|12 Months Ended|
Mar. 31, 2016
Inventories are valued on a FIFO basis and lower of cost or market and consisted of the following as of March 31, 2016 and 2015 (in thousands):
The non‑current portion of inventories represents that portion of the inventories in excess of amounts expected to be used in the next twelve months. The non‑current inventories are primarily comprised of repair parts for older generation products that are still in operation, but are not technologically compatible with current configurations. The weighted average age of the non‑current portion of inventories on hand as of March 31, 2016 is 1.7 years. The Company expects to use the non‑current portion of the inventories on hand as of March 31, 2016 over the periods presented in the following table (in thousands):
The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.
Reference 1: http://www.xbrl.org/2003/role/presentationRef