Inventories (Notes)

12 Months Ended

Jun. 30, 2016

The majority of domestic inventories are valued by the last-in, first-out (LIFO) cost method and the balance of the Company's inventories are valued by the first-in, first-out (FIFO) cost method. Inventories valued by the FIFO cost method are stated at the lower of cost or net realizable value. Inventories valued by the LIFO cost method are stated at lower of cost or market.

Inventories valued on the LIFO cost method were approximately 30 percent of total inventories in 2016 and 32 percent of total inventories in 2015. The current cost of these inventories exceeds their valuation determined on the LIFO basis by $200,247 in 2016 and $206,233 in 2015. Progress payments of $51,104 in 2016 and $34,820 in 2015 are netted against inventories.

The inventories caption in the Consolidated Balance Sheet is comprised of the following components:



June 30,	2016		2015
Finished products	$	458,657	$	526,708
Work in process	639,907		688,727
Raw materials	74,765		85,024
Total	$	1,173,329	$	1,300,459