Inventories

3 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories were as follows:

	September 30, 2022		June 30, 2022
	(in millions)
Raw materials	$	93.4	$	102.5
Work-in-process	—		3.7
Finished products(1)	1,179.8		1,283.7
Total inventories	1,273.1		1,389.9
Less: Reserves	(279.9)		(285.4)
Total inventories, net	$	993.2	$	1,104.5

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(1) Includes $46.9 million and $36.4 million of finished goods inventory in transit, products owned by the Company that have not yet been received at a Company distribution center, as of September 30, 2022 and June 30, 2022, respectively.

The Company periodically assesses and adjusts the value of inventory for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. The Company recorded inventory reserves as of September 30, 2022 primarily in the amounts of $124.9 million related to excess accessories and apparel inventory that the Company does not expect to sell above its current carrying value, $88.3 million related primarily to returned Connected Fitness Products that the Company does not expect to sell, and $41.9 million in reserves for component parts that the Company estimated would have no future use.