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Inventories

6 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 40 percent and 43 percent of total inventories at December 31, 2020 and June 30, 2020, 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, 2020						June 30, 2020
Finished goods			$	316,120					$	318,071
Work in process and powder blends			180,032						190,041
Raw materials			64,915						75,589
Inventories at current cost			561,067						583,701
Less: LIFO valuation			(63,843)						(61,254)
Total inventories			$	497,224					$	522,447

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- References

No definition available.

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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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