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Inventory | 9 Months Ended
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Dec. 31, 2018
Inventory [Abstract] |
Inventory |
8. | Inventory
The adoption of the new revenue recognition standard (see Note 4) impacted the revised inventory at March 31, 2018 as follows:
|  | March 31, 2018 |
|  | As Revised |  |  | Adoption of ASC 606 |  |  |  | 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 |  |  | 200,389,000 |  |  |  | (200,389,000 | ) | (5 | ) |  | - |
|  |  | 300,838,000 |  |  |  | (300,838,000 | ) |  |  |  | - |
Less allowance for excess and obsolete inventory |  |  | (2,544,000 | ) |  |  | 2,544,000 |  | (3 | ) |  | - |
Total |  | $ | 298,294,000 |  |  | $ | (298,294,000 | ) |  |  | $ | - |
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 related to Used cores held at the Company’s facilities of $2,544,000, which was 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 $200,389,000 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 is comprised of the following:
|  | December 31, 2018 |  |  | March 31, 2018 |
Inventory - net |  |  |  |  |  |
Raw materials |  | $ | 87,717,000 |  |  | $ | 77,135,000 |
Work-in-process |  |  | 4,394,000 |  |  |  | 2,583,000 |
Finished goods |  |  | 122,763,000 |  |  |  | 88,174,000 |
|  |  | 214,874,000 |  |  |  | 167,892,000 |
Less allowance for excess and obsolete inventory |  |  | (9,799,000 | ) |  |  | (6,682,000 | )
Total inventory - net |  | $ | 205,075,000 |  |  | $ | 161,210,000 |
Inventory unreturned |  | $ | 10,746,000 |  |  | $ | 7,508,000 |

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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