Inventories

9 Months Ended

Mar. 31, 2021

Inventory, Net [Abstract]

Inventories

Inventories

Inventories consisted of the following components as of March 31, 2021 and June 30, 2020:

($ in millions)	March 31, 2021		June 30, 2020
Raw materials and supplies	$	160.9	$	217.6
Work in process	239.6		312.3
Finished and purchased products	135.0		194.4
Total inventories	$	535.5	$	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 March 31, 2021 and June 30, 2020, $114.3 million and $136.3 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.