Inventories

6 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 40 percent and 41 percent of total inventories at December 31, 2019 and June 30, 2019, respectively. Inventory valuations under the LIFO method are based on an annual determination of quantities and costs as of June 30 of each year; therefore, the interim LIFO valuations are based on our projections of expected year-end inventory levels and costs and are subject to any final year-end LIFO inventory adjustments.

Inventories consisted of the following: 

(in thousands)	December 31, 2019			June 30, 2019
Finished goods	$	312,524		$	311,684
Work in process and powder blends	194,933			246,414
Raw materials	78,892			95,620
Inventories at current cost	586,349			653,718
Less: LIFO valuation	(63,850		)	(82,142		)
Total inventories	$	522,499		$	571,576