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Inventories | 12 Months Ended
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Jun. 30, 2018
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following components at June 30, 2018 and 2017:
|  | June 30,
($ in millions) |  | 2018 |  | 2017
Raw materials and supplies |  | $ | 157.5 |  |  | $ | 152.8 |
Work in process |  | 372.5 |  |  | 365.6 |
Finished and purchased products |  | 159.2 |  |  | 172.0 |
Total inventory |  | $ | 689.2 |  |  | $ | 690.4 |
If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $210.3 million and $106.1 million higher as of June 30, 2018 and 2017, respectively. Current cost of LIFO-valued inventories was $760.8 million at June 30, 2018 and $689.2 million at June 30, 2017. The reductions in LIFO-valued inventories decreased cost of sales by $0.6 million during fiscal year 2018 and $0.0 million during fiscal year 2017 and $0.0 million during fiscal year 2016. During fiscal year 2016, the Company recorded a $22.5 million charge for excess inventory adjustments in certain reporting units in the PEP segment 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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