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Leases | 12 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Lessee, Operating 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 $38,905 and $12,683, respectively, for the year ended June 30, 2024 and $35,982 and $9,153, respectively, for the year ended June 30, 2023. Variable lease costs and sublease income were not material. Information related to operating leases is as follows:
June 30, |  | 2024 |  | 2023
Operating lease assets, net |  | $ | 133,289 |  |  | $ | 100,677 |
Operating lease liabilities |  |  |  |
Other current liabilities |  | $ | 33,466 |  |  | $ | 31,173 |
Other liabilities |  | 104,143 |  |  | 72,704 |
Total operating lease liabilities |  | $ | 137,609 |  |  | $ | 103,877 |
June 30, |  | 2024 |  | 2023
Weighted average remaining lease term (years) |  | 5.5 |  | 4.9
Weighted average incremental borrowing rate |  | 4.51 | % |  | 3.67 | %
Year Ended June 30, |  | 2024 |  | 2023
Cash paid for operating leases |  | $ | 38,130 |  |  | $ | 35,545 |
Right of use assets obtained in exchange for new operating lease liabilities |  | $ | 67,535 |  |  | $ | 30,605 |
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
2025 | $ | 38,617 |
2026 | 33,357 |
2027 | 26,843 |
2028 | 19,466 |
2029 | 14,208 |
Thereafter | 23,456 |
Total lease payments | 155,947 |
Less interest | 18,338 |
Present value of lease liabilities | $ | 137,609 |
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 $2,250 in 2024, $1,500 in 2023, and $2,100 in 2022.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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