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Note 4. Inventories
6 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract]  
Inventory Disclosure
Inventories
Inventories were valued using the lower of first-in, first-out (“FIFO”) cost and net realizable value. Inventory components were as follows:
(Amounts in Thousands)
December 31, 2018
 
June 30,
2018
Finished products
$
5,642

 
$
25,552

Work-in-process
4,770

 
17,254

Raw materials
196,594

 
158,790

Total inventory
$
207,006

 
$
201,596


As a result of the adoption of the New Revenue Guidance, inventories as of December 31, 2018 have been reduced for the contracts which have been recognized in revenue over time as manufacturing services are performed. Total inventory as of December 31, 2018 is $45.2 million lower than it would have been if we had not adopted the New Revenue Guidance. Inventories as of June 30, 2018 have not been restated and continue to be reported under the accounting guidance in effect at that time. See Note 1 - Business Description and Significant Accounting Policies and Note 3 - Revenue from Contracts with Customers for further information on adoption of the New Revenue Guidance.