Inventories

6 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 32 percent and 34 percent of total inventories at December 31, 2025 and June 30, 2025, 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, 2025		June 30, 2025
Finished goods	$	311,862	$	328,243
Work in process and powder blends	320,717		225,726
Raw materials	131,716		90,257
Inventories at current cost	764,295		644,226
Less: LIFO valuation	(142,375)		(105,989)
Total inventories	$	621,920	$	538,237