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Inventories

9 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 41 percent and 40 percent of total inventories at March 31, 2019 and June 30, 2018, respectively. Since 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)	March 31, 2019				June 30, 2018
Finished goods	$	309,182			$	279,240
Work in process and powder blends	261,074				232,973
Raw materials	101,887				96,859
Inventories at current cost	672,143				609,072
Less: LIFO valuation	(83,530		)		(83,606		)
Total inventories	$	588,613			$	525,466

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- References

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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