Inventories

12 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following components at June 30, 2020 and 2019:

	June 30,
($ in millions)	2020		2019
Raw materials and supplies	$	217.6	$	169.8
Work in process	312.3		425.7
Finished and purchased products	194.4		192.2
Total inventory	$	724.3	$	787.7

If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $134.5 million and $178.4 million higher as of June 30, 2020 and 2019, respectively. Current cost of LIFO-valued inventories was $722.5 million at June 30, 2020 and $793.0 million at June 30, 2019. The reductions in LIFO-valued inventories decreased cost of sales by $1.8 million during fiscal year 2020 and $0.0 million during fiscal year 2019 and $0.6 million during fiscal year 2018.

During the fourth quarter of fiscal year 2020, the Company recorded a $29.3 million inventory adjustment related to certain reporting units in the PEP segment due to targeted cost reduction actions including exiting the oil and gas business and the closure of two domestic powder facilities.