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Inventories

6 Months Ended

Dec. 31, 2013

4. Inventories

Inventories consisted of the following components as of December 31, 2013 and June 30, 2013:

($ in millions)	December 31,		June 30,
	2013		2013
Raw materials and supplies	$	147.9	$	111.6
Work in process	352.7		325.9
Finished and purchased products	220.6		221.7
Total inventory	$	721.2	$	659.2

Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out (“LIFO”) method.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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