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Leases Leases | 9 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases of Lessee Disclosure [Text Block] | LEASES The Company leases facilities for certain service centers, warehouses, distribution centers and office space. The Company also leases office equipment and vehicles. All leases are classified as operating. The Company’s leases expire at various dates through 2031, with terms ranging from 1 year to 15 years. Many of the Company’s real estate leases contain renewal provisions to extend lease terms up to 5 years. The exercise of renewal options is solely at the Company’s discretion. The Company’s lease agreements do not contain material variable lease payments, residual value guarantees or restrictive covenants. The Company does not recognize right-of-use assets or lease liabilities for short-term leases with initial terms of 12 months or less. Leased vehicles comprise the majority of the Company’s short-term leases. All other leases are recorded on the balance sheet with right-of-use assets representing the right to use the underlying asset for the lease term and lease liabilities representing lease payment obligations. The Company’s leases do not provide implicit rates; therefore the Company uses its incremental borrowing rate as the discount rate for measuring lease liabilities. Non-lease components are accounted for separately from lease components. 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 condensed statements of consolidated income. Operating lease costs and short-term lease costs were $8,350 and $2,703 for the three months ended March 31, 2020, respectively, and were $25,078 and $8,043 for the nine months ended March 31, 2020, respectively. Variable lease costs and sublease income were not material. Information related to operating leases is as follows:
|  | March 31, 2020
Operating lease assets, net |  | $ | 86,617 |
Operating lease liabilities |  |
Other current liabilities |  | $ | 28,710 |
Other liabilities |  | 62,850 |
Total operating lease liabilities |  | $ | 91,560 |
|  | March 31, 2020
Weighted average remaining lease term (years) |  | 4.6 |
Weighted average incremental borrowing rate |  | 3.40 | %
|  | Three Months Ended March 31, 2020 |  | Nine Months Ended March 31, 2020
Cash paid for operating leases |  | $ | 8,902 |  |  | $ | 26,186 |
Right of use assets obtained in exchange for new operating lease liabilities |  | $ | 9,464 |  |  | $ | 27,909 |
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
2020 | $ | 8,310 |
2021 | 28,005 |
2022 | 21,187 |
2023 | 14,899 |
2024 | 11,351 |
Thereafter | 14,850 |
Total lease payments | 98,602 |
Less interest | (7,042 | )
Present value of lease liabilities | $ | 91,560 |
The table below summarizes the future minimum annual rental commitments for operating leases accounted for in accordance with Accounting Standards Codification 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 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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