Inventories

6 Months Ended

Dec. 31, 2019

Inventory, Net [Abstract]

Inventories

Inventories

Inventories consisted of the following components as of December 31, 2019 and June 30, 2019:

($ in millions)	December 31, 2019		June 30, 2019
Raw materials and supplies	$	248.0	$	169.8
Work in process	459.0		425.7
Finished and purchased products	189.6		192.2
Total inventories	$	896.6	$	787.7

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 also uses the first-in, first-out (“FIFO”) and average cost methods. As of December 31, 2019 and June 30, 2019, $178.1 million and $173.2 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.