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Inventories | 12 Months Ended
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Jun. 30, 2024
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following components at June 30, 2024 and 2023:
|  | June 30,
($ in millions) |  | 2024 |  | 2023
Raw materials and supplies |  | $ | 164.0 |  |  | $ | 157.7 |
Work in process |  | 430.5 |  |  | 370.1 |
Finished and purchased products |  | 140.9 |  |  | 111.9 |
Total inventories |  | $ | 735.4 |  |  | $ | 639.7 |
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 $371.0 million and $517.2 million higher as of June 30, 2024 and 2023, respectively. Current cost of LIFO-valued inventories was $954.2 million at June 30, 2024, and $1,023.7 million at June 30, 2023. There was no impact to cost of sales, net income or earnings per share from changes in LIFO-valued inventories during fiscal years 2024 or 2023. In addition, there were no inventory impairments recorded in fiscal years 2024 and 2023.

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/330/tableOfContent + Details
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