Inventories

12 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories

3. Inventories

Inventories consist mainly of paper stock, editorial content, books, and other merchandise and are stated at the lower of cost or estimated net realizable value. Cost is determined using the first-in, first-out method for books and weighted average cost method for paper and other merchandise.

Effective January 1, 2018, the Company prospectively changed its method of accounting for paper inventory from the last-in, first-out (LIFO) method to the weighted average cost method. LIFO inventory income included in the Consolidated Statements of Earnings was $1.3 million in fiscal 2018 and $1.7 million in fiscal 2017.

June 30,	2019		2018
(In millions)
Raw materials	$	42.7	$	32.3
Work in process	15.4		9.6
Finished goods	4.6		2.5
Inventories	$	62.7	$	44.4