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Leases | 3 Months Ended
--- | ---
Sep. 30, 2020
Leases [Abstract] |
Leases | Leases On July 1, 2019, the Company adopted Topic 842, Leases, using the modified retrospective transition approach. We determine if an arrangement is a lease at inception and classify it as either finance or operating. The Company's portfolio of leases contains certain real estate, equipment and vehicle leases. The Company’s lease liabilities are recognized based on the present value of the remaining fixed lease payments, over the lease term, using a discount rate of similarly secured borrowings available to the Company. For the purpose of lease liability measurement, we consider only payments that are fixed and determinable at the time of commencement. Any variable payments that depend on an index or rate are expensed as incurred. We account for non-lease components, such as common area maintenance, as a component of the lease, and include it in the initial measurement of our lease assets and corresponding liabilities. The Company’s lease terms and conditions may include options to extend or terminate. An option is recognized when it is reasonably certain that we will exercise that option. The Company’s lease assets also include any lease payments made and exclude any lease incentives received prior to commencement. Our lease assets are tested for impairment in the same manner as long-lived assets used in operations. The following table presents lease costs, which include short-term leases, lease term, and discount rates ($000):
| Three Months Ended September 30, 2020 |  | Three Months Ended September 30, 2019
Finance Lease Cost |  |  |
Amortization of right-of-use assets | $ | 417 |  |  | $ | 417 |
Interest on lease liabilities | 323 |  |  | 337 |
Total finance lease cost | $ | 740 |  |  | $ | 754 |
Operating lease cost | 9,197 |  |  | 6,107 |
Sublease income | 368 |  |  | — |
Total lease cost | $ | 9,569 |  |  | $ | 6,861 |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |  |  |
Operating cash flows from finance leases | $ | 323 |  |  | $ | 337 |
Operating cash flows from operating leases | 8,631 |  |  | 5,940 |
Financing cash flows from finance leases | 274 |  |  | 243 |
Weighted-Average Remaining Lease Term (in Years) |  |  |
Finance leases | 11.3 |  |
Operating leases | 7.0 |  |
Weighted-Average Discount Rate |  |  |
Finance leases | 5.6 % |  |
Operating leases | 7.1 % |  |
The following table presents future minimum lease payments, which include short-term leases ($000):
Future Years |  | Operating Leases |  | Finance Leases |  | Total
Year 1 |  | $ | 31,818 |  |  | $ | 2,436 |  |  | $ | 34,254 |
Year 2 |  | 25,589 |  |  | 2,503 |  |  | 28,092 |
Year 3 |  | 22,333 |  |  | 2,572 |  |  | 24,905 |
Year 4 |  | 19,431 |  |  | 2,642 |  |  | 22,073 |
Year 5 |  | 16,795 |  |  | 2,715 |  |  | 19,510 |
Thereafter |  | 49,196 |  |  | 18,735 |  |  | 67,931 |
Total minimum lease payments |  | $ | 165,162 |  |  | $ | 31,603 |  |  | $ | 196,765 |
Less: amounts representing interest |  | 41,454 |  |  | 8,429 |  |  | 49,883 |
Present value of total lease liabilities |  | $ | 123,708 |  |  | $ | 23,174 |  |  | $ | 146,882 |
Leases | Leases On July 1, 2019, the Company adopted Topic 842, Leases, using the modified retrospective transition approach. We determine if an arrangement is a lease at inception and classify it as either finance or operating. The Company's portfolio of leases contains certain real estate, equipment and vehicle leases. The Company’s lease liabilities are recognized based on the present value of the remaining fixed lease payments, over the lease term, using a discount rate of similarly secured borrowings available to the Company. For the purpose of lease liability measurement, we consider only payments that are fixed and determinable at the time of commencement. Any variable payments that depend on an index or rate are expensed as incurred. We account for non-lease components, such as common area maintenance, as a component of the lease, and include it in the initial measurement of our lease assets and corresponding liabilities. The Company’s lease terms and conditions may include options to extend or terminate. An option is recognized when it is reasonably certain that we will exercise that option. The Company’s lease assets also include any lease payments made and exclude any lease incentives received prior to commencement. Our lease assets are tested for impairment in the same manner as long-lived assets used in operations. The following table presents lease costs, which include short-term leases, lease term, and discount rates ($000):
| Three Months Ended September 30, 2020 |  | Three Months Ended September 30, 2019
Finance Lease Cost |  |  |
Amortization of right-of-use assets | $ | 417 |  |  | $ | 417 |
Interest on lease liabilities | 323 |  |  | 337 |
Total finance lease cost | $ | 740 |  |  | $ | 754 |
Operating lease cost | 9,197 |  |  | 6,107 |
Sublease income | 368 |  |  | — |
Total lease cost | $ | 9,569 |  |  | $ | 6,861 |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |  |  |
Operating cash flows from finance leases | $ | 323 |  |  | $ | 337 |
Operating cash flows from operating leases | 8,631 |  |  | 5,940 |
Financing cash flows from finance leases | 274 |  |  | 243 |
Weighted-Average Remaining Lease Term (in Years) |  |  |
Finance leases | 11.3 |  |
Operating leases | 7.0 |  |
Weighted-Average Discount Rate |  |  |
Finance leases | 5.6 % |  |
Operating leases | 7.1 % |  |
The following table presents future minimum lease payments, which include short-term leases ($000):
Future Years |  | Operating Leases |  | Finance Leases |  | Total
Year 1 |  | $ | 31,818 |  |  | $ | 2,436 |  |  | $ | 34,254 |
Year 2 |  | 25,589 |  |  | 2,503 |  |  | 28,092 |
Year 3 |  | 22,333 |  |  | 2,572 |  |  | 24,905 |
Year 4 |  | 19,431 |  |  | 2,642 |  |  | 22,073 |
Year 5 |  | 16,795 |  |  | 2,715 |  |  | 19,510 |
Thereafter |  | 49,196 |  |  | 18,735 |  |  | 67,931 |
Total minimum lease payments |  | $ | 165,162 |  |  | $ | 31,603 |  |  | $ | 196,765 |
Less: amounts representing interest |  | 41,454 |  |  | 8,429 |  |  | 49,883 |
Present value of total lease liabilities |  | $ | 123,708 |  |  | $ | 23,174 |  |  | $ | 146,882 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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