Property, Plant & Equipment

12 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, plant & equipment consists of the following:


June 30,	2023		2022
($000)
Land and land improvements	$	69,639	$	19,368
Buildings and improvements	780,204		415,530
Machinery and equipment	1,879,136		1,651,762
Construction in progress	287,990		271,605
Finance lease right-of-use asset	25,000		25,000
	3,041,969		2,383,265
Less accumulated depreciation	(1,259,934)		(1,020,070)
Property, plant, and equipment, net	$	1,782,035	$	1,363,195

Included in the table above is a building acquired under a finance lease. As of June 30, 2023 and June 30, 2022, the accumulated depreciation of the finance lease ROU asset was $11 million and $9 million, respectively.

During the year ended June 30, 2023, as part of the Merger, a fair value step-up in the amount of $145 million was recorded to property, plant and equipment as part of the purchase price allocation. The step-up is being amortized over the useful lives of the related assets. Refer to Note 3. Coherent Acquisition for further information.