Inventories

12 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following components at June 30, 2023 and 2022:

	June 30,
($ in millions)	2023		2022
Raw materials and supplies	$	157.7	$	127.8
Work in process	370.1		261.2
Finished and purchased products	111.9		107.1
Total inventory	$	639.7	$	496.1

Inventories are valued at the lower of cost or market for those inventories determined by the LIFO method. The Company values other inventory at the lower of cost or net realizable value, determined by the FIFO and average cost methods. If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $517.2 million and $427.2 million higher as of June 30, 2023 and 2022, respectively. Current cost of LIFO-valued inventories was $1,023.7 million at June 30, 2023, and $800.4 million at June 30, 2022. There was no impact to cost of sales, net income (loss) or earnings (loss) per share from changes in LIFO-valued inventories during fiscal years 2023 or 2022. In addition, there were no inventory impairments recorded in fiscal years 2023 and 2022.