Inventories

6 Months Ended

Dec. 31, 2023

Inventory, Net [Abstract]

Inventories

Inventories

Inventories consisted of the following components as of December 31, 2023 and June 30, 2023:

($ in millions)	December 31, 2023		June 30, 2023
Raw materials and supplies	$	223.1	$	157.7
Work in process	430.6		370.1
Finished and purchased products	144.1		111.9
Total inventories	$	797.8	$	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 and average cost methods. As of December 31, 2023 and June 30, 2023, $155.3 million and $133.2 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.