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Inventories

9 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 39 percent and 43 percent of total inventories at March 31, 2021 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)			March 31, 2021						June 30, 2020
Finished goods			$	305,478					$	318,071
Work in process and powder blends			167,272						190,041
Raw materials			68,364						75,589
Inventories at current cost			541,114						583,701
Less: LIFO valuation			(64,950)						(61,254)
Total inventories			$	476,164					$	522,447

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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://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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