INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 39 percent and 40 percent of total inventories at December 31, 2018 and June 30, 2018, respectively. Since inventory valuations under the LIFO method are based on an annual determination of quantities and costs as of June 30 of each year, the interim LIFO valuations are based on our projections of expected year-end inventory levels and costs. Therefore, the interim financial results are subject to any final year-end LIFO inventory adjustments.

Inventories consisted of the following:



(in thousands)	December 31, 2018			June 30, 2018
Finished goods	$	306,680		$	279,240
Work in process and powder blends	256,271			232,973
Raw materials	99,145			96,859
Inventories at current cost	662,096			609,072
Less: LIFO valuation	(83,530		)	(83,606		)
Total inventories	$	578,566		$	525,466