Inventories

3 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 40 percent and 39 percent of total inventories at September 30, 2022 and June 30, 2022, 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)	September 30, 2022		June 30, 2022
Finished goods	$	331,354	$	316,936
Work in process and powder blends	243,394		231,214
Raw materials	101,293		107,024
Inventories at current cost	676,041		655,174
Less: LIFO valuation	(84,571)		(84,338)
Total inventories	$	591,470	$	570,836