Inventories

6 Months Ended

Dec. 31, 2020

Inventory, Net [Abstract]

Inventories

Inventories

Inventories consisted of the following components as of December 31, 2020 and June 30, 2020:

($ in millions)	December 31, 2020		June 30, 2020
Raw materials and supplies	$	174.4	$	217.6
Work in process	244.3		312.3
Finished and purchased products	146.4		194.4
Total inventories	$	565.1	$	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 December 31, 2020 and June 30, 2020, $119.9 million and $136.3 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.