Inventories

6 Months Ended

Dec. 31, 2022

Inventory, Net [Abstract]

Inventories

Inventories

Inventories consisted of the following components as of December 31, 2022 and June 30, 2022:

($ in millions)	December 31, 2022		June 30, 2022
Raw materials and supplies	$	186.3	$	127.8
Work in process	403.3		261.2
Finished and purchased products	133.1		107.1
Total inventories	$	722.7	$	496.1

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, 2022 and June 30, 2022, $137.1 million and $122.9 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.