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Inventories

12 Months Ended

Jun. 30, 2014

Inventories consisted of the following at June 30:



(in thousands)	2014			2013
Finished goods	$	371,599		$	303,307
Work in process and powder blends	308,129			244,180
Raw materials	126,004			137,602
Inventories at current cost	805,732			685,089
Less: LIFO valuation	(101,966		)	(106,294		)
Total inventories	$	703,766		$	578,795

We used the LIFO method of valuing inventories for approximately 43 percent and 52 percent of total inventories at June 30, 2014 and 2013, respectively.

- Definition

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.

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