Inventories

3 Months Ended

Sep. 30, 2023

Inventories consisted of the following components as of September 30, 2023 and June 30, 2023:


($ in millions)	September 30, 2023		June 30, 2023
Raw materials and supplies	$	182.4	$	157.7
Work in process	398.6		370.1
Finished and purchased products	125.7		111.9
Total inventories	$	706.7	$	639.7

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 values other inventory at the lower of cost or net realizable value, determined by the first-in, first-out ("FIFO") and average cost methods. As of September 30, 2023 and June 30, 2023, $143.1 million and $133.2 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.