Inventories

6 Months Ended

Dec. 31, 2021

Inventory, Net [Abstract]

Inventories

Inventories

Inventories consisted of the following components as of December 31, 2021 and June 30, 2021:

($ in millions)	December 31, 2021		June 30, 2021
Raw materials and supplies	$	135.4	$	115.0
Work in process	270.2		206.2
Finished and purchased products	129.1		104.5
Total inventories	$	534.7	$	425.7

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, 2021 and June 30, 2021, $128.6 million and $107.5 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.