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Inventories | 9 Months Ended
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Mar. 31, 2021
Inventory, Net [Abstract] |
Inventories | Inventories Inventories consisted of the following components as of March 31, 2021 and June 30, 2020:
($ in millions) |  | March 31, 2021 |  | June 30, 2020
Raw materials and supplies |  | $ | 160.9 |  |  | $ | 217.6 |
Work in process |  | 239.6 |  |  | 312.3 |
Finished and purchased products |  | 135.0 |  |  | 194.4 |
Total inventories |  | $ | 535.5 |  |  | $ | 724.3 |
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 March 31, 2021 and June 30, 2020, $114.3 million and $136.3 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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- References No definition available. + Details
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