Inventories

3 Months Ended

Sep. 30, 2020

Inventory, Net [Abstract]

Inventories

Inventories

Inventories consisted of the following components as of September 30, 2020 and June 30, 2020:

($ in millions)	September 30, 2020		June 30, 2020
Raw materials and supplies	$	192.1	$	217.6
Work in process	264.3		312.3
Finished and purchased products	177.5		194.4
Total inventories	$	633.9	$	724.3

Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out (“LIFO”) inventory costing method. The Company also uses the first-in, first-out (“FIFO”) and average cost methods. As of September 30, 2020 and June 30, 2020, $126.1 million and $136.3 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.