Property, Plant and Equipment

3 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment consists of the following ($000):

	September 30, 2022		June 30, 2022
Land and improvements	$	36,271	$	19,368
Buildings and improvements	609,839		415,530
Machinery and equipment	1,841,274		1,651,762
Construction in progress	354,341		271,605
Finance lease right-of-use asset	25,000		25,000
	2,866,725		2,383,265
Less accumulated depreciation	(1,063,079)		(1,020,070)
	$	1,803,646	$	1,363,195

During the three months ended September 30, 2022, as part of the Coherent, Inc. acquisition, a fair value step-up in the amount of $128 million was recorded to property, plant and equipment as part of the preliminary purchase price allocation. The step-up will be amortized over the useful lives of the related assets. Refer to Note 3. Coherent Acquisition for additional information.