Inventories

12 Months Ended

Jun. 30, 2021

Inventories consisted of the following components at June 30, 2021 and 2020:


	June 30,
($ in millions)	2021		2020
Raw materials and supplies	$	115.0	$	217.6
Work in process	206.2		312.3
Finished and purchased products	104.5		194.4
Total inventory	$	425.7	$	724.3

Inventories are valued at the lower of cost or market for those inventories determined by the LIFO method. The Company values other inventory at the lower of cost or net realizable value, determined by the FIFO and average cost methods. If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $238.8 million and $134.5 million higher as of June 30, 2021 and 2020, respectively. Current cost of LIFO-valued inventories was $557.0 million at June 30, 2021 and $722.5 million at June 30, 2020. The reductions in LIFO-valued inventories increased cost of sales by $52.2 million, increased net loss by $37.3 million and negatively impacted diluted loss per share by $0.77 during fiscal year 2021. The reductions in LIFO-valued inventories increased cost of sales by $1.8 million, decreased net income by $1.4 million and negatively impacted diluted earnings per share by $0.03 during fiscal year 2020. There was no impact to cost of sales, net income or earnings per share during fiscal year 2019 from reductions in LIFO-valued inventories.

In fiscal year 2021, the Company recorded $4.2 million of inventory impairments within the Additive reporting unit which is part of the PEP segment as a result of restructuring actions. During 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.