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Inventories | 9 Months Ended
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Mar. 31, 2016
Inventory, Net [Abstract] |
Inventories | Inventories Inventories consisted of the following components as of March 31, 2016 and June 30, 2015:
($ in millions) |  | March 31, 2016 |  | June 30, 2015
Raw materials and supplies |  | $ | 142.8 |  |  | $ | 121.7 |
Work in process |  | 316.3 |  |  | 346.1 |
Finished and purchased products |  | 190.3 |  |  | 188.0 |
Total inventory |  | $ | 649.4 |  |  | $ | 655.8 |
Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out (“LIFO”) method. The Company also uses the first-in, first-out (“FIFO”) and average costs methods. As of March 31, 2016 and June 30, 2015, $120.5 million and $154.9 million of inventory, respectively, was accounted for using a method other than the LIFO method. During the three months ended March 31, 2016, the Company recorded a $22.5 million excess inventory adjustment due to the prolonged weakness in oil and gas businesses.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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- References No definition available. + Details
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