Inventories

6 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 38 percent and 39 percent of total inventories at December 31, 2021 and June 30, 2021, 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, 2021		June 30, 2021
Finished goods	$	319,682	$	302,524
Work in process and powder blends	191,149		173,671
Raw materials	98,528		72,551
Inventories at current cost	609,359		548,746
Less: LIFO valuation	(76,343)		(72,401)
Total inventories	$	533,016	$	476,345