Inventories

9 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 43 percent and 41 percent of total inventories at March 31, 2020 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)	March 31, 2020			June 30, 2019
Finished goods	$	293,990		$	311,684
Work in process and powder blends	197,991			246,414
Raw materials	89,435			95,620
Inventories at current cost	581,416			653,718
Less: LIFO valuation	(64,635		)	(82,142		)
Total inventories	$	516,781		$	571,576