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INVENTORIES

12 Months Ended

Mar. 31, 2023

Inventories consisted of the following (in thousands):


	Year Ended March 31,
	2023		2022
Overnight air cargo:
Finished goods	546		28
Ground equipment manufacturing:
Raw materials	4,589		4,688
Work in process	153		2,437
Finished goods	6,976		9,264
Corporate and other:
Raw materials	794		705
Finished goods	726		728
Commercial jet engines and parts:
Whole engines available for sale or tear-down	10,141		15,403
Parts	50,813		45,036
Total inventories	74,738		78,289
Reserves	(3,613)		(3,122)
Total inventories, net of reserves	$	71,125	$	75,167

A write-down of $7.3 million was recorded on the inventory of the commercial jet engines and parts segment during the fiscal year ended March 31, 2023, of which, $5.4 million was due to a management decision to monetize three engines by sale to a third party, in which the net carrying values exceeded the estimated proceeds. The remainder of the write-down was attributable to our evaluation of the carrying value of inventory as of March 31, 2023, 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.