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Leases | 12 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
LEASES | LEASES The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in selling, distribution and administrative expense on the statements of consolidated income. Operating lease costs and short-term lease costs were $33,152 and $10,581 for the year ended June 30, 2020, respectively. Rental expense incurred for operating leases under ASC Topic 840, Leases, was $45,000 for the year ended June 30, 2019. Variable lease costs and sublease income were not material. Information related to operating leases is as follows:
June 30, |  | 2020 |
Operating lease assets, net |  | $ | 90,636 |
Operating lease liabilities |  |
Other current liabilities |  | $ | 27,231 |
Other liabilities |  | 67,926 |
Total operating lease liabilities |  | $ | 95,157 |
June 30, |  | 2020 |
Weighted average remaining lease term (years) |  | 3.6 |
Weighted average incremental borrowing rate |  | 3.45 | %
Year Ended June 30, |  | 2020 |
Cash paid for operating leases |  | $ | 34,642 |
Right of use assets obtained in exchange for new operating lease liabilities |  | $ | 39,136 |
The table below summarizes the aggregate maturities of liabilities pertaining to operating leases with terms greater than one year for each of the next five years:
Fiscal Year | Maturity of Operating Lease Liabilities |
2021 | $ | 29,979 |
2022 | 22,900 |
2023 | 16,428 |
2024 | 12,842 |
2025 | 6,698 |
Thereafter | 15,318 |
Total lease payments | 104,165 |
Less interest | 9,008 |
Present value of lease liabilities | $ | 95,157 |
The table below summarizes the future minimum annual rental commitments for operating leases accounted for in accordance with ASC Topic 840, Leases, as of June 30, 2019:
Fiscal Year | Operating Leases |
2020 | $ | 33,707 |
2021 | 23,407 |
2022 | 16,420 |
2023 | 10,653 |
2024 | 7,838 |
Thereafter | 12,135 |
Total minimum lease payments | $ | 104,160 |
The Company maintains lease agreements for many of the operating facilities of businesses it acquires from previous owners. In many cases, the previous owners of the business acquired become employees of Applied and occupy management positions within those businesses. The payments under lease agreements of this nature totaled $2,500 in 2020 and $2,400 in both 2019 and 2018, respectively.

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41499-112717 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12069-110248 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84164451&loc=d3e36991-112694 + Details
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