(34,201,000	)	(2	)		-
Remanufactured cores held at customers' locations		203,751,000			(203,751,000	)	(5	)		-
		304,200,000			(304,200,000	)				-
Less allowance for excess and obsolete inventory		(2,544,000	)		2,544,000		(3	)		-
Total	$	301,656,000		$	(301,656,000	)			$	-

Long-term core inventory deposits	$	5,569,000		$	(5,569,000	)	(6	)	$	-

(1)

Used cores held at the Company’s facilities of $53,278,000 have been reclassified to raw materials and work-in-process in the consolidated balance sheet at March 31, 2018.

(2)

Remanufactured Cores held in finished goods of $34,201,000 have been reclassified to finished goods in the consolidated balance sheet at March 31, 2018.

(3)

The allowance for excess and obsolete inventory of $2,544,000 previously included in long-term core inventory has been reclassified to inventory—net in the consolidated balance sheet at March 31, 2018.

(4)

Used cores expected to be returned by customers of $12,970,000 have been reclassified to contract assets in the consolidated balance sheet at March 31, 2018.

(5)

Remanufactured cores held at customers’ locations of $203,751,000 have been reclassified to current and long-term contract assets in the consolidated balance sheet at March 31, 2018.

(6)

Long-term core inventory deposits of $5,569,000 have been reclassified to long-term contract assets in the consolidated balance sheet at March 31, 2018.

Inventory Net

Inventory is comprised of the following:

	June 30, 2018			March 31, 2018
Inventory
Raw materials	$	84,869,000		$	77,135,000
Work-in-process		4,294,000			2,583,000
Finished goods		106,785,000			88,174,000
		195,948,000			167,892,000
Less allowance for excess and obsolete inventory		(8,606,000	)		(6,682,000	)
Total inventory - net	$	187,342,000		$	161,210,000
Inventory unreturned	$	8,315,000		$	7,508,000