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Property, Plant & Equipment | 12 Months Ended
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Jun. 30, 2023
Property, Plant and Equipment [Abstract] |
Property, Plant & Equipment | Property, Plant & Equipment 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.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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