Inventories

3 Months Ended

Sep. 30, 2011

Inventories [Abstract]

INVENTORIES

10. INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for approximately 50 percent of total inventories at both September 30, 2011 and June 30, 2011. Because 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)	September 30, 2011		June 30, 2011
Finished goods	$	327,038	$	303,716
Work in process and powder blends		240,543		202,940
Raw materials and supplies		114,980		109,683
Inventories at current cost		682,561		616,339
Less: LIFO valuation		(123,036)		(96,366)
Total inventories	$	559,525	$	519,973