Quarterly report pursuant to Section 13 or 15(d)

Inventories

v3.10.0.1
Inventories
6 Months Ended
Sep. 30, 2018
Inventory Disclosure [Abstract]  
Inventories

NOTE 4 – INVENTORIES:

Inventories are stated at the lower of cost or market, using the average cost method.  Unbilled revenue (contract assets) in the Condensed Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts in which revenue is recognized over time.  Upon adoption of the new revenue recognition guidance discussed in Note 15, all progress payments exceeding unbilled revenue are presented as customer deposits (contract liabilities) in the Condensed Consolidated Balance Sheets.  Under the previous guidance, progress payments exceeding unbilled revenue were netted against inventory to the extent the payment was less than or equal to the inventory balance relating to the applicable contract, and the excess was presented as customer deposits in the Condensed Consolidated Balance Sheets.

Major classifications of inventories are as follows:

 

 

 

September 30,

 

 

March 31,

 

 

 

2018

 

 

2018

 

Raw materials and supplies

 

$

2,873

 

 

$

3,095

 

Work in process

 

 

16,785

 

 

 

17,546

 

Finished products

 

 

1,105

 

 

 

1,034

 

 

 

 

20,763

 

 

 

21,675

 

Less - progress payments

 

 

 

 

 

10,109

 

Total

 

$

20,763

 

 

$

11,566