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Leases | 12 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases of Lessee Disclosure | 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 $31,778 and $9,929, respectively, for the year ended June 30, 2021 and $33,152 and $10,581,respectively, for the year ended June 30, 2020. Variable lease costs and sublease income were not material. Information related to operating leases is as follows:
June 30, |  | 2021 |  | 2020
Operating lease assets, net |  | $ | 87,111 |  |  | $ | 90,636 |
Operating lease liabilities |  |  |  |
Other current liabilities |  | $ | 27,359 |  |  | $ | 27,231 |
Other liabilities |  | 64,248 |  |  | 67,926 |
Total operating lease liabilities |  | $ | 91,607 |  |  | $ | 95,157 |
June 30, |  | 2021 |  | 2020
Weighted average remaining lease term (years) |  | 5.6 |  | 3.6
Weighted average incremental borrowing rate |  | 3.26 | % |  | 3.45 | %
Year Ended June 30, |  | 2021 |  | 2020
Cash paid for operating leases |  | $ | 33,695 |  |  | $ | 34,642 |
Right of use assets obtained in exchange for new operating lease liabilities |  | $ | 25,556 |  |  | $ | 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
2022 | $ | 29,853 |
2023 | 22,982 |
2024 | 17,896 |
2025 | 10,462 |
2026 | 6,547 |
Thereafter | 11,410 |
Total lease payments | 99,150 |
Less interest | 7,543 |
Present value of lease liabilities | $ | 91,607 |
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 $2,100 in 2021, $2,500 in 2020, and $2,400 in 2019.

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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://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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