Inventories

6 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

InventoriesThe components of inventories were as follows ($000):

	December 31, 2022		June 30, 2022
Raw materials	$	486,649	$	318,758
Work in progress	608,777		408,405
Finished goods	271,949		175,396
	$	1,367,375	$	902,559

During the six months ended December 31, 2022, as part of the Merger, a fair value inventory step-up in the amount of $158 million was recorded as part of the preliminary purchase price allocation. The inventory step-up will be amortized to cost of goods sold over the expected period during which the acquired inventory is sold. Refer to Note 3. Coherent Acquisition for additional information. These costs are non-recurring in nature and not anticipated to affect the condensed combined statements of earnings (loss) beyond twelve months after the Closing Date.